# EDGAR Filing Document

**Accession Number:** 0002078416
**File Stem:** 0001104659-25-070837
**Filing Date:** 2025-7
**Character Count:** 1481170
**Document Hash:** eb9ed327cda7f8b4f7db4b5ea8f5e42b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-070837.hdr.sgml**: 20250725

**ACCESSION NUMBER**: 0001104659-25-070837

**CONFORMED SUBMISSION TYPE**: S-4

**PUBLIC DOCUMENT COUNT**: 21

**FILED AS OF DATE**: 20250725

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Liberty Live Holdings, Inc.
- **CENTRAL INDEX KEY:** 0002078416

**ORGANIZATION NAME:**
- **EIN:** 332910829
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-4
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-288960
- **FILM NUMBER:** 251151942

**BUSINESS ADDRESS:**
- **STREET 1:** 12300 LIBERTY BLVD.
- **CITY:** ENGLEWOOD
- **STATE:** CO
- **ZIP:** 80112
- **BUSINESS PHONE:** 888-789-8415

**MAIL ADDRESS:**
- **STREET 1:** 12300 LIBERTY BLVD.
- **CITY:** ENGLEWOOD
- **STATE:** CO
- **ZIP:** 80112

[**TABLE OF CONTENTS**](#TOC)

#### As filed with the Securities and Exchange Commission on July 25, 2025

#### REGISTRATION NO. 333-

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM S-4

#### REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

### LIBERTY LIVE HOLDINGS, INC.
(Exact name of Registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Nevada** <br> (State or other jurisdiction of incorporation <br> or organization)  | **7900** <br> (Primary Standard Industrial Classification <br> code number)  | **33-2910829** <br> (I.R.S. Employer <br> Identification No.)  |

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#### 12300 Liberty Boulevard, Englewood, Colorado 80112 (720) 875-5200
(Address, including zip code, and telephone number, including area code, of Registrant's principal executive offices)

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| | |
|:---|:---|
| **Renee L. Wilm <br> Chief Legal Officer & Chief Administrative Officer <br> Liberty Live Holdings, Inc. <br> 12300 Liberty Boulevard <br> Englewood, Colorado 80112 <br> (720) 875-5200 <br> (Name, address, including zip code, and telephone number, including <br> area code, of agent for service)**  | ***Copy to:* <br> C. Brophy Christensen <br> Noah Kornblith <br> Jeeho Lee <br> O'Melveny & Myers LLP <br> Two Embarcadero Center <br> 28th Floor, San Francisco, CA 94111 <br> (415) 984-8700**  |

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**Approximate date of commencement of proposed sale of the securities to the public:** As soon as practicable after this registration statement becomes effective and all other conditions to the proposed transactions described herein have been satisfied or waived, as applicable.

If the securities being registered on this Form are being offered in connection with the formation of a holding company and there is compliance with General Instruction G, check the following box: ☐

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☐ <br> Emerging growth company ☒

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☒

If applicable, place an X in the box to designate the appropriate rule provision relied upon in conducting this transaction:

Exchange Act Rule 13e-4(i) (Cross-Border Issuer Tender Offer) ☐

Exchange Act Rule 14d-1(d) (Cross-Border Third-Party Tender Offer) ☐

 **The Registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until the registration statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.** 

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Information in this proxy statement/notice/prospectus is not complete and may be changed. We may not sell the securities offered by this proxy statement/notice/prospectus until the registration statement filed with the Securities and Exchange Commission is effective. This proxy statement/notice/prospectus does not constitute an offer to sell or a solicitation of an offer to buy any securities in any jurisdiction where an offer or solicitation is not permitted.

#### Subject to completion, dated [ ], 2025
![[MISSING IMAGE: lg_liberty-bw.jpg]](lg_liberty-bw.jpg)

#### LIBERTY MEDIA CORPORATION 12300 Liberty Boulevard Englewood, Colorado 80112 (720) 875-5400
Dear Stockholder:[ ], 2025

On behalf of the board of directors of Liberty Media Corporation, a Delaware corporation (**Liberty Media**), we are pleased to enclose the accompanying proxy statement/notice/prospectus and proxy card (the **materials**) relating to the proposed transaction for Liberty Media to split-off its Liberty Live Group to form a new, independent public company.

In the transaction, Liberty Media would separate the Liberty Live Group from Liberty Media by means of a redemptive split-off of Liberty Live Holdings, Inc., a Nevada corporation and wholly owned subsidiary of Liberty Media (**Liberty Live**).

In connection with the Split-Off, Liberty Media contributed a portion of its shares of common stock (**Live Nation Common Stock**), par value $0.01 per share, of Live Nation Entertainment, Inc., a Delaware corporation (**Live Nation**) to a wholly owned subsidiary of Liberty Live (**LNSPV**) (collectively, the **First Contribution**). Prior to the completion of the Split-Off, Liberty Media will contribute its remaining shares of Live Nation Common Stock to Liberty Live in the Second Contribution (as defined below), such that Liberty Live will beneficially own Liberty Media's entire interest in Live Nation, which represents approximately 30% of the outstanding shares of Live Nation Common Stock as of April 24, 2025.

Immediately prior to the completion of the Second Contribution, Liberty Media's wholly owned subsidiary, QuintEvents, LLC, Liberty Media's interest in Meyer Shank Racing LLC and cash (which cash amount will be determined based on relative valuations of the assets that are being reattributed) (collectively, the **Reattributed Assets**) will be reattributed (the **Reattribution**) from the Formula One Group to the Liberty Live Group in exchange for Liberty Media's interests in Kroenke Arena Company, LLC, Overtime Sports, Inc. and Griffin Gaming Partners II, L.P. (collectively, the **Liberty Live Group Excluded Assets**).

Further, prior to the completion of the Split-Off, Liberty Media and Liberty Live will enter into a Reorganization Agreement (as may be amended from time to time, the **Reorganization Agreement**). The Reorganization Agreement will govern, among other things, the terms and conditions of the Split-Off, pursuant to which all of the businesses, assets and liabilities attributed to the Liberty Live Group immediately prior to the Redemption (as defined below) will be contributed to and assumed by (or, to the extent such assets and liabilities are already held by Liberty Live or its subsidiaries prior to the Redemption, will be retained by) Liberty Live or its subsidiaries, including, among others, Liberty Media's shares of Live Nation Common Stock, Liberty Media's interest in certain private assets, Liberty Media's 2.375% Exchangeable Senior Debentures due 2053, a margin loan (which is undrawn as of the date hereof) incurred by a wholly owned special purpose subsidiary of Liberty Media, which is secured by shares of Live Nation Common Stock, the variable forward contracts incurred by LNSPV, the Reattributed Assets and corporate cash, (the **Second Contribution** and together with the First Contribution, the **Contributions**), subject to the terms and conditions of the Reorganization Agreement. Additionally, pursuant to the Reorganization Agreement, following the Contributions, each outstanding share of Liberty Media's Series A Liberty Live common stock, par value $0.01 per share (**LLYVA**), Series B Liberty Live common stock, par value $0.01 per share (**LLYVB**) and Series C Liberty Live common stock, par value $0.01 per share (**LLYVK** and, together with LLYVA and LLYVB, collectively, **Liberty Live common stock**) will be redeemed for one share of the corresponding series of New Liberty Live Group common stock of Liberty Live, par value $0.01 per share

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(**New Liberty Live Group common stock**) (such redemption and exchange, the **Redemption**). The Liberty Live Group Excluded Assets will not be contributed to Liberty Live and instead will be reattributed to the Formula One Group immediately prior to the completion of the Second Contribution in the Reattribution. We refer to the Reattribution, Contributions, Redemption and the resulting separation of Liberty Live from Liberty Media pursuant to the Redemption as the **Split-Off**.

Liberty Live expects to list its shares of Series A Liberty Live Group common stock (**New LLYVA**) and Series C Liberty Live Group common stock (**New LLYVK**) on the Nasdaq Global Select Market under the symbols, "LLYVA" and "LLYVK", respectively. Liberty Live currently expects that its shares of Series B Liberty Live Group common stock (**New LLYVB**) will be quoted on the OTC Markets under the symbol "LLYVB".

Liberty Media will hold a special meeting of holders of record, as of the record date for such meeting, of shares of LLYVA and LLYVB at [ ], Mountain time, on [ ], 2025 (the **Special Meeting**), at which meeting such stockholders will be asked to consider and vote on a proposal to approve the Redemption (the **Split-Off Proposal**). The Special Meeting will be held via the Internet and will be a completely virtual meeting of stockholders. Holders of record of shares of LLYVA and LLYVB outstanding as of the record date for the Special Meeting may attend the Special Meeting, submit questions and vote their shares electronically during the meeting via the Internet by visiting www.virtualshareholdermeeting.com/[ ]. To enter the Special Meeting, you will need the 16-digit control number that is printed in the box marked by the arrow on your proxy card. Liberty Media recommends logging in at least fifteen minutes before the meeting to ensure that you are logged in when the meeting starts. Online check-in will start shortly before the meeting on [ ], 2025.

If the Split-Off Proposal is approved and certain other conditions are satisfied (or, if permissible, waived), we expect to complete the Split-Off as soon as practical after the Special Meeting and we will announce the date and time of the Split-Off shortly following the Special Meeting.

The Liberty Media board of directors has [unanimously] (a) approved and declared advisable and in the best interests of Liberty Media and its stockholders (including the holders of Liberty Live common stock) the Split-Off and the transactions contemplated thereby, including the Reattribution, the Contributions and the Redemption and the resulting separation of Liberty Live from Liberty Media pursuant to the Redemption, and (b) recommended that holders of shares of LLYVA and LLYVB, voting together as a separate class, vote "**FOR**" each of the Split-Off Proposal and the Adjournment Proposal (as defined below), as presented and further described in the accompanying materials.

**Liberty Media is seeking approval from holders of shares of LLYVA and LLYVB of the Split-Off Proposal (and the Adjournment Proposal**). You are encouraged to vote "**FOR**" all of the proposals presented and further described in the accompanying proxy statement/notice/prospectus.

Your vote is important, regardless of the number of shares you own. Whether or not you plan to attend the Special Meeting, please vote as soon as possible to make sure that your shares are represented.

Thank you for your cooperation and continued support and interest in Liberty Media.

Very truly yours,

Derek Chang

President and Chief Executive Officer

Liberty Media Corporation

 **Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of any of the proposals or the securities being offered in the Split-Off or has passed upon the adequacy or accuracy of the accompanying materials. Any representation to the contrary is a criminal offense.** 

#### Investing in the securities of Liberty Live or Liberty Media involves risks. See "Risk Factors" beginning on page 25 .
The accompanying proxy statement/notice/prospectus is dated [ ], 2025 and is first being mailed on or about [ ], 2025 to the stockholders of record of LLYVA and LLYVB as of 5:00 p.m., New York City time, on [ ], 2025.

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#### LIBERTY MEDIA CORPORATION 12300 Liberty Boulevard Englewood, Colorado 80112 (720) 875-5400

#### NOTICE OF SPECIAL MEETING OF STOCKHOLDERS to be Held on [ ], 2025
**NOTICE IS HEREBY GIVEN** of the special meeting of holders of record of shares of Series A Liberty Live common stock, par value $0.01 per share (**LLYVA**), and Series B Liberty Live common stock, par value $0.01 per share (**LLYVB**), of Liberty Media Corporation (**Liberty Media**) to be held at [ ], Mountain time, on [ ], 2025 (the **Special Meeting**). The Special Meeting will be held via the Internet and will be a completely virtual meeting of stockholders to consider and vote on the following proposals:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.

A proposal (the **Split-Off Proposal**) to approve the redemption by Liberty Media of each outstanding share of LLYVA, LLYVB, and Liberty Media's Series C Liberty Live common stock, par value $0.01 per share (**LLYVK**), for one share of the corresponding series of New Liberty Live Group common stock, par value $0.01 per share, of a newly formed, wholly owned subsidiary of Liberty Media, Liberty Live Holdings, Inc., a Nevada corporation (**Liberty Live**). In connection with the Split-Off, Liberty Media will effect the reattribution of certain assets and liabilities between the Formula One Group and the Liberty Live Group, and following such reattribution, contribute all of the businesses, assets and liabilities attributed to the Liberty Live Group, which are not already owned by Liberty Live, to Liberty Live. We refer to such reattribution, contributions and the redemption and the resulting separation of Liberty Live from Liberty Media pursuant to the redemption as the **Split-Off**. After the Split-Off, Liberty Live will hold all of the businesses, assets and liabilities attributed to the Liberty Live Group immediately prior to the redemption, including, among others, Liberty Media's shares of common stock (**Live Nation Common Stock**), par value $0.01 per share, of Live Nation Entertainment, Inc., Liberty Media's interest in certain private assets, Liberty Media's 2.375% Exchangeable Senior Debentures due 2053, a margin loan (which is undrawn as of the date hereof) incurred by a wholly owned special purpose subsidiary of Liberty Media, which is secured by shares of Live Nation Common Stock, variable forward contracts incurred by a wholly owned subsidiary of Liberty Live, Liberty Media's wholly owned subsidiary, QuintEvents, LLC and corporate cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.

A proposal (the **Adjournment Proposal**) to approve the adjournment of the Special Meeting by Liberty Media from time to time to solicit additional proxies in favor of the Split-Off Proposal, if there are insufficient votes at the time of such adjournment to approve the Split-Off Proposal or if otherwise determined by the chairperson of the meeting to be necessary or appropriate.

Liberty Media will transact no other business at the Special Meeting, except such business as may properly be brought before the Special Meeting or any adjournments or postponements thereof by or at the direction of the Liberty Media board of directors in accordance with Liberty Media's amended and restated bylaws. The accompanying proxy statement/notice/prospectus and proxy card (the **materials**) describe the proposals listed above in more detail. Please refer to the materials, including the form of the proposed restated articles of incorporation of Liberty Live and Liberty Live's amended and restated bylaws and all other annexes and any documents incorporated by reference, for further information with respect to the business to be transacted at the Special Meeting. **You are encouraged to read the entire document carefully before voting. In particular, please see** "**Risk Factors**" **beginning on page [25](#tRIFA) of the accompanying proxy statement/notice/prospectus for an explanation of the risks associated with the Split-Off.** 

Holders of record of shares of LLYVA and LLYVB, in each case, outstanding as of 5:00 p.m., New York City time, on [ ], 2025 (such date and time, the **record date** for the Special Meeting), will be entitled to notice of the Special Meeting and to vote on the proposals at the Special Meeting or any adjournment or postponement thereof. Holders of shares of LLYVK, and the holders of shares of Liberty Media's Series A Liberty Formula One common stock, par value $0.01 per share, Series B Liberty Formula

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One common stock, par value $0.01 per share, or Series C Liberty Formula One common stock, par value $0.01 per share, are not being asked to vote, and are not entitled to vote, on the proposals because such vote is not required by Liberty Media's restated certificate of incorporation, Liberty Media's bylaws or the laws of the State of Delaware.

The Split-Off Proposal and the Adjournment Proposal each require the affirmative vote of the holders of a majority of the aggregate voting power of the shares of LLYVA and LLYVB outstanding as of the record date, in each case, entitled to vote on such matter and that are present in person or by proxy at the Special Meeting, voting together as a separate class. Pursuant to Liberty Media's restated certificate of incorporation, with respect to the Split-Off Proposal and the Adjournment Proposal, each holder of record of shares of LLYVA is entitled to one vote per share and each holder of record of shares of LLYVB is entitled to ten votes per share.

The Liberty Media board of directors has approved and declared advisable each enumerated proposal, and the transactions contemplated by each of them, and recommends that the holders of shares of LLYVA and LLYVB vote "**FOR**" each proposal.

**Liberty Media is seeking approval from holders of shares of LLYVA and LLYVB of each of the Split-Off Proposal and the Adjournment Proposal.** You are encouraged to vote "**FOR**" both of the proposals presented and further described in the accompanying proxy statement/notice/prospectus.

A list of stockholders entitled to vote at the Special Meeting will be available at Liberty Media's offices in Englewood, Colorado for review by its stockholders for any purpose germane to the Special Meeting for ten days ending on the day before the Special Meeting.

You may cast your vote electronically during the Special Meeting via the Internet or by proxy prior to the meeting via the Internet, by telephone, or by mail. You may attend the Special Meeting, submit questions and vote your shares electronically during the meeting via the Internet by visiting www.virtualshareholdermeeting.com/[ ]. To enter the Special Meeting, you will need the 16-digit control number that is printed in the box marked by the arrow on your proxy card. We recommend logging in at least fifteen minutes before the meeting to ensure that you are logged in when the meeting starts. Online check-in will start shortly before the meeting on [ ], 2025.

**YOUR VOTE IS IMPORTANT.** Liberty Media urges you to vote as soon as possible via the Internet, by telephone, or by mail.

By order of the board of directors,

Michael Hurelbrink

Assistant Vice President and Secretary

Englewood, Colorado

[ ], 2025

 **WHETHER OR NOT YOU PLAN TO ATTEND THE SPECIAL MEETING, PLEASE VOTE PROMPTLY ELECTRONICALLY VIA THE INTERNET OR BY TELEPHONE. ALTERNATIVELY, PLEASE COMPLETE, SIGN AND RETURN BY MAIL THE ENCLOSED PROXY CARD.** 

 **Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of any of the proposals or the securities being offered in the Split-Off or has passed upon the adequacy or accuracy of the accompanying materials. Any representation to the contrary is a criminal offense.** 

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#### ABOUT THIS PROXY STATEMENT/NOTICE/PROSPECTUS
This proxy statement/notice/prospectus, which forms part of a registration statement on Form S-4 (File No. 333-[ ]) filed with the Securities and Exchange Commission (the **SEC**) by Liberty Live Holdings, Inc., a Nevada corporation and wholly owned subsidiary of Liberty Media and which is referred to as **Liberty Live,** constitutes a proxy statement of Liberty Media under Section 14(a) of the Securities Exchange Act of 1934, as amended (the **Exchange Act**), and a notice of meeting and action to be taken with respect to the Special Meeting at which certain Liberty Media stockholders will consider and vote on the Split-Off Proposal and the other proposal described in this proxy statement/notice/prospectus. It also constitutes a prospectus of Liberty Live under Section 5 of the Securities Act of 1933, as amended (the **Securities Act**), with respect to the shares of New Liberty Live Group common stock (as defined below) to be distributed to certain stockholders of Liberty Media pursuant to the Redemption.

This proxy statement/notice/prospectus describes the businesses and assets of Liberty Live as though they were its businesses, assets and liabilities for all historical periods described.

Liberty Live is a newly formed entity, and Liberty Media will cause all of the businesses, assets and liabilities attributed to the Liberty Live Group immediately prior to the Redemption to be contributed to and assumed by (or, to the extent such assets and liabilities are already held by Liberty Live or its subsidiaries prior to the Redemption, retained by) Liberty Live or its subsidiaries. Unless otherwise specified herein, references in this proxy statement/notice/prospectus to the historical assets, liabilities, businesses or activities of Liberty Live's businesses or the businesses in which it has interests are intended to refer to the historical assets, liabilities, businesses or activities as they were conducted by or attributed to the Liberty Live Group immediately prior to the Redemption, which will consist of the businesses, assets and liabilities contributed to Liberty Live pursuant to the Contributions, including the Reattributed Assets (and excluding the Liberty Live Group Excluded Assets). Upon completion of the Split-Off, Liberty Live will be an independent company and Liberty Media will have no continuing stock ownership in Liberty Live. This proxy statement/notice/prospectus contains and incorporates by reference, as applicable, certain historical financial information of Liberty Media as well as certain historical financial information relating to the business, assets and liabilities that will be held by Liberty Live upon the completion of the Split-Off. This historical financial information is not necessarily indicative of Liberty Media's or Liberty Live's future financial position, future results of operations or future cash flows, nor does it reflect what the financial position, results of operations or cash flows of Liberty Live would have been had it been operated as a stand-alone company during the periods presented.

Information contained in, incorporated by reference in or included as an annex to this proxy statement/notice/prospectus relating to Liberty Media, Liberty Live and the Split-Off has been supplied by Liberty Media. You should rely only on the information contained in, incorporated by reference in or included as an annex to this proxy statement/notice/prospectus. No person has been authorized to provide you with information that is different from what is contained in, incorporated by reference in or included as an annex to, this proxy statement/notice/prospectus, and, if given or made by any person, such information must not be relied upon as having been authorized. You should not assume that the information contained in this proxy statement/notice/prospectus is accurate as of any date other than the date set forth on the cover page of this proxy statement/notice/prospectus or as otherwise specifically set forth herein. Changes to the information contained herein may occur after that date and neither of Liberty Live or Liberty Media undertake any obligation to update the information unless required to do so by law. Further, you should not assume that the information incorporated by reference into this proxy statement/notice/prospectus is accurate as of any date other than the date of the incorporated document. Any statement contained in a document incorporated or deemed to be incorporated by reference into this document will be deemed to be modified or superseded to the extent that a statement contained herein or in any other subsequently filed document which also is or is deemed to be incorporated by reference into this document modifies or supersedes that statement. Any statement so modified or superseded will not be deemed, except as so modified or superseded, to constitute a part of this document. Neither the mailing of this document to the holders of record of shares of LLYVA and LLYVB, nor the issuance of New Liberty Live Group common stock in the Split-Off and pursuant to the Reorganization Agreement, will create any implication to the contrary.

This proxy statement/notice/prospectus also includes information concerning Live Nation, Liberty Media's equity method affiliate that files reports and other information with the SEC in accordance with

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the Exchange Act. Information in this proxy statement/notice/prospectus concerning Live Nation has been derived from the reports and other information filed by Live Nation with the SEC. If you would like further information about Live Nation, the reports and other information it files with the SEC can be accessed on the Internet website maintained by the SEC at http://www.sec.gov. Unless explicitly stated herein, those reports and other information are not incorporated by reference in this proxy statement/notice/prospectus.

#### ADDITIONAL INFORMATION
This proxy statement/notice/prospectus incorporates important business and financial information from other documents that are not included in or delivered with this proxy statement/notice/prospectus. For a listing of the documents incorporated by reference into this proxy statement/notice/prospectus, see "Additional Information — Where You Can Find More Information." This information is available to you without charge upon your written or oral request. You can obtain copies of documents filed with the SEC, including the documents incorporated by reference in this proxy statement/notice/prospectus, through the SEC website at http://www.sec.gov or by writing or telephoning the office of Investor Relations of Liberty Media at the following address and telephone number:

Liberty Media Corporation

12300 Liberty Boulevard

Englewood, Colorado 80112

Telephone: (877) 772-1518

Attention: Investor Relations

After the Split-Off, holders of New Liberty Live Group common stock who have any questions relating to Liberty Live should contact Liberty Live at:

Liberty Live Holdings, Inc.

12300 Liberty Boulevard

Englewood, Colorado 80112

Telephone: (844) 826-8736

Attention: Investor Relations

Liberty Live's investor relations website (http://www.[ ]) will be operational on or around the completion of the Split-Off. Neither the Liberty Media website nor the Liberty Live website and the information contained therein or connected thereto are incorporated into this proxy statement/notice/prospectus, or in any other filings with, or any information furnished or submitted to, the SEC.

 **If you would like to request any documents, please do so at least five business days before the date of the Special Meeting (i.e., by [ ], 2025), in order to receive them before the Special Meeting.** 

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#### **TABLE OF CONTENTS**

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| | |
|:---|:---|
| [QUESTIONS AND ANSWERS](#tQAA)  | [1](#tQAA) |
| [SUMMARY](#tSUM)  | [17](#tSUM) |
| &nbsp;&nbsp;&nbsp; [The Companies](#tTHCO)  | [17](#tTHCO) |
| &nbsp;&nbsp;&nbsp; [Summary Risk Factors](#tSRF)  | [18](#tSRF) |
| &nbsp;&nbsp;&nbsp; [The Proposed Transactions](#tTPT)  | [19](#tTPT) |
| &nbsp;&nbsp;&nbsp; [Comparative Per Share Market Price](#tCPSM)  | [22](#tCPSM) |
| &nbsp;&nbsp;&nbsp; [Summary Financial Data](#tSFD)  | [23](#tSFD) |
| &nbsp;&nbsp;&nbsp; [Dividends](#tDIV)  | [24](#tDIV) |
| [RISK FACTORS](#tRIFA)  | [25](#tRIFA) |
| &nbsp;&nbsp;&nbsp; [Factors Relating to Liberty Live's Corporate History and the Split-Off](#tFRTL)  | [25](#tFRTL) |
| &nbsp;&nbsp;&nbsp; [Factors Relating to Ownership of New Liberty Live Group Common Stock](#tFRTO)  | [32](#tFRTO) |
| &nbsp;&nbsp;&nbsp; [Factors Relating to Liberty Live's Business](#tFRTL1)  | [41](#tFRTL1) |
| [CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS](#tCSRF)  | [51](#tCSRF) |
| [THE PROPOSED TRANSACTIONS](#tTPT1)  | [54](#tTPT1) |
| &nbsp;&nbsp;&nbsp; [Background of the Split-Off](#tBOTS)  | [54](#tBOTS) |
| &nbsp;&nbsp;&nbsp; [Reasons for the Split-Off](#tRFTS)  | [55](#tRFTS) |
| &nbsp;&nbsp;&nbsp; [Interests of Certain Persons](#tIOCP)  | [57](#tIOCP) |
| [THE SPECIAL MEETING](#tTSM)  | [59](#tTSM) |
| &nbsp;&nbsp;&nbsp; [Time, Place and Date](#tTPAD)  | [59](#tTPAD) |
| &nbsp;&nbsp;&nbsp; [Purpose](#tPUR)  | [59](#tPUR) |
| &nbsp;&nbsp;&nbsp; [Quorum](#tQUO)  | [59](#tQUO) |
| &nbsp;&nbsp;&nbsp; [Who May Vote](#tWMV)  | [59](#tWMV) |
| &nbsp;&nbsp;&nbsp; [Votes Required](#tVORE)  | [59](#tVORE) |
| &nbsp;&nbsp;&nbsp; [Votes You Have](#tVYH)  | [60](#tVYH) |
| &nbsp;&nbsp;&nbsp; [Shares Outstanding](#tSHOU)  | [60](#tSHOU) |
| &nbsp;&nbsp;&nbsp; [Number of Holders](#tNOH)  | [60](#tNOH) |
| &nbsp;&nbsp;&nbsp; [Voting Procedures for Record Holders](#tVPFR)  | [60](#tVPFR) |
| &nbsp;&nbsp;&nbsp; [Voting Procedures for Shares Held in Street Name](#tVPFS)  | [61](#tVPFS) |
| &nbsp;&nbsp;&nbsp; [Revoking a Proxy](#tRAP)  | [61](#tRAP) |
| &nbsp;&nbsp;&nbsp; [Solicitation of Proxies](#tSOP)  | [61](#tSOP) |
| [THE SPLIT-OFF PROPOSAL](#tTSP)  | [63](#tTSP) |
| &nbsp;&nbsp;&nbsp; [General](#tGEN)  | [63](#tGEN) |
| &nbsp;&nbsp;&nbsp; [The Split-Off](#tTHSP)  | [63](#tTHSP) |
| &nbsp;&nbsp;&nbsp; [Effect of the Split-Off](#tEOTS)  | [63](#tEOTS) |
| &nbsp;&nbsp;&nbsp; [Exchange of Shares of Liberty Live Common Stock](#tEOSO)  | [63](#tEOSO) |
| &nbsp;&nbsp;&nbsp; [Conditions to the Split-Off](#tCTTS)  | [64](#tCTTS) |
| &nbsp;&nbsp;&nbsp; [Effect of the Split-Off on Outstanding Original Liberty Live Equity Awards](#tEOTS1)  | [64](#tEOTS1) |
| &nbsp;&nbsp;&nbsp; [Effect of the Split-Off on Outstanding Liberty Formula One Equity Awards](#tEOTS2)  | [65](#tEOTS2) |
| &nbsp;&nbsp;&nbsp; [Conduct of the Business of the Liberty Live Group if the Split-Off is Not Completed](#tCOTB)  | [65](#tCOTB) |
| &nbsp;&nbsp;&nbsp; [Accounting Treatment](#tACTR)  | [65](#tACTR) |
| &nbsp;&nbsp;&nbsp; [No Appraisal Rights](#tNAR)  | [65](#tNAR) |
| &nbsp;&nbsp;&nbsp; [Results of the Split-Off](#tROTS)  | [66](#tROTS) |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; [Listing and Trading of New Liberty Live Group Common Stock](#tLATO)  | [66](#tLATO) |
| &nbsp;&nbsp;&nbsp; [Voting and Conversion Rights](#tVACR)  | [66](#tVACR) |
| &nbsp;&nbsp;&nbsp; [Stock Transfer Agent and Registrar](#tSTAA)  | [66](#tSTAA) |
| &nbsp;&nbsp;&nbsp; [Required Vote](#tREVO)  | [66](#tREVO) |
| &nbsp;&nbsp;&nbsp; [Recommendation](#tREC)  | [67](#tREC) |
| [ADJOURNMENT PROPOSAL](#tADPR)  | [68](#tADPR) |
| &nbsp;&nbsp;&nbsp; [Required Vote](#tREVO1)  | [68](#tREVO1) |
| &nbsp;&nbsp;&nbsp; [Recommendation](#tREC1)  | [68](#tREC1) |
| [DESCRIPTION OF BUSINESS OF LIBERTY LIVE](#tDOBO)  | [69](#tDOBO) |
|  [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OF LIBERTY LIVE](#tMDAA)  | [84](#tMDAA) |
| [MANAGEMENT OF LIBERTY LIVE](#tMOLL)  | [98](#tMOLL) |
| [EXECUTIVE COMPENSATION OF LIBERTY LIVE](#tECOL)  | [103](#tECOL) |
| &nbsp;&nbsp;&nbsp; [Executive Officers of Liberty Live](#tEOOL)  | [103](#tEOOL) |
| &nbsp;&nbsp;&nbsp; [Directors](#tDIR)  | [103](#tDIR) |
| &nbsp;&nbsp;&nbsp; [Equity Incentive Plans](#tEIP)  | [103](#tEIP) |
| &nbsp;&nbsp;&nbsp; [Equity Compensation Plan Information](#tECPI)  | [104](#tECPI) |
| [SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT](#tSOOC)  | [106](#tSOOC) |
| &nbsp;&nbsp;&nbsp; [Pro Forma Security Ownership of Certain Beneficial Owners of Liberty Live](#tPFSO)  | [106](#tPFSO) |
| &nbsp;&nbsp;&nbsp; [Pro Forma Security Ownership of Management of Liberty Live](#tPFSO1)  | [106](#tPFSO1) |
| [CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS](#tCRAR)  | [108](#tCRAR) |
| &nbsp;&nbsp;&nbsp; [Relationships Between Liberty Live and Liberty Media](#tRBLL)  | [108](#tRBLL) |
|  [DESCRIPTION OF LIBERTY LIVE CAPITAL STOCK AND COMPARISON OF STOCKHOLDER RIGHTS](#tDOLL)  | [117](#tDOLL) |
| &nbsp;&nbsp;&nbsp; [Comparison of Stockholder Rights](#tCOSR)  | [117](#tCOSR) |
| &nbsp;&nbsp;&nbsp; [Other Provisions of Liberty Live's Amended and Restated Bylaws and Liberty Live's Restated Articles](#tOPOL)  | [129](#tOPOL) |
| &nbsp;&nbsp;&nbsp; [Federal Securities Law Consequences](#tFSLC)  | [134](#tFSLC) |
| [U.S. FEDERAL INCOME TAX CONSEQUENCES](#tUFIT)  | [135](#tUFIT) |
| &nbsp;&nbsp;&nbsp; [Tax Opinion](#tTAOP)  | [135](#tTAOP) |
| &nbsp;&nbsp;&nbsp; [U.S. Federal Income Tax Treatment of the Split-Off](#tUFIT1)  | [136](#tUFIT1) |
| [DESCRIPTION OF CERTAIN INDEBTEDNESS](#tDOCI)  | [138](#tDOCI) |
| &nbsp;&nbsp;&nbsp; [Liberty Live](#tLILI)  | [138](#tLILI) |
| &nbsp;&nbsp;&nbsp; [Liberty Live's Subsidiaries](#tLLS)  | [138](#tLLS) |
| [ADDITIONAL INFORMATION](#tADIN)  | [140](#tADIN) |
| &nbsp;&nbsp;&nbsp; [Legal Matters](#tLEMA)  | [140](#tLEMA) |
| &nbsp;&nbsp;&nbsp; [Experts](#tEXP)  | [140](#tEXP) |
| &nbsp;&nbsp;&nbsp; [Householding Information](#tHOIN)  | [140](#tHOIN) |
| &nbsp;&nbsp;&nbsp; [Stockholder Proposals](#tSTPR)  | [140](#tSTPR) |
| &nbsp;&nbsp;&nbsp; [Where You Can Find More Information](#tWYCF)  | [141](#tWYCF) |
| [INDEX TO FINANCIAL STATEMENTS](#tITFS)  | [F-1](#tITFS) |
| [ANNEX A: Form of Liberty Live's Restated Articles](#tANNA)  | [A-1](#tANNA) |
| [ANNEX B: Form of Liberty Live's Restated Bylaws](#tANNB)  | [B-1](#tANNB) |

---

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#### QUESTIONS AND ANSWERS
 *The questions and answers below highlight only selected information about the Split-Off and the Special Meeting. You should read carefully the entire proxy statement/notice/prospectus, including the Annexes and the additional documents incorporated by reference herein, because the information in this section does not provide all of the information that might be important to you with respect to the Split-Off and the Special Meeting.* 

#### Q:

#### What will be the result of the Split-Off?
**A:**

If the Split-Off (as defined below) is consummated, the Split-Off would result in Liberty Live becoming a new, independent public company. Its businesses, assets and liabilities would be compromised of, among other items, all of Liberty Media's shares of common stock, par value $0.01 per share (**Live Nation Common Stock**), of Live Nation Entertainment, Inc., a Delaware corporation (**Live Nation**), which represents approximately 30% of the outstanding shares of Live Nation Common Stock as of April 24, 2025, corporate cash, Liberty Media's interest in certain private assets, including Liberty Media's wholly owned subsidiary, QuintEvents, LLC (**Quint**), Liberty Media's 2.375% Exchangeable Senior Debentures due 2053 (the **2.375% Exchangeable Senior Debentures due 2053**), a margin loan (which is undrawn as of the date hereof) incurred by Liberty Media's wholly owned special purpose subsidiary, which is secured by shares of Live Nation Common Stock (the **Margin Loan**) and the variable forward contracts incurred by a wholly owned subsidiary of Liberty Live (**LNSPV**) (the **2025 Forward Contracts**). Additionally, as part of the Split-Off, each outstanding share of Liberty Media's Series A Liberty Live common stock, par value $0.01 per share (**LLYVA**), Series B Liberty Live common stock, par value $0.01 per share (**LLYVB**) and Series C Liberty Live common stock, par value $0.01 per share (**LLYVK** and, together with **LLYVA** and **LLYVB**, collectively, **Liberty Live common stock**) will be redeemed for one share of the corresponding series of New Liberty Live Group common stock of Liberty Live, par value $0.01 per share (**New Liberty Live Group common stock**) (such redemption and exchange, the **Redemption**).

#### Q:

#### How will the Split-Off be effected?
**A:**

In connection with the Split-Off, Liberty Media contributed a portion of its shares of Live Nation Common Stock to LNSPV (collectively, the **First Contribution**). Prior to the completion of the Split-Off, Liberty Media will contribute its remaining shares of Live Nation Common Stock to Liberty Live in the Second Contribution (as defined below), such that Liberty Live will beneficially own Liberty Media's entire interest in Live Nation, which represents approximately 30% of the outstanding shares of Live Nation Common Stock as of April 24, 2025. Immediately prior to the completion of the Second Contribution, Quint, Liberty Media's interest in Meyer Shank Racing LLC and cash (which cash amount will be determined based on relative valuations of the assets that are being reattributed) (collectively, the **Reattributed Assets**) will be reattributed (the **Reattribution**) from the Formula One Group to the Liberty Live Group in exchange for Liberty Media's interests in Kroenke Arena Company, LLC, Overtime Sports, Inc. and Griffin Gaming Partners II, L.P. (collectively, the **Liberty Live Group Excluded Assets**). Prior to the completion of the Split-Off, Liberty Media and Liberty Live expect to enter into a Reorganization Agreement (as may be amended from time to time, the **Reorganization Agreement**), pursuant to which all of the businesses, assets and liabilities attributed to the Liberty Live Group immediately prior to the Redemption (as defined below) will be contributed to and assumed by (or, to the extent such assets and liabilities are already held by Liberty Live or its subsidiaries prior to the Redemption, will be retained by) Liberty Live or its subsidiaries (which, for the avoidance of doubt, excludes the Liberty Live Group Excluded Assets, but includes, among other businesses, assets and liabilities, the Reattributed Assets) (the **Second Contribution** and together with the First Contribution, the **Contributions**), subject to the terms and conditions of the Reorganization Agreement. Additionally, pursuant to the Reorganization Agreement, following the Contributions, each outstanding share of Liberty Live common stock will be redeemed for one share of the corresponding series of New Liberty Live Group common stock. The Redemption will be effected in accordance with the terms of Liberty Media's restated certificate of incorporation (**Liberty Media's certificate of incorporation**).

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The Reattribution, Contributions, Redemption and the resulting separation of Liberty Live from Liberty Media pursuant to the Reorganization Agreement are referred to as the **Split-Off**. After the Split-Off, Liberty Live will hold all of the businesses, assets and liabilities attributed to the Liberty Live Group immediately prior to the Redemption (which, for the avoidance of doubt, excludes the Liberty Live Group Excluded Assets, but includes, among other businesses, assets and liabilities, the Reattributed Assets), including, among others, (1) all of Liberty Media's shares of Live Nation Common Stock, (2) corporate cash, (3) Liberty Media's interest in certain private assets, including the Reattributed Assets, (4) the 2.375% Exchangeable Senior Debentures due 2053, (5) a Margin Loan and (6) the 2025 Forward Contracts.

#### Q:

#### What is the Split-Off Proposal for which holders of shares of LLYVA and LLYVB are being asked to vote?
**A:**

Liberty Media will hold a special meeting of holders of record, as of the record date (as defined below) for such meeting, of shares of LLYVA and LLYVB at [ ], Mountain time, on [ ], 2025 (the **Special Meeting**), at which meeting such stockholders will be asked to consider and vote on a proposal to approve the Redemption (the **Split-Off Proposal**). The Split-Off Proposal requires the affirmative vote of the holders of record of a majority of the aggregate voting power of the shares of LLYVA and LLYVB outstanding as of the record date, in each case, entitled to vote on such matter and that are present in person or by proxy at the Special Meeting, voting together as a separate class (the **Liberty Split-Off Stockholder Approval**). With respect to the Split-Off Proposal, each holder of record of shares of LLYVA is entitled to one vote per share and each holder of record of shares of LLYVB is entitled to ten votes per share. For more information, see "The Proposed Transactions" and "The Split-Off Proposal" below.

Completion of the Split-Off is conditioned on, among other things, the holders of shares of LLYVA and LLYVB, voting together as a separate class, approving the Split-Off Proposal. The completion of the Split-Off is not conditioned on the approval of the Adjournment Proposal (as defined below).

#### Q:

#### Why is Liberty Media completing the Reattribution in connection with the Split-Off?
**A:**

Immediately prior to the completion of the Second Contribution, Liberty Media will reattribute the Reattributed Assets from the Formula One Group to the Liberty Live Group in exchange for the Liberty Live Group Excluded Assets. The Reattribution is intended to attribute assets to the Liberty Live Group which Liberty Media believes are appropriate to be contributed to Liberty Live in connection with the Split-Off. The amount of cash to be included in the Reattribution will depend on the fair value of the Reattributed Assets and the Liberty Live Group Excluded Assets at the time of such Reattribution. If the latter exceeds the former, another asset, such as cash, must be added to the reattributed asset pool to eliminate that deficit.

Pursuant to Liberty Media's certificate of incorporation, and its management and allocation policies, Liberty Media's board of directors is vested with the discretion to reattribute assets and liabilities from one tracking stock group to another tracking stock group without the approval of any of its stockholders, and the only limitations on its exercise of such discretion are that the reattribution be in the best interest of all of Liberty Media's stockholders and that the Reattribution be done on a fair value basis.

#### Q:

#### Does Liberty Media expect to convert any shares of Liberty Live common stock prior to the Split-Off?
**A:**

Liberty Media does not expect to exercise its option to convert any shares of Liberty Live common stock into shares of the corresponding series of Liberty Formula One common stock, as permitted under Liberty Media's certificate of incorporation; however, subject to the terms of Liberty Media's certificate of incorporation, each share of LLYVB may be converted, at the option of the holder thereof, into one fully paid and non-assessable share of LLYVA. If completed prior to the record date for the Special Meeting, any holder of shares of LLYVB whose shares have been converted to shares of LLYVA may vote such shares of LLYVA at the Special Meeting and will be entitled to one vote per share of LLYVA. Shares of LLYVA and LLYVK are not convertible at the option of the holder. For more information,

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see the table set forth in "Description of Liberty Live Capital Stock and Comparison of Stockholder Rights" under the headings "Conversion of Common Stock at Option of Holder" and "Conversion of Common Stock at Option of Issuer".

#### Q:

#### What will the holders of Liberty Media common stock receive as a result of the Split-Off?
**A:**

If the Split-Off is effected, at the effective time of the Redemption (the **Split-Off Effective Time**), each outstanding share of LLYVA, LLYVB and LLYVK, will be redeemed for one share of the corresponding series of New Liberty Live Group common stock. Holders of shares of Liberty Media's Series A Liberty Formula One common stock, par value $0.01 per share (**FWONA**), Series B Liberty Formula One common stock, par value $0.01 per share (**FWONB**), and Series C Liberty Formula One common stock, par value $0.01 per share (**FWONK** and, together with FWONA and FWONB, collectively, **Liberty Formula One common stock**), will not receive any new or additional shares or other consideration pursuant to the Split-Off.

#### Q:

#### What are the voting and conversion rights of the New Liberty Live Group common stock?
**A:**

Holders of record of shares of Liberty Live's Series A Liberty Live Group common stock (**New LLYVA**) will be entitled to one vote for each share of such stock and holders of record of shares of Liberty Live's Series B Liberty Live Group common stock (**New LLYVB**) will be entitled to ten votes for each share of such stock on all matters submitted to a vote of stockholders. Holders of record of shares of Liberty Live's Series C Liberty Live Group common stock (**New LLYVK**) will not be entitled to any voting rights, except as otherwise required by Nevada law, in which case, each such holder of record of shares of New LLYVK will be entitled to 1/100 of a vote per share.

Each share of New LLYVB will be convertible, at the option of the holder, into one share of New LLYVA. Shares of New LLYVA and New LLYVK are not convertible at the option of the holder.

#### Q:

#### What will happen to outstanding Liberty Live equity awards in connection with the Split-Off?
**A:**

Certain directors and current and former employees of Liberty Media and its subsidiaries have been granted options to purchase shares of Liberty Live common stock (**original Liberty Live options**) and restricted shares and restricted stock units (**RSUs**), in either case, in respect of Liberty Live common stock (**original Liberty Live restricted shares** and **original Liberty Live RSUs**, respectively, and together with the Liberty Live options, the **original Liberty Live Equity Awards**) pursuant to various stock incentive plans of Liberty Media. As described in more detail below under "The Split-Off Proposal — Effect of the Split-Off on Outstanding Original Liberty Live Equity Awards," each original Liberty Live option and original Liberty Live RSU outstanding at the Split-Off Effective Time will receive, in substitution for such Liberty Live option and Liberty Live RSU, respectively, an option to purchase shares of the corresponding series of New Liberty Live Group common stock or an RSU in respect of the corresponding series of New Liberty Live Group common stock, as applicable, and each original Liberty Live restricted share at the Split-Off Effective Time will be redeemed for one restricted share of the corresponding series of New Liberty Live Group common stock (each resulting award, a **Liberty Live option**, **Liberty Live restricted share** or **Liberty Live RSU**, as applicable, and collectively, **Liberty Live Equity Awards**).

The Liberty Live Equity Awards will be subject to the terms and conditions of the Transitional Plan (as defined below) and, except as described above, all other terms of the Liberty Live Equity Awards will, in all material respects, be the same as those of the corresponding original Liberty Live Equity Award.

#### Q:

#### What are the U.S. federal income tax consequences of the Split-Off?
**A:**

It is a nonwaivable condition to the Split-Off that Liberty Media receives the opinion of Skadden, Arps, Slate, Meagher & Flom LLP (**Skadden Arps**), dated as of the date on which the Redemption will be effective (the **Redemption Date**) and in form and substance reasonably acceptable to Liberty Media, to the effect that, for U.S. federal income tax purposes, (a) the Redemption, taken together with the Contributions, will qualify as a tax-free transaction under Section 355, Section 368(a)(1)(D) and related provisions of the Internal Revenue Code of 1986, as amended (the **Code**), (b) no gain or loss

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will be recognized by Liberty Media in the Contributions or the transfer of New Liberty Live Group common stock pursuant to the Redemption, and (c) no gain or loss will be recognized by, and no amount will be included in the income of, holders of Liberty Live common stock upon the receipt of shares of New Liberty Live Group common stock pursuant to the Redemption.

For a summary of U.S. federal income tax consequences of the Redemption to holders of Liberty Live common stock, please see the section entitled "U.S. Federal Income Tax Consequences."

#### Q:

#### Are there any material conditions to the Split-Off?
**A:**

Yes. In addition to receipt of the requisite stockholder approval for the Split-Off Proposal, the Redemption is conditioned on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the receipt of the opinion of Skadden Arps, dated as of the Redemption Date and in form and substance reasonably acceptable to Liberty Media, to the effect that, for U.S. federal income tax purposes, (i) the Redemption, taken together with the Contributions, will qualify as a tax-free transaction under Section 355, Section 368(a)(1)(D) and related provisions of the Code, (ii) no gain or loss will be recognized by Liberty Media in the Contributions or the transfer of New Liberty Live Group common stock pursuant to the Redemption, and (iii) no gain or loss will be recognized by, and no amount will be included in the income of, holders of Liberty Live common stock upon the receipt of shares of New Liberty Live Group common stock in the Redemption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the effectiveness under the Securities Act of the registration statement, of which this proxy statement/notice/prospectus forms a part, relating to the Split-Off and the issuance of the shares of New LLYVA, New LLYVB and New LLYVK in the Split-Off;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the effectiveness of the registration of the shares of New LLYVA and New LLYVK under Section 12(b) of the Exchange Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the approval of The Nasdaq Stock Market LLC (**Nasdaq**) for the listing of the shares of New LLYVA and New LLYVK;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) any waiting period (and any extension thereof), and any commitments not to close before a certain date under a timing agreement entered into with a governmental authority, applicable to any Liberty Media representative's receipt of New Liberty Live Group common stock under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the rules and regulations promulgated thereunder (the **HSR Act**) shall have expired or early termination thereof shall have been granted and (ii) any approval of a governmental authority required under any other law set forth in an exhibit attached to the Reorganization Agreement shall have been obtained or deemed to have been obtained under such applicable law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the receipt of any other regulatory or contractual approvals that Liberty Media's board of directors determines to obtain.

None of the conditions listed above, except the last two, may be waived by Liberty Media. Liberty Media's board of directors reserves the right to waive the last two conditions listed above. In the event the Liberty Media board of directors waives a material condition to the Split-Off, Liberty Media intends to promptly issue a press release and file a Current Report on Form 8-K to report such event.

#### Q:

#### Can Liberty Media decide not to complete the Split-Off?
**A:**

Yes. Liberty Media's board of directors has reserved the right, in its sole discretion and notwithstanding receipt of the Liberty Split-Off Stockholder Approval, to amend, modify, delay or abandon the Split-Off and related transactions at any time prior to the Split-Off Effective Time. In addition, the Split-Off is subject to the satisfaction of certain conditions, two of which may be waived by the Liberty Media board of directors in its sole discretion. See "The Split-Off Proposal — Conditions to the Split-Off." In the event the Liberty Media board of directors amends, modifies, delays or abandons the Split-Off, Liberty Media intends to promptly issue a press release and file a Current Report on Form 8-K to report such event.

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#### Q:

#### What is the accounting treatment for the Split-Off?
**A:**

Liberty Media prepares its financial statements in accordance with accounting principles generally accepted in the U.S. The Split-Off will be accounted for at historical cost due to the fact that New Liberty Live Group common stock will be exchanged pro-rata for shares of Liberty Live common stock. For more information, see "The Split-Off Proposal — Accounting Treatment."

#### Q:

#### Why am I receiving this proxy statement/notice/prospectus?
**A:**

We are delivering this proxy statement/notice/prospectus to holders of shares of LLYVA and LLYVB because it serves as a proxy statement being used by the board of directors of Liberty Media to solicit proxies of holders of shares of LLYVA and LLYVB in connection with approval of the Split-Off Proposal and related matters. This document contains important information about the proposals being voted on at the Special Meeting, including the Split-Off Proposal. You should read it carefully and in its entirety. The enclosed materials allow you to have your shares of LLYVA or LLYVB voted by proxy without attending the Special Meeting. Your vote is important and we encourage you to submit your proxy as soon as possible.

This document also serves as a prospectus that is being delivered to holders of Liberty Live common stock because, in connection with the Split-Off, shares of New Liberty Live Group common stock will be distributed to holders of Liberty Live common stock, and a notice of meeting and action to be taken with respect to the Special Meeting at which certain Liberty Media stockholders will consider and vote on the Split-Off Proposal and the other proposal described in this proxy statement/notice/prospectus.

#### Q:

#### How can I find more information about Liberty Media?
**A:**

You can find more information about Liberty Media from various sources described in "Additional Information — Where You Can Find More Information."

#### Q:

#### When and where is the Special Meeting?
**A:**

The Special Meeting will be held at [ ], Mountain time, on [ ], 2025. The Special Meeting will be held via the Internet and will be a completely virtual meeting of the holders of shares of LLYVA and LLYVB. Holders of record of shares of LLYVA and LLYVB outstanding as of the record date for the Special Meeting may attend the Special Meeting, submit questions and vote their shares electronically during the meeting via the Internet by visiting www.virtualshareholdermeeting.com/[ ]. To enter the Special Meeting, you will need the 16-digit control number that is printed in the box marked by the arrow on your proxy card. It is recommended that you log in at least fifteen minutes before the meeting to ensure that you are logged in when the meeting starts. Online check-in will start shortly before the meeting on [ ], 2025.

#### Q:

#### What is the record date for the Special Meeting?
**A:**

The record date for the Special Meeting is 5:00 p.m., New York City time, on [ ], 2025.

#### Q:

#### What is the purpose of the Special Meeting?
**A:**

To consider and vote on the Split-Off Proposal and a proposal (the **Adjournment Proposal**) to approve the adjournment of the Special Meeting by Liberty Media from time to time to solicit additional proxies in favor of the Split-Off Proposal, if there are insufficient votes at the time of such adjournment to approve the Split-Off Proposal or if otherwise determined by the chairperson of the meeting to be necessary or appropriate.

#### Q:

#### How does the Liberty Media board of directors recommend that I vote?
**A:**

The Liberty Media board of directors recommends that you vote "**FOR**" the Split-Off Proposal and the Adjournment Proposal.

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#### Q:
 **Do the directors and executive officers of Liberty Media have any interests that may differ from the interests of other holders of Liberty Live common stock?** 

**A:**

When considering the recommendation of the Liberty Media board of directors with respect to the Split-Off Proposal and the Adjournment Proposal, holders of shares of LLYVA and LLYVB should be aware that certain of Liberty Media's directors and executive officers may be deemed to have interests in the Split-Off that are different from, or in addition to, those of holders of Liberty Live common stock. These interests may present such persons with actual or potential conflicts of interest. The Liberty Media board of directors was aware of these interests during the deliberations of the merits of the Split-Off, and in deciding to recommend that you vote for each of the Split-Off Proposal and the Adjournment Proposal. These interests include the following:

Derek Chang, President and Chief Executive Officer and a director of Liberty Media will serve on the board of directors of Liberty Live following the completion of the Split-Off. Robert R. Bennett, who is expected to serve as the Chairman of the board of directors of Liberty Live, is also the Vice Chairman of the board of directors of Liberty Media. Chad R. Hollingsworth, who is expected to serve as President and Chief Executive Officer of Liberty Live following the completion of the Split-Off, is also a Senior Vice President of Liberty Media. See "Risk Factors — Factors Relating to Liberty Live's Corporate History and the Split-Off — Liberty Live is expected to have overlapping directors and officers with Liberty Media, which may lead to conflicting interests" for a discussion of the conflicts that could arise as a result of their positions with Liberty Media and Liberty Live. Holders of shares of LLYVA and LLYVB should also be aware that certain current executive officers of Liberty Media will also serve as executive officers of Liberty Live immediately following the Split-Off. In addition, Liberty Live and Liberty Media will enter into the Services Agreement (as defined below) pursuant to which Liberty Live will pay Liberty Media a monthly management fee on a fixed fee basis, the amount of which will be subject to quarterly review by Liberty Live's audit committee, in exchange for the provision of certain administrative and management services by Liberty Media and its employees, including the services of its executive officers. Liberty Live may establish, and grant directly to, certain employees Liberty Live's allocable portion of the employees' annual equity-based awards. See "Executive Compensation of Liberty Live" beginning on page [103](#tECOL) for more information on the Services Agreement and certain other aspects of the executive officers' compensation. Furthermore, the directors and executive officers of Liberty Media and Liberty Live currently have indemnification protections for their service as directors and executive officers pursuant to the organizational documents of Liberty Media and Liberty Live, as applicable, and the directors and executive officers of Liberty Media and Liberty Live have entered and/or will enter into indemnification agreements with Liberty Media and Liberty Live, respectively. In addition, directors and executive officers of Liberty Media and Liberty Live have insurance protections under Liberty Media's director and officer liability insurance policies. For any directors or executive officers of Liberty Media that will serve as directors or executive officers of Liberty Live following the completion of the Split-Off, Liberty Live will obtain director and officer liability insurance to cover all directors and executive officers of Liberty Live from and after completion of the Split-Off.

Executive officers and directors of Liberty Media, other than Mr. Malone, hold original Liberty Live options and original Liberty Live RSUs. As described in more detail below under "The Split-Off Proposal — Effect of the Split-Off on Outstanding Original Liberty Live Equity Awards," in connection with the Split-Off:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • each holder of an original Liberty Live option outstanding at the Split-Off Effective Time will receive, in substitution for such original Liberty Live option, a Liberty Live option, whereby the exercise price of and the number and series of shares of New Liberty Live Group common stock subject to the Liberty Live option will be the same as those associated with the original Liberty Live option award prior to the Split-Off and, except as described above, all other terms of the Liberty Live option (including, for example, the vesting terms thereof) will, in all material respects, be the same as those of the original Liberty Live option; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • each holder of an original Liberty Live RSU outstanding at the Split-Off Effective Time will receive, in substitution for such original Liberty Live RSU, a Liberty Live RSU, whereby the number and series of shares of New Liberty Live Group common stock subject to such Liberty Live RSU will be the same as the number and series of shares of Liberty Live common stock subject to the corresponding original Liberty Live RSU and, except as described above, all other terms of the Liberty Live RSUs (including, for example, the vesting terms thereof) will, in all material respects, be the same as those of the original Liberty Live RSU.

In addition, Liberty Media has previously entered into an exchange agreement (the **Liberty Media Exchange Agreement**) with John C. Malone and a revocable trust of which Mr. Malone is the sole trustee and beneficiary (the **JM Trust**), whereby, among other things, Mr. Malone agreed to an arrangement under which his aggregate voting power in Liberty Media would not exceed 49% plus 0.5% (under certain circumstances). The terms and conditions of the Liberty Media Exchange Agreement will continue to apply to Liberty Media and the Liberty Formula One common stock upon completion of the Split-Off. Mr. Malone is not expected to be an officer or director of Liberty Live, thus, pursuant to the terms of the Liberty Media Exchange Agreement, Liberty Live and Mr. Malone will not be required to and are not expected to enter into such an arrangement in connection with the Split-Off, and therefore Mr. Malone could acquire beneficial ownership of (x) [ ] additional shares of New LLYVA or (y) [ ] additional shares of New LLYVB (which represents all of the outstanding shares of New LLYVB that will not be owned by Mr. Malone as of immediately following the Split-Off) and [ ] additional shares of New LLYVA (assuming the issuance of [ ] shares of New LLYVA and [ ] shares of New LLYVB based on (i) the exchange of [ ] shares of LLYVA and [ ] shares of LLYVB outstanding as of [ ], 2025 and (ii) the assumption that no shares of LLYVB are converted into shares of LLYVA prior to the Split-Off) to control approval of general matters submitted to shareholders for approval, pursuant to which holders of shares of New LLYVA and New LLYVB would vote together as a single class. Immediately following the Split-Off, Mr. Malone is expected to beneficially own [ ] shares of New LLYVA and [ ] shares of New LLYVB (estimated based on the number of shares of Liberty Live common stock held by Mr. Malone as of [ ], 2025), and therefore, it is expected that Mr. Malone may continue to be deemed to be in a position to influence significant corporate actions, including corporate transactions such as mergers, business combinations or dispositions of assets.

[As of the date of this proxy statement/notice/prospectus, to Liberty Media's knowledge, Liberty Media's executive officers and directors intend to vote all of the shares of LLYVA and LLYVB beneficially owned by them and that are entitled to vote in favor of the Split-Off Proposal and the Adjournment Proposal.] As of the record date, Liberty Media's executive officers and directors beneficially owned and were entitled to vote, in the aggregate, approximately [ ]% of the voting power of the shares of LLYVA and LLYVB outstanding as of that date.

For a detailed discussion of these and other interests, see "The Proposed Transactions — Interests of Certain Persons — Interests of Directors and Executive Officers of Liberty Media in the Split-Off" below.]

#### Why is Liberty Media proposing the Split-Off?
**A:**

In determining to approve the Split-Off, the Liberty Media board of directors believes that the Split-Off will benefit Liberty Media and its businesses and result in the creation of stockholder value (and consequent benefits to Liberty Media and Liberty Live) because, among other things, the aggregate trading value of New Liberty Live Group common stock and Liberty Formula One common stock is expected to exceed the aggregate trading value of Liberty Media's existing common stock, although there can be no assurance that this will occur. The Liberty Media board of directors determined that separating Liberty Live from Liberty Media through the Split-Off is appropriate, advisable and in the best interests of Liberty Media and its stockholders. The Liberty Media board of directors determined that the Split-Off would be more beneficial to Liberty Media and its businesses and result in greater stockholder value (and consequent benefits to Liberty Media and Liberty Live) as compared to alternative transactions. The Liberty Media board of directors took into account a number of factors (none of which can be guaranteed to occur) when approving the Split-Off, including the following:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Reduction of historical trading discount.* The Split-Off is expected to cause the trading discount applied to the Liberty Live common stock and the Liberty Formula One common stock, respectively, to be reduced. As a result of the Split-Off, Liberty Media and Liberty Live will be separately traded companies, and neither company will have tracking stock outstanding immediately following the consummation of the Split-Off. The elimination of the tracking stock structure should serve to reduce the key drivers associated with the historical discount applied to Liberty Media's tracking stocks, including a reduction of the complexity of Liberty Media's capital structure and uncertainty surrounding the allocation of capital resources and future corporate opportunities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Eligibility for Certain Stock Indices.* Liberty Media's tracking stock structure currently limits its investor base because tracking stocks are excluded from certain indices. Following the Split-Off and the elimination of Liberty Media's tracking stock structure, the Series C Liberty Formula One common stock would become eligible for inclusion in the S&P 500, which could create net incremental buying demand for such stock if selected for inclusion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Acquisitions by Liberty Media and Liberty Live.* The improved market recognition of the value of the businesses and assets of Liberty Media and Liberty Live resulting from the Split-Off, including the more efficiently priced acquisition currencies in the Liberty Formula One common stock and New Liberty Live Group common stock, would enhance the ability of each of Liberty Media and Liberty Live to issue its equity for purposes of making strategic acquisitions with less dilution to each company's respective stockholder base. Further, following the Split-Off and the creation of independent pure-play companies, the stock of each of Liberty Media and Liberty Live is expected to be a more attractive and less complicated form of acquisition currency for target companies and their stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Capital raising by Liberty Media and Liberty Live.* The Split-Off will provide Liberty Media and Liberty Live with their own independent equity currency that each company will be able to use to raise capital at more efficient valuations for organic growth and in responding to strategic opportunities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Attract and retain qualified personnel.* The Split-Off is expected to enhance the ability of Liberty Media and Liberty Live to retain and attract qualified personnel by enabling each company to grant equity incentive awards based on its own publicly traded equity with less dilution to its stockholders (as a result of the expected reduction in the discount associated with its equity) and will further enable each company to more effectively tailor employee benefit plans and retention programs and provide improved incentives to the management, employees and future hires of each company that will better and more directly align the incentives for each company's management and employees with their performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Expectation for tax-free transaction.* The Liberty Media board of directors' expectation is that the Split-Off will be completed in a manner that is generally tax-free to Liberty Media and its stockholders.

#### Q:

#### Did the Liberty Media board of directors consider any potential negative aspects and risks in approving the Split-Off?
**A:**

The Liberty Media board of directors also considered a number of potential negative aspects and risks in approving the Split-Off, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the risk of being unable to achieve the benefits expected from the Split-Off;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the potential disruption of the businesses of Liberty Media, as its management and employees devote time and resources to completing the Split-Off;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the substantial costs of effecting the Split-Off and continued compliance with legal and other requirements applicable to two separate public reporting companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the significant potential tax liabilities that could arise if the U.S. Internal Revenue Service (the **IRS**) were to successfully assert that the Split-Off is taxable to Liberty Media and/or to the holders of Liberty Live common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the significant potential indemnification obligations of Liberty Live to Liberty Media under the Tax Sharing Agreement (as defined below) if the IRS were successful in such a claim and that such indemnification obligations are not subject to a cap;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the risk that Liberty Live may determine to forgo certain transactions that might otherwise be advantageous for some period of time following the Split-Off as a result of Liberty Live's potential indemnification obligations to Liberty Media under the Tax Sharing Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the interests of Liberty Media's directors and executive officers in the Split-Off described under "The Proposed Transactions — Interests of Certain Persons".

The Liberty Media board of directors evaluated the costs and benefits of the Split-Off as a whole and did not find it necessary to assign relative weights to the specific factors considered. The Liberty Media board of directors concluded, however, that the potential benefits of the Split-Off outweighed, in each case, the potential costs of the Split-Off, and that separating Liberty Live from Liberty Media by redeeming each outstanding share of LLYVA, LLYVB and LLYVK for one share of the corresponding series of New Liberty Live Group common stock is generally tax efficient, necessary, appropriate, advisable and in the best interests of Liberty Media and its stockholders.

#### The Liberty Media board of directors unanimously recommends that the holders of shares of LLYVA and LLYVB vote " FOR " the Split-Off Proposal.

#### Q:

#### What will the relationship be between Liberty Live and Liberty Media after the Split-Off?
**A:**

Upon completion of the Split-Off, Liberty Live and Liberty Media will operate independently and neither will have any ownership interest in the other. In connection with the Split-Off, however, Liberty Live and Liberty Media (and/or one or more of their subsidiaries) are entering into certain agreements in order to govern the ongoing relationships between Liberty Live and Liberty Media after the Split-Off and to provide for an orderly transition. Such agreements will include (i) a tax sharing agreement with Liberty Media that governs Liberty Media's and Liberty Live's respective rights, responsibilities and obligations with respect to taxes and tax benefits, the filing of tax returns, the control of audits and other tax matters (the **Tax Sharing Agreement**); (ii) a services agreement with Liberty Media, pursuant to which Liberty Media will provide Liberty Live with specified services, including insurance administration and risk management services, other services typically performed by Liberty Media's legal, investor relations, tax, accounting, treasury and internal audit departments, and such other services as Liberty Media may obtain from its officers, employees and consultants in the management of its own operations that Liberty Live may from time to time request or require (the **Services Agreement**); (iii) a facilities sharing agreement with a wholly owned subsidiary of Liberty Media, pursuant to which Liberty Live will share office facilities with Liberty Media (the **Facilities Sharing Agreement**); and (iv) an aircraft time sharing agreement with Liberty Media, pursuant to which Liberty Media will lease an aircraft to Liberty Live and provide a fully qualified flight crew for all operations on a periodic, non-exclusive time sharing basis (the **Aircraft Time Sharing Agreement**). In addition, prior to the completion of the Split-Off, Liberty Live will enter into the Reorganization Agreement with Liberty Media, which will provide for mutual indemnification obligations, which are designed to make Liberty Live financially responsible for substantially all of the liabilities that may exist relating to the businesses included in Liberty Live at the time of the Split-Off together with certain other specified liabilities, as well as for all liabilities incurred by Liberty Live after the Split-Off, and to make Liberty Media financially responsible for all potential liabilities of Liberty Live which are not related to Liberty Live's businesses, including, for example, any liabilities arising as a result of Liberty Live having been a subsidiary of Liberty Media, together with certain other specified liabilities. These indemnification obligations exclude any matters relating to taxes, which matters are governed by the Tax Sharing Agreement. See "Certain Relationships and Related Party Transactions — Agreements Relating to the Split-Off."

#### Q:

#### Where will the New Liberty Live Group common stock trade?
**A:**

If the Split-Off is consummated, Liberty Live expects to list the shares of New LLYVA and New LLYVK on the Nasdaq Global Select Market under the symbols, "LLYVA" and "LLYVK", respectively. Liberty Live currently expects that its shares of New LLYVB will be quoted on the OTC Markets under the symbol "LLYVB".

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#### Q:

#### What will happen to the listing of Liberty Live common stock and Liberty Formula One common stock?
**A:**

If the Split-Off is consummated, at the Split-Off Effective Time, the shares of LLYVA and LLYVK will cease to be listed on the Nasdaq Global Select Market, and the shares of LLYVB will cease to be quoted on the OTC Markets. In addition, registration of the Liberty Live common stock under the Exchange Act will be terminated. The Liberty Formula One common stock will then become the only outstanding common stock of Liberty Media. The Liberty Formula One common stock thus will cease to function as a tracking stock and will effectively become an asset-backed stock. However, under the terms of Liberty Media's certificate of incorporation, the Liberty Formula One common stock will still have features that are consistent with tracking stocks, and it may become a tracking stock without the approval of the holders of Liberty Formula One common stock.

#### Q:

#### If the Split-Off is implemented, what do I need to do with my existing Liberty Live shares?
**A:**.

Accounts holding shares of Liberty Live common stock in book-entry form will, at the Split-Off Effective Time, be automatically debited for the applicable series and number of shares to be redeemed as of the Split-Off Effective Time, and promptly thereafter credited with the applicable number of shares of New Liberty Live Group common stock. Registration in book-entry form refers to a method of recording stock ownership when no physical share certificates are issued to stockholders, as is the case in the Split-Off. Holders of only book-entry shares of Liberty Live common stock will not need to take any action to receive their shares of New Liberty Live Group common stock in the Split-Off. No letters of transmittal will be delivered to holders of shares in book-entry form.

In the Split-Off, only book-entry shares will be delivered and no physical share certificates will be issued to any Liberty Live stockholders.

#### Q:

#### Will Liberty Live be considered a "controlled company" under applicable exchange listing standards?
**A:**

Following the Split-Off, Liberty Live will not be deemed a "controlled company" under applicable exchange listing standards.

#### Q:

#### Who is the redemption agent for the consideration issuable in the Split-Off and the transfer agent for New Liberty Live Group common stock?
**A:**

Liberty Media has selected Broadridge Corporate Issuer Solutions, Inc. to serve as redemption agent and transfer agent for the purposes of redeeming shares of Liberty Live common stock for shares of New Liberty Live Group common stock in the Split-Off and for the shares of New Liberty Live Group common stock from and after the Split-Off Effective Time, respectively.

#### Q:

#### When does Liberty Media expect to complete the Split-Off?
**A:**

Liberty Media is working to complete the Split-Off as soon as practicable.

We expect to complete the Split-Off in the second half of 2025. Liberty Media cannot predict, however, the actual date on which the Split-Off will be completed because it is subject to conditions beyond the company's control.

#### Q:

#### Am I entitled to appraisal rights in connection with the Split-Off?
**A:**

Under the DGCL, the holders of Liberty Live common stock will not be entitled to exercise appraisal rights in connection with the Split-Off.

#### Q:

#### Will the rights of holders of Liberty Live common stock change as a result of the Split-Off?
**A:**

The holders of Liberty Live common stock will have different rights than they do now once they become stockholders of Liberty Live due to differences between the governing documents of Liberty Media and Liberty Live and differences between the laws of the State of Delaware and the State of Nevada. These differences are described in detail under "Description of Liberty Live Capital Stock and Comparison of Stockholder Rights — Comparison of Stockholder Rights."

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#### Q:

#### What is the impact of being an "emerging growth company"?
**A:**

Liberty Live qualifies as an "emerging growth company" as defined in Section 2(a)(19) of the Securities Act, including as modified by the Jumpstart Our Business Startups Act of 2012 (JOBS Act). As a result, for so long as Liberty Live qualifies as an emerging growth company, it is eligible to take advantage of certain exemptions from various reporting requirements applicable to other public companies that are not emerging growth companies. These exemptions include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • being permitted to present only two years of audited financial statements and only two years of related "Management's Discussion and Analysis of Financial Condition and Results of Operations" in this proxy statement/notice/prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, as amended (the **Sarbanes-Oxley Act**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • reduced disclosure obligations regarding executive compensation in Liberty Live's periodic reports, proxy statements and registration statements, including in this proxy statement/notice/prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • not being required to comply with certain audit-related requirements that Liberty Live would otherwise be subject to but for its status as an emerging growth company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.

Liberty Live has elected to take advantage of certain of the reduced disclosure obligations in this proxy statement/notice/prospectus and may elect to take advantage of other reduced reporting requirements in its future filings with the SEC. As a result, the information that Liberty Live provides to its stockholders may be different than you might receive from other public reporting companies in which you hold equity interests.

The JOBS Act also provides that an emerging growth company can take advantage of an extended transition period for complying with new or revised accounting standards, but Liberty Live has elected not to avail itself of this exemption. Rather, it will adopt new or revised accounting standards on the relevant dates in which adoption of such standards is required for other public companies.

Liberty Live may take advantage of these provisions until the last day of its fiscal year following the fifth anniversary of the date of the first sale of its common equity securities pursuant to an effective registration statement under the Securities Act. Such fifth anniversary will occur in 20[30]. However, if certain events occur prior to the end of such five-year period, including if Liberty Live becomes a "large accelerated filer," its gross revenues for any fiscal year equal or exceed $1.235 billion or Liberty Live issues more than $1.0 billion of non-convertible debt in any three-year period, it will cease to be an emerging growth company prior to the end of such five-year period.

#### Q:

#### What is the Ventures Group common stock?
**A:**

Immediately following the Split-Off, Liberty Live will not have issued any shares of capital stock other than its New Liberty Live Group common stock. In accordance with Liberty Live's restated articles of incorporation (**Liberty Live's restated articles**), Liberty Live will also authorize a group of common stock to be designated the Ventures Group common stock, which may be issued in three series (the **Ventures Group common stock**). No shares of Ventures Group common stock will be outstanding at the time of the Split-Off.

#### Q:

#### Is New Liberty Live Group common stock a tracking stock?
**A:**

No. Immediately upon the completion of the Split-Off, New Liberty Live Group common stock will not be a tracking stock. 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. Upon the completion of the Split-Off, all of Liberty Live's businesses, assets and liabilities will be attributed solely to the New Liberty Live Group (as defined below). Thus, New Liberty Live Group common stock should reflect the economic

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performance of Liberty Live as a whole and the Company will not have a tracking stock structure. However, under the terms of Liberty Live's restated articles, New Liberty Live Group common stock will have features that are consistent with tracking stocks, and it may become a tracking stock without the approval of Liberty Live's stockholders. Liberty Live's restated articles will authorize the Ventures Group common stock, which is also common stock of Liberty Live. As a result, the Liberty Live board of directors may, without the approval of Liberty Live's stockholders, issue one or more series of Ventures Group common stock and reattribute certain Liberty Live businesses, assets and liabilities to the Ventures Group (as defined below), which will result in Liberty Live having a tracking stock structure consisting of two tracking stocks, the New Liberty Live Group common stock and the Ventures Group common stock. See "Description of Liberty Live Capital Stock and Comparison of Stockholder Rights — Group Policies."

The ability of the Liberty Live board of directors to implement a tracking stock structure without the approval of Liberty Live's stockholders will provide Liberty Live with the potential for greater operational and financial flexibility in executing its business strategies.

The ability of the Liberty Live board of directors to implement a tracking stock structure involves risks. Any of the following risks, if realized, could have a material adverse effect on the value of New Liberty Live Group common stock: a tracking stock structure may cause market confusion; a tracking stock structure could create conflicts of interest; holders of shares of stock relating to a particular group may not have any remedies if any action by Liberty Live's directors or officers has an adverse effect on only that stock; the Liberty Live board of directors may, in its sole discretion, elect to convert the common stock relating to one group into common stock relating to the other group, thereby changing the nature of a holder's investment and possibly diluting its economic interest in Liberty Live; a tracking stock structure may dilute the voting power of shares of New Liberty Live Group common stock; and holders of common stock of tracking stock groups will vote together and will have limited separate voting rights. See "Risk Factors — If the Liberty Live board of directors determines to issue the shares of Ventures Group common stock, New Liberty Live Group common stock will become a tracking stock and a tracking stock structure may cause market confusion," "Risk Factors — If the Liberty Live board of directors decides to implement a tracking stock capital structure, such structure could create conflicts of interest, and the Liberty Live board of directors may make decisions that could adversely affect only some holders of Liberty Live's common stock" and "Risk Factors — Liberty Live may dispose of its assets, even if they are attributed to a tracking stock group, without your approval (except to the extent such approval is required under Nevada law or Liberty Live's restated articles)."

#### Q:

#### What stockholder vote is required to approve each of the proposals?
**A:**

The Split-Off Proposal and the Adjournment Proposal each require the affirmative vote of the holders of a majority of the aggregate voting power of the shares of LLYVA and LLYVB outstanding as of the record date, in each case, entitled to vote on such proposal and that are present in person or by proxy at the Special Meeting, voting together as a separate class. Holders of other classes and series of Liberty Media stock, including Liberty Formula One common stock and/or LLYVK, are not being asked to vote, and are not entitled to vote, on either of the Split-Off Proposal or the Adjournment Proposal because such vote is not required by Liberty Media's certificate of incorporation, Liberty Media's bylaws or the laws of the State of Delaware.

[As of the date of this proxy statement/notice/prospectus, to Liberty Media's knowledge, Liberty Media's executive officers and directors intend to vote all of the shares of LLYVA and LLYVB beneficially owned by them and that are entitled to vote in favor of the Split-Off Proposal and the Adjournment Proposal.] As of the record date, Liberty Media's executive officers and directors beneficially owned and were entitled to vote, in the aggregate, approximately [ ]% of the voting power of the shares of LLYVA and LLYVB outstanding as of that date.

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#### Q:

#### How many votes do stockholders have?
**A:**

At the Special Meeting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • with respect to each of the Split-Off Proposal and the Adjournment Proposal, each holder of record of shares of LLYVA will be entitled to one vote per share and each holder of record of shares of LLYVB will be entitled to ten votes per share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • only shares of LLYVA and LLYVB owned as of the record date are eligible to vote at the Special Meeting.

On the record date, there were [ ] shares of LLYVA outstanding and [ ] shares of LLYVB outstanding.

#### Q:

#### Why is Liberty Media seeking approval of the Split-Off Proposal by the holders of shares of LLYVA and LLYVB and does my vote matter?
**A:**

Under the terms of Liberty Media's certificate of incorporation, the Liberty Media board of directors may, subject to the requisite approval of the holders of shares of LLYVA and LLYVB voting together as a separate class, redeem all of the outstanding shares of Liberty Live common stock for outstanding shares of New Liberty Live Group common stock. The approval of the Split-Off Proposal requires the affirmative vote of the holders of a majority of the aggregate voting power of the shares of LLYVA and LLYVB outstanding as of the record date, in each case, entitled to vote on such matter and that are present in person or by proxy at the Special Meeting, voting together as a separate class. Holders of other classes and series of Liberty Media stock, including Liberty Formula One common stock and/or LLYVK, are not being asked to vote, and are not entitled to vote, on the Split-Off Proposal because such vote is not required by Liberty Media's certificate of incorporation, Liberty Media's bylaws or the laws of the State of Delaware.

Your vote matters. An abstention with respect to the Split-Off Proposal will have the same effect as a vote "**AGAINST**" such proposal. If you fail to submit a proxy or to vote via the Internet during the Special Meeting or you do not provide your broker, bank or other nominee with voting instructions, as applicable, with respect to the Split-Off Proposal, this will have no effect on determining whether the Split-Off Proposal is approved (if a quorum is present). The Liberty Media board of directors unanimously recommends that holders of shares of LLYVA and LLYVB vote "**FOR**" the Split-Off Proposal.

#### Q:

#### Why is Liberty Media seeking approval of the Adjournment Proposal?
**A:**

To ensure that a sufficient number of shares are present and entitled to vote at the Special Meeting on the Split-Off Proposal, Liberty Media may need to approve the adjournment of the Special Meeting from time to time to solicit additional proxies in favor of the Split-Off Proposal, if there are insufficient votes at the time of such adjournment to approve the Split-Off Proposal or if otherwise determined by the chairperson of the meeting to be necessary or appropriate. If no adjournment were effected and the Split-Off Proposal does not receive the requisite approval at the Special Meeting because there were insufficient votes represented at the Special Meeting, Liberty Media would need to call a new stockholders meeting at which it may again seek approval from the holders of shares of LLYVA and LLYVB of such proposals, which could significantly delay Liberty Media's ability to implement the Split-Off.

#### Q:

#### What if the Split-Off Proposal is not approved?
**A:**

If the Split-Off Proposal is not approved, the Split-Off will not be completed, which means the existing shares of LLYVA, LLYVB and LLYVK will not be redeemed for shares of New Liberty Live Group common stock and the Reattribution and the Second Contribution will not occur.

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#### Q:

#### What constitutes a quorum?
**A:**

In order to conduct the business of the Special Meeting, a quorum must be present. This means that the holders of a majority in aggregate voting power represented by the shares of LLYVA and LLYVB outstanding on the record date and entitled to vote at the Special Meeting must be represented at the Special Meeting either in person or by proxy. For purposes of determining a quorum, your shares of LLYVA and LLYVB will be included as represented at the meeting even if you indicate on your proxy that you abstain from voting. Because applicable rules of the New York Stock Exchange and Nasdaq do not permit discretionary voting by brokers with respect to any of the proposals to be acted upon at the Special Meeting, if you hold your shares of LLYVA and LLYVB through banks, brokers or other nominees, your shares will not count as present and entitled to vote for purposes of determining a quorum, unless you instruct your bank, broker or other nominee on how to vote your shares. This may make it more difficult to establish a quorum at the Special Meeting. If a quorum is not present at the Special Meeting, Liberty Media expects the chairman of the meeting to adjourn the meeting in accordance with the terms of the Amended and Restated Bylaws of Liberty Media (**Liberty Media's bylaws**) for the purpose of soliciting additional proxies.

#### Q:

#### What do I, as a holder of shares of LLYVA or LLYVB, need to do to vote on the proposals?
**A:**

After carefully reading and considering the information contained in or incorporated by reference into this proxy statement/notice/prospectus, you should submit your proxy before the Special Meeting in one of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Via the Internet — visit the website shown on your proxy card to vote via the Internet;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Telephone voting — use the toll-free number shown on your proxy card; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Mail — complete, sign, date and return the enclosed proxy card in the enclosed postage-paid envelope.

If you send the proxy by mail, there may be unexpected delays in mail processing times. You should allow a sufficient number of days to ensure delivery as your proxy must be received by the day immediately prior to the date of the Special Meeting.

If you are a stockholder of record, you may also vote via the Internet during the Special Meeting by visiting www.virtualshareholdermeeting.com/[ ]. To enter the Special Meeting, you will need the 16-digit control number that is printed in the box marked by the arrow on your proxy card. It is recommended that you log in at least fifteen minutes before the meeting to ensure that you are logged in when the meeting starts. Online check-in will start shortly before the meeting on [ ], 2025.

If your shares are held in "street name," through a broker, bank or other nominee, that institution will send you separate instructions describing the procedure for voting your shares. Your broker, bank or other nominee may have an earlier deadline by which you must provide instructions to it as to how to vote your shares, so you should read carefully the materials provided to you by your broker, bank or other nominee or intermediary.

Liberty Media recommends that you vote by proxy even if you plan to attend the Special Meeting. You may change your vote at the Special Meeting. If a proxy is properly executed and submitted by a record holder without indicating any voting instructions, the shares of LLYVA and LLYVB represented by the proxy will be voted "**FOR**" the approval of each of the proposals.

#### Q:
 **If shares are held in "street name" by a broker, bank or other nominee, will the broker, bank or other nominee vote those shares for the beneficial owner on the proposals?** 

**A:**

If you hold your shares in street name and do not provide voting instructions to your broker, bank or other nominee, your shares will **not** be voted on any of the proposals. Accordingly, your broker, bank or other nominee will vote your shares held in "street name" on the proposals only if you provide instructions on how to vote. If you do not instruct your broker, bank or nominee how to vote your shares, they will have no effect on each of the Split-Off Proposal and the Adjournment Proposal (if a

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quorum is present). You should follow the directions your broker, bank or other nominee provides to you regarding how to vote your shares of LLYVA and LLYVB or when granting or revoking a proxy.

#### What if I, as a holder of shares of LLYVA or LLYVB, do not vote on the proposals?
**A:**

If you do not submit a proxy and you do not vote online at the Special Meeting, your shares will not be counted as present and entitled to vote for purposes of determining a quorum. Your failure to vote will have no effect on determining whether the Split-Off Proposal and the Adjournment Proposal are approved (if a quorum is present). If you submit a proxy but do not indicate how you want to vote, your proxy will be counted as a vote "**FOR**" each of the proposals.

#### Q:

#### What if I, as a holder of shares of LLYVA or LLYVB, respond and indicate that I am abstaining from voting?
**A:**

If you submit a proxy in which you indicate that you are abstaining from voting, your shares will count as present for purposes of determining a quorum, but your proxy will have the same effect as a vote "**AGAINST**" each of the proposals.

#### Q:

#### May stockholders who are entitled to vote change their vote after returning a proxy card or voting by telephone or over the Internet?
**A:**

Yes. Any stockholder of record giving a proxy has the power to revoke it at any time subject to compliance with the below procedures. If you are a stockholder of record, you may revoke your proxy in any of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • by logging onto the Internet website specified on your proxy card in the same manner you would to submit your proxy electronically or by calling the telephone number specified on your proxy card, in each case, if you are eligible to do so;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • by sending a notice of revocation or a completed proxy card bearing a later date than your original proxy card to Vote Processing, c/o Broadridge, 51 Mercedes Way, Edgewood, NY 11717; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • by attending and voting at the Special Meeting.

**Any signed proxy revocation or new signed proxy must be received by the day immediately prior to the date of the Special Meeting.** In addition, you may change your vote through the Internet or by telephone (if you originally voted by the corresponding method) not later than 11:59 p.m., New York City time, on [ ], 2025.

Your attendance at the Special Meeting will not, by itself, revoke a prior vote or proxy from you.

If your shares are held in an account by a broker, bank or other nominee, you may change your vote by submitting new voting instructions to your broker, bank or other nominee. You must contact your broker, bank or other nominee to find out how to do so.

#### Q:

#### What happens if I sell my shares of LLYVA or LLYVB after the record date but before the Special Meeting?
**A:**

The record date for the Special Meeting (5:00 p.m., New York City time, on [ ], 2025) is earlier than the date of the Special Meeting and earlier than the date that the Split-Off will be completed. If you sell or otherwise transfer your shares of LLYVA or LLYVB after the record date but before the date of the Special Meeting, you will retain your right to vote at the Special Meeting. However, you will not have the right to receive shares of Liberty Live in the Split-Off. In order to receive shares of Liberty Live in the Split-Off, you must hold your shares through the completion of the Split-Off.

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#### Q:

#### Are there any risks that I should consider in deciding whether to vote in favor of the Split-Off Proposal?
**A:**

Yes. You should carefully consider the risk factors set forth in the section entitled "Risk Factors" beginning on page [25.](#tRIFA) You should also read and carefully consider the risk factors of Liberty Media contained in documents that are incorporated by reference into this proxy statement/notice/prospectus.

#### Q:

#### Where can I find the voting results of the Special Meeting?
**A:**

The preliminary voting results will be announced at the Special Meeting. In addition, within four business days of the Special Meeting, Liberty Media intends to file the final voting results with the SEC on a Current Report on Form 8-K.

#### Q:
 **Who is the transfer agent for Liberty Live common stock and who will be the transfer agent for the New Liberty Live Group common stock?** 

**A:**

Broadridge Corporate Issuer Solutions, Inc., 51 Mercedes Way, Edgewood, NY 11717.

#### What if during the check-in time or during the Special Meeting I have technical difficulties or trouble accessing the applicable virtual meeting website?
**A:**

Broadridge Corporate Issuer Solutions, Inc. will have technicians ready to assist you with any individual technical difficulties you may have accessing the virtual meeting website. If you encounter any difficulties accessing the virtual meeting website during the check-in or meeting time for the Special Meeting, please call the technical support number that will be posted on the virtual meeting website log-in page at www.virtualshareholdermeeting.com/[ ].

If Liberty Media experiences technical difficulties during the Special Meeting (e.g., a temporary or prolonged power outage), it will determine whether the Special Meeting can be promptly reconvened (if the technical difficulty is temporary) or whether the Special Meeting will need to be reconvened on a later day (if the technical difficulty is more prolonged). In any such situation, Liberty Media will promptly notify stockholders of the decision via www.virtualshareholdermeeting.com/[ ].

#### Q:

#### What do I do if I have additional questions?
**A:**

If you have any questions prior to the Special Meeting or if you would like copies of any document referred to or incorporated by reference in this proxy statement/notice/prospectus, please call Liberty Media's Investor Relations at (877) 772-1518 or Liberty Media's proxy solicitor, D.F. King & Co., Inc. at (212) 269-5550 (brokers and banks only) or (800) 549-6697 (toll free) or libertymedia@dfking.com. After the Split-Off, holders of New Liberty Live Group common stock who have any questions relating to Liberty Live should contact Liberty Live Holdings, Inc.'s Investor Relations at (844) 826-8736.

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#### SUMMARY
 *This summary highlights information contained elsewhere in this proxy statement/notice/prospectus. This summary does not contain all of the important information that you should consider before voting on the proposals. You should read carefully the entire proxy statement/notice/prospectus, including the Annexes and the documents incorporated by reference herein. In addition, the information set forth under the caption "Questions and Answers" above is deemed part of, and hereby incorporated into, this summary by reference thereto.* 

#### The Companies
***Liberty Media.*** Liberty Media owns interests in subsidiaries and other companies that are engaged in the media and entertainment industries primarily in North America and the United Kingdom. Its principal businesses and assets include its consolidated subsidiaries, Formula 1, Quint and Dorna Sports, S.L. (**Dorna**), and its equity affiliate, Live Nation.

Liberty Media's common stock is comprised of two tracking stocks. 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 Formula One Group and the Liberty Live 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. 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 Liberty Media tracking stock, any equity or voting interest in a public company, such as Live Nation, in which Liberty Media holds an interest that is attributed to a Liberty Media tracking stock group, the Liberty Live 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.

Following the completion of the Split-Off, Liberty Media and Liberty Live will be separate publicly traded companies, and Liberty Media's outstanding common stock, the Liberty Formula One common stock, will no longer be a tracking stock. However, under the terms of Liberty Media's certificate of incorporation, the Liberty Formula One common stock will still have features that are consistent with tracking stocks, and it may become a tracking stock without the approval of the holders of Liberty Formula One common stock.

Following the completion of the Split-Off, Liberty Media's principal businesses and assets will primarily include its consolidated subsidiaries, Formula 1 and Dorna, and the Liberty Live Group Excluded Assets.

As of March 31, 2025, the Liberty Live Group was primarily comprised of Liberty Media's interest in Live Nation, corporate cash, certain private assets, the 2.375% Exchangeable Senior Debentures due 2053 and the undrawn Margin Loan. As of March 31, 2025, the Liberty Live Group had cash and cash equivalents of approximately $314 million.

Liberty Media is a Delaware corporation that was incorporated on August 10, 2012. Liberty Media's principal executive offices are located at 12300 Liberty Blvd., Englewood, Colorado 80112 and its main telephone number is (720) 875-5400.

***Liberty Live.*** Liberty Live is a newly formed, wholly owned subsidiary of Liberty Media. Upon completion of the Split-Off, Liberty Live will be an independent company and Liberty Media will not retain any ownership interest in Liberty Live. Upon the completion of the Split-Off, Liberty Live's businesses, assets and liabilities will be comprised of, among other things, all of Liberty Media's shares of Live Nation Common Stock, which represents approximately 30% of the outstanding shares of Live Nation Common Stock as of April 24, 2025, corporate cash, Liberty Media's interest in certain private assets, including Liberty Media's wholly owned subsidiary, Quint, the 2.375% Exchangeable Senior Debentures due 2053, the undrawn Margin Loan, and the 2025 Forward Contracts, and will exclude the Liberty Live Group Excluded Assets (collectively, the **Liberty Live Assets and Liabilities**). A more complete description of the

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businesses and assets that will be held by Liberty Live at the time of the Split-Off can be found in "Description of Business of Liberty Live" in this proxy statement/notice/prospectus. In connection with the Split-Off, Liberty Live expects to enter into certain agreements, including the Reorganization Agreement and the Tax Sharing Agreement, pursuant to which, among other things, Liberty Live and Liberty Media will indemnify each other against certain liabilities that may arise from their respective businesses. See "Certain Relationships and Related Party Transactions — Relationships Between Liberty Live and Liberty Media."

Liberty Live is a Nevada corporation that was incorporated on January 16, 2025. Liberty Live's principal executive offices are located at 12300 Liberty Blvd., Englewood, Colorado 80112. Prior to the completion of the Split-Off, Liberty Live's main telephone number will be that of Liberty Media listed above and following the Split-Off, Liberty Live's main telephone number will be (720) 875-5200.

#### Summary Risk Factors
In evaluating the proposals set forth in this proxy statement/notice/prospectus, you should carefully read this proxy statement/notice/prospectus, including the annexes, and especially consider the discussion of material risks discussed in this section. This summary of material risks related to the Split-Off should be read in conjunction with the section titled "Risk Factors" beginning on page [25](#tRIFA) and should not be relied upon as an exhaustive summary of the material risks in connection with the Split-Off and an investment in Liberty Live.

#### Factors Relating to Liberty Live's Corporate History and the Split-Off:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The historical financial information of Liberty Live included in this proxy statement/notice/prospectus is not necessarily representative of Liberty Live's future financial position, future results of operations or future cash flows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Liberty Live will incur additional costs as a result of its separation from Liberty Media.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Liberty Live's inter-company agreements are being negotiated while it is still a subsidiary of Liberty Media.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Liberty Live has no operating history as a separate company upon which you can evaluate its performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The Split-Off could result in significant tax liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Liberty Live may have a significant indemnity obligation to Liberty Media, which is not limited in amount or subject to any cap, if the Redemption, taken together with the Contributions, are treated as a taxable transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Liberty Live may determine to forgo certain transactions that might otherwise be advantageous in order to avoid the risk of incurring significant tax-related liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Liberty Live and/or Liberty Media may not realize the potential benefits from the Split-Off in the near term or at all.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The aggregate trading value of the Liberty Formula One common stock and the New Liberty Live Group common stock following the Split-Off may not be the same as or exceed the aggregate trading value of the Liberty Formula One common stock and the Liberty Live common stock had the Split-Off not occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Liberty Live is expected to have overlapping directors and officers with Liberty Media, which may lead to conflicting interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Liberty Live may become subject to the Investment Company Act.

#### Factors Relating to Ownership of New Liberty Live Group Common Stock:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • It is not certain that an active trading market will develop or be sustained after the Split-Off, and following the Split-Off, New Liberty Live Group common stock's stock prices may fluctuate significantly.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Liberty Live's multi-series structure may depress the trading price of the shares of New Liberty Live Group common stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Liberty Live may dispose of its assets, even if they are attributed to a tracking stock group, without your approval (except to the extent such approval is required under Nevada law or Liberty Live's restated articles).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Following the Split-Off, Liberty Live will have significant indebtedness.

#### Factors Relating to Liberty Live's Business:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Liberty Live and Live Nation will have different management teams, which means Liberty Live will not have direct control over how Live Nation will operate on a day-to-day basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Live Nation's and Quint's businesses are highly sensitive to consumer preferences (with Live Nation's business being dependent on its ability to secure popular artists and other live music events), and Live Nation and their ticketing clients and Quint may be unable to anticipate or respond to changes in consumer preferences, which may result in decreased demand for Live Nation's and Quint's services, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Live Nation's and Quint's businesses depend, respectively, on relationships between key promoters, executives, agents, managers, artists and clients, as applicable, and any adverse changes in these relationships could adversely affect Live Nation's and/or Quint's business, financial condition and results of operations, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Live Nation faces intense competition in the live music and ticketing industries, and they may not be able to maintain or increase their current revenue, which could adversely affect Live Nation's business, financial condition and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Live Nation's and Quint's success depends, in significant part, on entertainment, sporting and leisure events and economic and other factors adversely affecting such events could have a material adverse effect on Live Nation's and Quint's respective business, financial condition and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Weak and uncertain economic conditions may reduce consumer demand for services and events offered by Live Nation's and/or Quint's respective businesses.

#### The Proposed Transactions
Please refer to the information included in "Questions and Answers" above for a summary of the terms and conditions of the Split-Off.

For ease of reference, set forth below are illustrative diagrams intended to supplement your understanding of the structure of the Split-Off. Please also see "The Split-Off Proposal."

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#### Current Liberty Media Structure
![[MISSING IMAGE: fc_currliberty-4clr.jpg]](fc_currliberty-4clr.jpg)

(1) Includes Liberty Media's 2.375% Exchangeable Senior Debentures due 2053, an undrawn Margin Loan incurred by Liberty Media's wholly owned special purpose subsidiary, which is secured by shares of Live Nation Common Stock, and the variable forward contracts incurred by LNSPV.

(2) Includes certain other assets and liabilities currently attributed to the Liberty Live Group, including Liberty Media's interests in Kroenke Arena Company, LLC, Overtime Sports, Inc. and Griffin Gaming Partners II, L.P.

(3) Includes certain other assets and liabilities currently attributed to the Formula One Group.

#### The Reattribution
![[MISSING IMAGE: fc_reattribution-4clr.jpg]](fc_reattribution-4clr.jpg)

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#### The Second Contribution and the Redemption
![[MISSING IMAGE: fc_redemption-4clr.jpg]](fc_redemption-4clr.jpg)

(1) Includes certain other assets and liabilities attributed to the Liberty Live Group immediately prior to the Redemption.

(2) Includes Liberty Media's 2.375% Exchangeable Senior Debentures due 2053, an undrawn Margin Loan incurred by Liberty Media's wholly owned special purpose subsidiary, which is secured by shares of Live Nation Common Stock, and the variable forward contracts incurred by LNSPV.

(3) Includes certain other assets and liabilities attributed to the Formula One Group immediately prior to the Redemption.

#### After the Split-Off
![[MISSING IMAGE: fc_splitoff-4clr.jpg]](fc_splitoff-4clr.jpg)

(1) Includes former holders of Liberty Live Common Stock that receive shares of Liberty Live in the redemption.

(2) Includes certain other assets and liabilities attributed to the Liberty Live Group immediately prior to the Redemption.

(3) Includes the 2.375% Exchangeable Senior Debentures due 2053, an undrawn Margin Loan incurred by a wholly owned special purpose subsidiary, which is secured by shares of Live Nation Common Stock, and the variable forward contracts incurred by LNSPV.

(4) Includes certain other assets and liabilities attributed to the Formula One Group immediately prior to the Redemption.

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#### Comparative Per Share Market Price

#### Liberty Media Market Price
Each of FWONA, FWONK, LLYVA and LLYVK trade on the Nasdaq Global Select Market. FWONB and LLYVB are quoted on the OTC Markets. Stock price information for securities traded on the Nasdaq Global Select Market can be found on the Nasdaq website at www.nasdaq.com.

The following tables set forth the range of high and low sales prices of FWONB and LLYVB for the quarters listed below. There is no established public trading market for FWONB and LLYVB, which are quoted on OTC Markets. The over-the-counter market quotations for FWONB and LLYVB reflect inter-dealer prices, without retail mark-up, mark-down or commission and may not necessarily represent actual transactions.

---

| | | |
|:---|:---|:---|
| | **Liberty Formula One <br> common stock Series B <br> (FWONB)**  | **Liberty Formula One <br> common stock Series B <br> (FWONB)**  |
| | **High**  | **Low**  |
| **2023** |  |  |
| &nbsp;&nbsp;&nbsp; First Quarter  | $68.02 | 54.31 |
| &nbsp;&nbsp;&nbsp; Second Quarter  | $68.00 | 63.00 |
| &nbsp;&nbsp;&nbsp; Third Quarter<sup>(1)</sup>  | $66.00 | 55.00 |
| &nbsp;&nbsp;&nbsp; Fourth Quarter  | $56.02 | 56.02 |
| **2024** |  |  |
| &nbsp;&nbsp;&nbsp; First Quarter  | $65.00 | 60.00 |
| &nbsp;&nbsp;&nbsp; Second Quarter  | $66.50 | 58.51 |
| &nbsp;&nbsp;&nbsp; Third Quarter  | $72.13 | 63.96 |
| &nbsp;&nbsp;&nbsp; Fourth Quarter  | $85.00 | 69.00 |
| **2025** |  |  |
| &nbsp;&nbsp;&nbsp; First Quarter  | $88.00 | 81.00 |
| &nbsp;&nbsp;&nbsp; Second Quarter  | $90.00 | 70.00 |
| &nbsp;&nbsp;&nbsp; **Third Quarter**  | $**[ ]** | $**[ ]** |

---

---

| | | |
|:---|:---|:---|
| | **Liberty Live common <br> stock Series B (LLYVB)**  | **Liberty Live common <br> stock Series B (LLYVB)**  |
| | **High**  | **Low**  |
| **2023** |  |  |
| &nbsp;&nbsp;&nbsp; Third Quarter (from the initial quoting of LLYVB on August 4, 2023 through September 29, 2023)<sup>(1)</sup>  | $34.35 | 28.38 |
| &nbsp;&nbsp;&nbsp; Fourth Quarter  | $33.50 | 31.18 |
| **2024** |  |  |
| &nbsp;&nbsp;&nbsp; First Quarter  | $39.00 | 36.00 |
| &nbsp;&nbsp;&nbsp; Second Quarter  | $40.00 | 33.50 |
| &nbsp;&nbsp;&nbsp; Third Quarter  | $50.00 | 33.30 |
| &nbsp;&nbsp;&nbsp; Fourth Quarter  | $75.25 | 50.00 |
| **2025** |  |  |
| &nbsp;&nbsp;&nbsp; First Quarter  | $90.00 | 68.38 |
| &nbsp;&nbsp;&nbsp; Second Quarter  | $95.00 | 70.20 |
| &nbsp;&nbsp;&nbsp; **Third Quarter**  | $**[ ]** | $**[ ]** |

---

(1) On August 3, 2023, Liberty Media completed the reclassification of its then-existing common stock. Each outstanding share of Liberty Formula One common stock was reclassified into one share of the corresponding series of new Liberty Formula One common stock and 0.0428 of a share of the corresponding series of Liberty Live common stock. No adjustments were made to the presented stock prices in the first three quarters of 2023 to reflect these events.

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As of November 12, 2024, the last trading day prior to the public announcement of Liberty Media's plan to pursue the Split-Off, FWONB closed at $72.65 and LLYVB closed at $68.54.

#### Summary Financial Data

#### Summary Financial Data for Liberty Live
The following tables present summary historical combined information relating to the business, assets and liabilities of Liberty Live upon the completion of the Split-Off, which represents the business, assets and liabilities contributed to and assumed by Liberty Live or its subsidiaries in the Contributions, including its financial condition as of March 31, 2025 and December 31, 2024 and 2023 and its results of operations for the three-month periods ended March 31, 2025 and 2024 and for the years ended December 31, 2024 and 2023. All significant intercompany accounts and transactions have been eliminated in the combined financial statements. The financial data as of March 31, 2025 and December 31, 2024 and 2023 and for the three-month periods ended March 31, 2025 and 2024 and for the years ended December 31, 2024 and 2023 has been derived from the historical combined financial statements of Liberty Live included elsewhere in this proxy statement/notice/prospectus.

---

| | | | |
|:---|:---|:---|:---|
| | **March 31, <br> 2025**  | **December 31, <br> 2024**  | **December 31, <br> 2023**  |
|  | **amounts in thousands**  | **amounts in thousands**  | **amounts in thousands**  |
| *Summary Balance Sheet Data:* |  |  |  |
| Cash and cash equivalents  | $383841 | 402641 | 304929 |
| Investments in equity securities  | $166641 | 173349 | 309112 |
| Investments in affiliates, accounted for using the equity method  | $449669 | 430435 | 305249 |
| Goodwill  | $125897 | 125495 |  |
| Intangible assets subject to amortization, net  | $135155 | 141782 |  |
| Deferred tax assets  | $241293 | 234097 | 184515 |
| Total assets  | $1630253 | 1585026 | 1103910 |
| Deferred revenue  | $177596 | 126752 |  |
| Long-term debt, including current portion  | $1581952 | 1556399 | 1316617 |
| Total liabilities  | $1834731 | 1762148 | 1327873 |
| Total equity (deficit)  | $(204478) | (177122) | (223963) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended**  | **Three months ended**  | **Year ended**  | **Year ended**  |
| | **March 31, <br> 2025**  | **March 31, <br> 2024**  | **December 31, <br> 2024**  | **December 31, <br> 2023**  |
|  | **amounts in thousands, except per share amounts**  | **amounts in thousands, except per share amounts**  | **amounts in thousands, except per share amounts**  | **amounts in thousands, except per share amounts**  |
| *Summary Statement of Operations Data:* |  |  |  |  |
| Total revenue, net  | $47059 | 36979 | 340493 |  |
| Cost of revenue, including stock-based compensation  | $39434 | 34108 | 224347 |  |
| Related party cost of revenue  | $2115 | 2915 | 68888 |  |
|  Selling, general and administrative expenses, including stock-based compensation and acquisition costs  | $16268 | 13344 | 69019 | 17376 |
| Impairment of intangible assets  | $— |  | 67066 |  |
| Operating income (loss)  | $(17282) | (20375) | (116274) | (17376) |
| Share of earnings (loss) of affiliates, net  | $1451 | (27219) | 237666 | 140217 |
| Realized and unrealized gains (losses), net  | $(17099) | (68915) | (262733) | (226427) |
| Income tax benefit (expense)  | $7711 | 25858 | 30034 | 24366 |
| Net earnings (loss) attributable to Liberty Live  | $(29476) | (91905) | (112764) | (90253) |
|  Unaudited Pro Forma basic net earnings (loss) attributable to Series A, Series B and Series C Liberty Live Group shareholders per common share  | $(0.32) | NA | (1.23) | NA |

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#### Summary Unaudited Pro Forma Condensed Consolidated Financial Data of Liberty Media
The following tables present selected pro forma information relating to Liberty Media's financial condition as of March 31, 2025, and its results of operations for the three-month period ended March 31, 2025 and for the year ended December 31, 2024 to show the pro forma impact of the Split-Off. The pro forma balance sheet information assumes that the Split-Off had occurred as of March 31, 2025. The pro forma results of operations data assumes the Split-Off had occurred as of January 1, 2024. The pro forma information has been derived from the unaudited historical financial statements of Liberty Media for the three-month period ended March 31, 2025 and the audited historical financial statements of Liberty Media for the year ended December 31, 2024, which are incorporated by reference into this proxy statement/notice/prospectus. See the section entitled "Additional Information — Where You Can Find More Information."

---

| | |
|:---|:---|
| | **March 31, 2025**  |
|  | **amounts in millions**  |
| *Summary Balance Sheet Data:* |  |
| Cash and cash equivalents  | $2764 |
| Goodwill  | $3956 |
| Intangible assets subject to amortization, net  | $2548 |
| Total assets  | $11649 |
| Long-term debt, including current portion  | $2982 |
| Total liabilities  | $4386 |
| Total equity  | $7263 |

---

---

| | | |
|:---|:---|:---|
| | **Three months <br> ended <br> March 31, 2025**  | **Year ended <br> December 31, <br> 2024**  |
|  | **amounts in millions, except per share amounts**  | **amounts in millions, except per share amounts**  |
| *Summary Statement of Operations Data:* |  |  |
| Total revenue  | $403 | 3411 |
| Cost of Formula 1 revenue  | $286 | 2299 |
| Operating income (loss)  | $(55) | 394 |
| Income tax benefit (expense)  | $21 | (70) |
| Net earnings (loss) attributable to Liberty stockholders  | $32 | 56 |
|  Basic net earnings (loss) from continuing operations attributable to Liberty stockholders per common share  | $0.13 | 0.23 |
|  Diluted net earnings (loss) from continuing operations attributable to Liberty stockholders per common share  | $0.09 | 0.23 |

---

#### Dividends
***Liberty Media.*** Liberty Media has never paid cash dividends on any series of its common stock. All decisions regarding payment of dividends by Liberty Media are made by its board of directors in accordance with applicable law after taking into account various factors, including its financial condition, operating results, current and anticipated cash needs, plans for expansion and possible loan covenants which may restrict or prohibit payment of dividends.

***Liberty Live.*** Liberty Live has no present intention to pay cash dividends on its stock. All decisions regarding payment of dividends by Liberty Live will be made by its board of directors in accordance with applicable law after taking into account various factors, including its financial condition, operating results, current and anticipated cash needs, plans for expansion and possible loan covenants which may restrict or prohibit payment of dividends.

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#### RISK FACTORS
 *In addition to the other information contained in, incorporated by reference in or included as an annex to this proxy statement/notice/prospectus, including the matters addressed in "Cautionary Statements Regarding Forward-Looking Statements," you should carefully consider the following risk factors in deciding whether to vote to approve the Split-Off Proposal.* 

The risk factors described in this section have been separated into three groups:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • risks relating to Liberty Live's corporate history and the Split-Off;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • risks relating to an investment in New Liberty Live Group common stock; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • risks relating to Liberty Live's business.

The risks described below and elsewhere in this proxy statement/notice/prospectus are considered to be the most material but are not the only ones that relate to the Split-Off and to an investment in Liberty Live. There may be other unknown or unpredictable economic, business, competitive, regulatory or other factors that also could have material adverse effects on Liberty Live. Past financial performance may not be a reliable indicator of future performance and historical trends should not be used to anticipate results or trends in future periods especially given the current economic environment. Additionally, Liberty Media's annual report on Form 10-K for the year ended December 31, 2024, which is incorporated by reference into this proxy statement/notice/prospectus, describes the most material risks that relate to an investment in Liberty Media.

If any of the events described below were to occur, the businesses, prospects, financial condition, results of operations and/or cash flows to be attributed to Liberty Live could be materially adversely affected. In any such case, the price of the New Liberty Live Group common stock could decline, perhaps significantly.

For the purposes of the risk factors relating to the Split-Off enumerated below, unless the context otherwise indicates, it is assumed that the Split-Off Proposal is approved and that the Split-Off has been completed.

#### Factors Relating to Liberty Live's Corporate History and the Split-Off
 ***The historical financial information of Liberty Live included in this proxy statement/notice/prospectus is not necessarily representative of Liberty Live's future financial position, future results of operations or future cash flows.***

Investors should recognize that the historical financial information of Liberty Live included in this proxy statement/notice/prospectus has been extracted from Liberty Media's historical consolidated financial statements and the businesses, assets and liabilities contributed to and assumed by Liberty Live or its subsidiaries in the Contributions do not necessarily reflect Liberty Live's results of operations, financial condition and cash flows if it had been a separate, standalone company pursuing independent strategies during the periods presented.

 ***The unaudited pro forma condensed consolidated financial statements included in this document are presented for illustrative purposes only and do not purport to represent what Liberty Media's financial position actually would have been had the Split-Off occurred on the dates indicated or to project Liberty Media's operating results for any future period.***

The unaudited pro forma condensed consolidated financial statements of Liberty Media in this document are presented for illustrative purposes only and do not purport to represent what Liberty Media's financial position actually would have been had the Split-Off occurred on the dates indicated or to project Liberty Media's operating results for any future period. The divestiture of Liberty Media's interest in Live Nation is expected to represent a strategic shift that will have a major effect on Liberty Media's operations due to the relative materiality of Live Nation. Accordingly, Liberty Media intends to present its divestiture of Live Nation as a discontinued operation. For more information, see "Summary Financial Data" and "Liberty Media Corporation's Pro Forma Condensed Consolidated Financial Statements (unaudited)."

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#### Liberty Live will incur additional costs as a result of its separation from Liberty Media.
Liberty Live will incur costs and expenses not previously incurred as a result of the Split-Off. These increased costs and expenses may arise from various factors, including financial reporting, costs associated with complying with the federal securities laws (including compliance with the Sarbanes-Oxley Act), tax administration and human resources-related functions. Although Liberty Media will provide many of these services for Liberty Live under the Services Agreement, neither Liberty Live nor Liberty Media can assure you that the Services Agreement will continue or that these costs will not be material to Liberty Live's business.

#### Liberty Live's inter-company agreements are being negotiated while it is still a subsidiary of Liberty Media.
Liberty Live will enter into a number of inter-company agreements in connection with the completion of the Split-Off, covering matters such as tax sharing and allocation of responsibility for certain liabilities previously undertaken by Liberty Media for certain of Liberty Live's businesses. In addition, Liberty Live will enter into the Services Agreement with Liberty Media pursuant to which Liberty Media will provide Liberty Live certain management, administrative, financial, treasury, accounting, tax, legal and other services, for which Liberty Live will reimburse Liberty Media on a fixed fee basis. The terms of all of these agreements are being established while Liberty Live is a newly formed, wholly owned subsidiary of Liberty Media, and, therefore, the agreements with Liberty Media may not be the result of arms' length negotiations. Liberty Live believes that the terms of these inter-company agreements are and will be commercially reasonable and fair to all parties under the circumstances; however, conflicts could arise in the interpretation or any extension or renegotiation of the foregoing agreements after the Split-Off is consummated. See "Certain Relationships and Related Party Transactions — Agreements Relating to the Split-Off."

#### Liberty Live has no operating history as a separate company upon which you can evaluate its performance.
Although a significant portion of the assets of Liberty Live have been attributed to the Liberty Live Group of Liberty Media, Liberty Live does not have an operating history as a separate public company. Accordingly, there can be no assurance that its go-forward business will be successful on a long-term basis. Liberty Live may not be able to grow its businesses as planned and may not be profitable.

#### The Split-Off could result in significant tax liability.
The Redemption is conditioned upon, among other things, the receipt by Liberty Media of the opinion of Skadden Arps, tax counsel to Liberty Media, to the effect that, among other things, for U.S. federal income tax purposes, the Redemption, taken together with the Contributions, will qualify as a tax-free transaction under Section 355, Section 368(a)(1)(D) and related provisions of the Code to Liberty Media and to holders of Liberty Live common stock. The condition to the Redemption relating to the receipt by Liberty Media of the opinion of Skadden Arps may not be waived.

The opinion of Skadden Arps will be based on the law in effect as of the time of the Redemption and will rely on certain assumptions, as well as statements, representations, and undertakings made by officers of Liberty Media, Liberty Live and certain other individuals. If any of those statements, representations, or assumptions is incorrect or untrue in any material respect or any of those undertakings is not complied with, or if the facts upon which the opinion of Skadden Arps is based are materially different from the actual facts that exist at the time of the Redemption, the conclusions reached in such opinion could be adversely affected. Liberty Media will not obtain a private letter ruling from the IRS regarding the qualification of the Split-Off under Section 355, Section 368(a)(1)(D) and related provisions of the Code. The legal authorities on which the opinion of Skadden Arps will be based are subject to change or differing interpretations at any time, possibly with retroactive effect. Opinions of counsel are not binding on the IRS or the courts, and there can be no assurance that the IRS will not challenge the conclusions reached in such opinion or that a court would not sustain such a challenge. If it is subsequently determined that the Redemption, taken together with the Contributions, do not qualify under Section 355, Section 368(a)(1)(D) and related provisions of the Code, Liberty Media and the holders of Liberty Live common stock who receive New Liberty Live Group common stock pursuant to the Redemption could incur significant tax liabilities. For a more complete discussion of the tax opinion and the tax consequences if the Redemption, taken together with the

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Contributions, do not qualify for the intended U.S. federal income tax treatment, please see "U.S. Federal Income Tax Consequences — Tax Opinion" and "— U.S. Federal Income Tax Treatment of the Split-Off."

Even if the Redemption, taken together with the Contributions, otherwise qualify under Section 355, Section 368(a)(1)(D) and related provisions of the Code, the Redemption would result in a significant U.S. federal income tax liability to Liberty Media (but not to holders of Liberty Live common stock) under Section 355(e) of the Code if one or more persons acquire, directly or indirectly, a 50% or greater interest (measured by vote or value) in the stock of Liberty Media or Liberty Live (or any successor corporation) (excluding, for this purpose, the acquisition of New Liberty Live Group common stock by holders of Liberty Live common stock in the Redemption) as part of a plan or series of related transactions that includes the Redemption. The process for determining whether an acquisition is part of a plan under these rules is complex, inherently factual in nature, and subject to a comprehensive analysis of the facts and circumstances of the particular case. Notwithstanding the opinion of Skadden Arps described above, Liberty Media or Liberty Live might inadvertently cause or permit a prohibited change in the ownership of Liberty Media or Liberty Live to occur. If the Split-Off were determined to be taxable to Liberty Media under Section 355(e) of the Code, Liberty Media would incur significant tax liabilities. For a more complete discussion of the tax consequences if the Split-Off is determined to be taxable to Liberty Media under Section 355(e) of the Code, please see "U.S. Federal Income Tax Consequences — U.S. Federal Income Tax Treatment of the Split-Off."

 ***Liberty Live may have a significant indemnity obligation to Liberty Media, which is not limited in amount or subject to any cap, if the Redemption, taken together with the Contributions, are treated as a taxable transaction.***

Pursuant to the Tax Sharing Agreement that Liberty Live and Liberty Media will enter into in connection with the Split-Off, Liberty Live will be required to indemnify Liberty Media, its subsidiaries and certain related persons for taxes and certain losses resulting from the failure of the Redemption, taken together with the Contributions, to qualify as a tax-free transaction under Section 355, Section 368(a)(1)(D) and related provisions of the Code, except to the extent that such taxes and losses (a) result primarily from, individually or in the aggregate, the breach of certain covenants made or to be performed by Liberty Media (applicable to actions or failures to act by Liberty Media and its subsidiaries following the completion of the Split-Off), or (b) result from the application of Section 355(e) of the Code to the Redemption as a result of the treatment of the Redemption as part of a plan (or series of related transactions) pursuant to which one or more persons acquire, directly or indirectly, a 50% or greater interest (measured by vote or value) in the stock of Liberty Media (or any successor corporation).

Liberty Live's indemnification obligations to Liberty Media, its subsidiaries and certain related persons will not be limited in amount or subject to any cap. If Liberty Live is required to indemnify Liberty Media, its subsidiaries or such related persons under the circumstances set forth in the Tax Sharing Agreement, Liberty Live may be subject to substantial liabilities, which could materially adversely affect its financial position.

For a more detailed discussion of the Tax Sharing Agreement, see "Certain Relationships and Related Party Transactions — Agreements Relating to the Split-Off — Tax Sharing Agreement."

#### Liberty Live may determine to forgo certain transactions that might otherwise be advantageous in order to avoid the risk of incurring significant tax-related liabilities.
Under the Tax Sharing Agreement, Liberty Live will agree not to take any action, or fail to take any action, following the Split-Off, which action or failure to act would be inconsistent with the Redemption, taken together with the Contributions, qualifying for tax-free treatment under Section 355, Section 368(a)(1)(D) and related provisions of the Code. Further, the Tax Sharing Agreement will require that Liberty Live generally indemnify Liberty Media for taxes and certain losses resulting from the failure of the Split-Off Transactions to qualify as a tax-free transaction that are incurred by Liberty Media (or its subsidiaries), except to the extent that such taxes and losses (a) result primarily from, individually or in the aggregate, the breach of certain covenants made by or to be performed by Liberty Media (applicable to actions or failures to act by Liberty Media and its subsidiaries following the completion of the Split-Off), or (b) result from the application of Section 355(e) of the Code to the Redemption as a result of the treatment of the Redemption as part of a plan (or series of related transactions) pursuant to which one or more

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persons acquire, directly or indirectly, a 50% or greater interest (measured by vote or value) in the stock of Liberty Media (or any successor corporation).

Under Section 355(e) of the Code, an acquisition of Liberty Live's stock would generally be presumed to be part of a plan (or series of related transactions) with the Redemption if such acquisition occurs within two years before or after the Split-Off (or if such stock is received in the Split-Off in exchange for Liberty Live common stock that was acquired within the two years before the Split-Off). This presumption, however, may be rebutted based upon an analysis of the facts and circumstances related to the Redemption and the particular acquisition in question, including a weighing of certain plan and non-plan factors set forth in U.S. Treasury Regulations promulgated under Section 355(e) of the Code. Further, these U.S. Treasury Regulations provide certain safe harbors under which an acquisition will be deemed not to be part of a plan (or series of related transactions) with the Split-Off for purposes of Section 355(e) of the Code.

In light of the Tax Sharing Agreement and the requirements under Section 355 of the Code, including the factors and safe harbors described above, Liberty Live may determine to forgo certain transactions that might otherwise be advantageous. In particular, Liberty Live may determine to continue to operate certain of its business operations for the foreseeable future even if a sale of such business operations might otherwise be advantageous. Moreover, in light of the requirement of Section 355(e) of the Code, Liberty Live might determine to forgo certain transactions, including share repurchases, stock issuances, certain asset dispositions and other strategic transactions, for some period of time following the Split-Off. In addition, Liberty Live's indemnity obligation under the Tax Sharing Agreement might discourage, delay or prevent its entering into a change of control transaction for some period of time following the Redemption.

 ***The shares of New Liberty Live Group common stock to be received by holders of Liberty Live common stock upon the completion of the Split-Off will have different rights from shares of Liberty Live common stock.***

Upon the completion of the Split-Off, holders of Liberty Live common stock will no longer be stockholders of Liberty Media, a Delaware corporation. Instead, former holders of Liberty Live common stock will become holders of New Liberty Live Group common stock and their rights as Liberty Live stockholders will be governed by the terms of Nevada corporation law and Liberty Live's restated articles and the amended and restated bylaws of Liberty Live (**Liberty Live's amended and restated bylaws**), which are to be included as Annex A and Annex B, respectively, to this proxy statement/notice/prospectus. The terms of Liberty Live's restated articles and Liberty Live's amended and restated bylaws are in some respects materially different than the terms of Liberty Media's certificate of incorporation and Liberty Media's bylaws, which currently govern the rights of holders of Liberty Live common stock. See the section entitled "Description of Liberty Live Capital Stock and Comparison of Stockholder Rights — Comparison of Stockholder Rights" for a discussion of the different rights associated with shares of New Liberty Live Group common stock and shares of Liberty Live common stock.

 ***The announcement and pendency of the Split-Off could divert the attention of management and cause disruptions in the businesses of Liberty Media, which could have an adverse effect on Liberty Media's business and financial results.***

Management of Liberty Media may be required to divert a disproportionate amount of attention away from their respective day-to-day activities and operations, and devote time and effort to consummating the Split-Off. The risks, and adverse effects, of such disruptions and diversions could be exacerbated by a delay in the completion of the Split-Off. These factors could adversely affect the financial position or results of operations of Liberty Media, regardless of whether the Split-Off is completed.

#### Liberty Live and/or Liberty Media may not realize the potential benefits from the Split-Off in the near term or at all.
Liberty Media anticipates the realization of strategic and financial benefits to Liberty Live and Liberty Media as a result of the separation of Liberty Live from Liberty Media. See "The Proposed Transactions — Liberty Media's Reasons for the Split-Off." In particular, Liberty Media believes that the Split-Off will benefit Liberty Media and its businesses and result in the creation of stockholder value because, among other things, the aggregate trading value of New Liberty Live Group common stock and Liberty Formula One common stock is expected to exceed the aggregate trading value of Liberty Media's existing

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common stock, although there can be no assurance that this will occur. Accordingly, there can be no assurance that the market will react favorably to the Split-Off, that the Split-Off will result in a trading price of the New Liberty Live Group common stock that reflects a reduced valuation discount than that currently applied to the Liberty Live common stock or that the trading discount associated with the Liberty Formula One common stock will be reduced. In this case, Liberty Live and Liberty Media may not experience the anticipated reduction in dilution to its stockholders when using its common stock for purposes of making strategic acquisitions and other capital raising initiatives and for retention and attraction of qualified personnel. Given the added costs associated with the completion of the Split-Off, including the separate accounting, legal and other compliance costs of being a separate public company, the failure of Liberty Live and/or Liberty Media to realize the anticipated benefits of the Split-Off in the near term or at all could adversely affect their respective companies.

The Liberty Media board of directors also considered a variety of risks, uncertainties and other potentially negative factors in its deliberations concerning the Split-Off, including the following (which are not necessarily presented in order of relative importance): the risk of being unable to achieve the benefits expected from the Split-Off; the potential disruption of the businesses of Liberty Media, as its management and employees devote time and resources to completing the Split-Off; the substantial costs of effecting the Split-Off and continued compliance with legal and other requirements applicable to two separate public reporting companies; the significant potential tax liabilities that could arise if the IRS were to successfully assert that the Split-Off is taxable to Liberty Media and/or to the holders of Liberty Live common stock; the significant potential indemnification obligations of Liberty Live to Liberty Media under the Tax Sharing Agreement if the IRS were successful in such a claim and that such indemnification obligations are not subject to a cap; the risk that Liberty Live may determine to forgo certain transactions that might otherwise be advantageous for some period of time following the Split-Off as a result of Liberty Live's potential indemnification obligations to Liberty Media under the Tax Sharing Agreement; and the interests of Liberty Media's directors and executive officers in the Split-Off described under "The Proposed Transactions — Interests of Certain Persons."

#### Liberty Live may not realize the benefits of acquisitions or other strategic investments and initiatives.
Liberty Live's business strategy and that of its subsidiaries may include selective acquisitions, other strategic investments and initiatives that allow its subsidiaries to expand their business. The success of any acquisition depends upon effective integration and management of acquired businesses and assets into the acquirer's operations, which is subject to risks and uncertainties, including the realization of the growth potential, any anticipated synergies and cost savings, the ability to retain and attract personnel, the diversion of management's attention from other business concerns and undisclosed or potential legal liabilities of acquired businesses or assets.

 ***Following the Split-Off, both Liberty Media's and Liberty Live's financial profile will change, and each of the companies will be a smaller, less diversified company than Liberty Media prior to the Split-Off.***

Following the Split-Off, each of Liberty Media and Liberty Live will be a smaller, less diversified company than Liberty Media prior to the Split-Off. As a result, Liberty Media and Liberty Live may each be more vulnerable to changing market conditions, which could have a material adverse effect on their respective business, financial condition and results of operations. In addition, the diversification of Liberty Media's and Liberty Live's costs and cash flows will diminish for each as a standalone company, such that their respective results of operations, cash flows, working capital and financing requirements may be subject to increased volatility and the ability to fund capital expenditures and investments and service debt may be diminished.

 ***The aggregate trading value of the Liberty Formula One common stock and the New Liberty Live Group common stock following the Split-Off may not be the same as or exceed the aggregate trading value of the Liberty Formula One common stock and the Liberty Live common stock had the Split-Off not occurred.***

Liberty Media believes that the aggregate trading value of the Liberty Formula One common stock and the New Liberty Live Group common stock following the Split-Off will exceed the aggregate trading value

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of the Liberty Formula One common stock and the Liberty Live common stock in the absence of the Split-Off. However, there can be no assurance that the aggregate trading value of the Liberty Formula One common stock and the New Liberty Live Group common stock following the Split-Off will be higher than, or the same as, the aggregate trading value of the Liberty Formula One common stock and the Liberty Live common stock had the Split-Off not occurred.

#### Liberty Live is expected to have overlapping directors and officers with Liberty Media, which may lead to conflicting interests.
Certain executive officers of Liberty Media, Liberty Broadband Corporation (**Liberty Broadband**) and GCI Liberty, Inc. (**GCI Liberty**) will also serve as executive officers of Liberty Live pursuant to the Services Agreement that will be entered into between Liberty Media and Liberty Live in connection with the completion of the Split-Off, and Derek Chang, President and Chief Executive Officer and a director of Liberty Media will also serve on the board of directors of Liberty Live following the completion of the Split-Off. Robert R. Bennett, who is expected to serve as the Chairman of the board of directors of Liberty Live, is also the Vice Chairman of the board of directors of Liberty Media. Chad R. Hollingsworth, who is expected to serve as President and Chief Executive Officer of Liberty Live following the completion of the Split-Off, is also a Senior Vice President of Liberty Media. The executive officers and the members of Liberty Live's board of directors will have fiduciary duties to its stockholders. Likewise, any such persons who serve in similar capacities at Liberty Media, Liberty Broadband and GCI Liberty or any other public company, have fiduciary duties to that company's stockholders. For example, there may be the potential for a conflict of interest when Liberty Live, Liberty Broadband or Liberty Media pursues acquisitions and other business opportunities that may be suitable for each of them. Therefore, such persons may have conflicts of interest or the appearance of conflicts of interest with respect to matters involving or affecting more than one of the companies to which they owe fiduciary duties. Further, as allowed by Nevada law, Liberty Live's restated articles will renounce any interest or expectancy in certain business opportunities involving directors and officers of Liberty Live, which will allow such directors and officers to pursue those business opportunities without being liable to Liberty Live or its stockholders arising out of any duty or obligation to permit Liberty Live to pursue such opportunities. Each of Liberty Broadband and GCI Liberty has also renounced its rights to certain business opportunities and their respective restated certificates of incorporation provide that no director or officer of either company will be liable to their respective company or their stockholders by reason of the fact that any such individual directs a corporate opportunity to another person or entity instead of the respective company, or does not refer or communicate information regarding such corporate opportunity to Liberty Live, unless (x) such opportunity was expressly offered to such person solely in his or her capacity as a director or officer of their respective company or as a director or officer of any of the respective company's subsidiaries, and (y) such opportunity relates to a line of business in which their respective company or any of its subsidiaries is then directly engaged.

Moreover, immediately following the completion of the Split-Off, certain of Liberty Live's directors and officers will continue to own Liberty Media common stock, RSUs and options to purchase Liberty Media common stock. These ownership interests could create, or appear to create, potential conflicts of interest when these individuals are faced with decisions that could have different implications for Liberty Live or Liberty Media.

In addition, any potential conflict that qualifies as a "related party transaction" (as defined in Item 404 of Regulation S-K) will be subject to review by the audit committee of Liberty Live's board of directors or another independent body of Liberty Live's board designated to address such actual or potential conflicts. Any other potential conflicts that arise would be addressed on a case-by-case basis, keeping in mind the applicable fiduciary duties owed by the executive officers and directors of each company. From time to time, Liberty Media, Liberty Broadband and/or their respective subsidiaries or other affiliates may enter into transactions with Liberty Live and/or its subsidiaries or other affiliates. There can be no assurance that the terms of any such transactions will be as favorable to Liberty Live, Liberty Media, Liberty Broadband or any of their respective subsidiaries or affiliates, as would be the case where there is no overlapping officer or director.

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 ***It is expected that Mr. Malone will own shares of New Liberty Live Group common stock representing approximately [ ]% of the aggregate voting power of Liberty Live, which may be deemed to put him in a position to influence significant corporate actions and may discourage others from initiating a potential change of control transaction that may be beneficial to Liberty Live stockholders.***

As of [ ], 2025, Mr. Malone beneficially owned shares of Liberty Live common stock representing the power to direct approximately [ ]% of the aggregate voting power of the Liberty Live common stock and immediately following the Split-Off, Mr. Malone is expected to beneficially own shares of New Liberty Live Group common stock (assuming the issuance of [ ] shares of New LLYVA and [ ] shares of New LLYVB based on (i) the exchange of [ ] shares of LLYVA and [ ] shares of LLYVB outstanding as of the record date and (ii) the assumption that no shares of LLYVB are converted into shares of LLYVA prior to the Split-Off) representing the power to direct approximately [ ]% of the aggregate voting power of the New Liberty Live Group common stock. Furthermore, although Mr. Malone is a party to an Exchange Agreement with Liberty Media whereby, among other things, Mr. Malone agreed to an arrangement under which his aggregate voting power in Liberty Media would not exceed 49% plus 0.5% (under certain circumstances), Mr. Malone is not expected to be an officer or director of Liberty Live, thus, pursuant to the terms of the Liberty Media Exchange Agreement, Liberty Live and Mr. Malone will not be required to and are not expected to enter into such an arrangement in connection with the Split-Off, and therefore Mr. Malone could acquire beneficial ownership of (x) [ ] additional shares of New LLYVA or (y) [ ] additional shares of New LLYVB (which represents all of the outstanding shares of New LLYVB that will not be owned by Mr. Malone as of immediately following the Split-Off) and [ ] additional shares of New LLYVA (assuming the issuance of [ ] shares of New LLYVA and [ ] shares of New LLYVB based on (i) the exchange of [ ] shares of LLYVA and [ ] shares of LLYVB outstanding as of [ ], 2025 and (ii) the assumption that no shares of LLYVB are converted into shares of LLYVA prior to the Split-Off) to control approval of general matters submitted to shareholders for approval, pursuant to which holders of shares of New LLYVA and New LLYVB would vote together as a single class. Immediately following the Split-Off, Mr. Malone is expected to beneficially own [ ] shares of New LLYVA and [ ] shares of New LLYVB (estimated based on the number of shares of Liberty Live common stock held by Mr. Malone as of [ ], 2025), and therefore, it is expected that Mr. Malone may continue to be deemed to be in a position to influence significant corporate actions, including corporate transactions such as mergers, business combinations or dispositions of assets. Immediately following the Split-Off, Mr. Malone will own [ ] shares of New LLYVA and [ ] shares of New LLYVB (estimated based on the number of shares of Liberty Live common stock held by Mr. Malone as of the record date), and therefore, it is expected that Mr. Malone may continue to be deemed to be in a position to influence significant corporate actions, including corporate transactions such as mergers, business combinations or dispositions of assets. This concentration of ownership could discourage others from initiating any potential merger, takeover or other change of control transaction that may otherwise be beneficial to Liberty Live stockholders.

 ***Liberty Media's board of directors may abandon the Split-Off at any time, or its board of directors may determine to amend the terms of any agreement Liberty Media enters into relating to the Split-Off.***

No assurance can be given that the Split-Off will occur, or, if it occurs, that it will occur on the terms described in this proxy statement/notice/prospectus. In addition to the conditions to the Split-Off described herein (two of which may be waived by the Liberty Media board of directors in its sole discretion), the Liberty Media board of directors may abandon the Split-Off at any time prior to the Split-Off Effective Time for any reason or for no reason. Additionally, the agreements to be entered into by Liberty Live with Liberty Media in connection with the Split-Off (including the Reorganization Agreement, the Tax Sharing Agreement, the Services Agreement, the Facilities Sharing Agreement and the Aircraft Time Sharing Agreement) may be amended or modified prior to the Split-Off Effective Time in the sole discretion of Liberty Media, as applicable. If any condition to the Split-Off is waived or if any material amendments or modifications are made to the terms of the Split-Off or to such ancillary agreements prior to the Split-Off, Liberty Media intends to promptly issue a press release and file a Current Report on Form 8-K informing the market of the substance of such waiver, amendment or modification.

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 ***Liberty Live is a holding company, and may be unable to obtain cash in amounts sufficient to service its financial obligations or meet its other commitments.***

Liberty Live's ability to meet its current and future financial obligations and other contractual commitments depends upon its ability to access cash. Liberty Live is a holding company, and its sources of cash include its available cash balances, distributions from its subsidiaries and other investments and proceeds from any asset sales or other forms of asset monetization it may undertake in the future. In addition, even though Liberty Live's ownership of approximately 30% of the outstanding shares of Live Nation Common Stock will enable it to exercise significant influence over Live Nation, Liberty Live is not entitled to distributions or other cash from Live Nation, other than in Liberty Live's capacity as a stockholder of Live Nation Common Stock. Further, Liberty Live's ability to receive dividends or payments or advances from its subsidiaries' businesses depends on their individual operating results and any statutory, regulatory or contractual restrictions to which they may be, or may become, subject and the terms of their indebtedness and any additional debt they may incur in the future. From time to time, Liberty Live's subsidiaries may consider opportunities to refinance such debt, including through use of cash on hand and capital markets transactions. Accordingly, Liberty Live's ability to make payments to third parties and to otherwise meet its financial obligations at the holding company level is constricted.

#### Liberty Live may become subject to the Investment Company Act.
Liberty Live does not believe that, immediately following the Split-Off, it will be subject to regulation under the Investment Company Act because its ownership of approximately 30% of the outstanding shares of Live Nation Common Stock will enable it to exercise significant influence over Live Nation. Liberty Live expects to have substantial involvement in the management and affairs of Live Nation, including through its board nominees. Two current directors of Live Nation were originally nominated by Liberty Media. In connection with the merger between Live Nation and Ticketmaster Entertainment, Inc. (**Ticketmaster**), on February 10, 2009, a predecessor of Liberty Media, Live Nation and Ticketmaster entered into a Stockholder Agreement (the **Live Nation Stockholder Agreement**), which provides Liberty Media certain rights, including the right to nominate up to two directors to the board of directors of Live Nation for so long as Liberty Media satisfies certain ownership requirements of Live Nation Common Stock. Liberty Media's rights pursuant to the Live Nation Stockholder Agreement will be assigned to Liberty Live in connection with the Split-Off. If, however, following the Split-Off, Liberty Live's ownership of approximately 30% of the outstanding shares of Live Nation Common Stock is deemed to become passive (such as in the event that its equity interests are significantly diluted and its nominees ceased to serve as directors of Live Nation), Liberty Live could become subject to regulation under the Investment Company Act. In such event, Liberty Live would be required to register as an investment company, which could result in significant registration and compliance costs, could require changes to its corporate governance structure and financial reporting and could restrict its activities going forward. If Liberty Live was to become inadvertently subject to the Investment Company Act and failed to register as an investment company in violation of the Investment Company Act, such violation could subject it to material adverse consequences, including potentially significant regulatory penalties and the possibility that its contracts would be deemed unenforceable.

#### Factors Relating to Ownership of New Liberty Live Group Common Stock
 ***It is not certain that an active trading market will develop or be sustained after the Split-Off, and following the Split-Off, New Liberty Live Group common stock's stock prices may fluctuate significantly.***

Although Liberty Live common stock currently trades on Nasdaq or is quoted on the OTC Markets, as applicable, there is currently no public market for the New Liberty Live Group common stock that will be received by holders of Liberty Live common stock in the Split-Off. Although Liberty Media believes the aggregate value of the New Liberty Live Group common stock and the Liberty Formula One common stock following the Split-Off will exceed the aggregate value of the Liberty Live common stock and the Liberty Formula One common stock if the Split-Off did not occur, Liberty Media cannot predict the prices at which New Liberty Live Group common stock may trade after the Split-Off, the effect of the Split-Off on the trading prices of the Liberty Formula One common stock or whether the aggregate market value of the shares of New Liberty Live Group common stock and Liberty Formula One common stock after the Split-Off will be less than, equal to or greater than the aggregate market value of the shares of Liberty Live common stock and Liberty Formula One common stock prior to the Split-Off.

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The market price of New Liberty Live Group common stock may fluctuate significantly due to a number of factors (none of which can be guaranteed to occur), some of which may be beyond Liberty Live's control, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • actual or anticipated fluctuations in Liberty Live's operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • changes in earnings estimated by securities analysts or Liberty Live's ability to meet those estimates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the operating and stock price performance of comparable companies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • domestic and foreign economic conditions.

#### Liberty Live's multi-series structure may depress the trading price of the shares of New Liberty Live Group common stock.
Liberty Live's multi-series structure may result in a lower or more volatile market price of the shares of New Liberty Live Group common stock or in adverse publicity or other adverse consequences. Several stockholder advisory firms have announced their opposition to the use of multiple-class structures. As a result, the multi-series structure of New Liberty Live Group common stock may cause stockholder advisory firms to publish negative commentary about Liberty Live's corporate governance practices or otherwise seek to cause Liberty Live to change its capital structure. Any actions or publications by stockholder advisory firms critical of Liberty Live's corporate governance practices or capital structure could also adversely affect the value of the shares of New Liberty Live Group common stock.

 ***If the Liberty Live board of directors determines to issue the shares of Ventures Group common stock, New Liberty Live Group common stock will become a tracking stock and a tracking stock structure may cause market confusion.***

Pursuant to the Split-Off, holders of Liberty Live common stock on the Redemption Date will not receive any shares of capital stock other than New Liberty Live Group common stock, which will constitute 100% of the issued and outstanding common equity interest in all of Liberty Live's businesses, assets and liabilities at the time of the distribution, but Liberty Live's restated articles will authorize the issuance of another group of common stock without the approval of Liberty Live's stockholders, the Ventures Group common stock. In the event that Liberty Live issues Ventures Group common stock, New Liberty Live Group common stock will become a tracking stock. 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. In the event that the New Liberty Live Group common stock and the Ventures Group common stock become tracking stocks, the New Liberty Live Group common stock would be intended to track the economic performance of particular businesses, assets and liabilities of Liberty Live and its subsidiaries (the **New Liberty Live Group**) as determined by the Liberty Live board of directors and the Ventures Group common stock would be intended to track the economic performance of other particular businesses, assets and liabilities of Liberty Live and its subsidiaries (the **Ventures Group**) as determined by the Liberty Live board of directors. Liberty Live would attribute, for financial reporting purposes, all of its consolidated assets, liabilities, revenue, expenses and cash flows between the New Liberty Live Group and the Ventures Group. However, notwithstanding such attribution, Liberty Live and its subsidiaries would retain legal title to all of Liberty Live's consolidated assets, and Liberty Live's tracking stock capitalization would not limit Liberty Live's legal responsibility, or that of Liberty Live's subsidiaries, for the liabilities included in any set of financial statement schedules.

Holders of New Liberty Live Group common stock or Ventures Group common stock would not have any legal rights related to specific assets attributed to their associated group and, in any liquidation, holders of New Liberty Live Group common stock and Ventures Group common stock would be entitled to receive a proportionate share of Liberty Live's available net assets based on their respective number of liquidation units. See "Description of Liberty Live Capital Stock and Comparison of Stockholder Rights." Depending on the composition of the assets underlying Liberty Live's tracking stock groups from time to time, confusion in the marketplace may occur if holders of Liberty Live's tracking stock mistakenly believe they own stock of a company attributed to the applicable tracking stock group or they have any equity or voting interests with respect to companies attributed to one of Liberty Live's tracking stock groups.

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The Liberty Live board of directors has discretion to create the Ventures Group and to reattribute businesses, assets and liabilities that are attributed to one tracking stock group to another tracking stock group, without the approval of any of Liberty Live's stockholders. Any such reattribution made by the Liberty Live board of directors, as well as the existence, in and of itself, of the right to effect a reattribution, may impact the ability of investors to assess the future prospects of the businesses and assets attributed to a tracking stock group, including liquidity and capital resource needs, based on past performance.

In addition, the assets attributed to one group are potentially subject to the liabilities attributed to another group, even if those liabilities arise from lawsuits, contracts or indebtedness that are attributed to such other group. No provision of Liberty Live's restated articles prevents Liberty Live from satisfying liabilities of one group with assets of another group, and Liberty Live's creditors will not in any way be limited by Liberty Live's tracking stock capitalization from proceeding against any assets they could have proceeded against if Liberty Live did not have a tracking stock capitalization.

Liberty Live cannot assure you that the market price of the common stock related to a group will, in fact, reflect the performance of the group of businesses, assets and liabilities attributed to that group. Holders of New Liberty Live Group common stock and Ventures Group common stock (if and when issued) will be common stockholders of Liberty Live as a whole and, as such, will be subject to all risks associated with an investment in Liberty Live and all of Liberty Live's businesses, assets and liabilities. As a result, the market price of each tracking stock may, in part, reflect events that are intended to be reflected or tracked by a different tracking stock of Liberty Live.

 ***If the Liberty Live board of directors decides to implement a tracking stock capital structure, such structure could create conflicts of interest, and the Liberty Live board of directors may make decisions that could adversely affect only some holders of Liberty Live's common stock.***

If the Liberty Live board of directors decides to issue the Ventures Group common stock, such tracking stock structure could give rise to occasions when the interests of holders of stock related to one group might diverge or appear to diverge from the interests of holders of stock of the other group. Liberty Live's officers and directors owe fiduciary duties to Liberty Live as a whole and all of Liberty Live's stockholders, as opposed to only holders of a particular group. Decisions deemed to be in the best interest of Liberty Live and all of Liberty Live's stockholders may not be in the best interest of a particular group when considered independently.

 ***Holders of shares of stock relating to a particular group may not have any remedies if any action by Liberty Live's directors or officers has an adverse effect on only that stock, or on a particular series of that stock.***

If the Liberty Live board of directors decides to implement a tracking stock capital structure, Nevada law and the provisions of Liberty Live's restated articles may protect decisions of the Liberty Live board of directors that have a disparate impact upon holders of shares of stock relating to a particular group, or upon holders of any series of stock relating to a particular group. Under Nevada law, the Liberty Live board of directors has a duty to act with due care and in the best interests of all of Liberty Live's stockholders, regardless of the stock, or series, they hold. Under Nevada law and Liberty Live's restated articles, Liberty Live's board of directors owes fiduciary duties to act in good faith and with a view to the interests of Liberty Live, including the interests of all common stockholders, and does not have separate or additional duties to any subset of those stockholders. There is no statutory or judicial authority in Nevada establishing that decisions by directors or officers involving differing treatment of holders of tracking stocks would be judged by a standard other than Nevada's statutory business judgment rule. In addition, Liberty Live's board of directors, in acting with a view to the interest of the corporation, may consider other relevant facts, circumstances, contingencies or constituencies, which may include interests beyond those of just the stockholders, such as the interests of employees, customers or creditors, as well as considerations about the economy or society, among other interests. In some circumstances, Liberty Live's directors or officers may be required to make a decision that might be viewed as relatively disadvantageous to the holders of shares relating to a particular group or to the holders of a particular series of that stock. Under the principles of Nevada law, including the business judgment rule referred to above, you may not be able to successfully challenge decisions that you believe have a disparate impact upon the stockholders of one of Liberty Live's groups if the Liberty Live board of directors acts through disinterested and independent members, in

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good faith and with a view to the interests of Liberty Live, including all of Liberty Live's stockholders and other constituencies which the board of directors is permitted to consider. Additionally, if the presumption that a director or officer so acted is rebutted, it must also be proven that such breach of a duty involved intentional misconduct, fraud or a knowing violation of law.

 ***Liberty Live may dispose of its assets, even if they are attributed to a tracking stock group, without your approval (except to the extent such approval is required under Nevada law or Liberty Live's restated articles).***

Nevada law requires stockholder approval only for a sale or other disposition of all of the property and assets of Liberty Live taken as a whole, and Liberty Live's restated articles do not require a separate class vote in the case of a sale of any amount of assets of the tracking stock groups of Liberty Live. Pursuant to Liberty Live's restated articles, Liberty Live may approve sales and other dispositions of any amount of the assets of a tracking stock group without any stockholder approval unless the Liberty Live board of directors seeks to classify a group disposition (as defined below) as an exempt disposition (as defined below).

If Liberty Live disposes of all or substantially all of the assets attributed to any group (which means, for this purpose, assets representing at least 80% of the fair market value of the total assets of the disposing group, as determined by the Liberty Live board of directors), Liberty Live would be required under the terms of Liberty Live's restated articles, if the disposition is not an exempt disposition under the terms of Liberty Live's restated articles, to choose one or more of the following three alternatives:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • declare and pay a dividend on the disposing group's common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • redeem shares of the disposing group's common stock in exchange for cash, securities or other property; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • convert all or a portion of the disposing group's outstanding common stock into common stock of the other group at a specified premium.

Pursuant to Liberty Live's restated articles, an "**exempt disposition**" includes the following with respect to each tracking stock group:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the disposition of all or substantially all of Liberty Live's assets in connection with the liquidation, dissolution or winding up of Liberty Live;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a dividend, other distribution or redemption in accordance with Liberty Live's restated articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a disposition of all or substantially all of the assets of such tracking stock group (**group disposition**) to a party controlled by Liberty Live;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a group disposition in connection with any disposition of all or substantially all of the assets of such tracking stock group in which Liberty Live receives equity securities of the purchaser, if a significant portion of the business of such purchaser is similar or complementary to the businesses attributable to such group prior to such disposition; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a group disposition as to which the Liberty Live board of directors obtains the requisite approval of the applicable voting stockholders to classify such group disposition as an exempt disposition.

See "Description of Liberty Live Capital Stock and Comparison of Stockholder Rights."

In this type of a transaction, holders of the disposing group's common stock may receive less value than the value that a third-party buyer might pay for all or substantially all of the assets of the disposing group.

The Liberty Live board of directors will decide, in its sole discretion, how to proceed, and it is not required to select the option that would result in the highest value to holders of any stock related to a particular group.

 ***The Liberty Live board of directors may, in its sole discretion, elect to convert the common stock relating to one group into common stock relating to the other group, thereby changing the nature of your investment and possibly diluting your economic interest in Liberty Live, which could result in a loss in value to you.***

Liberty Live's restated articles will permit the Liberty Live board of directors, in its sole discretion, to convert all of the outstanding shares of common stock relating to one of Liberty Live's groups into shares

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of common stock of the other group on terms described in [ ] of Liberty Live's restated articles, the form of which is to be filed as an exhibit to the registration statement of which this proxy statement/notice/prospectus forms a part. The foregoing conversion would be made at a ratio based on the relative trading prices of Series C New Liberty Live Group common stock (or another series of New Liberty Live Group common stock subject to certain limitations) and Series C Ventures Group common stock (or another series of Ventures Group common stock, subject to certain limitations) over a specified 20-trading day period. A conversion would preclude the holders of stock related to each group involved in such conversion from retaining their investment in a security that is intended to reflect separately the performance of the relevant group. Liberty Live cannot predict the impact on the market value of Liberty Live's common stock of (1) the Liberty Live board of directors' ability to effect any such conversion or (2) the exercise of this conversion right by the Liberty Live board of directors. In addition, the Liberty Live board of directors may effect such a conversion at a time when the market value of Liberty Live's different stocks could cause the stockholders of one group to be disadvantaged.

 ***Liberty Live's multi-series voting structure may limit your ability to influence corporate matters and future issuances of New Liberty Live Group common stock or Ventures Group common stock may further dilute the voting power of shares of New Liberty Live Group common stock.***

New Liberty Live Group common stock will be divided into three series of common stock: New LLYVA, New LLYVB and New LLYVK. Holders of record of shares of New LLYVA are entitled, and holders of record of shares of Series A Ventures Group common stock, if issued, will be entitled, to one vote for each share of such stock and holders of record of shares of New LLYVB are entitled, and holders of record of shares of Series B Ventures Group common stock, if issued, will be entitled, to ten votes for each share of such stock on all matters submitted to a vote of stockholders. Holders of record of shares of New LLYVK are not entitled, and holders of record of shares of Series C Ventures Group common stock, if issued, will not be entitled, to any voting rights, except as otherwise required by Nevada law, in which case, each such holder of record of shares of New LLYVK or holder of record of shares of Series C Ventures Group common stock will be entitled to 1/100th of a vote per share. Liberty Live's restated articles will not provide for cumulative voting in the election of directors and will permit future issuances of shares of each series of New Liberty Live Group common stock and Ventures Group common stock following completion of the Split-Off. Any future issuances of New Liberty Live Group common stock and Ventures Group common stock may dilute your interest in Liberty Live and the New Liberty Live Group common stock.

Although New LLYVB shares are expected to be quoted on the OTC Markets, it is expected to be sparsely traded and will not have an active trading market. Only New LLYVA shares and New LLYVK shares are expected to be listed and traded on the Nasdaq Global Select Market. As a result, your ability to purchase New LLYVB shares will be limited. Future issuances of shares of New LLYVB or Series B Ventures Group common stock will dilute the aggregate voting power of the issued and outstanding shares of New Liberty Live Group common stock or Ventures Group common stock, respectively, and may further concentrate the aggregate voting power of Liberty Live's issued and outstanding shares of common stock among the holders of shares of New LLYVB or Series B Ventures Group common stock, respectively. The voting and conversion rights of the New LLYVB shares, Liberty Live's ability to issue additional New LLYVB shares and your limited ability to purchase New LLYVB shares may limit your ability to influence corporate matters and adversely affect the value of New LLYVA shares and New LLYVK shares.

#### Holders of the common stock of tracking stock groups will vote together and will have limited separate voting rights.
Holders of the common stock of tracking stock groups will vote together as a single class, except in certain limited circumstances prescribed by Liberty Live's restated articles or under Nevada law. If Liberty Live attributes assets, liabilities and businesses to the Ventures Group and issues shares of Ventures Group common stock, each share of Series B common stock of each group will have ten votes per share, and each share of Series A common stock of each group will have one vote per share. Holders of Series C common stock of each group will have no voting rights, other than those required under Nevada law and in such case, will have 1/100th of a vote per share. When holders of New Liberty Live Group common stock and the Ventures Group common stock vote together as a single class, holders having a majority of the votes will

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be in a position to control the outcome of the vote even if the matter involves a conflict of interest among Liberty Live's stockholders or has a greater impact on one group than another. Except as required under Nevada law, the holders of any shares of any class or series of Liberty Live capital stock can validly approve a proposal that has been submitted by the Liberty Live board of directors to the stockholders for approval to amend Liberty Live's restated articles in any manner that affects one or more classes or series of New Liberty Live Group common stock.

 ***For as long as Liberty Live is an emerging growth company, it will not be required to comply with certain reporting requirements, including disclosures about its executive compensation, that apply to other public companies.***

Liberty Live is classified as an "emerging growth company" under the JOBS Act. As a result, it has reduced Sarbanes-Oxley Act compliance requirements, as discussed elsewhere, for as long as it is an emerging growth company, which may be up to five full fiscal years. Unlike other public companies, Liberty Live will not be required to, among other things, (i) comply with certain audit-related requirements that Liberty Live would otherwise be subject to but for its status as an emerging growth company, (ii) provide certain disclosures regarding executive compensation required of larger public companies or (iii) hold nonbinding advisory votes on executive compensation.

To the extent that Liberty Live relies on any of the exemptions available to emerging growth companies, you will receive less information about its executive compensation and internal control over financial reporting than issuers that are not emerging growth companies. If some investors find New Liberty Live Group common stock to be less attractive as a result, there may be a less active trading market for New Liberty Live Group common stock and its stock price may be more volatile.

 ***If, following the Split-Off, Liberty Live is unable to satisfy the requirements of Section 404 of the Sarbanes-Oxley Act, or Liberty Live's internal control over financial reporting is not effective, the reliability of Liberty Live's financial statements may be questioned and New Liberty Live Group common stock's stock prices may suffer.***

Section 404 of the Sarbanes-Oxley Act requires any company subject to the reporting requirements of the U.S. securities laws to complete a comprehensive evaluation of its and its consolidated subsidiaries' internal control over financial reporting. To comply with this statute, Liberty Live will be required to document and test its internal control procedures, Liberty Live's management will be required to assess and issue a report concerning Liberty Live's internal control over financial reporting, and Liberty Live's independent auditors will be required to issue an attestation regarding its internal control over financial reporting. However, as an emerging growth company, Liberty Live will not be required to have its independent auditors attest to the effectiveness of its internal control over financial reporting until Liberty Live's first annual report subsequent to ceasing to be an emerging growth company. As a result, Liberty Live may not be required to have its independent auditors attest to the effectiveness of its internal control over financial reporting until as late as the annual report for the year ending [December 31, 2030]. Although Liberty Media does not expect the annual costs to comply with Section 404 to be significant (based on Liberty Media's preliminary assessments), the rules governing the standards that must be met for Liberty Live's management to assess its internal control over financial reporting are complex, subject to change, and require significant documentation, testing and possible remediation to meet the detailed standards under the rules. During the course of its testing, Liberty Live's management may identify material weaknesses or deficiencies which may not be remedied in time to meet the deadline imposed by the Sarbanes-Oxley Act. If Liberty Live's management cannot favorably assess the effectiveness of its internal control over financial reporting when it's required to do so or Liberty Live's auditors identify material weaknesses in its internal control, investor confidence in Liberty Live's financial results may weaken, and Liberty Live's stock price may suffer.

#### It may be difficult for a third party to acquire Liberty Live, even if doing so may be beneficial to Liberty Live stockholders.
Certain provisions of Nevada law and Liberty Live's restated articles that will be in effect as of the Split-Off Effective Time and Liberty Live's amended and restated bylaws that will be in effect as of the Split-Off

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Effective Time may discourage, delay or prevent a change in control of Liberty Live that a stockholder may consider favorable. These provisions include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • authorizing a capital structure with multiple series of common stock of each group: a Series B share that entitles the holders to ten votes per share, a Series A share that entitles the holders to one vote per share, and a Series C share that, except as otherwise required by applicable law, entitles the holders to no voting rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • establishing a classified board of directors for Liberty Live, with staggered three-year terms, which may lengthen the time required to gain control of Liberty Live's board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • allowing the authorized number of directors on the board of directors to be changed only by resolution of the board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • permitting only the board of directors to fill vacancies on the board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Nevada law providing that incumbent directors may be removed only by the vote of stockholders representing not less than 66<sup>2</sup>∕3% of the voting power of the issued and outstanding stock of Liberty Live entitled to vote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • limiting who may call special meetings of stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • prohibiting stockholder action by written consent (subject to certain exceptions), thereby requiring stockholder action to be taken at a meeting of the stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • requiring stockholder approval by holders of at least 66<sup>2</sup>∕3% in voting power of all then-outstanding shares of Liberty Live entitled to vote thereon, voting together as a single class, with respect to certain extraordinary matters, such as a merger or consolidation of Liberty Live, a sale of all or substantially all of Liberty Live's assets or an amendment to Liberty Live's restated articles (except in the event approved by at least 75% of Liberty Live's board of directors);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • establishing advance notice requirements for nominations of candidates for election to Liberty Live's board of directors or for proposing matters that can be acted upon by stockholders at stockholder meetings; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the existence of authorized and unissued stock, including "blank check" preferred stock, which could be issued by Liberty Live's board of directors to persons friendly to its then current management, thereby protecting the continuity of its management, or which could be used to dilute the stock ownership of persons seeking to obtain control of Liberty Live.

#### Case law in Nevada may be less likely to provide guidance for specific fact scenarios than in Delaware.
Liberty Live is a Nevada corporation. Because of Delaware's prominence as a state of incorporation for many large corporations (including Liberty Media), the Delaware courts have developed considerable expertise in dealing with corporate issues and a substantial body of case law has developed construing Delaware law under certain sets of facts. While Nevada also has adopted comprehensive, modern and flexible corporate law statutes, because the volume of Nevada case law concerning the effects of its statutes and regulations is more limited, Liberty Live and its stockholders may experience less predictability with respect to the legal requirements in connection with corporate affairs and transactions, and stockholders' rights to challenge them in specific situations where the application of the statute may be open to differing interpretations.

#### Directors and officers of Liberty Live are protected from liability for a broad range of actions.
Nevada law, by default, with certain specific exceptions, eliminates the liability of directors and officers, to a corporation or its stockholders, except where (i) the presumption that such director or officer has acted in good faith, with a view to the interests of the corporation has been rebutted, and (ii) it is proven that such director's or officer's act or failure to act was a breach of his or her fiduciary duties and involved intentional misconduct, fraud or a knowing violation of law. Liberty Live's restated articles will provide that, to the fullest extent permitted by Nevada law, Liberty Live's directors and officers will not be individually liable to Liberty Live or any of its stockholders or creditors for damages as a result of any act or failure to act in his or her capacity as a director or officer.

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#### Following the Split-Off, Liberty Live will have significant indebtedness.
Following the Split-Off, Liberty Live will have significant indebtedness. As of [ ], 2025, on a pro forma basis after giving effect to the Split-Off (assuming the holders of the 2.375% Exchangeable Senior Debentures due 2053 do not exercise their repurchase right or exchange right as a result of the Split-Off), Liberty Live would have had an aggregate principal amount of approximately $[ ] billion of consolidated indebtedness outstanding. Liberty Live's indebtedness increases its vulnerability to general adverse economic and industry conditions; requires Liberty Live to dedicate a portion of its cash flow from operations to payments on indebtedness, reducing the availability of cash flow to fund capital expenditures, marketing and other general corporate activities; limits Liberty Live's ability to borrow additional funds; and may limit Liberty Live's flexibility in planning for, or reacting to, changes in its business and the live entertainment industry.

#### Liberty Live's ability to incur additional indebtedness to fund its operations could be limited, which could negatively impact its operations.
Liberty Live's ability to incur additional indebtedness may be subject to covenant restrictions set forth in its future, or its subsidiaries' future, or existing, debt instruments. Accordingly, Liberty Live's and its subsidiaries' ability to obtain significant financing in the future, on favorable terms or at all, may be limited. If additional debt financing is not available to Liberty Live or its subsidiaries in the future, Liberty Live may obtain liquidity through the issuance and sale of its equity securities. If additional funds are raised through the issuance of equity securities, Liberty Live's stockholders may experience significant dilution. If Liberty Live is unable to obtain sufficient liquidity in the future, Liberty Live may be unable to continue to develop its business, complete acquisitions or otherwise take advantage of business opportunities or respond to competitive pressures, any of which could have a material adverse effect on Liberty Live's business, financial condition and results of operations.

 ***Liberty Live's restated articles will provide that the Eighth Judicial District Court of the State of Nevada shall be the exclusive forum for certain litigation that may be initiated by Liberty Live stockholders, and that the federal courts shall be the exclusive forum for claims under the Securities Act; these provisions could limit Liberty Live stockholders' ability to obtain a favorable judicial forum for disputes with Liberty Live or its directors, officers or employees.***

Liberty Live's restated articles will provide that, subject to limited exceptions, the Eighth Judicial District Court of the State of Nevada in Clark County, Nevada (the **Nevada Eighth Judicial District Court**) (or if the Nevada Eighth Judicial District Court does not have jurisdiction, any other state district court located in the State of Nevada, and if no state district court in the State of Nevada has jurisdiction, any federal court located in the State of Nevada) shall, to the fullest extent permitted by law, be the exclusive forum for certain specified types of "internal actions" as defined under Nevada law, including (a) those brought in the name or right of Liberty Live or on its behalf; (b) those for or based upon a breach of fiduciary duty against any director, officer, employee or agent of Liberty Live in such capacity; (c) those arising pursuant to, or to interpret, apply, enforce or determine the validity of, any provision of the Nevada statutes with respect to business entities, the articles of incorporation or the bylaws of Liberty Live, or certain voting agreements or trusts to which it may be a party.

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These choice of forum provisions may otherwise limit a stockholder's ability to bring a claim in a judicial forum that it finds favorable for disputes with Liberty Live or its directors, officers, employees or agents, which may discourage such lawsuits against Liberty Live and its directors, officers, employees and agents. Stockholders who do bring a claim in the Nevada Eighth Judicial District Court could face additional litigation costs in pursuing any such claim, particularly if they do not reside in or near the State of Nevada. The Nevada Eighth Judicial District Court may also reach different judgments or results than would other courts, including courts where a stockholder considering an action may be located or would otherwise choose to bring the action, and such judgments or results may be more favorable to Liberty Live than to its stockholders. Similarly, the federal district courts may also reach different judgments in Securities Act cases than state courts. Alternatively, if a court were to find the choice of forum provision contained in Liberty Live's restated articles to be inapplicable or unenforceable in an action, Liberty Live may incur additional costs associated with resolving such action in other jurisdictions, which could adversely affect Liberty Live's business and financial condition.

 ***The holders of any series of New Liberty Live Group common stock, or the holders of New Liberty Live Group common stock as a whole, may not have any remedies if an action by its directors or officers prioritizes other interests or has a disparate effect on New Liberty Live Group common stock or any series thereof.***

Principles of Nevada law and the provisions of Liberty Live's restated articles may protect decisions of its board of directors that weigh interests different from those of the holders of New Liberty Live Group common stock, or any series thereof, or that have a disparate impact upon holders of any series of New Liberty Live Group common stock. Under Nevada law, the board of directors has the duty to exercise its powers in good faith and with a view to the interests of the corporation. In doing so, the board of directors may consider all relevant facts, circumstances, contingencies or constituencies, including, without limitation, the interests of the corporation's employees, suppliers, creditors or customers; the economy of the state or the nation; the interests of the community or of society; the long-term or short-term interests of the corporation, including the possibility that these interests may be best served by the continued independence of the corporation; or the long-term or short-term interests of the corporation's stockholders, including the possibility that these interests may be best served by the continued independence of the corporation. Directors may consider or assign weight to the interests of any particular person or group, or to any other relevant facts, circumstances, contingencies or constituencies and are not required to consider, as a dominant factor, the effect of a proposed corporate action upon any particular group or constituency having an interest in the corporation. Under the principles of Nevada law referred to above and the business judgment rule, you may not be successful in challenging these decisions if a majority of Liberty Live's board of directors, or a committee thereof, is disinterested, independent and adequately informed with respect to decisions of the board and acts in good faith and with a view to the interests of the corporation, including all of Liberty Live's stockholders.

#### Although New LLYVB is expected to be quoted on the OTC Markets, there is no meaningful trading market expected for the stock.
The shares of New LLYVB will not be widely held, with approximately [ ]% of the outstanding shares of New LLYVB immediately following the Split-Off expected to be beneficially owned by Mr. Malone (based on [ ] shares of LLYVB outstanding as of [ ], 2025). Although New LLYVB is expected to be quoted on the OTC Markets, it is expected to be sparsely traded and will not have an active trading market. The OTC Markets tend to be highly illiquid, in part, because there is no national quotation system by which potential investors can track the market price of shares except through information received or generated by a limited number of broker-dealers that make markets in particular stocks. There is also a greater chance of market volatility for securities that are quoted on the OTC Markets as opposed to a national exchange or quotation system. This volatility is due to a variety of factors, including a lack of readily available price quotations, lower trading volume, the absence of consistent administrative supervision of "bid" and "ask" quotations, and market conditions. Each share of New LLYVB will be convertible, at any time at the option of the holder, into one share of New LLYVA, which is expected to be listed and traded on the Nasdaq Global Select Market under the symbol "LLYVA."

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#### Factors Relating to Liberty Live's Business
 ***Liberty Live and Live Nation will have different management teams, which means Liberty Live will not have direct control over how Live Nation will operate on a day-to-day basis.***

Liberty Live and Live Nation will have different management teams, which means Liberty Live will not have direct control over how Live Nation will operate on a day-to-day basis. While Liberty Live's ownership of approximately 30% of the outstanding shares of Live Nation Common Stock and board representation rights will enable it to exercise influence over the management or policies of Live Nation, Liberty Live and Live Nation will have different management teams and Live Nation management will not report directly to Liberty Live's board of directors. Therefore, Liberty Live will not have direct control over how Live Nation will operate on a day-to-day basis.

#### Liberty Live's equity method investment in Live Nation may have a material impact on net earnings (loss) of Liberty Live.
Liberty Live accounts for its investment in Live Nation under the equity method of accounting. Under the equity method, Liberty Live reports its proportionate share of the net earnings or losses of an equity affiliate in its statement of operations under "share of earnings (losses) of affiliates," which contributes to its earnings (loss) before income taxes. Due to the impact of COVID-19, Live Nation recorded significant losses during the years ended December 31, 2021 and 2020. If the earnings or losses of Live Nation are material in any year, those earnings or losses may have a material effect on Liberty Live's net earnings or losses. Notwithstanding the impact on Liberty Live's net earnings or losses, Liberty Live does not have the ability to cause Live Nation to pay dividends or make other payments or advances to its stockholders, including Liberty Live. In addition, Liberty Live's investment in Live Nation is in publicly traded securities, which is not reflected at fair value on Liberty Live's balance sheet and is subject to market risk that is not directly reflected in Liberty Live's statement of operations.

 *The businesses of Live Nation and Quint are subject to a number of risks and uncertainties, including the following:* 

 ***Live Nation's and Quint's businesses are highly sensitive to consumer preferences (with Live Nation's business being dependent on its ability to secure popular artists and other live music events), and Live Nation and their ticketing clients and Quint may be unable to anticipate or respond to changes in consumer preferences, which may result in decreased demand for Live Nation's and Quint's services, respectively.***

Live Nation's and Quint's businesses are highly sensitive to rapidly changing consumer preferences and Live Nation's business is dependent on the availability of popular artists and events. Live Nation's and Quint's respective live entertainment businesses depend in part on their ability to anticipate the tastes of consumers and to offer events that appeal to them. Since Live Nation relies on unrelated parties to create and perform at live music events, any unwillingness to tour or lack of availability of popular artists could limit their ability to generate revenue. In particular, there are a limited number of artists that can headline a major North American or global tour or who can sell out larger venues, including many of Live Nation's amphitheaters. If those artists do not choose to tour, or if Live Nation is unable to secure the rights to their future tours, then their concerts business would be adversely affected. Live Nation's artist management business could be adversely affected if the artists it represents do not tour or perform as frequently as anticipated, or if such tours or performances are not as widely attended by fans as anticipated due to changing tastes, general economic conditions or otherwise. Live Nation's ticketing business and Quint's business relies, respectively, on third parties to create and perform live entertainment, sporting and leisure events and to price tickets and/or hospitality packages, as applicable, to such events. Accordingly, the respective success of Live Nation's ticketing business and Quint's business depends, in part, upon the ability of these third parties to correctly anticipate public demand for particular events, as well as the availability of popular artists, entertainers and teams.

In addition, Live Nation's live entertainment business typically books its live music tours four to eight months in advance of the beginning of the tour and often agrees to pay an artist a fixed guaranteed amount prior to Live Nation receiving any revenue. Therefore, if the public is not receptive to the tour, or Live Nation or an artist cancel the tour, Live Nation may incur a loss for the tour depending on the amount of

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the fixed guarantee or incurred costs relative to any revenue earned, as well as revenue they could have earned at booked venues. Live Nation has cancellation insurance policies in place to cover a portion of their losses if an artist cancels a tour but such policies may not be sufficient and are subject to deductibles. Furthermore, consumer preferences change from time to time, and Live Nation's failure to anticipate, identify or react to these changes could result in reduced demand for their services, which would adversely affect Live Nation's business, financial condition and results of operations.

Similarly, Quint's business model requires certain upfront payments for ticket inventory and event costs. Therefore, if the public is not receptive to a particular event or events, or any such event is canceled, Quint may incur a loss for the event depending on the amount of the fixed guarantee or incurred costs relative to any revenue earned. Furthermore, cash flow timing mismatches between costs incurred and revenue recognized could create liquidity pressures for Quint. Quint mitigates cancellation risk through favorable provisions in its ticketing terms and conditions, but such provisions do not guarantee that Quint will be able to realize a full recovery of losses incurred as a result of cancellations. Furthermore, consumer preferences change from time to time, and Quint's failure to anticipate, identify or react to these changes could result in reduced demand for their services, which would adversely affect Quint's business, financial condition and results of operations.

 ***Live Nation's and Quint's businesses depend, respectively, on relationships between key promoters, executives, agents, managers, artists and clients, as applicable, and any adverse changes in these relationships could adversely affect Live Nation's and/or Quint's business, financial condition and results of operations, respectively.***

The live music business and the live sports and entertainment events business is each uniquely dependent upon personal relationships, as promoters and executives within live events companies such as Live Nation and Quint leverage, respectively, their existing network of relationships with artists, agents, managers and other rightsholders, as applicable, in order to secure the rights to live music tours and other live events, as applicable, which are critical to Live Nation's and Quint's respective success. Due to the importance of those industry contacts to Live Nation's and Quint's businesses, the loss of any of their promoters, officers or other key personnel, or inability to hire such personnel, could adversely affect Live Nation's and Quint's businesses. Although Live Nation and Quint have each entered into long-term agreements with certain of those individuals described above to protect their interests in those relationships, they can give no assurance that all or any of these key employees or managers will remain with Live Nation and/or Quint or will retain their associations with key business contacts, including music artists, sports teams and/or other entertainers, as some agreements between a manager and an artist are not for a fixed period of time and are instead terminable at will, or that they will be able to procure favorable rights from all or any of these key promoters.

The success of Live Nation's ticketing business depends, in significant part, on Live Nation's ability to maintain and renew relationships with existing clients and to establish new client relationships. Live Nation anticipates that, for the foreseeable future, the substantial majority of their Ticketing segment revenue will be derived from both online and mobile sales of tickets. Live Nation also expects that revenue from primary ticketing services, which consists primarily of their portion of per ticket convenience charges and per order service fees, will continue to comprise the substantial majority of Live Nation's Ticketing segment revenue. Live Nation cannot provide assurances that they will be able to maintain existing client contracts, or enter into or maintain new client contracts, on acceptable terms, if at all, and the failure to do so could have a material adverse effect on Live Nation's business, financial condition and results of operations.

Similarly, the success of Quint's business depends, in significant part, on Quint's ability to maintain and renew relationships with existing rightsholders and to establish new relationships with other rightsholders. Quint cannot provide assurances that they will be able to maintain existing contracts with key rightsholders, such as Formula 1® or the NBA, or enter into or maintain new contracts with other rightsholders, on acceptable terms, if at all, and the failure to do so could have a material adverse effect on Quint's business, financial condition and results of operations.

Another important component of Live Nation's and Quint's success is their respective abilities to maintain existing and to build new relationships with third-party distribution channels, advertisers, sponsors and service providers. Any adverse change in these relationships, including the inability of these

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parties to fulfill their obligations to Live Nation's and/or Quint's businesses for any reason, could adversely affect Live Nation's and/or Quint's business, financial condition and results of operations, as applicable.

 ***Live Nation faces intense competition in the live music and ticketing industries, and they may not be able to maintain or increase their current revenue, which could adversely affect Live Nation's business, financial condition and results of operations.***

Live Nation's businesses are in highly competitive industries, and Live Nation may not be able to maintain or increase their current revenue due to such competition. The live music industry competes with other forms of entertainment for consumers' discretionary spending and within this industry Live Nation competes with other venues to book artists, and, in the markets in which they promote music concerts, Live Nation faces competition from other promoters and venue operators. Live Nation's competitors compete with them for key employees who have relationships with popular music artists and who have a history of being able to book such artists for concerts and tours. These competitors may engage in more extensive development efforts, undertake more far-reaching marketing campaigns, adopt more aggressive pricing policies and make more attractive offers to existing and potential artists. Due to increasing artist influence and competition to attract and maintain artist clients, Live Nation may enter into agreements on terms that are less favorable to them, which could negatively impact their financial results. Live Nation's competitors may develop services, advertising options or music venues that are equal or superior to those they provide or that achieve greater market acceptance and brand recognition than they achieve. Within the live music industry, Live Nation's artist management business also competes with numerous other artist management companies and individual managers in the United States alone, both to discover new and emerging artists and to represent established artists. Across the live music industry, it is possible that new competitors may emerge and rapidly acquire significant market share.

Live Nation's ticketing business faces significant competition from other national, regional and local primary ticketing service providers to secure new and retain existing clients on a continuous basis. Additionally, Live Nation faces significant and increasing challenges from companies that sell self-ticketing systems and from clients who choose to self-ticket, through the integration of such systems into their existing operations or the acquisition of primary ticket services providers or by increasing sales through venue box offices and season and subscription sales. Live Nation also faces competition in the resale of tickets from resale marketplaces and from other ticket resellers with online distribution capabilities. The advent of new technology, particularly as it relates to online ticketing, has amplified this competition. The intense competition that Live Nation faces in the ticketing industry could cause the volume of their ticketing services business to decline. As Live Nation is also a content provider and venue operator they may face direct competition with their prospective or current primary ticketing clients, who primarily include live event content providers. This direct competition with Live Nation's prospective or current primary ticketing clients could result in a decline in the number of ticketing clients they have and a decline in the volume of their ticketing business, which could adversely affect Live Nation's business, financial condition and results of operations.

In the secondary ticket sales market, Live Nation has restrictions on their business that are not faced by Live Nation's competitors, imposed as a result of agreements entered into with the Federal Trade Commission, the Attorneys General of several individual states, and various international governing bodies. These restrictions include: a requirement to clearly and conspicuously disclose on any primary ticketing website where a link or redirect to a resale website owned or controlled by Live Nation is posted, that the link is directing the user to a resale website and that ticket prices often exceed the ticket's original price; and a requirement to make certain clear and conspicuous disclosures and in certain instances disclose when a ticket being offered for resale is not "in-hand" as well as a requirement to monitor and enforce the compliance of third parties offering tickets on Live Nation's websites with such disclosure requirements. There are certain state laws that now ban such speculative ticket listings, and the New York Attorney General has in the past brought lawsuits against resale companies for these practices; Live Nation does not, however, allow the use of such speculative ticketing practices on its websites.

Other variables related to the competitive environment that could adversely affect Live Nation's financial performance by, among other things, leading to decreases in overall revenue, the number of sponsors, event attendance, ticket prices and fees or profit margins include:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • an increased level of competition for advertising dollars, which may lead to lower sponsorships as Live Nation attempts to retain advertisers or which may cause Live Nation to lose advertisers to their competitors offering better programs that Live Nation is unable or unwilling to match;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • unfavorable fluctuations in operating costs, including increased guarantees to artists, which Live Nation may be unwilling or unable to pass through to customers via higher ticket prices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • inability or unwillingness to fund the significant up-front cash requirements associated with Live Nation's touring and ticketing businesses due to insufficient cash on hand or capacity under their senior secured credit facility, which could result in the loss of key tours to competitors or the inability to secure and retain ticketing clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • competitors' offerings that may include more favorable terms than Live Nation does in order to obtain agreements for new venues or ticketing arrangements or to obtain events for the venues they operate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • technological changes and innovations that Live Nation is unable to adopt or are late in adopting that offer more attractive entertainment alternatives than they or other live entertainment providers currently offer, which may lead to a reduction in attendance at live events, a loss of ticket sales or lower ticket fees; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • other entertainment options available to Live Nation's audiences that they do not offer.

 ***Live Nation's and Quint's success depends, in significant part, on entertainment, sporting and leisure events and economic and other factors adversely affecting such events could have a material adverse effect on Live Nation's and Quint's respective business, financial condition and results of operations.***

A decline in attendance at or reduction in the number of live entertainment, sporting and leisure events may have an adverse effect on Live Nation's and Quint's respective revenue and operating income. In addition, during periods of economic slowdown and recession, many consumers have historically reduced their discretionary spending and advertisers have reduced their advertising expenditures. The impact of economic slowdowns on Live Nation's and/or Quint's business is difficult to predict, but they may result in reductions in ticket sales, sponsorship opportunities and Live Nation's and/or Quint's ability to generate revenue. The risks associated with Live Nation's and Quint's respective businesses may become more acute in periods of a slowing economy or recession, which may be accompanied by a decrease in attendance at live entertainment, sporting and leisure events. Many of the factors affecting the number and availability of live entertainment, sporting and leisure events are beyond Live Nation's and Quint's control. For instance, certain sports leagues have experienced labor disputes leading to threatened or actual player lockouts. Any such lockouts that result in shortened or canceled seasons would adversely impact Live Nation's and Quint's respective businesses to the extent that they provide ticketing services to the affected teams both due to the loss of games and ticketing opportunities as well as the possibility of decreased attendance following such a lockout due to adverse fan reaction. In addition, Live Nation and Quint do not have operational control over such live entertainment, sporting and leisure events, which means the events' organizers' decisions may be at odds with Live Nation's and Quint's respective interests.

Live Nation's and Quint's businesses depend on discretionary consumer and corporate spending. Many factors related to corporate spending and discretionary consumer spending, including economic conditions affecting disposable consumer income such as unemployment levels, fuel prices, interest rates, changes in tax rates and tax laws that impact companies or individuals, and inflation can significantly impact Live Nation's and Quint's operating results. Business conditions, as well as various industry conditions, including corporate marketing and promotional spending and interest levels, can also significantly impact Live Nation's and Quint's operating results. These factors can affect attendance at Live Nation's and Quint's events, premium seat sales, sponsorship, advertising and hospitality spending, concession and merchandise sales, as well as the financial results of sponsors of Live Nation's and Quint's venues, events and the industry. Negative factors such as challenging economic conditions and public concerns over terrorism and security incidents, particularly when combined, can impact corporate and consumer spending, and one negative factor can impact Live Nation's and Quint's results more than another. There can be no assurance that consumer and corporate spending will not be adversely impacted by current economic conditions, or by any future deterioration in economic conditions, thereby possibly impacting Live Nation's and Quint's operating results and growth.

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 ***Live Nation is dependent upon their ability to lease, acquire and develop live music venues, and if Live Nation is unable to do so on acceptable terms, or at all, their results of operations could be adversely affected.***

Live Nation's Concerts and Sponsorship & Advertising segments require access to venues to generate revenue from live music events. For these events, Live Nation uses venues that they own, but they also operate a number of live music venues under various agreements which include leases with third parties, ownership through an equity interest or booking agreements, which are agreements where Live Nation contracts to book the events at a venue for a specific period of time. Live Nation's long-term success in the live music business will depend in part on the availability of venues, their ability to lease these venues and their ability to enter into booking agreements upon their expiration. As many of these agreements are with third parties over whom Live Nation has little or no control, they may be unable to renew these agreements or enter into new agreements on acceptable terms or at all, and may be unable to obtain favorable agreements with venues. Live Nation's ability to renew these agreements or obtain new agreements on favorable terms depends on a number of other factors, many of which are also beyond their control, such as national and local business conditions and competition from other promoters. If the cost of renewing these agreements is too high or the terms of any new agreement with a new venue are unacceptable or incompatible with Live Nation's existing operations, they may decide to forego these opportunities. There can be no assurance that Live Nation will be able to renew these agreements on acceptable terms or at all, or that they will be able to obtain attractive agreements with substitute venues, which could have a material adverse effect on Live Nation's results of operations.

Live Nation may continue to expand their operations through the development of live music venues and the expansion of existing live music venues, which poses a number of risks, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • construction of live music venues may result in cost overruns, delays or unanticipated expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • desirable sites for live music venues may be unavailable or costly;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the attractiveness of Live Nation's current venues may deteriorate over time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • competition may impact Live Nation's ability to earn attractive returns on their investments.

Growth or maintenance of Live Nation's existing revenue depends in part on consistent investment in their venues. Therefore, Live Nation expects to continue to make substantial capital improvements to meet long-term increasing demand, improve value and grow revenue. Live Nation frequently has a number of significant capital projects underway. Numerous factors, many of which are beyond Live Nation's control, may influence the ultimate costs and timing of various capital improvements.

The amount of capital expenditures can vary significantly from year to year. In addition, actual costs could vary materially from Live Nation's estimates if their assumptions about the quality of materials, equipment or workmanship required or the cost of financing such expenditures were to change. Construction is also subject to governmental permitting processes which, if changed, could materially affect the ultimate cost.

Additionally, the market potential of live music venue sites cannot be precisely determined, and Live Nation's live music venues may face competition in markets from unexpected sources. Newly constructed live music venues may not perform up to Live Nation's expectations. Live Nation faces significant competition for potential live music venue locations and for opportunities to acquire existing live music venues. Because of this competition, Live Nation may be unable to add to or maintain the number of their live music venues on terms Live Nation considers acceptable.

 ***There is the risk of personal injuries and accidents in connection with Live Nation's live music and Quint's sports and entertainment events, which could subject them to personal injury or other claims and increase their expenses, as well as reduce attendance at such events, causing a decrease in their revenue and/or damage to their reputation.***

There are inherent risks involved with producing live music and sports and other entertainment events. As a result, personal injuries and accidents have occurred, and may in the future occur, from time to time, which could subject Live Nation and Quint to claims and liabilities for personal injuries. Incidents in connection with Live Nation's live music events at any of their venues or festival sites that they own or rent

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and/or Quint's sports and entertainment events could also result in claims, reducing operating income or reducing attendance at Live Nation's and/or Quint's events, which could cause a decrease in their respective revenue. Live Nation has been subject to wrongful death claims and is currently subject to other litigation. In addition, while there are security protocols in place at Live Nation's and Quint's events, illegal drug use or alcohol consumption at such events could result in negative publicity, adverse consequences (including illness, injury or death) to the persons engaged in such activities or others, and litigation against them. While Live Nation and Quint each maintain insurance policies that provide coverage within limits that are sufficient, in management's judgment, to protect them from material financial loss for personal injuries sustained by persons at their venues or events or accidents in the ordinary course of business, there can be no assurance that such insurance will be adequate at all times and in all circumstances.

On November 5, 2021, the Astroworld music festival was held in Houston, Texas. During the course of the festival, ten members of the audience sustained fatal injuries and others suffered non-fatal injuries. Following these events, hundreds of civil lawsuits have been filed against Live Nation Entertainment, Inc. and related entities, asserting insufficient crowd control and other theories, seeking compensatory and punitive damages. These events were the subject of an inquiry Live Nation received from the House of Representatives Committee on Oversight and Reform. As of December 31, 2024, all wrongful death lawsuits have been resolved, and nearly all claims alleging personal injury have been settled. Live Nation incurred losses in excess of their insurance recovery in connection with those settlements.

#### Terrorist acts during Live Nation's live music and Quint's sports and entertainment events may cause damage and losses that are not covered by insurance.
Live Nation's live music and Quint's sports and entertainment events are attended by a large number of spectators. Any such events could be the target of an actual or threatened terrorist act, either of which could be disruptive and lead to the cancellation of such events, increase security requirements and result in a decline of spectator attendance at such events. Additionally, persons harmed in any terrorist act may attempt to seek compensation from Live Nation and/or Quint. The general risk of a terror attack has increased recently in a number of the countries in which Live Nation's live music and Quint's sports and entertainment events are held. Live Nation and Quint each purchase annual insurance policies covering all such events, which provide coverage for third party liability covering personal injury, equipment and property damage. However, there can be no assurance that this insurance will be adequate at all times and in all circumstances. If Live Nation or Quint is held liable for damages beyond the scope of its respective insurance coverage and/or is unable to obtain indemnification from the relevant insurer(s), Live Nation and/or Quint's business, financial condition and results of operations could be materially and adversely affected, which in turn could materially adversely affect Liberty Live.

 ***Events beyond Live Nation's and/or Quint's control may cause one or more live events to be cancelled or postponed, which could result in the loss of revenue for Live Nation and/or Quint.***

A live event may have to be postponed or cancelled due to factors beyond Live Nation's and/or Quint's control, including power failures, natural disasters or extreme weather, geopolitical conditions or international conflicts, embargoes or sanctions, cancellation of large-scale public events by a competent authority due to a security or terrorism risk, or outbreak of disease, which could result in the loss of revenue for Live Nation and/or Quint. If a live event is not held or is cancelled, Live Nation and/or Quint may be required to refund amounts paid for tickets and/or hospitality offerings, as applicable.

 ***Poor weather adversely affects attendance at Live Nation's live music events and Quint's sports and entertainment events, which could negatively impact their financial performance from period to period.***

Live Nation promotes and/or tickets many live music events and Quint promotes and/or tickets many live sporting and entertainment events. Weather conditions surrounding these events affect sales of tickets, concessions and merchandise, among other things. Poor weather conditions can have a material effect on Live Nation's and Quint's respective results of operations particularly because they promote and/or ticket a finite number of events. Increased weather variability due to climate change exacerbates weather-related issues Live Nation and Quint face. Due to weather conditions, Live Nation and/or Quint may be required to cancel or reschedule an event to another available day or a different venue, which would increase Live

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Nation's and/or Quint's respective costs for the event and could negatively impact the attendance at the event, as well as concession and merchandise sales. Poor weather can affect current periods as well as successive events in future periods.

 ***Live Nation and Quint both operate in international markets which subject Live Nation and Quint to risks associated with the legislative, judicial, accounting, regulatory, political and economic risks and conditions specific to such markets, which could adversely affect Live Nation's and Quint's respective business, financial condition and results of operations.***

Live Nation and Quint provide services in various jurisdictions abroad through a number of brands and businesses that they own and operate, as well as through joint ventures, and they expect to continue to expand their international presence. Live Nation and Quint face, and expect to continue to face, additional risks in the case of their existing and future international operations, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • political instability, adverse changes in diplomatic relations and unfavorable economic and business conditions in the markets in which they currently have international operations or into which they may expand, particularly in the case of emerging markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • more restrictive or otherwise unfavorable government regulation of the live entertainment and ticketing industries, which could result in increased compliance costs and/or otherwise restrict the manner in which they provide services and the amount of related fees charged for such services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • limitations on the enforcement of intellectual property rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • limitations on the ability of foreign subsidiaries to repatriate profits or otherwise remit earnings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • adverse tax consequences due both to the complexity of operating across multiple tax regimes as well as changes in, or new interpretations of, international tax treaties and structures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • expropriations of property and risks of renegotiation or modification of existing agreements with governmental authorities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • diminished ability to legally enforce their contractual rights in foreign countries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • limitations on technology infrastructure, which could limit their ability to migrate international operations to a common ticketing system;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • variability in venue security standards and accepted practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • lower levels of internet usage, credit card usage and consumer spending in comparison to those in the U.S.; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • difficulties in managing operations and adapting to consumer desires due to distance, language and cultural differences, including issues associated with (i) business practices and customs that are common in certain foreign countries but might be prohibited by U.S. law and their internal policies and procedures, and (ii) management and operational systems and infrastructures, including internal financial control and reporting systems and functions, staffing and managing of foreign operations, which they might not be able to do effectively or cost-efficiently.

As Live Nation and Quint expand into new markets these risks will be intensified and will have the potential to impact a greater percentage of their business and operating results. Live Nation's and Quint's ability to expand their respective international operations into new jurisdictions, or further into existing jurisdictions will depend, in significant part, on their ability to identify potential acquisition candidates, joint venture or other partners, and enter into arrangements with these parties on favorable terms, as well as Live Nation's and Quint's ability to make continued investments to maintain and grow existing international operations. If the revenue generated by international operations is insufficient to offset expenses incurred in connection with the maintenance and growth of these operations, Live Nation's and Quint's respective business, financial condition and results of operations could be materially and adversely affected. In addition, in an effort to make international operations in one or more given jurisdictions profitable over the long term, significant additional investments that are not profitable over the short term could be required over a prolonged period.

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In foreign countries in which Live Nation and Quint operate, a risk exists that their employees, contractors or agents could, in contravention of their policies, engage in business practices prohibited by applicable U.S. laws and regulations, such as the United States Foreign Corrupt Practices Act, as well as the laws and regulations of other countries prohibiting corrupt payments to government officials such as the United Kingdom Bribery Act 2010. Live Nation and Quint maintain policies prohibiting such business practices and have in place global anti-corruption compliance and training programs designed to ensure compliance with these laws and regulations. Nevertheless, the risk remains that one or more employees, contractors or agents, including those based in or from countries where practices that violate such U.S. laws and regulations or the laws and regulations of other countries may be customary, as well as those associated with newly-acquired businesses, will engage in business practices that are prohibited by Live Nation's or Quint's policies, circumvent their compliance programs and, by doing so, violate such laws and regulations. Any such violations, even if prohibited by Live Nation's and Quint's internal policies, could result in fines, criminal sanctions against them and their employees, prohibitions on the conduct of their business and damage to their reputation, which could adversely affect their business, financial condition and results of operations.

 ***Live Nation and Quint are subject to extensive governmental regulation, and Live Nation's and/or Quint's failure to comply with these regulations could adversely affect their respective business, financial condition and results of operations.***

Live Nation's and Quint's operations are each subject to certain federal, state and local statutes, rules, regulations, policies and procedures, both domestically and internationally, which are subject to change at any time, governing matters such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • privacy laws and protection of personal or sensitive information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • compliance with the United States Foreign Corrupt Practices Act, the United Kingdom Bribery Act 2010 and similar regulations in other countries, as more particularly described above under the risk factor related to Live Nation's and Quint's international operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • primary ticketing and ticket resale services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • construction, renovation and operation of Live Nation's venues;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • licensing, permitting and zoning, including noise ordinances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • human health, safety, security and sanitation requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the service of food and alcoholic beverages;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • working conditions, labor, minimum wage and hour, citizenship and employment laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • compliance with the ADA and the DDA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • hazardous and non-hazardous waste and other environmental protection laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • sales and other taxes and withholding of taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • marketing activities via the telephone and online; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • historic landmark rules.

Live Nation's or Quint's failure to comply with these laws and regulations, as applicable, could result in proceedings/fines against them by governmental agencies and private actions brought by consumers, which if material, could adversely affect their respective business, financial condition and results of operations. While Live Nation and Quint attempt to conduct their respective business and operations in a manner that they believe to be in compliance with such laws and regulations, there can be no assurance that a law or regulation will not be interpreted or enforced in a manner contrary to their current understanding of the law or regulation. Similar to Live Nation, Quint is subject to applicable licensing, ADA rules and foodservice regulations. However, Quint is only responsible for operating a small portion of the event venues and therefore, the majority of the compliance obligations and liability rests with the rightsholder and/or promoter.

In addition, the promulgation of new laws, rules and regulations could restrict or unfavorably impact Live Nation's or Quint's business, which could decrease demand for services, reduce revenue, increase costs

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and/or subject them to additional liabilities. For example, some legislatures have proposed laws in the past that would impose potential liability on Live Nation and other promoters and producers of live music events for entertainment taxes and for incidents that occur at Live Nation's events, particularly relating to drugs and alcohol. New legislation could be passed that may negatively impact Live Nation's business, such as provisions that have recently been proposed in various jurisdictions. Additionally, governmental actions such as the current sanctions by the United States Department of the Treasury's Office of Foreign Assets Control and European regulators on certain Russian individuals and entities, as well as other sanctions elsewhere in the world, could restrict or limit Live Nation's and/or Quint's business activities in certain areas or subject them to sanction for noncompliance, even if inadvertent. From time to time, federal, state and local authorities and/or consumers commence investigations, inquiries or litigation with respect to Live Nation's compliance with applicable consumer protection, advertising, unfair business practice, antitrust (and similar or related laws) and other laws. Live Nation's businesses have historically cooperated with authorities in connection with these investigations and have satisfactorily resolved each such material investigation, inquiry or litigation. Live Nation is currently subject to agreements with the States of New Jersey, Maryland, Nevada, Illinois, and North Carolina and the FTC which govern, and in certain cases place limitations on, their ticketing resale practices. Live Nation's competitors in the secondary ticket sales market are not, to their knowledge, bound by such limitations (other than as a result of laws that apply equally to all secondary ticket sellers) and as a result, Live Nation may be at a competitive disadvantage.

 ***Data loss or other breaches of Live Nation's and/or Quint's network security could materially harm Live Nation's and Quint's respective business and results of operations, and the processing, storage, use and disclosure of personal or sensitive information could give rise to liabilities and additional costs as a result of governmental regulation, litigation and conflicting legal requirements relating to personal privacy rights.***

Due to the nature of Live Nation's and Quint's respective businesses, they process, store, use, transfer and disclose certain personal or sensitive information about their customers and employees. Penetration of Live Nation's or Quint's network or other misappropriation or misuse of personal or sensitive information and data, including credit card information and other personally identifiable information, could cause interruptions in their operations and subject them to increased costs, litigation, inquiries and actions from governmental authorities, and financial or other liabilities. In addition, security breaches, incidents or the inability to protect information could lead to increased incidents of ticketing fraud and counterfeit tickets. Security breaches and incidents could also significantly damage Live Nation's and Quint's reputations with consumers, ticketing clients and other third parties, and could result in significant costs related to remediation efforts, such as credit or identity theft monitoring.

Although Live Nation and Quint have developed systems and processes that are designed to protect customer and employee information and to prevent security breaches or incidents (which could result in data loss or other harm or loss), such measures cannot provide absolute security or certainty. It is possible that advances in computer and hacker capabilities, new variants of malware, the development of new penetration methods and tools, inadvertent violations of company policies or procedures or other developments could result in a compromise of customer or employee information or a breach of the technology and security processes that are used to protect customer and employee information. The techniques used to obtain unauthorized access, automate or expedite transactions or other activities on the respective platforms, disable or degrade service or sabotage systems (or otherwise bring about one or more of these effects) may change frequently and as a result, may be difficult for Live Nation's or Quint's business to detect for long periods of time and may impact the efficacy of their defenses and/or the products and services they provide. In addition, despite Live Nation's and Quint's best efforts, they may be unaware of or unable to anticipate these techniques or implement adequate preventative measures. Live Nation and Quint have expended significant capital and other resources to protect against and remedy such potential security breaches, incidents and their consequences, including the establishment of a dedicated cybersecurity organization within their larger technology environment, and will continue to do so in the future.

Live Nation and Quint also face risks associated with security breaches and incidents affecting third parties with which they are affiliated or with which they otherwise conduct business. In particular, hardware, software or applications they develop or procure from third parties may contain, and have contained, defects in design or manufacture and/or may pose a security risk that could unexpectedly compromise information security, but none of which have been material to date. Consumers are generally concerned with

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the security and privacy of the internet, and any publicized security problems affecting Live Nation's and Quint's businesses and/or third parties may discourage consumers from doing business with them, which could have an adverse effect on their respective business, financial condition and results of operations.

 ***The U.S. Department of Justice and the attorneys general of certain states have sued Live Nation alleging violations of various federal and state laws pertaining to antitrust, competition, unlawful or unfair business practices, restraint of trade, and other causes of action. An unfavorable outcome in this matter could adversely affect Live Nation's business and operating results.***

In May 2024, Live Nation was sued by state and federal authorities for alleged violations of various laws pertaining to antitrust, competition, unlawful or unfair business practices, restraint of trade, and other causes of action, with various forms of relief requested for the alleged violations, including without limitation the divestiture of Ticketmaster by Live Nation, cancellation of certain ticketing contracts, enjoining Live Nation from engaging in anticompetitive practices, monetary damages, and other forms of relief. While this litigation is at its early stages and Live Nation believes that it has substantial defenses to the claims asserted in the matter, due to the nature of the allegations and the potential remedies being sought, an unfavorable outcome in this matter could have a material adverse impact on Live Nation's business and operating results.

#### Weak and uncertain economic conditions may reduce consumer demand for services and events offered by Live Nation's and/or Quint's respective businesses.
A weak or uncertain economy in the U.S. or globally could adversely affect demand for Live Nation's and Quint's services and events. Economic tensions and changes in international trade policies, including, for example, the recent widespread tariffs announced by the U.S. on its major trading partners, higher tariffs on imported goods and materials, actions taken in response (such as retaliatory tariffs or other trade protectionist measures or the renegotiation of free trade agreements), have increased inflationary cost pressures and recessionary fears. A substantial portion of Live Nation's and Quint's revenue is derived from discretionary spending by individuals, which typically falls during times of economic recession or instability. A reduction in discretionary spending could adversely affect revenue through reduced live-entertainment and sporting event expenditures. Accordingly, the ability of Live Nation and/or Quint to increase or maintain revenue and earnings could be adversely affected to the extent that relevant economic environments remain weak or decline further. In addition, inflation, which has significantly risen, may increase operational costs, including labor costs, and elevated interest rates or further increases in interest rates in response to concerns about inflation may have the effect of further increasing economic uncertainty and heightening these risks. Live Nation and Quint currently are unable to predict the extent of any of these potential adverse effects.

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#### CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS
Certain statements in this proxy statement/notice/prospectus or in the documents incorporated by reference herein or included as an annex hereto constitute forward-looking statements, including certain statements relating to the completion of the Split-Off, the timing of the Split-Off, the realization of expected benefits from the Split-Off, projected sources and uses of cash, fluctuations in interest rates and stock prices, the anticipated non-material impact of certain contingent liabilities related to legal and tax proceedings and other matters arising in the ordinary course of business. In particular, statements in the "Questions and Answers," "Risk Factors," "The Proposed Transactions," "The Special Meeting," "The Split-Off Proposal," "Description of Business of Liberty Live," "Management's Discussion and Analysis of Financial Condition and Results of Operations of Liberty Live," "Executive Compensation of Liberty Live" and "U.S. Federal Income Tax Consequences" contain forward-looking statements. Where, in any forward-looking statement, Liberty Media or Liberty Live expresses an expectation or belief as to future results or events, such expectation or belief is expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the expectation or belief will result or be achieved or accomplished. In addition to the risk factors described herein under "Risk Factors," the following include some but not all of the factors that could cause actual results or events to differ materially from those anticipated:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • historical financial information and pro forma financial information may not be representative of future results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • there may be significant transaction costs in connection with the Split-Off;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Liberty Media and/or Liberty Live may not realize the potential benefits of the Split-Off in the near term or at all;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • an active trading market for New Liberty Live Group common stock may not develop;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the uncertainty of the market value of the New Liberty Live Group common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the satisfaction of all conditions to the Split-Off;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the Split-Off may not be consummated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • there may be liabilities that are not known, probable or estimable at this time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the Split-Off may result in the diversion of management's time and attention to issues relating to the Split-Off;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • unfavorable outcome of legal proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • risks related to the Investment Company Act of 1940, as amended (the **Investment Company Act**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • risks related to disruption of management time from ongoing business operations due to the Split-Off;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • risks inherent to the business may result in additional strategic and operational risks, which may impact Liberty Media and/or Liberty Live's risk profiles, which each company may not be able to mitigate effectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Liberty Media's and Liberty Live's ability to obtain additional financing on acceptable terms and cash in amounts sufficient to service debt and other financial obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Liberty Media, Liberty Live and their respective subsidiaries' indebtedness could adversely affect operations and could limit the ability of such subsidiaries to react to changes in the economy or their industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the success of Liberty Live and the businesses attributed to each of the Liberty Media tracking stock groups and their popularity with audiences;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Liberty Media, Liberty Live and their respective subsidiaries' ability to realize the benefits of acquisitions or other strategic investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the impact of weak and uncertain economic conditions on consumer demand for products, services and events offered by Liberty Live and the businesses attributed to each of Liberty Media's tracking stock groups;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the outcome of pending or future litigation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the operational risks of Liberty Live and Liberty Media's subsidiaries and business affiliates with operations outside of the U.S.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Liberty Live and Liberty Media's ability to use net operating loss, disallowed business interest and tax credit carryforwards to reduce future tax payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the degradation, failure or misuse of Liberty Live and Liberty Media's information systems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the ability of Liberty Media, Liberty Live and their respective subsidiaries and business affiliates to comply with government regulations, including, without limitation competition laws and adverse outcomes from regulatory proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the regulatory and competitive environment of the industries in which Liberty Live, Liberty Media, and the entities in which Liberty Media has interests, operate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • changes in the nature of key strategic relationships with partners, vendors and joint venturers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the ability of Live Nation and its ticketing clients to anticipate or respond to changes in consumer preferences;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • changes in the nature of Live Nation's and Quint's relationships between key promoters, executives, agents, managers, artists and clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the ability of Live Nation to maintain or increase its current revenue in the face of intense competition in the live music and ticketing industries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • economic and other factors affecting entertainment, sporting and leisure events;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the ability of Live Nation to lease, acquire and develop live music venues;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the risk of personal injury or other claims in connection with Live Nation's live music events and Quint's sports and entertainment events;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the risk of poor weather adversely affecting attendance at Live Nation's live music events and Quint's sports and entertainment events;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the impact of events involving the assets and business market value of the New Liberty Live Group common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • fluctuations in currencies against the U.S. dollar;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Liberty Live and/or Liberty Media's directors' or officers' equity ownership may create the appearance of conflicts of interest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • geopolitical incidents, accidents, terrorist acts, international conflicts, natural disasters, including the effects of climate change, or other events that cause one or more events to be canceled or postponed, are not covered by insurance, or cause reputational damage to Liberty Media's or Liberty Live's respective subsidiaries and business affiliates.

These forward-looking statements and such risks, uncertainties and other factors speak only as of the date of this proxy statement/notice/prospectus (or, as to documents incorporated by reference, the date of such documents), and Liberty Media and Liberty Live expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein or therein, to reflect any change in the expectations of Liberty Media or Liberty Live with regard thereto, or any other change in events, conditions or circumstances on which any such statement is based. When considering such forward-looking statements, you should keep in mind the factors described in "Risk Factors" and other cautionary statements contained or incorporated by reference in this proxy statement/notice/prospectus. Such risk factors and statements describe circumstances that could cause actual results to differ materially from those contained in any forward-looking statement.

This proxy statement/notice/prospectus includes information concerning public companies in which Liberty Media has controlling and non-controlling interests that file reports and other information with the SEC in accordance with the Exchange Act. Information in this proxy statement/notice/prospectus

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concerning those companies has been derived from the reports and other information filed by them with the SEC. If you would like further information about these companies, the reports and other information they file with the SEC can be accessed on the Internet website maintained by the SEC at www.sec.gov. Those reports and other information are not incorporated by reference in this proxy statement/notice/prospectus.

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#### THE PROPOSED TRANSACTIONS

#### Background of the Split-Off

#### Liberty Media's Capital Structure
The board of directors of Liberty Media periodically reviews with management the strategic goals and prospects of its various businesses, equity affiliates and other investments. In 2016, Liberty Media recapitalized its common stock into three tracking stock groups, the Liberty SiriusXM Group, the Braves Group and the Liberty Media Group (which was renamed the Formula One Group following the acquisition by Liberty Media of Formula One in January 2017), for the purpose of creating greater transparency for the assets and liabilities attributed to each group, among other reasons. 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 Liberty Media as a whole.

In April 2020, Liberty Media's board of directors approved the immediate reattribution of certain assets and liabilities between the Formula One Group and the Liberty SiriusXM Group. The assets and liabilities reattributed from the Formula One Group to the Liberty SiriusXM Group were valued at $2.8 billion and $1.3 billion, respectively. Similarly, $1.5 billion of net asset value was reattributed from the Liberty SiriusXM Group to the Formula One Group.

On July 18, 2023, Liberty Media completed the split-off (the **Atlanta Braves Holdings Split-Off**) of its wholly owned subsidiary, Atlanta Braves Holdings, Inc. (**Atlanta Braves Holdings**). The Atlanta Braves Holdings Split-Off was accomplished by a redemption by Liberty Media of each outstanding share of each series of Liberty Braves common stock in exchange for one share of the corresponding series of Atlanta Braves Holdings common stock. Atlanta Braves Holdings was comprised of the businesses, assets and liabilities attributed to the Liberty Braves Group (the **Braves Group**) immediately prior to the Atlanta Braves Holdings Split-Off, except for the intergroup interests in the Braves Group attributed to the Liberty SiriusXM Group and the Formula One Group, which were settled and extinguished in connection with the Atlanta Braves Holdings Split-Off.

On August 3, 2023, Liberty Media reclassified its then-outstanding shares of common stock into three new tracking stocks — Liberty SiriusXM common stock, Liberty Formula One common stock and Liberty Live common stock, and, in connection therewith, provided for the attribution of the businesses, assets and liabilities of Liberty Media's remaining tracking stock groups among its newly created Liberty SiriusXM Group, Formula One Group and Liberty Live Group (the **Reclassification**). As a result of the Reclassification, each then-outstanding share of each series of Liberty SiriusXM common stock was reclassified into one share of the corresponding series of new Liberty SiriusXM common stock and 0.2500 of a share of the corresponding series of Liberty Live common stock and each outstanding share of each series of Liberty Formula One common stock was reclassified into one share of the corresponding series of new Liberty Formula One common stock and 0.0428 of a share of the corresponding series of Liberty Live common stock, in each case, with cash paid in lieu of any fractional shares of Liberty Live common stock.

On September 9, 2024, Liberty Media completed the split-off (the **Liberty Sirius XM Holdings Split-Off**) of its wholly owned subsidiary, Liberty Sirius XM Holdings Inc. (**Liberty Sirius XM Holdings**). The Liberty Sirius XM Holdings Split-Off was accomplished through the redemption by Liberty Media of each outstanding share of Liberty SiriusXM common stock in exchange for 0.8375 of a share of Liberty Sirius XM Holdings common stock, with cash paid in lieu of fractional shares. Liberty Sirius XM Holdings was comprised of the businesses, assets and liabilities attributed to the Liberty SiriusXM Group immediately prior to the Liberty Sirius XM Holdings Split-Off.

Following the Liberty Sirius XM Holdings Split-Off, on September 9, 2024, a wholly owned subsidiary of Liberty Sirius XM Holdings merged with and into Sirius XM Holdings Inc., with Sirius XM Holdings Inc. surviving the merger as a wholly owned subsidiary of Liberty Sirius XM Holdings (the **Merger** and, together with the Liberty Sirius XM Holdings Split-Off, the **Sirius XM Transactions**). As a result of the Sirius XM Transactions, Liberty Sirius XM Holdings became an independent public company, separate from Liberty Media.

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While the Liberty Live Group and the Formula One Group have separate collections of businesses, assets and liabilities attributed to them, neither group is a separate legal entity and therefore neither group can own assets, issue securities or enter into legally binding agreements. Therefore, the Liberty Live 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 assets and therefore do not own, by virtue of their ownership of a Liberty Media tracking stock, any equity or voting interest in a public company other than Liberty Media, such as Live Nation, in which Liberty Media holds an interest that is attributed to the Liberty Live Group. Holders of a tracking stock are also not represented by separate boards of directors. Instead, holders of a tracking stock are stockholders of Liberty Media, with a single board of directors and subject to all of the risks and liabilities of Liberty Media as a whole.

The outstanding shares of Liberty Live common stock are intended to track and reflect the separate economic performance of the businesses, assets and liabilities attributed to the Liberty Live Group, which, prior to the Reattribution, are comprised primarily of Liberty Media's interest in Live Nation, Liberty Media's interests in certain private assets, the 2.375% Exchangeable Senior Debentures due 2053, the undrawn Margin Loan, the 2025 Forward Contracts, and corporate cash.

The outstanding shares of Liberty Formula One common stock are intended to track and reflect the separate economic performance of the businesses, assets and liabilities attributed to the Formula One Group, which, prior to the Reattribution, are comprised primarily of all of the businesses, assets and liabilities of Liberty Media, other than those specifically attributed to the Liberty Live Group, including Liberty Media's interest in Formula 1, Dorna, Quint, corporate cash and Liberty Media's 2.25% Cash Convertible Notes due 2027.

Although the public markets have historically responded favorably to Liberty Media's tracking stock structure, Liberty Media believes that the public markets continue to apply a meaningful discount to the Liberty Formula One common stock and the Liberty Live common stock as compared to the underlying value of the businesses and assets of each group, and Liberty Media management began to re-evaluate the benefits of keeping Quint and the businesses attributed to its Liberty Live Group under the same parent company with the businesses attributed to its Formula One Group. As a result, in November 2024, the Liberty Media board authorized management to proceed with a plan to pursue the Split-Off.

#### The Split-Off
Liberty Live is a newly formed, wholly owned subsidiary of Liberty Media. Upon completion of the Split-Off, Liberty Live will be an independent company and Liberty Media will not retain any ownership interest in Liberty Live. Upon the completion of the Split-Off, Liberty Live's businesses, assets and liabilities will be comprised of, among other things, all of Liberty Media's shares of Live Nation Common Stock, which represents approximately 30% of the outstanding shares of Live Nation Common Stock as of April 24, 2025, corporate cash, Liberty Media's interest in certain private assets, including Liberty Media's wholly owned subsidiary, Quint, the 2.375% Exchangeable Senior Debentures due 2053, the undrawn Margin Loan, and the 2025 Forward Contracts, and will exclude the Liberty Live Group Excluded Assets.

#### Reasons for the Split-Off
As discussed above, Liberty Media's management and board of directors periodically review the performance of Liberty Media to evaluate and respond to strategic opportunities and to determine if changes to its capital structure would better maximize stockholder value. Based on that review, Liberty Media's management and board of directors have determined that its current capital structure does not provide investors with sufficient clarity as to all of its businesses and assets and that trading discounts have been associated with Liberty Media's tracking stocks (and in particular, the Liberty Live common stock). Liberty Media believes that this has resulted in its existing common stock trading at a discount to the aggregate value of its businesses and assets. Accordingly, the Liberty Media board of directors has determined to effect a change in its capital structure by implementing the Split-Off.

In determining to approve the Split-Off, the Liberty Media board of directors believes that the Split-Off will benefit Liberty Media and its businesses and result in the creation of stockholder value (and

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consequent benefits to Liberty Media and Liberty Live) because, among other things, the aggregate trading value of New Liberty Live Group common stock and Liberty Formula One common stock is expected to exceed the aggregate trading value of Liberty Media's existing common stock, although there can be no assurance that this will occur. The Liberty Media board of directors determined that separating Liberty Live from Liberty Media through the Split-Off is appropriate, advisable and in the best interests of Liberty Media and its stockholders. The Liberty Media board of directors determined that the Split-Off would be more beneficial to Liberty Media and its businesses and result in greater stockholder value (and consequent benefits to Liberty Media and Liberty Live) as compared to alternative transactions. The Liberty Media board of directors took into account a number of factors (none of which can be guaranteed to occur) when approving the Split-Off, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Reduction of historical trading discount*. The Split-Off is expected to cause the trading discount applied to the Liberty Live common stock and the Liberty Formula One common stock, respectively, to be reduced. As a result of the Split-Off, Liberty Media and Liberty Live will be separately traded companies, and neither company will have tracking stock outstanding immediately following the consummation of the Split-Off. The elimination of the tracking stock structure should serve to reduce the key drivers associated with the historical discount applied to Liberty Media's tracking stocks, including a reduction of the complexity of Liberty Media's capital structure and uncertainty surrounding the allocation of capital resources and future corporate opportunities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Eligibility for Certain Stock Indices*. Liberty Media's tracking stock structure currently limits its investor base because tracking stocks are excluded from certain indices. Following the Split-Off and the elimination of Liberty Media's tracking stock structure, the Series C Liberty Formula One common stock would become eligible for inclusion in the S&P 500, which could create net incremental buying demand for such stock if selected for inclusion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Acquisitions by Liberty Media and Liberty Live.* The improved market recognition of the value of the businesses and assets of Liberty Media and Liberty Live resulting from the Split-Off, including the more efficiently priced acquisition currencies in the Liberty Formula One common stock and New Liberty Live Group common stock, would enhance the ability of each of Liberty Media and Liberty Live to issue its equity for purposes of making strategic acquisitions with less dilution to each company's respective stockholder base. Further, following the Split-Off and the creation of independent pure-play companies, the stock of each of Liberty Media and Liberty Live is expected to be a more attractive and less complicated form of acquisition currency for target companies and their stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Capital raising by Liberty Media and Liberty Live.* The Split-Off will provide Liberty Media and Liberty Live with their own independent equity currency that each company will be able to use to raise capital at more efficient valuations for organic growth and in responding to strategic opportunities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Attract and retain qualified personnel*. The Split-Off is expected to enhance the ability of Liberty Media and Liberty Live to retain and attract qualified personnel by enabling each company to grant equity incentive awards based on its own publicly traded equity with less dilution to its stockholders (as a result of the expected reduction in the discount associated with its equity) and will further enable each company to more effectively tailor employee benefit plans and retention programs and provide improved incentives to the management, employees and future hires of each company that will better and more directly align the incentives for each company's management and employees with their performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Expectation for tax-free transaction*. The Liberty Media board of directors' expectation is that the Split-Off will be completed in a manner that is generally tax-free to Liberty Media and its stockholders.

The Liberty Media board of directors also considered a number of potential negative aspects and risks in approving the Split-Off, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the risk of being unable to achieve the benefits expected from the Split-Off;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the potential disruption of the businesses of Liberty Media, as its management and employees devote time and resources to completing the Split-Off;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the substantial costs of effecting the Split-Off and continued compliance with legal and other requirements applicable to two separate public reporting companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the significant potential tax liabilities that could arise if the IRS were to successfully assert that the Split-Off is taxable to Liberty Media and/or to the holders of Liberty Live common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the significant potential indemnification obligations of Liberty Live to Liberty Media under the Tax Sharing Agreement if the IRS were successful in such a claim and that such indemnification obligations are not subject to a cap;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the risk that Liberty Live may determine to forgo certain transactions that might otherwise be advantageous for some period of time following the Split-Off as a result of Liberty Live's potential indemnification obligations to Liberty Media under the Tax Sharing Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the interests of Liberty Media's directors and executive officers in the Split-Off described under "The Proposed Transactions — Interests of Certain Persons".

Liberty Media's board of directors evaluated the costs and benefits of the Split-Off as a whole and did not find it necessary to assign relative weights to the specific factors considered. Liberty Media's board of directors concluded, however, that the potential benefits of the Split-Off outweighed the potential costs of such transaction, and that separating Liberty Live from Liberty Media by redeeming each outstanding share of LLYVA, LLYVB and LLYVK in exchange for one share of the corresponding series of New Liberty Live Group common stock is generally tax efficient and is necessary, appropriate, advisable and in the best interests of Liberty Media and its stockholders in order to retire the Liberty Live common stock.

#### The Liberty Media board of directors unanimously recommends that the holders of shares of LLYVA and LLYVB vote "FOR" the Split-Off Proposal.

#### Interests of Certain Persons
When considering the recommendation of the Liberty Media board of directors with respect to the Split-Off Proposal and the Adjournment Proposal, holders of shares of LLYVA and LLYVB should be aware that certain of Liberty Media's directors and executive officers may be deemed to have interests in the Split-Off that are different from, or in addition to, those of holders of shares of Liberty Live common stock. These interests may present such persons with actual or potential conflicts of interest. The Liberty Media board of directors was aware of these interests during the deliberations of the merits of the Split-Off, and in deciding to recommend that you vote for each of the Split-Off Proposal and the Adjournment Proposal. These interests include the following:

Derek Chang, President and Chief Executive Officer and a director of Liberty Media will serve on the board of directors of Liberty Live following the completion of the Split-Off. Robert R. Bennett, who is expected to serve as the Chairman of the board of directors of Liberty Live, is also the Vice Chairman of the board of directors of Liberty Media. Chad R. Hollingsworth, who is expected to serve as President and Chief Executive Officer of Liberty Live following the completion of the Split-Off, is also a Senior Vice President of Liberty Media. See "Risk Factors — Factors Relating to Liberty Live's Corporate History and the Split-Off — Liberty Live is expected to have overlapping directors and officers with Liberty Media, which may lead to conflicting interests" for a discussion of the conflicts that could arise as a result of their positions with Liberty Media and Liberty Live. Holders of shares of LLYVA and LLYVB should also be aware that certain current executive officers of Liberty Media will also serve as executive officers of Liberty Live immediately following the Split-Off. In addition, Liberty Live and Liberty Media will enter into the Services Agreement pursuant to which Liberty Live will pay Liberty Media a monthly management fee on a fixed fee basis, the amount of which will be subject to quarterly review by Liberty Live's audit committee, in exchange for the provision of certain administrative and management services by Liberty Media and its employees, including the services of its executive officers. Liberty Live may establish, and grant directly to, certain employees Liberty Live's allocable portion of the employees' annual equity-based awards. See "Executive Compensation of Liberty Live" beginning on page [103](#tECOL) for more information on the Services Agreement and certain other aspects of the executive officers' compensation. Furthermore, the directors and executive officers of Liberty Media and Liberty Live currently have indemnification protections for their service as directors and executive officers pursuant to the organizational documents of Liberty

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Media and Liberty Live, as applicable, and the directors and executive officers of Liberty Media and Liberty Live have entered into and/or will enter into indemnification agreements with Liberty Media and Liberty Live, respectively. In addition, directors and executive officers of Liberty Media and Liberty Live have insurance protections under Liberty Media's director and officer liability insurance policies. For any directors or executive officers of Liberty Media that will serve as directors or executive officers of Liberty Live following the completion of the Split-Off, Liberty Live will obtain director and officer liability insurance to cover all directors and executive officers of Liberty Live from and after completion of the Split-Off.

Executive officers and directors of Liberty Media, other than Mr. Malone, hold original Liberty Live options and original Liberty Live RSUs. As described in more detail below under "The Split-Off Proposal — Effect of the Split-Off on Outstanding Original Liberty Live Equity Awards," in connection with the Split-Off:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • each holder of an original Liberty Live option outstanding at the Split-Off Effective Time will receive, in substitution for such original Liberty Live option, a Liberty Live option, whereby the exercise price of and the number and series of shares of New Liberty Live Group common stock subject to the Liberty Live option will be the same as those associated with the original Liberty Live option award prior to the Split-Off and, except as described above, all other terms of the Liberty Live option (including, for example, the vesting terms thereof) will, in all material respects, be the same as those of the original Liberty Live option; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • each holder of an original Liberty Live RSU outstanding at the Split-Off Effective Time will receive, in substitution for such original Liberty Live RSU, a Liberty Live RSU, whereby the number and series of shares of New Liberty Live Group common stock subject to such Liberty Live RSU will be the same as the number and series of shares of Liberty Live common stock subject to the corresponding original Liberty Live RSU and, except as described above, all other terms of the Liberty Live RSUs (including, for example, the vesting terms thereof) will, in all material respects, be the same as those of the original Liberty Live RSU.

In addition, Liberty Media has previously entered into the Liberty Media Exchange Agreement with Mr. Malone and the JM Trust, whereby, among other things, Mr. Malone agreed to an arrangement under which his aggregate voting power in Liberty Media would not exceed 49% plus 0.5% (under certain circumstances). The terms and conditions of the Liberty Media Exchange Agreement will continue to apply to Liberty Media and the Liberty Formula One common stock upon completion of the Split-Off. Mr. Malone is not expected to be an officer or director of Liberty Live, thus, pursuant to the terms of the Liberty Media Exchange Agreement, Liberty Live and Mr. Malone will not be required to and are not expected to enter into such an arrangement in connection with the Split-Off.

[As of the date of this proxy statement/notice/prospectus, to Liberty Media's knowledge, Liberty Media's executive officers and directors intend to vote all of the shares of LLYVA and LLYVB beneficially owned by them and that are entitled to vote in favor of the Split-Off Proposal and the Adjournment Proposal.] As of the record date, Liberty Media's executive officers and directors beneficially owned and were entitled to vote, in the aggregate, approximately [ ] % of the voting power of the shares of LLYVA and LLYVB outstanding as of that date.

The Liberty Media board of directors was aware of these interests and considered them when it approved the Split-Off Proposal and the Adjournment Proposal.

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#### THE SPECIAL MEETING

#### Time, Place and Date
The Special Meeting is to be held at [ ], Mountain time, on [ ], 2025. The meeting will be held via the Internet and will be a completely virtual meeting of stockholders. You may attend the meeting, submit questions and vote your shares electronically during the meeting via the Internet by visiting www.virtualshareholdermeeting.com/[ ]. To enter the meeting, you will need the 16-digit control number that is printed in the box marked by the arrow on your proxy card. It is recommended that you log in at least fifteen minutes before the meeting to ensure that you are logged in when the meeting starts. Online check-in will start shortly before the meeting on [ ], 2025.

#### Purpose
At the Special Meeting, holders of shares of LLYVA and LLYVB will be asked to vote on the following proposals:

***Split-Off Proposal***. Holders of shares of LLYVA and LLYVB will be asked to consider and vote on the Split-Off Proposal to approve the redemption by Liberty Media of each outstanding share of LLYVA, LLYVB and LLYVK for one share of the corresponding series of New Liberty Live Group common stock.

Please see "The Split-Off Proposal" for more information regarding the Split-Off Proposal.

***Adjournment Proposal****.* In addition, holders of shares of LLYVA and LLYVB will be asked to consider and vote to approve the adjournment of the Special Meeting by Liberty Media from time to time to solicit additional proxies in favor of the Split-Off Proposal, if there are insufficient votes at the time of such adjournment to approve the Split-Off Proposal or if otherwise determined by the chairperson of the meeting to be necessary or appropriate.

Please see "Adjournment Proposal" for more information regarding the Adjournment Proposal.

#### Quorum
In order to conduct the business of the Special Meeting, a quorum must be present. This means that the holders of a majority in aggregate voting power represented by the shares of LLYVA and LLYVB outstanding on the record date and entitled to vote at the Special Meeting must be represented at the Special Meeting either in person or by proxy. For purposes of determining a quorum, your shares of LLYVA and LLYVB will be included as represented at the meeting even if you indicate on your proxy that you abstain from voting. If you do not instruct your broker, bank or nominee how to vote your shares, they will have no effect on each of the Split-Off Proposal and the Adjournment Proposal (if a quorum is present). You should follow the directions your broker, bank or other nominee provides to you regarding how to vote your shares of LLYVA and LLYVB or when granting or revoking a proxy. Applicable Nasdaq rules that prohibit discretionary voting by brokers with respect to the Split-Off Proposal or Adjournment Proposal may make it more difficult to establish a quorum at the Special Meeting. If a quorum is not present at the Special Meeting, Liberty Media expects the chairman of the meeting to adjourn the meeting in accordance with the terms of Liberty Media's bylaws for the purpose of soliciting additional proxies.

#### Who May Vote
Holders of record of shares of LLYVA and LLYVB, in each case, outstanding as of 5:00 p.m., New York City time, on [ ], 2025 (such date and time, the **record date** for the Special Meeting) will be entitled to vote on each of the Split-Off Proposal and the Adjournment Proposal. Holders of Liberty Formula One common stock and holders of LLYVK are not being asked to vote, and are not entitled to vote, on either of the Split-Off Proposal or the Adjournment Proposal because such vote is not required by Liberty Media's certificate of incorporation, Liberty Media's bylaws or the laws of the State of Delaware.

#### Votes Required
***Split-Off Proposal***. The Split-Off Proposal requires the affirmative vote of the holders of a majority of the aggregate voting power of the shares of LLYVA and LLYVB outstanding as of the record date, in

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each case, entitled to vote on such proposal and that are present in person or by proxy at the Special Meeting, voting together as a separate class.

[As of the date of this proxy statement/notice/prospectus, to Liberty Media's knowledge, Liberty Media's executive officers and directors intend to vote all of the shares of LLYVA and LLYVB beneficially owned by them and that are entitled to vote in favor of the Split-Off Proposal and the Adjournment Proposal.] As of the record date, Liberty Media's executive officers and directors beneficially owned and were entitled to vote, in the aggregate, approximately [ ]% of the voting power of the shares of LLYVA and LLYVB outstanding as of that date. Immediately following the Split-Off, Liberty Live will not be deemed a "controlled company" under applicable exchange listing standards.

***Adjournment Proposal***. The Adjournment Proposal requires the affirmative vote of the holders of a majority of the aggregate voting power of the shares of LLYVA and LLYVB outstanding as of the record date, in each case, entitled to vote on such proposal and that are present in person or by proxy at the Special Meeting, voting together as a separate class.

[As of the date of this proxy statement/notice/prospectus, to Liberty Media's knowledge, Liberty Media's executive officers and directors intend to vote all of the shares of LLYVA and LLYVB beneficially owned by them and that are entitled to vote in favor of the Split-Off Proposal and the Adjournment Proposal.] As of the record date, Liberty Media's executive officers and directors beneficially owned and were entitled to vote, in the aggregate, approximately [ ]% of the voting power of the shares of LLYVA and LLYVB outstanding as of that date.

#### Liberty Media is seeking approval from holders of shares of LLYVA and LLYVB of each of the Split-Off Proposal and the Adjournment Proposal.
You are encouraged to vote "**FOR**" both of the proposals presented in this proxy statement/notice/prospectus.

#### Votes You Have
Pursuant to Liberty Media's certificate of incorporation, with respect to each of the Split-Off Proposal and the Adjournment Proposal, each holder of record of shares of LLYVA is entitled to one vote per share and each holder of record of shares of LLYVB is entitled to ten votes per share.

#### Shares Outstanding
As of [ ], 2025, the record date for the Special Meeting, an aggregate of [ ] shares of LLYVA and [ ] shares of LLYVB were issued and outstanding and entitled to vote at the Special Meeting.

#### Number of Holders
There were, as of the record date for the Special Meeting, approximately [ ] and [ ] record holders of shares of LLYVA and LLYVB, respectively (which amounts do not include the number of stockholders whose shares are held of record by banks, brokers or other nominees, but include each such institution as one holder).

#### Voting Procedures for Record Holders
If you are a stockholder of record, you may also vote via the Internet during the Special Meeting by visiting www.virtualshareholdermeeting.com/[ ]. To enter the Special Meeting, you will need the 16-digit control number that is printed in the box marked by the arrow on your proxy card. It is recommended that you log in at least fifteen minutes before the meeting to ensure that you are logged in when the meeting starts. Online check-in will start shortly before the meeting on [ ], 2025.

#### Voting via the Internet or by Telephone.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • To submit your proxy via the Internet, go to www.proxyvote.com. Have your proxy card in hand when you access the website and follow the instructions to vote your shares.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • To submit your proxy by telephone, call 1-800-690-6903. Have your proxy card in hand when you call and then follow the instructions to vote your shares.

If you vote via the Internet or by telephone, you must do so no later than 11:59 p.m., New York City time, on [ ], 2025.

***Voting by Mail***. As an alternative to submitting your proxy via the Internet or by telephone, you may submit your proxy by mail. To submit your proxy by mail, simply mark your proxy card, date and sign it and return it in the postage-paid envelope. If you do not have the postage-paid envelope, please mail your completed proxy card to the following address: Vote Processing, c/o Broadridge, 51 Mercedes Way, Edgewood, NY 11717.

If you send the proxy by mail, there may be unexpected delays in mail processing times. You should allow a sufficient number of days to ensure delivery as your proxy must be received by the day immediately prior to the date of the Special Meeting.

Unless subsequently revoked, shares of LLYVA and LLYVB represented by a proxy submitted as described herein and received at or before the Special Meeting will be voted in accordance with the instructions on the proxy.

**YOUR VOTE IS IMPORTANT**. It is recommended that you vote by proxy even if you plan to attend the Special Meeting. You may change your vote at the Special Meeting.

If you submit a proxy but do not indicate how you want to vote, your proxy will be counted as a vote "**FOR**" the approval of each of the Split-Off Proposal and the Adjournment Proposal.

If you submit a proxy in which you indicate that you abstain from voting, your shares will count as present for purposes of determining a quorum, but your proxy will have the same effect as a vote "**AGAINST**" each of the Split-Off Proposal and the Adjournment Proposal.

If you do not submit a proxy and you do not vote online at the Special Meeting, your shares will not be counted as present and entitled to vote for purposes of determining a quorum. Your failure to vote will have no effect on determining whether the Split-Off Proposal or the Adjournment Proposal are approved (if a quorum is present).

#### Voting Procedures for Shares Held in Street Name
If you hold your shares in the name of a broker, bank or other nominee, you should follow the instructions provided by your broker, bank or other nominee when voting your shares of LLYVA and LLYVB or when granting or revoking a proxy.

#### Revoking a Proxy
You may change your vote by attending the Special Meeting online and voting via the Internet at the Special Meeting or by delivering a signed proxy revocation or a new signed proxy with a later date to Vote Processing, c/o Broadridge, 51 Mercedes Way, Edgewood, NY 11717. **Any signed proxy revocation or later-dated proxy must be received by the day immediately prior to the date of the Special Meeting.** In addition, you may change your vote through the Internet or by telephone (if you originally voted by the corresponding method) not later than 11:59 p.m., New York City time, on [ ], 2025. Your attendance at the Special Meeting will not, by itself, revoke your proxy.

If your shares are held in an account by a broker, bank or other nominee who you previously contacted with voting instructions, you should contact your broker, bank or other nominee to change your vote.

#### Solicitation of Proxies
The accompanying proxy for the Special Meeting is being solicited on behalf of the Liberty Media board of directors. In addition to this mailing, Liberty Media's employees may solicit proxies personally or by telephone. Liberty Media pays the cost of soliciting these proxies. Liberty Media also reimburses brokers and other nominees for their expenses in sending these materials to you and getting your voting instructions.

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Liberty Media has also retained D.F. King & Co., Inc. to assist in the solicitation of proxies at a cost of $12,500, plus reasonable out-of-pocket expenses.

If you have any further questions about voting or attending the Special Meeting, please contact Liberty Media's Investor Relations at (877) 772-1518 or its proxy solicitor, D.F. King & Co., Inc., at (212) 269-5550 (brokers and banks only) or (800) 549-6697 (toll free) or libertymedia@dfking.com.

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#### THE SPLIT-OFF PROPOSAL

#### General
Under the terms of Liberty Media's certificate of incorporation, the Liberty Media board of directors may, subject to the requisite approval of the holders of shares of LLYVA and LLYVB voting together as a separate class, redeem all of the outstanding shares of Liberty Live common stock for outstanding shares of New Liberty Live Group common stock. The Liberty Media board of directors has determined to redeem each outstanding share of Liberty Live common stock for one share of the corresponding series of New Liberty Live Group common stock, subject to the receipt of the requisite stockholder approval and the satisfaction or, if permissible, waiver of the other conditions described below.

Accordingly, the Liberty Media board of directors has determined to submit the Split-Off Proposal for the approval of the holders of shares of LLYVA and LLYVB.

#### The Split-Off
Pursuant to the Split-Off Proposal, holders of shares of LLYVA and LLYVB voting together as a separate class are being asked to approve the Redemption. As a result of the Split-Off, the businesses, assets and liabilities of Liberty Live will consist of the Liberty Live Assets and Liabilities and Liberty Live will be an independent company. A more complete description of the business and assets that will be held by Liberty Live at the time of the Split-Off can be found in "Description of Business of Liberty Live" in this proxy statement/notice/prospectus.

New Liberty Live Group common stock will be divided into three series with different voting rights. Liberty Live's restated articles will contain many similar provisions to Liberty Media's certificate of incorporation; however, Liberty Live is a Nevada corporation and the application of Nevada law to holders of New Liberty Live Group common stock will differ in certain material respects from the application of Delaware law to holders of Liberty Live common stock. For a comparison of rights of holders of New Liberty Live Group common stock and Liberty Live common stock, please see "Description of Liberty Live Capital Stock and Comparison of Stockholder Rights" in this proxy statement/notice/prospectus.

Following the Second Contribution, and subject to the approval of the Split-Off Proposal by the holders representing a majority of the aggregate voting power of the shares of LLYVA and LLYVB outstanding as of the record date, in each case, entitled to vote on such matter and that are present in person or by proxy at the Special Meeting, voting together as a separate class, and the satisfaction or, if permissible, waiver of all conditions to the Split-Off, Liberty Media will redeem each outstanding share of Liberty Live common stock for one share of the corresponding series of New Liberty Live Group common stock.

The actual date on which the Split-Off will become effective will be established by the Liberty Media board of directors following the satisfaction or, where permissible, waiver of all conditions to the Split-Off (other than those which by their terms can only be satisfied concurrently with the Split-Off Effective Time). Once established, the Split-Off Effective Time will be publicly announced by Liberty Media. The Split-Off Effective Time would be [ ], New York City time, on the effective date of the Split-Off.

#### Effect of the Split-Off
From and after the Split-Off Effective Time, holders of Liberty Live common stock will no longer have any rights with respect to their shares of Liberty Live common stock, except for the right to receive the applicable series and the whole number of shares of New Liberty Live Group common stock to which such holders are entitled.

The number of shares of Liberty Formula One common stock outstanding prior to the Split-Off will not change as a result of the Split-Off. Following the Split-Off, there will no longer be any LLYVA, LLYVB or LLYVK shares outstanding. As a result, following the Split-Off, the voting rights and liquidation units associated with the outstanding shares of Liberty Live common stock will be eliminated.

#### Exchange of Shares of Liberty Live Common Stock
Accounts holding shares of Liberty Live common stock in book-entry form will be debited for the applicable series and number of shares to be redeemed as of the Split-Off Effective Time, and promptly

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thereafter credited with the applicable series and number of shares of New Liberty Live Group common stock. Registration in book-entry form refers to a method of recording stock ownership when no physical share certificates are issued to stockholders, as is the case in the Split-Off. No letters of transmittal will be delivered to holders of shares in book-entry form, and holders of book-entry shares of Liberty Live common stock will not need to take any action to receive their shares of New Liberty Live Group common stock in the Split-Off.

#### Conditions to the Split-Off
Liberty Media's board of directors has reserved the right, in its sole discretion, to amend, modify, delay or abandon the Split-Off and the related transactions at any time prior to the Split-Off Effective Time. The completion of the Split-Off and related transactions are subject to the satisfaction (as determined by the Liberty Media board of directors in its sole discretion), of the following conditions, two of which may be waived by the Liberty Media board of directors in its sole discretion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) the receipt of the requisite stockholder approval of the Split-Off Proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) the receipt of the opinion of Skadden Arps, dated as of the Redemption Date and in form and substance reasonably acceptable to Liberty Media, to the effect that, for U.S. federal income tax purposes, (i) the Redemption, taken together with the Contributions, will qualify as a tax-free transaction under Section 355, Section 368(a)(1)(D) and related provisions of the Code, (ii) no gain or loss will be recognized by Liberty Media in the Contributions or the transfer of New Liberty Live Group common stock pursuant to the Redemption, and (iii) no gain or loss will be recognized by, and no amount will be included in the income of, holders of Liberty Live common stock upon the receipt of shares of New Liberty Live Group common stock in the Redemption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3) the effectiveness under the Securities Act of the registration statement, of which this proxy statement/notice/prospectus forms a part, relating to the Split-Off and the issuance of the shares of New LLYVA, New LLYVB and New LLYVK in the Split-Off;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4) the effectiveness of the registration of the shares of New LLYVA and New LLYVK under Section 12(b) of the Exchange Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5) the approval of Nasdaq for the listing of the shares of New LLYVA and New LLYVK;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6) (i) any waiting period (and any extension thereof), and any commitments not to close before a certain date under a timing agreement entered into with a governmental authority, applicable to any Liberty Media representative's receipt of New Liberty Live Group common stock under the HSR Act shall have expired or early termination thereof shall have been granted and (ii) any approval of a governmental authority required under any other law set forth in an exhibit attached to the Reorganization Agreement shall have been obtained or deemed to have been obtained under such applicable law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7) the receipt of any other regulatory or contractual approvals that Liberty Media's board of directors determines to obtain.

The first five conditions set forth above are non-waivable. The Liberty Media board of directors may, however, waive the sixth and seventh condition set forth above. In the event the Liberty Media board of directors waives a material condition to the Split-Off, Liberty Media intends to promptly issue a press release and file a Current Report on Form 8-K to report such event.

#### Effect of the Split-Off on Outstanding Original Liberty Live Equity Awards
Original Liberty Live options, original Liberty Live RSUs and original Liberty Live restricted shares have been granted to various directors and current and former employees of Liberty Media and certain of its subsidiaries pursuant to the various stock incentive plans administered by the Liberty Media board of directors or the compensation committee thereof. Below is a description of the effect of the Split-Off on these outstanding original Liberty Live Equity Awards.

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#### Option Awards
Each holder of an original Liberty Live option at the Split-Off Effective Time will receive, in substitution for such original Liberty Live option, a Liberty Live option. The exercise price of and the number and series of shares of New Liberty Live Group common stock subject to the Liberty Live option will be the same as those associated with the original Liberty Live option prior to the Split-Off.

Except as described above, all other terms of the Liberty Live option (including, for example, the vesting terms thereof) will, in all material respects, be the same as those of the original Liberty Live option.

#### Restricted Stock Units
Each holder of an original Liberty Live RSU at the Split-Off Effective Time will receive, in substitution for such original Liberty Live RSU, a Liberty Live RSU. The number and series of shares of New Liberty Live Group common stock subject to such Liberty Live RSU will be the same as the number and series of shares of Liberty Live common stock subject to the corresponding original Liberty Live RSU. Except as described above, all other terms of the Liberty Live RSUs (including, for example, the vesting terms thereof) will, in all material respects, be the same as those of the original Liberty Live RSU.

#### Restricted Stock Awards
In the Split-Off, each original Liberty Live restricted share will be redeemed for one Liberty Live restricted share. Except as described above, all other terms of the new Liberty Live restricted shares (including, for example, the vesting terms thereof) will, in all material respects, be the same as those of the original Liberty Live restricted share.

#### Transitional Plan
All of the Liberty Live Equity Awards will be issued pursuant to the Liberty Live Holdings, Inc. Transitional Stock Adjustment Plan (the **Transitional Plan**), a copy of which will be filed with the SEC as an exhibit to the Registration Statement on Form S-4. The Transitional Plan will govern the terms and conditions of the Liberty Live Equity Awards but will not be used to make any grants following the Split-Off.

#### Effect of the Split-Off on Outstanding Liberty Formula One Equity Awards
Options to purchase shares of Liberty Formula One common stock, RSUs with respect to shares of Liberty Formula One common stock and restricted shares of Liberty Formula One common stock have been granted to various directors and current and former employees of Liberty Media and certain of its subsidiaries pursuant to the various stock incentive plans administered by the Liberty Media board of directors or the compensation committee thereof. The Split-Off will not, itself, have any impact on these outstanding equity awards.

#### Conduct of the Business of the Liberty Live Group if the Split-Off is Not Completed
If the Split-Off is not completed, Liberty Media intends to continue to conduct the business of the Liberty Live Group as a tracking stock group of Liberty Media substantially in the same manner as it is operated today. From time to time, Liberty Media will evaluate and review its business operations, properties, dividend policy and capitalization, and make such changes as are deemed appropriate, and continue to seek to identify strategic alternatives to maximize stockholder value.

#### Accounting Treatment
The Split-Off will be accounted for at historical cost due to the fact that New Liberty Live Group common stock will be exchanged pro-rata for shares of Liberty Live common stock.

#### No Appraisal Rights
Under the DGCL, holders of Liberty Live common stock will not be entitled to exercise appraisal rights in connection with the Split-Off.

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#### Results of the Split-Off
Immediately following the completion of the Split-Off, Liberty Live expects to have outstanding approximately [ ] shares of New LLYVA, approximately [ ] shares of New LLYVB and approximately [ ] shares of New LLYVK, based upon the number of shares of LLYVA, LLYVB and LLYVK outstanding as of the record date. The actual number of shares of New LLYVA, New LLYVB and New LLYVK to be exchanged in connection with the Split-Off will depend upon the actual number of shares of LLYVA, LLYVB and LLYVK outstanding immediately prior to the Split-Off Effective Time.

Immediately following the completion of the Split-Off, Liberty Live expects to have approximately [ ] holders of record of shares of New LLYVA based upon the number of holders of record of shares of LLYVA as of the record date, [ ] holders of record of shares of New LLYVB based upon the number of holders of record of shares of LLYVB as of the record date and [ ] holders of record of shares of New LLYVK, based upon the number of holders of record of shares of LLYVK as of the record date (which amount does not include the number of stockholders whose shares are held of record by banks, brokerage houses or other institutions, but includes each such institution as one stockholder).

#### Listing and Trading of New Liberty Live Group Common Stock
On the date of this proxy statement/notice/prospectus, Liberty Live is a newly formed, wholly owned subsidiary of Liberty Media. Accordingly, there is no public market for the New Liberty Live Group common stock. Liberty Live expects to list its shares of New LLYVA and New LLYVK on the Nasdaq Global Select Market under the symbols "LLYVA" and "LLYVK," respectively. Liberty Live currently expects that its shares of New LLYVB will be quoted on the OTC Markets under the symbol "LLYVB." Neither Liberty Live nor Liberty Media can assure you as to the trading price of any of New LLYVA, New LLYVB or New LLYVK after the Split-Off. The approval of Nasdaq for the listing of the shares of New LLYVA and New LLYVK is a condition to the Split-Off, which may not be waived by the Liberty Media board of directors.

#### Voting and Conversion Rights
Following the Split-Off, holders of record of shares of New LLYVA will be entitled to one vote for each share of such stock and holders of record of shares of New LLYVB will be entitled to ten votes for each share of such stock on all matters submitted to a vote of stockholders. Holders of record of shares of New LLYVK will not be entitled to any voting rights, except as otherwise required by Nevada law, in which case, each such holder of record of shares of New LLYVK will be entitled to 1/100 of a vote per share. Each share of New LLYVB will be convertible, at the option of the holder, into one share of New LLYVA. Shares of New LLYVA and New LLYVK are not convertible at the option of the holder. For more information regarding the New Liberty Live Group common stock, see "Description of Liberty Live Capital Stock and Comparison of Stockholder Rights."

#### Stock Transfer Agent and Registrar
Broadridge is the transfer agent and registrar for all series of Liberty Media common stock, including the Liberty Live common stock[, and will be the transfer agent and registrar for all series of New Liberty Live Group common stock].

#### Required Vote
The Split-Off Proposal requires the affirmative vote of the holders of a majority of the aggregate voting power of the shares of LLYVA and LLYVB outstanding as of the record date, in each case, entitled to vote on such proposal and that are present in person or by proxy at the Special Meeting, voting together as a separate class. Pursuant to Liberty Media's certificate of incorporation, with respect to the Split-Off Proposal, each holder of record of shares of LLYVA is entitled to one vote per share and each holder of record of shares of LLYVB is entitled to ten votes per share. Holders of other classes and series of Liberty Media stock, including shares of Liberty Formula One common stock and/or LLYVK, are not being asked to vote, and are not entitled to vote, on the Split-Off Proposal because such vote is not required by Liberty Media's certificate of incorporation, Liberty Media's bylaws or the laws of the State of Delaware.

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The Liberty Media board of directors has [unanimously] (a) approved and declared advisable and in the best interests of Liberty Media and its stockholders (including the holders of Liberty Live common stock) the Split-Off and the transactions contemplated thereby, including the Reattribution, the Contributions and the Redemption and the resulting separation of Liberty Live from Liberty Media pursuant to the Redemption, and (b) recommended that holders of shares of LLYVA and LLYVB, voting together as a separate class, approve the Split-Off.

The Liberty Live board of directors has [unanimously] (a) approved and declared advisable and in the best interests of Liberty Live and its sole stockholder, Liberty Media, the Split-Off and the transactions contemplated thereby, including the Reattribution, the Contributions and the Redemption and the resulting separation of Liberty Live from Liberty Media pursuant to the Redemption, (b) approved and declared advisable Liberty Live's restated articles and recommended that the sole stockholder of Liberty Live approve Liberty Live's restated articles, and (c) adopted Liberty Live's amended and restated bylaws as of immediately prior to the Split-Off Effective Time.

#### Recommendation
The Liberty Media board of directors has [unanimously] approved the Split-Off Proposal and believes that the approval of the Split-Off Proposal is in the best interests of Liberty Media and its stockholders. Accordingly, the Liberty Media board of directors [unanimously] recommends that the holders of shares of LLYVA and LLYVB vote "**FOR**" the Split-Off Proposal.

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#### ADJOURNMENT PROPOSAL
Liberty Media is asking the holders of shares of LLYVA and LLYVB to approve the adjournment of the Special Meeting by Liberty Media from time to time to solicit additional proxies in favor of the Split-Off Proposal, if there are insufficient votes at the time of such adjournment to approve the Split-Off Proposal or if otherwise determined by the chairperson of the meeting to be necessary or appropriate. If the Special Meeting is adjourned, and the adjournment is for a period of 30 days or less, no notice of the time or place of the reconvened meeting will be given to the holders of shares of LLYVA and LLYVB other than an announcement made at the Special Meeting. At the adjourned meeting any business may be transacted that might have been transacted at the original meeting. If the adjournment is for more than 30 days, however, a notice of the adjourned meeting shall be given to each holder of shares of LLYVA and LLYVB. If after the adjournment a new record date for the holders of shares of LLYVA and LLYVB is fixed for the adjourned meeting, the Liberty Media board of directors shall fix a new record date for notice of such adjourned meeting in accordance with Delaware law, and shall give notice of the adjourned meeting to the holders of shares of LLYVA and LLYVB at such adjourned meeting as of the record date fixed for notice of such adjourned meeting.

#### Required Vote
The Adjournment Proposal requires the affirmative vote of the holders of a majority of the aggregate voting power of the shares of LLYVA and LLYVB outstanding as of the record date, in each case, entitled to vote on such proposal and that are present in person or by proxy at the Special Meeting, voting together as a separate class. Pursuant to Liberty Media's certificate of incorporation, with respect to the Adjournment Proposal, each holder of record of shares of LLYVA is entitled to one vote per share and each holder of record of shares of LLYVB is entitled to ten votes per share. Holders of other classes and series of Liberty Media stock, including shares of Liberty Formula One common stock and/or LLYVK, are not being asked to vote, and are not entitled to vote, on the Adjournment Proposal because such vote is not required by Liberty Media's certificate of incorporation, Liberty Media's bylaws or the laws of the State of Delaware.

#### Recommendation
The Liberty Media board of directors has [unanimously] approved the Adjournment Proposal and [unanimously] recommends that the holders of shares of LLYVA and LLYVB vote "**FOR**" the Adjournment Proposal.

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#### DESCRIPTION OF BUSINESS OF LIBERTY LIVE
Liberty Live is a newly formed, wholly owned subsidiary of Liberty Media. Upon completion of the Split-Off, Liberty Live will be an independent company and Liberty Media will have no continuing stock ownership in Liberty Live. Upon the completion of the Split-Off, Liberty Live's principal assets will consist of the businesses, assets and liabilities attributed to the Liberty Live Group immediately prior to the Redemption (which, for the avoidance of doubt, excludes the Liberty Live Group Excluded Assets, but includes, among other businesses, assets and liabilities, the Reattributed Assets), including, among others (1) all of Liberty Media's shares of Live Nation Common Stock, (2) corporate cash, (3) Liberty Media's interests in certain private assets, including the Reattributed Assets, (4) the 2.375% Exchangeable Senior Debentures due 2053, (5) the undrawn Margin Loan and (6) the 2025 Forward Contracts.

Any references to the "Company," "we," "us," or "ours" refers to Liberty Live and its subsidiaries, as the context requires, following the Split-Off for this section only. The following description assumes that the Split-Off has been completed, and sets forth a description of our principal businesses and assets, including our consolidated subsidiary, Quint, and our equity affiliate, Live Nation.

#### Description of Business

#### Live Nation
 *Overview* 

Live Nation believes it is the largest live entertainment company in the world, connecting over 788 million fans across all of its concerts and ticketing platforms in 51 countries during 2024.

Live Nation believes it is the largest producer of live music concerts in the world, based on total fans that attend Live Nation events as compared to events of other promoters, connecting over 151 million fans to approximately 11,000 artists at 54,000 events in 2024. Live Nation owns, operates, has exclusive booking rights for or has an equity interest for which it has a significant influence in 394 venues globally, including *House of Blues*<sup>®</sup> music venues and prestigious locations such as *The Fillmore*<sup>®</sup> in San Francisco, *Brooklyn Bowl*<sup>®</sup> in New York City*,* the Hollywood Palladium in Los Angeles, the Moody Center<sup>©</sup> arena in Austin, the Ziggo Dome in Amsterdam, 3Arena in Dublin, Royal Arena in Copenhagen and Spark Arena in Auckland. Live Nation believes it is one of the world's leading artist management companies based on the number of artists represented. Live Nation's artist management companies manage music artists and acts across all music genres.

Live Nation believes it is the world's leading live entertainment ticketing sales and marketing company, based on the number of tickets it sells. Ticketmaster provides ticket sales services and marketing and distribution globally through *www.ticketmaster.com* and *www.livenation.com* and Live Nation's mobile apps, other websites and numerous retail outlets, distributing over 637 million tickets through Live Nation's systems in 2024. Ticketmaster serves approximately 11,500 clients worldwide across multiple event categories, providing ticketing services for leading arenas, stadiums, festival and concert promoters, professional sports franchises and leagues, college sports teams, performing arts venues, museums and theaters.

Live Nation believes its global footprint is one of the world's largest music advertising networks for corporate brands and includes one of the world's leading ecommerce websites based on a comparison of gross sales of top internet retailers.

 *Liberty Media's Investment in Live Nation* 

At March 31, 2025, Liberty Media beneficially owned approximately 69.6 million shares of Live Nation Common Stock, which represented approximately 30% of the issued and outstanding shares of Live Nation as of March 31, 2025.

Under the Live Nation Stockholder Agreement, Liberty Media has the right to nominate two directors (one of whom must qualify as an independent director) to the Live Nation board of directors, currently comprised of 12 directors, for so long as Liberty Media's ownership interest provides it with not less than 5% of the total voting power of Live Nation's equity securities. Liberty Media also has the right to cause one

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of its nominees to serve on the audit committee and the compensation committee of the board, provided they meet the independence and other qualifications for membership on those committees. Live Nation has waived the director independence requirement with respect to Liberty Media's nominees to the Live Nation board of directors, and Liberty Media has waived its right to cause one of its nominees to serve on the audit and compensation committees of the board.

Liberty Media has agreed under the Live Nation Stockholder Agreement not to acquire beneficial ownership of Live Nation equity securities that would result in Liberty Media having in excess of 35% of the voting power of Live Nation's equity securities. That percentage is subject to decrease for specified transfers of Liberty Media's Live Nation stock. Liberty Media has been exempted from the restrictions on business combinations set forth in Section 203 of the General Corporation Law of the State of Delaware, and Live Nation has agreed in the Live Nation Stockholder Agreement not to take certain actions that would materially and adversely affect Liberty Media's ability to acquire Live Nation securities representing up to 35% of the voting power of Live Nation's equity securities. Liberty Media's rights pursuant to the Live Nation Stockholder Agreement will be assigned to Liberty Live in connection with the Split-Off.

 *Live Nation's Strategy* 

Live Nation's strategy is to grow its global leadership position in live entertainment, promote more shows, sell more tickets and partner with more sponsors, thereby increasing its revenue, earnings and cash flow. Live Nation serves artists, venues and sports teams and leagues to secure content and tickets; Live Nation invests in technology to build innovative products which advance its ticketing, digital presence, including mobile platforms, and advertising; and Live Nation is paid by advertisers that want to connect their brands with Live Nation's passionate fan base.

Live Nation's core businesses surrounding the promotion of live events include ticketing and sponsorship and advertising. Live Nation believes its focus on growing these businesses will increase shareholder value as it continues to enhance its revenue streams and achieve economies of scale with its global platforms. Live Nation also continues to strengthen its core operations, further expanding into global markets and optimizing its cost structure. Live Nation executes on its strategy and thereby grows and innovates through the initiatives listed below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Expand Live Nation's Concert Platform*. Live Nation will deliver more shows, grow its fan base and increase its ticket sales by continuing to build Live Nation's portfolio of concerts globally, expanding its business into additional top global music markets, and further building its presence in existing markets. This includes investing capital expenditures in new venues and enhancements to existing venues. Through Live Nation's culture of serving artists and a focus on supporting the development of emerging artists, Live Nation believes it can continue to expand its concert base.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Grow Live Nation's Revenue per Show.* Live Nation will grow its revenue per show across its venues through more effective ticket pricing, broader ticketing distribution and more targeted promotional marketing. Live Nation will also grow Live Nation's onsite fan monetization by improving ease of purchase, through improved onsite food and beverage and other products, merchandising, and enhanced experiences for Live Nation's fans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Invest in Live Nation's Ticketing Platform.* Live Nation will continue to invest in its ticketing enterprise system and develop innovative products to better serve its enterprise clients and continue to build its global client base. These include technological and digital transformations, enhanced marketing capabilities, and improved analytical tools to meet the needs of venues, event organizers and Live Nation's fans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Grow Live Nation's Marketplace Capabilities*. Live Nation is focused on selling tickets through a wide set of sales channels including mobile, online and affiliate partners while continuing to broaden its digital rollout. Live Nation will grow the volume of secondary tickets sold through a trusted environment for fan ticket exchanges, allowing its fans to have a dependable, secure destination for secondary ticket acquisition for all events. Within this, Live Nation will continue to invest in tools that reduce fraud and help artists and teams determine how to get their tickets into the hands of real fans. Lastly, Live Nation is focused on leveraging its platform by growing non-service fee revenue streams including insurance, additional enterprise tools, payment integration and other upsells.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Grow Sponsorship and Advertising Partnerships*. Live Nation will continue to drive growth in its sponsorship relationships and capture a larger share of the global music sponsorship market by further monetizing its fan base and growing its portfolio of brands. Live Nation will focus on expanding existing partnerships and developing new corporate sponsor partners to provide them with targeted strategic programs, accessing the fans attending Live Nation's shows. Live Nation will continue to develop and to scale new products in order to drive onsite and digital revenue.

 *Live Nation's Strengths* 

Live Nation believes it has unique resources that are unmatched in the live entertainment industry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Fans*. During 2024, Live Nation connected over 788 million fans to their favorite live events. Live Nation's database of fans and their interests provides Live Nation with the means to efficiently communicate to them about shows they are likely to be interested in.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Artists*. Live Nation has extensive relationships with artists ranging from those just beginning their careers to established superstars. In 2024, Live Nation promoted shows for approximately 11,000 artists globally. In addition, through Live Nation's artist management companies, it managed more than 380 artists in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Digital Platforms and Ticketing*. Live Nation owns and operates various branded websites, both in the United States and abroad, which are customized to reflect services offered in each jurisdiction. Live Nation's primary commercial websites, *www.livenation.com* and *www.ticketmaster.com*, together with its other branded ticketing websites, are designed to promote ticket sales for live events. Live Nation also has both Live Nation and Ticketmaster mobile apps that its fans can use to access event information and buy tickets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Distribution Network*. Live Nation believes that its global network of promoters, venues and festivals provides it with a strong position in the live concert industry. Live Nation believes it has one of the largest global networks of live entertainment businesses in the world, with offices in 47 countries worldwide. In addition, Live Nation owns, leases, operates, has exclusive booking rights for, or has an equity interest for which it has a significant influence in 394 venues and has operations located across 51 countries as of the end of 2024, making Live Nation, it believes, the second largest operator of music venues in the world. Live Nation also believes that it is one of the largest music festival producers in the world with 137 festivals globally in 2024. In addition, Live Nation believes that its global ticketing distribution network — with approximately 11,500 clients worldwide in 2024 — makes it the largest ticketing network in the world.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Sponsors*. Live Nation monetizes its physical and digital assets through long-term sponsorship agreements and advertising. Live Nation employs a sales force of approximately 760 people that worked with more than 1,500 sponsors during 2024, through a combination of strategic partnerships, local venue-related deals, national agreements and digital campaigns, both in North America and internationally. Live Nation's sponsors include some of the most well-recognized national and global brands across diverse sectors including consumer, financials and leisure, such as Citibank, O, Mastercard, Cisco, Red Bull and Anheuser Busch (each of these brands is a registered trademark of the sponsor).

 *Live Nation's Industry* 

Live Nation operates in the following main industries within the live entertainment business: live music events, music venue operations, the provision of management and other services to artists and athletes, ticketing services and sponsorship and advertising sales.

The live music industry includes concert promotion and/or production of music events or tours. Typically, to initiate live music events or tours, booking agents work with artists. Booking agents then work with promoters, who will contract with them or with artists directly, to promote events. Promoters earn revenue primarily from the sale of tickets. Artists are paid by the promoter under one of several different formulas, which may include fixed guarantees and/or a percentage of ticket sales or event profits. In addition, promoters may also reimburse artists for certain costs of production, such as sound and lights. Under guaranteed

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payment formulas, promoters assume the risks of unprofitable events. Promoters may renegotiate lower guarantees or cancel events because of insufficient ticket sales in order to reduce their losses. Promoters can also reduce the risk of losses by entering into global or national touring agreements with artists and including the right to offset lower performing shows against higher performing shows on the tour in the determination of overall artist fees. Artist managers primarily provide services to music artists to manage their careers. The artist manager negotiates on behalf of the artist and is paid a fee, generally as a percentage of the artist's earnings.

Live Nation believes the artist-fan connection is the source of nearly all commercial value and as a result, its artists receive the majority of all ticketing revenue. For music tours, four to eight months typically elapse between initially booking artists and the first performances. Artists, in conjunction with promoters, managers and booking agents, set ticket prices and advertising plans. Promoters market events, sell tickets, rent or otherwise provide venues and arrange for local production services, such as stages and equipment.

Venue operators typically contract with promoters to have their venues rented for specific events on specific dates and receive fixed fees and/or percentages of ticket sales as rental income. In addition, venue operators provide services such as concessions, parking, security, ushering and ticket scanning at the gate, and receive some or all of the revenue from concessions, merchandise, parking and premium seating.

Ticketing services generally refers to the sale of tickets primarily through online and mobile channels, but also include sales through phone, outlet and box office channels. Ticketing companies will contract with venues and/or promoters to sell tickets to events over a period of time, generally three to five years. The ticketing company generally gets paid a fixed fee per ticket sold or a percentage of the total ticket service charges. The ticketing company receives the cash for the ticket sales and related service charges at the time the ticket is sold and periodically remits these receipts to the venue and/or promoter after deducting its fee. Venues will often also sell tickets through a local box office at the venue using the ticketing company's technology. Venues set the ticketing service fee to be charged on tickets and typically retain the majority of these fees.

Ticketing resale services generally refers to the sale of tickets by a holder who originally obtained the tickets from a venue or other entity. Resale tickets are also referred to as secondary tickets. Generally, the ticket resale company is paid a service charge when the ticket is resold and the remaining ticket value is paid to the holder.

The sponsorship and advertising industry within the live entertainment business involves the sale of international, national, regional and local advertising and promotional programs to a variety of companies to advertise or promote their brand, product or service. These sponsorships typically include venue and festival naming rights, onsite venue signage, online and in-app advertisements and exclusive partner rights in various categories such as credit card, beverage, travel and telecommunications, and may include venue and festival event pre-sales and onsite product activation.

 *Live Nation's Business Segments* 

Live Nation's reportable segments are Concerts, Ticketing and Sponsorship & Advertising.

*Concerts*. Live Nation's Concerts segment principally involves the global promotion of live music events in Live Nation's owned or operated venues and in rented third-party venues, the operation and management of music venues, the production of music festivals across the world, the creation of associated content and the provision of management and other services to artists. Including intersegment revenue, Live Nation's Concerts business generated $19.0 billion, or 82%, of its total revenue during 2024. Live Nation promoted more than 54,000 live music and other events in 2024. While Live Nation's Concerts segment traditionally operates year-round, Live Nation experiences higher revenue during the second and third quarters due to the seasonal nature of shows at Live Nation's outdoor amphitheaters and festivals, which primarily occur from May through October. Live Nation expects its seasonality trends to evolve as it continues to expand its global operations.

As a promoter, Live Nation earns revenue primarily from the sale of tickets and pay artists under one of several formulas, including a fixed guaranteed amount and/or a percentage of ticket sales or event profits. For each event Live Nation promotes, it either uses a venue it owns or operates, or rents a third-party

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venue. Revenue is generally impacted by the number of events, volume of ticket sales and ticket prices. Event costs such as artist fees and production expenses are included in direct operating expenses and are typically substantial in relation to the revenue. As a result, significant increases or decreases in promotion revenue do not typically result in comparable changes to operating income.

As a venue operator, Live Nation generates revenue primarily from the sale of concessions, parking, premium seating, rental income and ticket rebates or service charges earned on tickets sold under ticketing agreements. In Live Nation's amphitheaters, the sale of concessions is outsourced and Live Nation receives a share of the net revenue from the concessionaire, which is recorded in revenue with limited associated direct operating expenses. Revenue generated from venue operations typically has a higher margin than promotion revenue and therefore typically has a more direct relationship to changes in operating income. As Live Nation has continued to build its skill at venue operations, this has become an increasingly large part of Live Nation's Concerts strategy, with a substantial focus on building Live Nation's global owned or operated venue platform.

As a festival promoter, Live Nation typically books artists, secures festival sites, provides for third-party production services, sells tickets and advertises events to attract fans. Live Nation also provides or arranges for third parties to provide operational services as needed such as concessions, merchandising and security. Live Nation earns revenue from the sale of tickets and typically pays artists a fixed guaranteed amount. Live Nation also earns revenue from the sale of concessions, camping fees and service charges earned on tickets sold. For each event, Live Nation either uses a festival site it owns or rents a third-party festival site. Revenue is generally impacted by the number of events, volume of ticket sales and ticket prices. Event costs such as artist fees and production expenses are included in direct operating expenses and are typically substantial in relation to the revenue. Since the artist fees are typically fixed guarantees for these events, significant increases or decreases in festival promotion revenue will generally result in comparable changes to operating income.

*Ticketing*. Live Nation's Ticketing segment is primarily an agency business that sells tickets for events on behalf of its clients and retains a portion of the service charge as its fee. Live Nation sells tickets for its events and also for third-party clients across multiple live event categories, providing ticketing services for leading arenas, stadiums, amphitheaters, music clubs, concert promoters, professional sports franchises and leagues, college sports teams, performing arts venues, museums and theaters. Live Nation sells tickets through mobile apps, websites and ticket outlets. Live Nation's Ticketing segment also manages its online activities including enhancements to Live Nation's websites and product offerings. Including intersegment revenue, Live Nation's Ticketing business generated $3.0 billion, or 13%, of its total revenue during 2024, which excludes the face value of tickets sold and is net of the fees paid to Live Nation's ticketing clients. Through all of Live Nation's ticketing services, Live Nation sold approximately 331 million tickets in 2024 on which it was paid fees for its services. In addition, approximately 307 million tickets were sold, for which Live Nation did not receive a fee, using its Ticketmaster systems, including season seat packages, Live Nation's venue clients' box offices, and other channels. Live Nation's ticketing sales are impacted by fluctuations in the availability of events for sale to the public, which may vary depending upon event scheduling by Live Nation's clients. As ticket sales increase, related ticketing operating income generally increases as well.

Live Nation sells tickets on behalf of Live Nation's clients through Live Nation's ticketing platforms across the world. Live Nation generally enters into written agreements with individual clients to provide primary ticketing services for specified multi-year periods, typically ranging from three to five years. Pursuant to these agreements, clients and their content partners generally determine and then tell Live Nation what tickets will be available for sale, when such tickets will go on sale to the public and what the ticket price will be, sometimes with Live Nation's analytical support. Agreements with venue clients in North America and Australia generally grant Live Nation exclusive rights to sell tickets for all events presented at the relevant venue for which tickets are made available to the general public. Agreements with promoter clients in other international markets generally grant Live Nation the right to an allocation of tickets for events presented by a given promoter at any venue, unless that venue is already covered by an existing exclusive agreement with Live Nation's ticketing business or another ticketing service provider. Similarly, in such international markets Live Nation has venue agreements which provide Ticketmaster an allocation of tickets for all events at those venues. While Live Nation generally has the right to sell a substantial portion of its clients' tickets, venue and promoter clients often sell and distribute a portion of their tickets in-house through their box office

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and season ticket programs. In addition, under many written agreements between promoters and Live Nation's clients, and generally subject to Ticketmaster approval, the client may allocate certain tickets for artist, promoter, agent and venue use and do not make those tickets available for sale by Live Nation. Due to these and other permitted third-party ticket distribution channels, Live Nation does not always sell all of its clients' tickets, even at venues where Live Nation is the exclusive primary ticketing service provider, and the amount of tickets that Live Nation sells varies from client to client and from event to event, and also varies as to any given client from year to year. Live Nation pays its clients for the rights to sell certain tickets, generally in the form of upfront payments, a portion of service fee revenue and the portion of other services at low or no cost.

Live Nation currently offers ticket resale services, sometimes referred to as secondary ticketing, principally through Live Nation's integrated inventory platform, league/team platforms and other platforms internationally. Live Nation enters into arrangements with the holders of tickets previously distributed by a venue or other source to post those tickets for sale at a purchase price equal to a new sales price, determined by the ticket holder, plus a service fee paid by the buyer. The seller in this circumstance receives the new sales price less a seller service fee.

*Sponsorship & Advertising*. Live Nation's Sponsorship & Advertising segment employs a sales force that creates and maintains relationships with sponsors through a combination of strategic, international, national and local opportunities that allow businesses to reach customers through Live Nation's concert, festival, venue and ticketing assets, including advertising on Live Nation's websites. Live Nation works with its corporate clients to help create marketing programs that support their business goals and connect their brands directly with fans and artists. Live Nation also develops, books and produces custom events or programs for its clients' specific brands, which are typically presented exclusively to the clients' consumers. These custom events can involve live music events with talent and media, using both online and traditional outlets. Including intersegment revenue, Live Nation's Sponsorship & Advertising business generated $1.2 billion, or 5%, of Live Nation's total revenue during 2024. Live Nation typically experiences higher revenue in the second and third quarters as a large portion of sponsorships are usually associated with Live Nation's outdoor venues and festivals, which are primarily used in or occur from May through October. Live Nation expects its seasonality trends to evolve as it continues to expand its global operations.

Live Nation believes that it has a unique opportunity to connect the music fan to corporate sponsors and therefore seek to optimize this relationship through strategic sponsorship programs. Live Nation continues to also pursue the sale of national and local sponsorships, both domestically and internationally, and placement of advertising, including signage, online advertising and promotional programs. Many of Live Nation's venues have naming rights sponsorship programs. Live Nation believes national and international sponsorships allow it to maximize its network of venues and festivals and to arrange multi-venue or multi-festival branding opportunities for advertisers. Live Nation's local and venue-focused sponsorships include venue signage, promotional programs, onsite activation, hospitality and tickets, and are derived from a variety of client companies across various industry categories.

 *Live Nation's Venue Details* 

In the live entertainment industry, venue types generally consist of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Stadiums* — Stadiums are multi-purpose facilities, often housing local sports teams. Stadiums typically have 30,000 or more seats. Although they are the largest venues available for live music, they are not specifically designed for live music.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Amphitheaters* — Amphitheaters are generally outdoor venues with between 5,000 and 30,000 seats that are used primarily in the summer season. Live Nation believes they are popular because they are designed specifically for concert events, with premium seat packages and better lines of sight and acoustics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Arenas* — Arenas are indoor venues that are used as multi-purpose facilities, often housing local sports teams. Arenas typically have between 5,000 and 20,000 seats. Because they are indoors, they are able to offer amenities that other similar-sized outdoor venues cannot, such as luxury suites and premium club memberships. As a result, Live Nation believes they are popular for higher-priced concerts aimed at audiences willing to pay for these amenities.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Theaters* — Theaters are indoor venues that are built primarily for music events, but may include theatrical performances. These venues typically have a capacity of between 1,000 and 6,500. Theaters represent less risk to concert promoters because they have lower fixed costs associated with hosting a concert and may provide a more appropriately-sized venue for developing artists and more artists in general. Because these venues have a smaller capacity than an amphitheater or arena, they do not offer as much economic upside on a per show basis. Theaters can also be used year-round.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Clubs* — Clubs are indoor venues that are built primarily for music events, but may also include comedy clubs. These venues typically have a capacity of less than 1,000 and often without full fixed seating. Because of their small size, they do not offer as much economic upside, but they also represent less risk to a concert promoter because they have lower fixed costs associated with hosting a concert and also may provide a more appropriately-sized venue for developing artists. Clubs can also be used year-round.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Restaurants & Music Halls* — Restaurants & Music Halls are indoor venues that offer customers an integrated live music, entertainment and dining experience. This category includes Live Nation's House of Blues<sup>®</sup> and Brooklyn Bowl<sup>®</sup> venues whose live music halls are specially designed to provide optimum acoustics and typically can accommodate between 1,000 to 2,000 guests. A full-service restaurant and bar is located adjacent to the live music hall. Live Nation believes that the strength of the brand and the quality of the food, service and unique atmosphere in Live Nation's restaurants attract customers to these venues independently from a live music event and generate a significant amount of repeat business from local customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Festival Sites* — Festival sites are outdoor locations used primarily in the summer season to stage large single-day or multi-day concert events featuring several artists on multiple stages. Depending on the location, festival site capacities can range from 10,000 to over 100,000 fans per day. Live Nation believes they are popular because of the value provided to the fan by packaging several artists together for an event. While festival sites only host a few events each year, they can provide higher operating income because Live Nation is able to generate income from many different services provided at the event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Other Venues* — Other venues includes restaurants and exhibition and convention halls that typically are not used for live music events.

The following table summarizes the number of venues by type that Live Nation owned, leased, operated, had exclusive booking rights for or had an equity interest over which Live Nation had a significant influence as of December 31, 2024:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Venue Type**  | **Capacity**  | **Owned**  | **Leased**  | **Operated**  | **Exclusive <br> Booking <br> Rights**  | **Equity <br> Interest**  | **Total**  |
| Stadium  | More than 30,000  |  | 2 | 1 |  |  | 2 |
| Amphitheater  | 5000 – 30000  | 10 | 44 | 1 | 18 |  | 67 |
| Arena  | 5000 – 20000  | 3 | 15 | 2 | 5 |  | 24 |
| Theater  | 1000 – 6500  | 10 | 76 | 9 | 32 | 2 | 122 |
| Club  | Less than 1,000  | 5 | 56 | 1 | 13 |  | 71 |
| Restaurants & Music Halls  | 1000 – 2000  | 2 | 15 |  |  |  | 17 |
| Festival Sites<sup>(1)</sup>  | Varies  | 2 |  | 53 |  |  | 53 |
| Other Venues  | Varies  |  | 14 |  | 1 | 2 | 17 |
| Total venues in operation  |  | 32 | 222 | 67 | 69 | 4 | 394 |
| Venues currently under construction  |  |  | 13 |  |  | 1 | 14 |
| Venues not currently in operation  |  | 2 |  |  | 5 | 3 | 10 |
| Total venues in operation by location: |  |  |  |  |  |  |  |
| North America  |  | 22 | 169 | 25 | 68 | 4 | 288 |
| International  |  | 10 | 53 | 42 | 1 |  | 106 |

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(1) Operated festival sites includes multi-year agreements providing Live Nation the right to use public or private land for a defined period of time leading up to and continuing after the festival. Live Nation may enter into multiple agreements for a single festival site or use the same site for multiple festivals. Live Nation has aggregated the agreements for each festival site and reported them as one festival site.

#### Quint
 *Overview* 

Quint is a leading global provider of premium sports and entertainment experiences. Through exclusive rights agreements with sports leagues, event organizers, and governing bodies, Quint designs, develops, and sells official hospitality and experience programs that include event tickets, premium seating, hospitality access, accommodations, transportation, and ancillary experiential offerings. Quint's solutions are marketed to both individual consumers and corporate clients seeking premium access to live events.

Quint's services also include event management, travel logistics, digital platform development, customer service, and the fulfillment of all associated hospitality and travel arrangements.

Quint's principal offerings include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Official ticket-inclusive hospitality packages

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Premium seating and suite experiences

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • VIP travel programs and concierge services

 *Business Model and Revenue* 

Quint secures official rights through contracts with leagues, teams, event promoters, and entertainment properties, which typically grant Quint access to tickets, hospitality rights, marketing rights, and related inventory. Following the acquisition of such rights, Quint develops integrated experience offerings that are marketed through direct-to-consumer channels, corporate sales teams, and authorized distribution partners.

Quint derives substantially all of its revenue from the sale of premium, ticket inclusive experiential packages. Quint's principal partners are Formula 1, MotoGP, Churchill Downs and the NBA.

Revenue is generally recognized as events are staged and services are rendered to customers. A majority of Quint's revenue is tied to the successful execution of live sports and entertainment events, and revenue trends are influenced by the timing and nature of these events. Quint's revenue may be impacted by the scheduling and frequency of major events and is seasonal around its largest events, which are generally during the second and fourth quarters.

#### Competition

#### Live Nation
Competition in the live entertainment industry is intense. Live Nation believes that it competes primarily on the basis of its ability to deliver quality music events, sell tickets and provide enhanced fan and artist experiences. Live Nation believes that its primary strengths include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the quality of service delivered to Live Nation's artists, fans, ticketing clients and corporate sponsors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Live Nation's track record and reputation in promoting and producing live music events and tours both domestically and internationally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Live Nation's artist relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Live Nation's global footprint;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the quality of Live Nation's ticketing software and services;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Live Nation's ecommerce site and effective marketing capabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Live Nation's diverse distribution platform of venues;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the scope, effectiveness and expertise of Live Nation's advertising and sponsorship programs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Live Nation's financial stability.

Although Live Nation believes that its products and services currently compete favorably with respect to such factors, Live Nation cannot provide any assurance that it can maintain its competitive position against current and potential competitors, especially those with significantly greater brand recognition, or greater financial, marketing, technical and other resources.

In the markets in which Live Nation promotes music concerts, Live Nation faces competition from other promoters and venue operators. Live Nation believes that barriers to entry into the promotion services business are low and that certain local promoters are increasingly expanding the geographic scope of their operations.

Some of Live Nation's competitors in the live music promotion industry are Anschutz Entertainment Group, or AEG, Another Planet Entertainment, CTS Eventim, Jam Productions, Ltd., I.M.P., Outback Presents and TEG Dainty in addition to numerous smaller regional companies and various casinos and venues in North America, Europe, Asia and Australia. AEG operates under a number of different names including AEG Presents, Concerts West, Frontier Touring, Goldenvoice and Messina Touring Group. Some of Live Nation's competitors in the live music industry have a stronger presence in certain markets, have access to other sports and entertainment venues and may have greater financial resources in those markets, which may enable them to gain a greater competitive advantage in relation to Live Nation.

In markets where Live Nation owns or operates a venue, Live Nation competes with other venues to serve artists likely to perform in that general region. Consequently, touring artists have various alternatives to Live Nation's venues when scheduling tours. Live Nation's main competitors in venue management include ASM Global, Madison Square Garden Entertainment Corp., The Nederlander Organization and Bowery Presents, in addition to numerous smaller regional companies in North America, Europe, Australia and New Zealand. Some of Live Nation's competitors in venue management may have more attractive or a greater number of venues in certain markets, and may have greater financial resources in those markets.

The ticketing services industry includes the sale of tickets primarily through online and mobile channels, but also through telephone and ticket outlets. The transition to online and mobile ticket purchases has made it easier for technology-based companies to offer primary ticketing services and standalone, automated ticketing systems that enable venues to perform their own ticketing services or utilize self-ticketing systems. In the online environment, Live Nation competes with other websites, online event sites and ticketing companies to provide event information, sell tickets and provide other online services such as fan clubs and artist websites.

Live Nation experiences competition from other national, regional and local primary ticketing service providers to secure new venue clients and to reach fans for events. Resale, or secondary, ticketing services have created more aggressive buying of primary tickets whereby certain brokers are using automated internet "bot" technology to attempt to buy the best tickets when they go on sale, notwithstanding federal and state prohibitions. Live Nation actively develops and applies methods to mitigate the impact of these bots, however, the bot technology constantly evolves and changes. The internet allows fans and other ticket resellers to reach a vastly larger audience through the aggregation of inventory on resale websites and marketplaces, and provides consumers with more convenient access to tickets for a larger number and greater variety of events.

Live Nation also faces significant and increasing competition from companies that sell self-ticketing systems, as well as from venues that choose to integrate self-ticketing systems into their existing operations or acquire primary ticketing service providers. Live Nation's competitors include primary ticketing companies such as Tickets.com, AXS, Paciolan, Inc., CTS Eventim AG, Eventbrite, eTix, SeatGeek, Ticketek, See Tickets and Dice; secondary ticketing companies such as StubHub, Vivid Seats, Viagogo and SeatGeek; and many others, including large technology and ecommerce companies that could enter these markets.

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Live Nation's main competitors at the local market level for sponsorships and advertising dollars include local sports teams, which often offer state-of-the-art venues, strong brand association and attractive local media packages, as well as festivals, theme parks and other local events. On the national level, Live Nation's competitors include the major sports leagues that sell sponsorships combined with significant national media packages.

#### Quint
Quint operates in the global premium sports and entertainment experiences market, which is highly competitive and continually evolving. Quint competes with a range of companies that offer access to marquee events combined with hospitality, travel, and other curated services. Quint's primary competitors include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • On Location, a subsidiary of Endeavor Group Holdings, which provides premium experiences across the NFL, Olympics, UFC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Elevate, a sports and entertainment marketing firm that has expanded into premium hospitality and event packaging; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Revelxp, a premium hospitality provider operating primarily in the college sports space.

Quint also competes with other regional and event-specific providers, including corporate travel and incentive experience firms, hospitality agencies, and digital platforms that offer VIP ticketing and event access. Competition is based on relationships with rights holders, access to high-demand inventory, customer service, pricing, and the ability to deliver a seamless and differentiated experience. Quint's global footprint, long-standing partnerships with rights holders, and expertise in bundling experiences position it well within this competitive landscape.

#### Government Regulations

#### Live Nation
Live Nation is subject to federal, state and local laws, both domestically and internationally, governing matters such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • privacy and the protection of personal or sensitive information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • compliance with the United States Foreign Corrupt Practices Act, the United Kingdom Bribery Act 2010 and similar regulations in other countries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • primary ticketing and ticket resale services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • construction, renovation and operation of Live Nation's venues;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • licensing, permitting and zoning, including noise ordinances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • human health, safety, security and sanitation requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the service of food and alcoholic beverages;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • working conditions, labor, minimum wage and hour, citizenship and employment laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • compliance with the Americans with Disabilities Act of 1990 (ADA), the United Kingdom's Disability Discrimination Act of 1995 (DDA) and similar regulations in other countries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • hazardous and non-hazardous waste and other environmental protection laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • sales and other taxes and withholding of taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • marketing activities via the telephone and online; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • historic landmark rules.

Live Nation believes that it is materially in compliance with these laws.

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Live Nation is required to comply with federal, state and international laws regarding privacy and the storing, sharing, use, disclosure and protection of personally identifiable information and user data, an area that is increasingly subject to legislation and regulations in numerous jurisdictions around the world, including the European Union's GDPR and the California Consumer Protection Act.

Live Nation is required to comply with the laws of the countries in which Live Nation operates and also the United States Foreign Corrupt Practices Act and the United Kingdom Bribery Act 2010 regarding anti-bribery regulations. These regulations make it illegal for Live Nation to pay, promise to pay or receive money or anything of value to, or from, any government or foreign public official for the purpose of directly or indirectly obtaining or retaining business. This ban on illegal payments and bribes also applies to agents or intermediaries who use funds for purposes prohibited by the statute.

From time to time, federal, state, local and international authorities and/or consumers commence investigations, inquiries or litigation with respect to Live Nation's compliance with applicable consumer protection, advertising, unfair business practice, antitrust (and similar or related laws) and other laws, particularly as related to primary ticketing and ticket resale services.

The regulations relating to Live Nation's food service operations in Live Nation's venues are many and complex. A variety of regulations at various governmental levels relating to the handling, preparation and serving of food, the cleanliness of food production facilities and the hygiene of food-handling personnel are enforced primarily at the local public health department level.

Live Nation also must comply with applicable licensing laws, as well as state and local service laws, commonly called dram shop statutes. Dram shop statutes generally prohibit serving alcoholic beverages to certain persons such as an individual who is intoxicated or a minor. If Live Nation violates dram shop laws, it may be liable to third parties for the acts of the customer. Although Live Nation generally hires outside vendors to provide these services at its larger operated venues and regularly sponsor training programs designed to minimize the likelihood of such a situation, Live Nation cannot guarantee that intoxicated or minor customers will not be served or that liability for their acts will not be imposed on Live Nation.

Live Nation is also required to comply with the ADA, the DDA and certain state statutes and local ordinances that, among other things, require that places of public accommodation, including Live Nation's websites as well as existing and newly constructed venues, be accessible to customers with disabilities. The ADA and the DDA require that venues be constructed to permit persons with disabilities full use of a live entertainment venue. The ADA and the DDA may also require that certain modifications be made to existing venues to make them accessible to customers and employees who are disabled. In order to comply with the ADA, the DDA and other similar ordinances, Live Nation may face substantial capital expenditures in the future.

From time to time, governmental bodies have proposed legislation that could affect Live Nation's business. For example, some legislatures have proposed laws in the past that would impose potential liability on Live Nation and other promoters and producers of live music events for entertainment taxes and for incidents that occur at Live Nation's events, particularly relating to drugs and alcohol. Some jurisdictions have also proposed legislation that would restrict ticketing methods or mandate ticket practices.

In addition, Live Nation and its venues are subject to extensive environmental laws and regulations relating to the use, storage, disposal, emission and release of hazardous and non-hazardous substances, as well as zoning and noise level restrictions which may affect, among other things, the hours of operations of and the type of events Live Nation can produce at its venues.

#### Quint
Quint is subject to federal, state and local laws, both domestically and internationally, governing matters such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • privacy and the protection of personal or sensitive information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • compliance with the United States Foreign Corrupt Practices Act, the United Kingdom Bribery Act 2010 and similar regulations in other countries;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • primary ticketing and ticket resale services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • construction, renovation and operation of Quint's hospitality areas;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • human health, safety, security and sanitation requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the service of food and alcoholic beverages;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • working conditions, labor, minimum wage and hour, citizenship and employment laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • compliance with the ADA, the DDA and similar regulations in other countries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • sales and other taxes and withholding of taxes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • marketing activities via the telephone and online.

Quint believes that it is materially in compliance with these laws.

Quint is required to comply with federal, state and international laws regarding privacy and the storing, sharing, use, disclosure and protection of personally identifiable information and user data, an area that is increasingly subject to legislation and regulations in numerous jurisdictions around the world, including the European Union's GDPR and the California Consumer Protection Act.

Quint is required to comply with the laws of the countries in which Live Nation operates and also the United States Foreign Corrupt Practices Act and the United Kingdom Bribery Act 2010 regarding anti-bribery regulations. These regulations make it illegal for Quint to pay, promise to pay or receive money or anything of value to, or from, any government or foreign public official for the purpose of directly or indirectly obtaining or retaining business. This ban on illegal payments and bribes also applies to agents or intermediaries who use funds for purposes prohibited by the statute.

Similar to Live Nation, Quint is subject to applicable licensing, ADA rules and foodservice regulations. However, Quint is only responsible for operating a small portion of the event venues and therefore, the majority of the compliance obligations and liability rests with the rightsholder and/or promoter.

Quint is subject to applicable laws related to consumer protection, advertising, and unfair business practices which primarily impact its sale of tickets.

#### Human Capital Resources

#### General
Liberty Live (on a nonconsolidated basis) currently does not have any corporate employees. Liberty Live anticipates that, subsequent to the Split-Off, Liberty Media will provide Liberty Live with certain transitional services pursuant to the Services Agreement, and that certain of Liberty Media's corporate employees and executive officers will serve as corporate employees and executive officers of Liberty Live. See "Certain Relationships and Related Party Transactions — Relationships between Liberty Live and Liberty Media." As of December 31, 2024, Live Nation had approximately 16,200 full-time employees. Live Nation's staffing needs vary significantly throughout the year and Live Nation also employs seasonal and part-time employees, primarily for its live music venues and festivals. At the end of 2024, Live Nation employed approximately 16,000 seasonal and part-time employees and during peak seasonal periods, particularly in the summer months, Live Nation employed as many as 34,500 seasonal and part-time employees in 2024.

Quint currently has approximately 210 full time-employees. From time to time, it utilizes a small number of temporary/part-time employees to provide operations assistance at its events depending on need.

 *Talent Development* 

Live Nation's compensation philosophy is focused on attracting and retaining talented individuals who contribute to its values and help lead Live Nation's dynamic and innovative environment. To determine market-competitive pay for Live Nation's employees, Live Nation uses a combination of entertainment and technology industry benchmarks.

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Live Nation is committed to encouraging and rewarding pay-for-performance that is aligned with business objectives in the best interest of Live Nation's shareholders for long-term growth and profitability. Live Nation further strives to reward individual achievements and contributions that are both aligned with and supportive of Live Nation's short- and long-term goals and core business values. Live Nation believes that its efforts in these areas are working and contributing to the overall success of Live Nation, as evidenced by accolades such as obtaining a Great Place to Work<sup>®</sup> certification (2017 – 19, 2022 – 24), placing on Forbes' World's Best Employers List (2023), America's Best Large Employers List (2022 – 24) and America's Dream Employers List (2025), placing on TIME's World's Best Companies (2023) and 100 Most Influential Companies (2023), Newsweek's America's Best of the Best (2024) and placing on Fortune's World's Most Admired Companies List (2018 – 21, 2024, 2025), Most Innovative Companies List (2024) and 500 List (2010 – 2020, 2023, 2024).

Quint is committed to attracting, developing, and retaining a high-performing team capable of delivering exceptional experiences for its partners and customers. Quint's focus on talent development includes providing employees with opportunities to grow within the organization, expand their skill sets, and take on new challenges in a dynamic and entrepreneurial environment. Quint believes that fostering a culture of collaboration, innovation, and continuous learning is critical to its long-term success.

 *Labor Relations* 

The stagehands at some of Live Nation's venues and other employees are subject to collective bargaining agreements. Live Nation's union agreements typically have a term of three years and thus regularly expire and require negotiation in the course of its business. Live Nation believes that it has good relationships with Live Nation's employees and other unionized labor involved in Live Nation's events, and there have been no related significant work stoppages in the past three years. Upon the expiration of any of Live Nation's collective bargaining agreements, however, Live Nation may be unable to renegotiate on terms favorable to it, and Live Nation's business operations at one or more of Live Nation's facilities may be interrupted as a result of labor disputes or difficulties and delays in the process of renegotiating Live Nation's collective bargaining agreements. In addition, Live Nation's business operations at one or more of Live Nation's facilities may also be interrupted as a result of labor disputes by outside unions attempting to unionize a venue even though Live Nation does not have unionized labor at that venue currently. A work stoppage at one or more of Live Nation's owned or operated venues or at Live Nation's promoted events could have a material adverse effect on Live Nation's business, results of operations and financial condition. Live Nation cannot predict the effect that a potential work stoppage will have on Live Nation's business operations.

#### Properties

#### Live Nation
As of December 31, 2024, Live Nation owns, operates or leases 216 entertainment venues throughout North America and 105 entertainment venues internationally. Live Nation has a lease ending June 30, 2030 for its corporate headquarters in Beverly Hills, California, used primarily by Live Nation's executive group and certain of Live Nation's domestic operations management staff. Live Nation also leases office space and other facilities in 47 countries that support Live Nation's Concerts, Ticketing and Sponsorship & Advertising segment operations. Live Nation believes its venues and facilities are generally well-maintained and in good operating condition and have adequate capacity to meet Live Nation's current business needs.

Live Nation's leases are for varying terms ranging from monthly to multi-year. These leases can typically be for terms of three to 10 years for Live Nation's office leases and five to 25 years for Live Nation's venue leases, and many include renewal options. There is no significant concentration of venues under any one lease or subject to negotiation with any one landlord. Live Nation believes that an important part of its management activity is to negotiate suitable lease renewals and extensions.

#### Quint
Quint operates through a combination of wholly owned subsidiaries and strategic partnerships in key global markets. In addition to its U.S. headquarters in Charlotte, North Carolina, Quint maintains operating subsidiaries or offices in the United Kingdom, the Netherlands, Monaco, the United Arab Emirates, and

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Australia, through which it services events located throughout North America, Europe, the Middle East, Asia-Pacific, and select emerging markets.

#### Legal Proceedings

#### Live Nation
 *Astroworld Litigation* 

On November 5, 2021, the Astroworld music festival was held in Houston, Texas. During the course of the festival, ten members of the audience sustained fatal injuries and others suffered non-fatal injuries. Following these events, at least 450 civil lawsuits have been filed against Live Nation Entertainment, Inc. and related entities, asserting insufficient crowd control and other theories, seeking compensatory and punitive damages. Pursuant to a February 2022 order of the state Multidistrict Litigation Panel, matter 21-1033, the civil cases have been assigned to Judge Kristen Hawkins of the 11th District Court of Harris County, Texas, for oversight of pretrial matters under Texas's rules governing multidistrict litigation.

During the year ended December 31, 2024, all remaining wrongful death lawsuits were settled, and, with the exception of a small number of claims that are subject to a show cause dismissal order, all pending personal injury lawsuits filed against Live Nation have also been settled. As a result, Live Nation recognized $454.9 million for the year ended December 31, 2024 within selling, general and administrative expenses for the estimated probable losses in excess of Live Nation's expected insurance recoveries. The amounts recorded as of December 31, 2024 represent Live Nation's best estimate of the ultimate loss associated with all remaining lawsuits and claims.

Live Nation's assessment of loss, which resulted from a complex series of judgments about future events and uncertainties, is based on estimates and assumptions that have been deemed reasonable by management, but that may prove to be incomplete or inaccurate, and unanticipated events and circumstances may occur that might cause Live Nation to change those estimates and assumptions or recognize additional losses.

 *Department of Justice Complaint* 

In May 2024, the United States Department of Justice, Antitrust Division, together with the attorneys general of twenty-nine states plus the District of Columbia, filed a civil antitrust complaint (the **Complaint**) against Live Nation Entertainment, Inc. and Ticketmaster in the United States District Court for the Southern District of New York alleging violations of various federal and state laws pertaining to antitrust, competition, unlawful or unfair business practices, restraint of trade, and other causes of action. The Complaint requests various forms of relief for the alleged violations, including without limitation the divestiture of Ticketmaster by Live Nation, cancellation of certain ticketing contracts, enjoining Live Nation from engaging in anticompetitive practices, and other forms of relief. Certain states also seek unspecified damages for their citizens. Live Nation believes it has substantial defenses to the claims asserted in the lawsuit and will vigorously defend itself.

The United States filed an Amended Complaint in August 2024, adding ten additional states as plaintiffs but not otherwise materially amending the claims asserted in the lawsuit. Live Nation filed a motion to dismiss certain claims in the Amended Complaint in September 2024.

 *Antitrust Litigation* 

Live Nation is a defendant in three putative antitrust consumer class actions alleging violations of federal and state antitrust laws, among other causes of action. In Heckman, et al. v. Live Nation Entertainment, et al., filed in the Central District of California in January 2022, the District Court denied defendants' motion to compel arbitration in August 2023. The Ninth Circuit affirmed the District Court's ruling in October 2024. In January 2025, Live Nation filed a motion to dismiss the lawsuit. Live Nation believes it has substantial defenses to the claims alleged in the lawsuit and will continue to vigorously defend itself.

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Two other putative class actions were filed in the Southern District of New York in August and September 2024: In Re Live Nation Entertainment, Inc. and Ticketmaster L.L.C. Antitrust Litigation, and Jacobson v. Live Nation Entertainment, Inc., et al. While these lawsuits are at their initial stages, Live Nation believes it has substantial defenses to the claims alleged therein and will vigorously defend itself.

 *Other Litigation* 

From time to time, Live Nation is involved in other legal proceedings arising in the ordinary course of Live Nation's business, including proceedings and claims based upon purported violations of antitrust laws, intellectual property rights and tortious interference, which could cause Live Nation to incur significant expenses. Live Nation has also been the subject of personal injury and wrongful death claims relating to accidents at Live Nation's venues in connection with Live Nation's operations. As required, Live Nation has accrued Live Nation's estimate of the probable settlement or other losses for the resolution of any outstanding claims. These estimates have been developed in consultation with counsel and are based upon an analysis of potential results, including, in some cases, estimated redemption rates for the settlement offered, assuming a combination of litigation and settlement strategies. It is possible, however, that future results of operations for any particular period could be materially affected by changes in Live Nation's assumptions or the effectiveness of Live Nation's strategies related to these proceedings.

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#### MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OF LIBERTY LIVE
The following discussion and analysis provides information regarding the historical combined results of operations and financial condition of Liberty Live (the **Company**, **us**, **we**, or **our**). This discussion should be read in conjunction with our accompanying condensed combined financial statements and the notes thereto.

#### Overview
Liberty Live is a newly formed, wholly owned subsidiary of Liberty Media. Upon the completion of the Split-Off, Liberty Live's principal assets will consist of the businesses, assets and liabilities attributed to the Liberty Live Group immediately prior to the Redemption (which, for the avoidance of doubt, excludes the Liberty Live Group Excluded Assets, but includes, among other businesses, assets and liabilities, the Reattributed Assets), including, among others (1) all of Liberty Media's shares of Live Nation Common Stock, (2) corporate cash, (3) Liberty Media's interests in certain private assets, including the Reattributed Assets, (4) the 2.375% Exchangeable Senior Debentures due 2053, (5) the undrawn Margin Loan and (6) the 2025 Forward Contracts.

Upon completion of the Split-Off, Liberty Media and Liberty Live will operate as separate, publicly traded companies, and neither is expected to have any continuing stock ownership, beneficial or otherwise, in the other. In connection with the Split-Off, Liberty Media and Liberty Live will enter into certain agreements in order to govern certain of the ongoing relationships between the two companies after the Split-Off and to provide for an orderly transition. These agreements include a Services Agreement, an Aircraft Time Sharing Agreement and a Facilities Sharing Agreement (the **Ancillary Agreements**) in addition to a Reorganization Agreement and a Tax Sharing Agreement.

The Reorganization Agreement will provide for, among other things, the principal corporate transactions (including the internal restructuring) required to effect the Split-Off, certain conditions to the Split-Off and provisions governing the relationship between Liberty Live and Liberty Media with respect to and resulting from the Split-Off. The Tax Sharing Agreement will provide for the allocation and indemnification of tax liabilities and benefits between Liberty Media and Liberty Live and other agreements related to tax matters. Pursuant to the Services Agreement, Liberty Media will provide Liberty Live with general and administrative services including legal, tax, accounting, treasury and investor relations support. Liberty Live will reimburse Liberty Media for direct, out-of-pocket expenses, will pay a services fee to Liberty Media under the Services Agreement that is subject to adjustment quarterly, as necessary. Under the Facilities Sharing Agreement, Liberty Live will share office space with Liberty Media and related amenities at Liberty Media's corporate headquarters. The Aircraft Time Sharing Agreement will provide for Liberty Media to lease an aircraft that it or its subsidiaries own to Liberty Live for use on a periodic, non-exclusive time sharing basis.

A portion of Liberty Media's general and administrative expenses, including legal, tax, accounting, treasury and investor relations support was previously allocated to the Liberty Live Group each reporting period based on an estimate of time spent. The Liberty Live Group paid $4.7 million and $4.0 million during the three months ended March 31, 2025 and 2024, respectively, for shared services and other directly incurred expenses, which are reflected in the condensed combined statements of operations in selling, general and administrative expenses. Following the Split-Off, we anticipate the amount allocated to Liberty Live through the Ancillary Agreements to be approximately $7.5 million annually. Liberty Live expects to incur additional corporate overhead expenses primarily related to being a standalone public company of approximately $8.0 million annually.

Quint provides experiential, travel and hospitality packages to sporting and cultural events and event management throughout the world, and is a reportable segment. Live Nation is considered the world's leading live entertainment company, connecting over 788 million fans across all of its concerts and ticketing platforms in 51 countries during 2024, and is a reportable segment. Our "Corporate and other" category includes corporate activity along with various equity investments.

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#### Economic Conditions
Live Nation's and Quint's businesses depend on discretionary consumer and corporate spending. Many factors related to corporate spending and discretionary consumer spending, including economic conditions affecting disposable consumer income such as unemployment levels, fuel prices, interest rates, changes in tax rates and tax laws that impact companies or individuals, and inflation can significantly impact Live Nation's and Quint's operating results. Business conditions, as well as various industry conditions, including corporate marketing and promotional spending and interest levels, can also significantly impact Live Nation's and Quint's operating results. These factors can affect attendance at Live Nation's and Quint's events, premium seat sales, sponsorship, advertising and hospitality spending, concession and merchandise sales, as well as the financial results of sponsors of Live Nation's and Quint's venues, events and the industry. Negative factors such as challenging economic conditions and public concerns over terrorism and security incidents, particularly when combined, can impact corporate and consumer spending. There can be no assurance that consumer and corporate spending will not be adversely impacted by current economic conditions, or by any future deterioration in economic conditions, thereby possibly impacting Live Nation's and Quint's operating results and growth.

#### Results of Operations — Combined — Three Months Ended March 31, 2025 and 2024
***General.*** Provided in the tables below is information regarding the historical Combined Operating Results and Other Income and Expense of Liberty Live.

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| | | |
|:---|:---|:---|
| | **Three months ended <br> March 31,**  | **Three months ended <br> March 31,**  |
| | **2025**  | **2024**  |
|  | **amounts in thousands**  | **amounts in thousands**  |
| &nbsp;&nbsp;&nbsp; Revenue  | $47059 | 36979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of revenue (excluding stock-based compensation)  | 41549 | 29858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selling, general and administrative expenses (excluding stock-based compensation and acquisition costs)  | 15807 | 11643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stock-based compensation  | 461 | 8165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization  | 6524 | 6987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition costs  |  | 701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating income (loss)  | (17282) | (20375) |
| &nbsp;&nbsp;&nbsp; Interest expense  | (7334) | (6917) |
| &nbsp;&nbsp;&nbsp; Dividend and interest income  | 4097 | 6030 |
| &nbsp;&nbsp;&nbsp; Share of earnings (loss) of affiliates, net  | 1451 | (27219) |
| &nbsp;&nbsp;&nbsp; Realized and unrealized gains (losses), net  | (17099) | (68915) |
| &nbsp;&nbsp;&nbsp; Other, net  | (1020) | (367) |
|  | (19905) | (97388) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net earnings (loss) before income taxes  | (37187) | (117763) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax (expense) benefit  | 7711 | 25858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net earnings (loss)  | $(29476) | (91905) |

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***Revenue.*** The Company packages and sells tickets, hospitality and accommodations to end-user customers worldwide who attend major sporting and lifestyle events held globally. Revenue increased $10,080 thousand during the three months ended March 31, 2025, as compared to the same period in the prior year, due to higher sales across Quint. The higher sales were primarily due to NBA-related programs, including the expansion of the Paris International Games combined with the growth of the NBA All-Star event and increased scope to provide transportation services for that event. Also contributing to the increase was growth of the Formula 1 racing events at the Australia Grand Prix, as well as an increase related to three motorcycle races held during the first quarter of 2025, compared to two motorcycle races in the first quarter of 2024. These increases were partially offset by a decrease in revenue related to the Super Bowl.

***Cost of revenue, excluding stock-based compensation.*** Cost of revenue primarily includes the direct costs to execute and fulfill experiential packages including ticket, hospitality, hotel and transportation costs.

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Cost of revenue increased $11,691 thousand for the three months ended March 31, 2025, as compared to the same period in the prior year, aligning with the corresponding increase in revenue. The majority of this increase related to the higher sales due to the items mentioned above and additional expense related to an increase in an estimated tax compliance liability (see note 9 to the condensed combined financial statements for additional information), partially offset by a decrease in expenses related to the Super Bowl.

***Selling, general and administrative expenses, excluding stock-based compensation and acquisition costs (SG&A).*** SG&A includes personnel costs, marketing costs, software license fees, commissions paid to internal and external sales representatives, interchange fees incurred on credit card transactions and office expenses including rent. SG&A increased $4,164 thousand for the three months ended March 31, 2025, as compared to the same period in the prior year, primarily due to an increase in personnel costs and professional services fees.

***Stock-based compensation.*** Stock-based compensation decreased $7,704 thousand for the three months ended March 31, 2025, as compared to the prior year, primarily due to a one-time compensation expense recorded on January 2, 2024 related to accelerated vesting of certain outstanding warrants at Quint (see note 8 to the accompanying condensed combined financial statements for additional information).

***Depreciation and amortization.*** Depreciation and amortization remained relatively flat for the three months ended March 31, 2025, as compared to the same period in the prior year.

***Acquisition costs.*** Acquisition costs of $701 thousand were recorded during the three months ended March 31, 2024, related to the acquisition of Quint on January 2, 2024.

***Adjusted OIBDA.*** To provide investors with additional information regarding the Company's financial results, it also discloses Adjusted OIBDA, which is a non-GAAP financial measure. Adjusted OIBDA is defined as operating income (loss) plus depreciation and amortization, stock-based compensation, separately reported litigation settlements, restructuring, acquisition and impairment charges. Liberty Live's chief operating decision maker and management team use this measure of performance in conjunction with other measures to evaluate Liberty Live's businesses and make decisions about allocating resources among Liberty Live's businesses. Liberty Live believes this is an important indicator of the operational strength and performance of Liberty Live's businesses by identifying those items that are not directly a reflection of each business' performance or indicative of ongoing business trends. In addition, this measure allows Liberty Live to view operating results, perform analytical comparisons and benchmarking between businesses and identify strategies to improve performance. Adjusted OIBDA should be considered in addition to, but not as a substitute for, operating income (loss), net earnings (loss), cash flow provided by operating activities and other measures of financial performance prepared in accordance with U.S. generally accepted accounting principles (**GAAP**). The following table provides a reconciliation of Operating income (loss) to Adjusted OIBDA:

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| | | |
|:---|:---|:---|
| | **Three months ended <br> March 31,**  | **Three months ended <br> March 31,**  |
| | **2025**  | **2024**  |
|  | **amounts in thousands**  | **amounts in thousands**  |
| Operating income (loss)  | $(17282) | (20375) |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization  | 6524 | 6987 |
| &nbsp;&nbsp;&nbsp; Stock-based compensation  | 461 | 8165 |
| &nbsp;&nbsp;&nbsp; Acquisition costs  |  | 701 |
| Adjusted OIBDA  | $(10297) | (4522) |

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Adjusted OIBDA is summarized as follows:

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| | | |
|:---|:---|:---|
| | **Three months ended <br> March 31,**  | **Three months ended <br> March 31,**  |
| | **2025**  | **2024**  |
|  | **amounts in thousands**  | **amounts in thousands**  |
| Quint  | $(6710) | (3654) |
| Corporate and other  | (3587) | (868) |
| &nbsp;&nbsp;&nbsp; Adjusted OIBDA  | $(10297) | (4522) |

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Combined Adjusted OIBDA loss increased $5,775 thousand during the three months ended March 31, 2025, as compared to the same period in the prior year.

Quint Adjusted OIBDA loss increased $3,056 thousand during the three months ended March 31, 2025, as compared to the same period in the prior year, primarily due to an increase in an estimated tax compliance liability (see note 9 to the condensed combined financial statements for additional information).

Corporate and Other Adjusted OIBDA loss increased $2,719 thousand during the three months ended March 31, 2025, as compared to the same period in the prior year, primarily due to increased legal expenses and a higher allocation of services fees from Liberty Media.

***Interest Expense.*** Interest expense remained relatively flat during the three months ended March 31, 2025, as compared to the same period in the prior year.

***Dividend and interest income.*** Dividend and interest income decreased $1,933 thousand during the three months ended March 31, 2025, as compared to the same period in the prior year, primarily due to a lower interest rate during the first quarter of 2025, compared to the prior year.

***Share of earnings (loss) of affiliates, net.*** The Company's share of earnings of affiliates increased $28,670 thousand during the three months ended March 31, 2025, compared to the same period in 2024. Share of earnings (losses) from affiliates is primarily attributable to the Company's ownership interest in Live Nation. Upon the Company's initial investment in Live Nation, the Company allocated the excess basis, between the book basis of Live Nation and fair value of the shares acquired and ascribed remaining useful lives to amortizable intangible assets and deferred taxes. As of March 31, 2025 amortizable intangible assets had a remaining weighted average useful life of 6.6 years. Amortization related to intangible assets with identifiable useful lives is included in the Company's share of earnings (loss) of affiliates line item in the accompanying condensed combined statements of operations and aggregated $4,289 thousand and $7,890 thousand, net of related taxes, for the three months ended March 31, 2025 and 2024, respectively.

The following is a discussion of Live Nation's results of operations. Live Nation is a separate publicly traded company and additional information about Live Nation can be obtained through its website and public filings. In order to provide a better understanding of Live Nation's operations, we have included a summarized presentation of Live Nation's results from operations.

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| | | |
|:---|:---|:---|
| | **Three Months Ended <br> March 31,**  | **Three Months Ended <br> March 31,**  |
| | **2025**  | **2024**  |
|  | **amounts in millions**  | **amounts in millions**  |
| Revenue  | $3382 | 3800 |
| Operating expenses: |  |  |
| &nbsp;&nbsp;&nbsp; Direct operating expenses  | (2255) | (2651) |
| &nbsp;&nbsp;&nbsp; Selling, general and administrative expenses  | (779) | (982) |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization  | (149) | (133) |
| &nbsp;&nbsp;&nbsp; Corporate and other expenses  | (84) | (75) |
| Operating income (loss)  | 115 | (41) |
| Interest expense  | (80) | (81) |
| Interest income  | 34 | 43 |

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|:---|:---|:---|
| | **Three Months Ended <br> March 31,**  | **Three Months Ended <br> March 31,**  |
| | **2025**  | **2024**  |
|  | **amounts in millions**  | **amounts in millions**  |
| Other income (expense), net  | (3) | 77 |
| &nbsp;&nbsp;&nbsp; Earnings (loss) before income taxes  | 66 | (2) |
| Income tax (expense) benefit  | (20) | (41) |
| &nbsp;&nbsp;&nbsp; Net earnings (loss)  | 46 | (43) |
| Less net earnings (loss) attributable to noncontrolling interests  | 23 | 11 |
| &nbsp;&nbsp;&nbsp; Net earnings (loss) attributable to Live Nation stockholders  | $23 | (54) |

---

*Revenue.* Live Nation's revenue decreased $417.4 million during the three months ended March 31, 2025, as compared to the same period of the prior year, driven by decreased revenue in the Concerts segment of $395.3 million and Ticketing segment of $28.5 million, partially offset by a $4.8 million increase in the Sponsorship & Advertising segment. Concerts revenue decreased $395.3 million during the three months ended March 31, 2025, as compared to the same period of the prior year, primarily due to fewer arena shows partially offset by more stadium shows. Concerts had incremental revenue of $41.8 million during the three months ended March 31, 2025 from acquisitions and new venues. Ticketing revenue decreased $28.5 million during the three months ended March 31, 2025, as compared to the same period of the prior year, primarily due to a reduction in primary and secondary ticket sales in North America. Sponsorship & Advertising revenue increased $4.8 million during the three months ended March 31, 2025, as compared to the same period of the prior year, primarily due to increased sponsorship activity in the United States, notably for Live Nation's owned and operated venues as well as ticket onsale deals.

*Operating Income.* Operating income increased $156.2 million during the three months ended March 31, 2025 as compared to the same period of the prior year primarily driven by a reduction in operating loss in the Concerts segment of $193.6 million, primarily associated with the nonrecurring Astroworld estimated loss contingencies of $185.9 million in the prior year, as well as increased operating income in the Sponsorship & Advertising segment of $7.9 million. These were partially offset by decreased operating income in the Ticketing segment of $34.7 million.

*Other income (expense), net.* For the three months ended March 31, 2025, Live Nation had other expense, net of $3.0 million which primarily includes net foreign exchange rate losses of $7.3 million. For the three months ended March 31, 2024, Live Nation had other income, net of $77.1 million which includes mark to market adjustments for certain investments in nonconsolidated affiliates of $88.7 million, partially offset by net foreign exchange rate losses of $11.8 million. The net foreign exchange rate losses result primarily from revaluation of certain foreign currency denominated net assets held internationally.

*Income Taxes*. For the three months ended March 31, 2025, Live Nation had income tax expense of $19.7 million on earnings before income taxes of $66.0 million compared to net tax expense of $41.0 million on losses before income taxes of $1.7 million for the three months ended March 31, 2024. For the three months ended March 31, 2025, the income tax expense consisted of $23.4 million related to foreign entities as well as income tax benefits of $3.5 million related to United States federal taxes and $0.2 million related to state and local income taxes. The net decrease in tax expense of $21.3 million was primarily due to lower income in certain foreign jurisdictions.

***Realized and unrealized gains (losses), net.*** Realized and unrealized gains (losses) on financial instruments, net are comprised of changes in the fair value of the following:

---

| | | |
|:---|:---|:---|
| | **Three months ended <br> March 31,**  | **Three months ended <br> March 31,**  |
| | **2025**  | **2024**  |
|  | **amounts in thousands**  | **amounts in thousands**  |
| Equity securities  | $(6749) | 11685 |
| Financial instrument liabilities  |  | (9826) |
| Debt  | (10350) | (70774) |
|  | $(17099) | (68915) |

---

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The changes in these accounts are primarily due to changes in market factors and changes in the fair value of the underlying stocks or financial instruments to which these related (see note 7 to the accompanying condensed combined financial statements for additional discussion related to debt). The decrease in realized and unrealized losses of $51,816 thousand for the three months ended March 31, 2025, compared to the corresponding period in the prior year, was primarily due to a decrease in unrealized losses on the 2.375% Exchangeable Senior Debentures due 2053, and a decrease in unrealized losses related to derivative instruments that expired during the second quarter of 2024, partially offset by an increase in unrealized losses related to equity securities.

***Other, net.*** Other, net remained relatively flat during the three months ended March 31, 2025, as compared to the same period in the prior year.

***Income taxes.*** Earnings (loss) before income taxes, income tax (expense) benefit, and the effective tax rates for the three months ended March 31, 2025 and 2024 are summarized below:

---

| | | |
|:---|:---|:---|
| | **Three months ended <br> March 31,**  | **Three months ended <br> March 31,**  |
| | **2025**  | **2024**  |
| Earnings (loss) before income taxes  | $(37187) | (117763) |
| Income tax (expense) benefit  | $7711 | 25858 |
| Effective income tax rate  | 21% | 22% |

---

During the three months ended March 31, 2025, income tax benefit does not materially differ from the U.S. statutory rate of 21% due to state income tax benefits on losses, offset by taxes on foreign earnings.

During the three months ended March 31, 2024, income tax benefit was slightly greater than the U.S. statutory rate of 21% due to state income tax benefits on losses.

***Net earnings (loss).*** The Company had net losses of $29,476 thousand and $91,905 thousand for the three months ended March 31, 2025 and 2024, respectively. The change in net earnings (loss) was the result of the fluctuations in Liberty Live's revenue, expenses and other gains and losses, as described above.

#### Results of Operations — Combined — Years Ended December 31, 2024 and 2023
***General.*** Provided in the tables below is information regarding the historical Combined Operating Results and Other Income and Expense of Liberty Live.

---

| | | |
|:---|:---|:---|
| | **Years ended December 31,**  | **Years ended December 31,**  |
| | **2024**  | **2023**  |
|  | **amounts in thousands**  | **amounts in thousands**  |
| &nbsp;&nbsp;&nbsp; Revenue  | $340493 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of revenue (excluding stock-based compensation)  | 286070 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selling, general and administrative expenses (excluding stock-based compensation and acquisition costs)  | 64365 | 8833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stock-based compensation  | 11007 | 2053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization  | 27447 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment of intangible assets  | 67066 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition costs  | 812 | 6490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating income (loss)  | (116274) | (17376) |
| &nbsp;&nbsp;&nbsp; Interest expense  | (29121) | (13992) |
| &nbsp;&nbsp;&nbsp; Dividend and interest income  | 21782 | 5813 |
| &nbsp;&nbsp;&nbsp; Share of earnings (loss) of affiliates, net  | 237666 | 140217 |
| &nbsp;&nbsp;&nbsp; Realized and unrealized gains (losses), net  | (262733) | (226427) |
| &nbsp;&nbsp;&nbsp; Gain (loss) on dilution of investment in affiliate  | 5846 | (3864) |

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---

| | | |
|:---|:---|:---|
| | **Years ended December 31,**  | **Years ended December 31,**  |
| | **2024**  | **2023**  |
|  | **amounts in thousands**  | **amounts in thousands**  |
| &nbsp;&nbsp;&nbsp; Other, net  | (1284) | 47 |
|  | (27844) | (98206) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net earnings (loss) before income taxes  | (144118) | (115582) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax (expense) benefit  | 30034 | 24366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net earnings (loss)  | $(114084) | (91216) |

---

***Revenue.*** The Company packages and sells tickets, hospitality and accommodations to end-user customers worldwide who attend major sporting and lifestyle events held globally. Revenue increased $340,493 thousand during the year ended December 31, 2024, as compared to the prior year, due to the acquisition of Quint on January 2, 2024.

***Cost of revenue, excluding stock-based compensation.*** Cost of revenue primarily includes the direct costs to execute and fulfill experiential packages including ticket, hospitality, hotel and transportation costs. Cost of revenue increased $286,070 thousand for the year ended December 31, 2024, compared to the prior year, due to the acquisition of Quint on January 2, 2024.

***Selling, general and administrative expenses, excluding stock-based compensation and acquisition costs.*** SG&A includes personnel costs, marketing costs, software license fees, commissions paid to internal and external sales representatives, interchange fees incurred on credit card transactions and office expenses including rent. SG&A increased $55,532 thousand for the year ended December 31, 2024, as compared to the prior year, due to the acquisition of Quint on January 2, 2024 and higher corporate level legal expenses, partially offset by lower allocated corporate expenses and lower professional services fees as a result of a corporate reclassification at Liberty Media that occurred in August 2023.

***Stock-based compensation.*** Stock-based compensation increased $8,954 thousand for the year ended December 31, 2024, as compared to the prior year primarily related to the accelerated vesting of certain outstanding warrants at Quint (see note 4 to the accompanying combined financial statements for additional information), which was acquired on January 2, 2024.

***Depreciation and amortization.*** Depreciation and amortization increased $27,447 thousand for the year ended December 31, 2024, as compared to the prior year, due to the acquisition of Quint on January 2, 2024.

***Impairment of intangible assets.*** The Company recorded a goodwill impairment loss of $67,066 thousand during the year ended December 31, 2024. See additional details about the impairment in note 7 to the accompanying combined financial statements.

***Acquisition costs.*** The Company recorded acquisition costs of $812 thousand and $6,490 thousand during the years ended December 31, 2024 and 2023, respectively, related to the acquisition of Quint.

***Adjusted OIBDA.*** To provide investors with additional information regarding the Company's financial results, it also discloses Adjusted OIBDA, which is a non-GAAP financial measure. Adjusted OIBDA is defined as operating income (loss) plus depreciation and amortization, stock-based compensation, separately reported litigation settlements, restructuring, acquisition and impairment charges. Liberty Live's chief operating decision maker and management team use this measure of performance in conjunction with other measures to evaluate Liberty Live's businesses and make decisions about allocating resources among Liberty Live's businesses. Liberty Live believes this is an important indicator of the operational strength and performance of Liberty Live's businesses by identifying those items that are not directly a reflection of each business' performance or indicative of ongoing business trends. In addition, this measure allows Liberty Live to view operating results, perform analytical comparisons and benchmarking between businesses and identify strategies to improve performance. Adjusted OIBDA should be considered in addition to, but not as a substitute for, operating income (loss), net earnings (loss), cash flow provided by operating activities and other measures of financial performance prepared in accordance with GAAP.

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The following table provides a reconciliation of Operating income (loss) to Adjusted OIBDA:

---

| | | |
|:---|:---|:---|
| | **Years ended December 31,**  | **Years ended December 31,**  |
| | **2024**  | **2023**  |
|  | **amounts in thousands**  | **amounts in thousands**  |
| Operating income (loss)  | $(116274) | (17376) |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization  | 27447 |  |
| &nbsp;&nbsp;&nbsp; Stock-based compensation  | 11007 | 2053 |
| &nbsp;&nbsp;&nbsp; Impairment of intangible assets  | 67066 |  |
| &nbsp;&nbsp;&nbsp; Acquisition costs  | 812 | 6490 |
| Adjusted OIBDA  | $(9942) | (8833) |

---

Adjusted OIBDA is summarized as follows:

---

| | | |
|:---|:---|:---|
| | **Years ended December 31,**  | **Years ended December 31,**  |
| | **2024**  | **2023**  |
|  | **amounts in thousands**  | **amounts in thousands**  |
| Quint  | $(2912) |  |
| Corporate and other  | (7030) | (8833) |
| &nbsp;&nbsp;&nbsp; Adjusted OIBDA  | $(9942) | (8833) |

---

Combined Adjusted OIBDA loss increased $1,109 thousand during the year ended December 31, 2024 as compared to the prior year.

Quint Adjusted OIBDA loss increased $2,912 thousand during the year ended December 31, 2024 as compared to the prior year, due to the acquisition of Quint on January 2, 2024.

Corporate and Other Adjusted OIBDA loss decreased $1,803 thousand during the year ended December 31, 2024 as compared to the prior year, primarily due to lower allocated corporate expenses and lower professional services fees as a result of a corporate reclassification at Liberty Media that occurred in August 2023, partially offset by higher legal expenses.

***Interest expense.*** Interest expense increased $15,129 thousand during the year ended December 31, 2024 as compared to the prior year, primarily related to the 2.375% Exchangeable Senior Debentures due 2053, which were outstanding for a full year in 2024, compared to only part of the year in 2023, partially offset by less interest recorded in 2024 related to the 0.5% Exchangeable Senior Debentures due 2050, which were repaid in full in September 2024.

***Dividend and interest income.*** Dividend and interest income increased $15,969 thousand during the year ended December 31, 2024 as compared to the prior year, primarily due to cash invested for a full year in 2024, as opposed to part of the year in 2023 as a result of a corporate reclassification at Liberty Media that occurred in August 2023.

***Share of earnings (loss) of affiliates, net.*** The Company's share of earnings of affiliates increased $97,449 thousand during the year ended December 31, 2024, compared to the same period in 2023. Share of earnings (loss) from affiliates is primarily attributable to the Company's ownership interest in Live Nation. Upon the Company's initial investment in Live Nation, the Company allocated the excess basis between the book basis of Live Nation and fair value of the shares acquired and ascribed remaining useful lives to amortizable intangible assets and deferred taxes. As of December 31, 2024, amortizable intangible assets had a remaining weighted average useful life of 6.5 years. Amortization related to intangible assets with identifiable useful lives is included in the Company's share of earnings (loss) of affiliates line item in the accompanying combined statements of operations and aggregated $31,233 thousand and $28,785 thousand, net of related taxes, for the years ended December 31, 2024 and 2023, respectively.

The following is a discussion of Live Nation's results of operations. Live Nation is a separate publicly traded company and additional information about Live Nation can be obtained through its website and

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public filings, which are incorporated by reference herein. In order to provide a better understanding of Live Nation's operations, we have included a summarized presentation of Live Nation's results from operations.

---

| | | |
|:---|:---|:---|
| | **December 31,**  | **December 31,**  |
| | **2024**  | **2023**  |
|  | **amounts in millions**  | **amounts in millions**  |
| Revenue  | $23156 | 22726 |
| Operating expenses: |  |  |
| &nbsp;&nbsp;&nbsp; Direct operating expenses  | (17328) | (17251) |
| &nbsp;&nbsp;&nbsp; Selling, general and administrative expenses  | (4096) | (3557) |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization  | (550) | (517) |
| &nbsp;&nbsp;&nbsp; Corporate and other expenses  | (357) | (316) |
| Operating income (loss)  | 825 | 1085 |
| Interest expense  | (326) | (350) |
| Interest income  | 156 | 238 |
| Other income (expense), net  | 84 | (60) |
| &nbsp;&nbsp;&nbsp; Earnings (loss) before income taxes  | 739 | 913 |
| Income tax (expense) benefit  | 392 | (209) |
| &nbsp;&nbsp;&nbsp; Net earnings (loss)  | 1131 | 704 |
| Less net earnings (loss) attributable to noncontrolling interests  | 235 | 147 |
| &nbsp;&nbsp;&nbsp; Net earnings (loss) attributable to Live Nation stockholders  | $896 | 557 |

---

*Revenue.* Live Nation's revenue increased $429.3 million during the year ended December 31, 2024, as compared to the same period in 2023, primarily due to increased concert, ticketing, and sponsorship and advertising revenue. Concerts revenue increased $283.4 million during the year ended December 31, 2024, as compared to the prior year, attributable to acquisitions and new venues as well as increased show count and fan growth. In particular, higher arena and amphitheater shows and related fan count partially offset by fewer stadium shows contributed to the increase in revenue. Ticketing revenue increased $29.2 million during the year ended December 31, 2024, as compared to the prior year. Ticket sales and gross transaction value for concerts, sporting and family and arts events were largely in line with 2023. For concert events, higher sales for arena and amphitheater shows were mostly offset by a reduction in stadium shows, coming off a record year of stadium activity in 2023. Sponsorship and advertising revenue increased $99.8 million during the year ended December 31, 2024, as compared to the prior year, primarily driven by increased sponsorship activity from Live Nation's international markets and onsite sponsorships.

*Operating Income.* Operating income decreased $260.4 million during the year ended December 31, 2024, as compared to the prior year, primarily driven by decreased operating income related to concerts of $313.2 million which included Astroworld estimated loss contingencies of $454.9 million, and decreased operating income related to ticketing of $20.7 million. These decreases in operating income were partially offset by increased operating income related to sponsorship and advertising of $99.2 million.

*Interest expense.* Interest expense decreased $24.3 million during the year ended December 31, 2024, as compared to the same period in 2023, driven by lower debt balance throughout 2024 as compared to 2023.

*Interest income*. Interest income decreased $81.6 million during the year ended December 31, 2024, as compared to the prior year, primarily attributed to lower rate of return on Live Nation's cash and cash equivalents in 2024 and a decrease in its cash and cash equivalents.

*Other income (expense), net.* For the year ended December 31, 2024, Other income, net increased $143.9 million, compared to the prior year, primarily driven by mark to market adjustments for certain investments in nonconsolidated affiliates and decreases in foreign exchange rate losses.

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*Income Taxes*. For the year ended December 31, 2024, Live Nation had a net tax benefit of $391.7 million on income before income taxes of $739.4 million compared to a net tax expense of $209.5 million on income before income taxes of $913.3 million for 2023. In 2024, the net income tax benefit consisted of $518.3 million of tax benefit related to United States federal income taxes, $127.0 million of tax expense related to foreign entities and $0.4 million of tax benefit related to state and local income taxes. The net decrease in tax expense of $601.2 million is related to a valuation allowance release, due to changes in judgment regarding the realizability of certain deferred tax assets.

***Realized and unrealized gains (losses), net.*** Realized and unrealized gains (losses) on financial instruments, net are comprised of changes in the fair value of the following:

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| | | |
|:---|:---|:---|
| | **Years ended December 31,**  | **Years ended December 31,**  |
| | **2024**  | **2023**  |
|  | **amounts in thousands**  | **amounts in thousands**  |
| Equity securities  | $(7136) | 23107 |
| Financial instrument liabilities  | (11716) | (4494) |
| Debt  | (243881) | (245040) |
|  | $(262733) | (226427) |

---

The changes in these accounts are primarily due to changes in market factors and changes in the fair value of the underlying stocks or financial instruments to which these related (see note 8 to the accompanying combined financial statements for additional discussion related to debt).

***Gain (loss) on dilution of investment in affiliate.*** The gain on dilution of investment in affiliate increased $9,710 thousand during the year ended December 31, 2024, as compared to the same period in the prior year, due to a debt conversion transaction at Live Nation in 2023.

***Other, net.*** Other, net decreased $1,331 thousand during the year ended December 31, 2024, as compared to the same period in 2023, primarily due to net unrealized foreign exchange losses during the current year, compared to net unrealized foreign exchange gains in the prior year.

***Income taxes.*** Earnings (loss) before income taxes, income tax (expense) benefit, and the effective tax rates for the years ended December 31, 2024 and 2023 are summarized below:

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| | | |
|:---|:---|:---|
| | **Years ended December 31,**  | **Years ended December 31,**  |
| | **2024**  | **2023**  |
| Earnings (loss) before income taxes  | $(144118) | (115582) |
| Income tax (expense) benefit  | $30034 | 24366 |
| Effective income tax rate  | 21% | 21% |

---

During the year ended December 31, 2024, income tax benefit does not materially differ from the U.S. statutory rate of 21% due to state income tax benefits on losses, offset by taxes on foreign earnings.

During the year ended December 31, 2023, income tax benefit does not materially differ from the U.S. statutory rate of 21% due to state income tax benefits on losses, offset by the tax effect of certain nondeductible expenses.

***Net earnings (loss).*** The Company had net losses of $114,084 thousand and $91,216 thousand for the years ended December 31, 2024 and 2023, respectively. The change in net earnings (loss) was the result of the fluctuations in Liberty Live's revenue, expenses and other gains and losses, as described above.

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#### Off-Balance Sheet Arrangements and Material Cash Requirements
Information concerning the amount and timing of material cash requirements, both accrued and off-balance sheet, as of December 31, 2024, is summarized below.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Payments due by period**  | **Payments due by period**  | **Payments due by period**  | **Payments due by period**  | **Payments due by period**  |
| | **Total**  | **Less than <br> 1 year**  | **2 – 3 years**  | **4 – 5 years**  | **After <br> 5 years**  |
|  | **amounts in thousands**  | **amounts in thousands**  | **amounts in thousands**  | **amounts in thousands**  | **amounts in thousands**  |
| *Material cash requirements* |  |  |  |  |  |
| Long-term debt<sup>(1)</sup>  | $1150000 |  |  |  | 1150000 |
| Interest payments<sup>(2)</sup>  | 788616 | 29313 | 56006 | 54625 | 648672 |
| Rightsholder relationships<sup>(3)</sup>  | 14484 | 6173 | 8311 |  |  |
| Purchase orders and other obligations<sup>(4)</sup>  | 21791 | 17045 | 2402 | 1864 | 480 |
| &nbsp;&nbsp;&nbsp; Total  | $1974891 | 52531 | 66719 | 56489 | 1799152 |

---

(1) Amounts are stated at the face amount at maturity and do not assume additional borrowings or refinancings of existing debt.

(2) Amounts (i) are based on the Company's outstanding debt at December 31, 2024 and (ii) assume that its existing debt is repaid at maturity.

(3) Quint has entered into contracts with various rightsholders to obtain the ability to utilize the rightsholders' intellectual property (logos, brand names, etc.) and to gain access to ticket inventory in order to sell event experiential packages under the rightsholders' brand. The commitments included within this table represent the minimum guaranteed payments to be made to the rightsholders.

(4) Amounts due in less than one year primarily relate to open purchase orders at Quint. Amounts in other periods primarily relate to operating leases at Quint.

#### Liquidity and Capital Resources
As of March 31, 2025, the Company's liquidity position included the following:

---

| | |
|:---|:---|
| | **Cash and cash <br> equivalents**  |
|  | **amounts in thousands**  |
| Quint  | $69444 |
| Corporate and other  | 314397 |
| &nbsp;&nbsp;&nbsp; Total Liberty Live  | $383841 |

---

Substantially all of its cash and cash equivalents are invested in U.S. Treasury securities, other government securities or government guaranteed funds, AAA rated money market funds and other highly rated financial and corporate debt instruments.

The following are potential sources of liquidity: available cash balances, cash generated by Quint operating activities (to the extent such cash exceeds Quint's working capital needs and is not otherwise restricted), net proceeds from asset sales, debt borrowings, available borrowing capacity under a margin loan secured by shares of the undrawn Margin Loan and interest and dividend receipts.

As of March 31, 2025, the Company had $400 million available under the Live Nation Margin Loan. The Company is in compliance with all financial debt covenants as of March 31, 2025.

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| | | |
|:---|:---|:---|
| | **Three months ended <br> March 31,**  | **Three months ended <br> March 31,**  |
| | **2025**  | **2024**  |
|  | **amounts in thousands**  | **amounts in thousands**  |
| **Cash Flow Information** |  |  |
| &nbsp;&nbsp;&nbsp; Net cash provided (used) by operating activities  | $(16458) | (40457) |
| &nbsp;&nbsp;&nbsp; Net cash provided (used) by investing activities  | $(598) | (204114) |
| &nbsp;&nbsp;&nbsp; Net cash provided (used) by financing activities  | $(1969) | 305538 |

---

During the three months ended March 31, 2025, the Company's primary use of cash was for operations, including interest expense. During the three months ended March 31, 2024, the Company's primary source of cash was parent contributions of $306,541 thousand, and the Company's primary use of cash was $205,211 thousand for the acquisition of Quint, net of cash acquired.

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| | | |
|:---|:---|:---|
| | **Years ended December 31,**  | **Years ended December 31,**  |
| | **2024**  | **2023**  |
|  | **amounts in thousands**  | **amounts in thousands**  |
| **Cash Flow Information** |  |  |
| &nbsp;&nbsp;&nbsp; Net cash provided (used) by operating activities  | $(25228) | (21054) |
| &nbsp;&nbsp;&nbsp; Net cash provided (used) by investing activities  | $(97514) | (84989) |
| &nbsp;&nbsp;&nbsp; Net cash provided (used) by financing activities  | $227832 | 410972 |

---

During the year ended December 31, 2024, the Company's primary sources of cash were a contribution from Liberty Media of $305,259 thousand primarily to fund the acquisition of Quint and proceeds from the sale of investments of $108,275 thousand. The Company's primary uses of cash were acquisitions, net of cash received of $205,211 thousand and repayments of debt of $71,484 thousand. During the year ended December 31, 2023, the Company's primary sources of cash were net debt borrowings of $215,724 thousand, and contribution from Liberty Media of $195,387 thousand primarily related to a corporate reclassification and the purchase of equity securities. The Company's primary use of cash was for investments in equity securities of $122,368 thousand.

The Company's projected uses of cash for the remainder of the year, outside of normal operating expenses (inclusive of tax payments), are interest payments of approximately $21,984 thousand. The Company expects to fund its projected uses of cash with cash on hand, cash provided by operations, and debt borrowings under the Live Nation Margin Loan. Liberty Live believes that the available sources of liquidity are sufficient to cover its projected future uses of cash.

#### Critical Accounting Estimates
The preparation of Liberty Live's combined financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the combined financial statements and the reported amounts of revenue and expenses during the reporting period. Listed below are the accounting estimates that Liberty Live believes are critical to its combined financial statements due to the degree of uncertainty regarding the estimates or assumptions involved and the magnitude of the asset, liability, revenue or expense being reported.

***Application of the Equity Method of Accounting for Investments in Affiliates.*** For those investments in affiliates in which the Company has the ability to exercise significant influence, the equity method of accounting is used. Under this method, the investment, originally recorded at cost, is adjusted to recognize the Company's share of net earnings or losses of the affiliate as they occur rather than as dividends or other distributions are received. Losses are limited to the extent of the Company's investment in, advances to and commitments for the equity method investee. The Company determines the difference between the purchase price of the equity method investee and the underlying equity which results in an excess basis in the investment. This excess basis is allocated to the underlying assets and liabilities of the Company's equity method investee through an acquisition accounting exercise and is allocated within memo accounts used for

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equity method accounting purposes. Depending on the applicable underlying assets, these amounts are either amortized over the applicable useful lives or determined to be indefinite lived.

Changes in the Company's proportionate share of the underlying equity of an equity method investee, which result from the issuance of additional equity securities by such equity method investee, to investors other than the Company, are recognized in the statement of operations through the gain (loss) on dilution of investment in affiliate line item. We periodically evaluate our equity method investments to determine if decreases in fair value below our cost basis are other than temporary. If a decline in fair value is determined to be other than temporary, we are required to reflect such decline in our combined statements of operations. Other than temporary declines in fair value of our equity method investment would be included in share of earnings (losses) of affiliates in our combined statement of operations.

The primary factors we consider in our determination of whether declines in fair value are other than temporary are the length of time that the fair value of the investment is below our carrying value; the severity of the decline; and the financial condition, operating performance and near term prospects of the equity method investee. In addition, we consider the reason for the decline in fair value, be it general market conditions, industry specific or equity method investee specific; analysts' ratings and estimates of 12 month share price targets for the equity method investee; changes in stock price or valuation subsequent to the balance sheet date; and our intent and ability to hold the investment for a period of time sufficient to allow for a recovery in fair value.

Our evaluation of the fair value of our investments and any resulting impairment charges are made as of the most recent balance sheet date. Changes in fair value subsequent to the balance sheet date due to the factors described above are possible. Subsequent decreases in fair value will be recognized in our combined statement of operations in the period in which they occur to the extent such decreases are deemed to be other than temporary. Subsequent increases in fair value will be recognized in our combined statement of operations only upon our ultimate disposition of the investment.

***Non-Financial Instrument Valuations.*** Liberty Live's non-financial instrument valuations are primarily comprised of its annual assessment of the recoverability of its goodwill, and its evaluation of the recoverability of its other long-lived assets upon certain triggering events. If the carrying value of Liberty Live's long-lived assets exceeds their estimated fair value, Liberty Live is required to write the carrying value down to fair value. Any such writedown is included in impairment of intangible assets in the combined statement of operations. Judgment is required to estimate the fair value of Liberty Live's intangible assets. Liberty Live may use quoted market prices, prices for similar assets, present value techniques and other valuation techniques to prepare these estimates. Liberty Live may need to make estimates of future cash flows and discount rates as well as other assumptions in order to implement these valuation techniques. Due to the judgment involved in Liberty Live's estimation techniques, any value ultimately derived from Liberty Live's intangible assets may differ from its estimate of fair value.

As of December 31, 2024, the Company had $125,495 thousand of goodwill. The Company's goodwill is allocated to the Quint reportable segment. The Company performs its annual assessment of the recoverability of its indefinite-lived intangible assets in the fourth quarter each year, or more frequently if events and circumstances indicate impairment may have occurred. The accounting guidance permits entities to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the quantitative goodwill impairment test. The accounting guidance also allows entities the option to bypass the qualitative assessment for any reporting unit in any period and proceed directly to the quantitative impairment test. The entity may resume performing the qualitative assessment in any subsequent period. In evaluating goodwill on a qualitative basis, the Company reviews the business performance of each reporting unit and evaluates other relevant factors as identified in the relevant accounting guidance to determine whether it is more likely than not that an indicated impairment exists for any of its reporting units. The Company considers whether there are any negative macroeconomic conditions, industry-specific conditions, market changes, increased competition, increased costs in doing business, management challenges, the legal environments and how these factors might impact company specific performance in future periods. As part of the analysis, the Company also considers fair value determinations for certain reporting units that have

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been made at various points throughout the current and prior year for other purposes. If based on the qualitative analysis it is more likely than not that an impairment exists, the Company performs the quantitative impairment test.

The Company performed a quantitative analysis of Quint during the fourth quarter of 2024. Based on near-term business trends and their impact on long-term assumptions, we concluded that the estimated fair value of Quint was less than its carrying value. As a result, Quint recognized a goodwill impairment loss of $67,066 thousand during the year ended December 31, 2024. The fair value was determined using a discounted cash flow (income approach) calculation (Level 3).

Due to the goodwill impairment loss recorded, Quint's carrying value approximates its estimated fair value as of December 31, 2024. The Company will continue to monitor Quint's business performance versus the current and updated long-term forecasts, among other relevant considerations, to determine if the carrying value of its assets (including goodwill and other intangible assets) is appropriate. Declines in forecasted revenue, cash flows, or other factors could result in a sustained decrease in fair value that may result in a determination that carrying value adjustments are required, which could be material.

***Income Taxes.*** The Company is required to estimate the amount of tax payable or refundable for the current year and the deferred income tax liabilities and assets for the future tax consequences of events that have been reflected in its combined financial statements or tax returns for each taxing jurisdiction in which the Company operates. This process requires the Company's management to make judgments regarding the timing and probability of the ultimate tax impact of the various agreements and transactions that it enters into. Based on these judgments, the Company may record tax reserves or adjustments to valuation allowances on deferred tax assets to reflect the expected realizability of future tax benefits. Actual income taxes could vary from these estimates due to future changes in income tax law, significant changes in the jurisdictions in which the Company operates, our inability to generate sufficient future taxable income or unpredicted results from the final determination of each year's liability by taxing authorities. These changes could have a significant impact on the Company's financial position.

#### Quantitative and Qualitative Disclosures about Market Risk
Liberty Live is exposed to market risk in the normal course of business due to ongoing investing and financial activities and the conduct of operations. Market risk refers to the risk of loss arising from adverse changes in stock prices and interest rates. The risk of loss can be assessed from the perspective of adverse changes in fair values, cash flows and future earnings. Liberty Live has established policies, procedures and internal processes governing its management of market risks and the use of financial instruments to manage its exposure to such risks.

Liberty Live is exposed to changes in interest rates primarily as a result of its borrowing activities, which include fixed and floating rate debt instruments and borrowings used to maintain liquidity and to fund business operations. The nature and amount of its long-term and short-term debt are expected to vary as a result of future requirements, market conditions and other factors. Liberty Live manages its exposure to interest rates by maintaining what it believes is an appropriate mix of fixed and variable rate debt. Liberty Live believes this best protects its business from interest rate risk. Liberty Live may achieve this mix by (i) issuing fixed rate debt that it believes has a low stated interest rate and significant term to maturity, (ii) issuing variable rate debt with appropriate maturities and interest rates, and (iii) entering into interest rate swap arrangements when deemed appropriate.

As of March 31, 2025, Liberty Live had $1,150,000 thousand principal amount of fixed rate debt with a weighted average interest rate of 2.375%, and no outstanding variable rate debt.

Additionally, our stock in Live Nation (an equity method affiliate), a publicly traded security, is not reflected at fair value in our balance sheet. This security is also subject to market risk that is not directly reflected in our financial statements, and had the market price of such security been 10% lower at March 31, 2025, the aggregate value of such security would have been $909,425 thousand lower.

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#### MANAGEMENT OF LIBERTY LIVE
 *The following section discusses the expected management of Liberty Live immediately following the Split-Off, including its directors and its executive officers, as well as certain related matters as required by the rules and regulations of the SEC.* 

#### Directors
The following sets forth certain information concerning persons who are expected to serve as the directors of Liberty Live immediately following the Split-Off, including their ages, directorships held and a description of their business experience, including, if applicable, current positions held with Liberty Media.

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| | |
|:---|:---|
| **Name**  | **Positions**  |
| **Robert R. Bennett <br> Age: 67**  | Chairman of the Board of Liberty Live. <br> Mr. Bennett has also served as Vice Chairman of the board of Liberty Media since January 2025 and a director of Liberty Media since September 2011, Managing Director of Hilltop Investments LLC, a private investment company, and a director of Flutter Entertainment plc since July 2024. Mr. Bennett previously served as Chief Executive Officer of QVC Group, Inc. (formerly, Qurate Retail, Inc.) (**QVC Group**) from April 1997 to August 2005 and its President from April 1997 to February 2006, and held various executive positions with QVC Group from 1994 to 1997. Mr. Bennett also previously served as a director of HP, Inc. from July 2013 to April 2025, director of Warner Bros. Discovery from April 2022 to March 2023, director of Discovery from September 2008 to April 2022, director of QVC Group from September 1994 to December 2011, director of Demand Media, Inc. from January 2011 to February 2014, director of Sprint Corporation from October 2006 to November 2016 and director of DHC from May 2005 to September 2008. <br> Mr. Bennett brings in-depth knowledge of the media and telecommunications industry. Mr. Bennett also has an in-depth understanding of finance, and has held various financial management positions during the course of his career.  |
| **Derek Chang <br> Age: 57**  | Director of Liberty Live. <br> Mr. Chang has also served as President and Chief Executive Officer of Liberty Media since February 2025 and as a director since March 2021. Mr. Chang also served as co-founder and director of EverPass Media, LLC since April 2023, and as Executive Chairman from April 2023 to January 2025. Mr. Chang previously served as Chief Executive Officer of Friend MTS Ltd., a provider of content security technology, cloud video security services and related applications to media from May 2021 to December 2021, Chief Executive Officer of NBA China from June 2018 to May 2020, Head of International Lifestyle Channels from July 2016 to April 2018, and Managing Director of Asia Pacific operations from April 2013 to July 2016, for Scripps, a media company until its merger with Discovery Communications, Executive Vice President of Content Strategy and Development of DIRECTV (and its predecessor, The DirecTV Group, Inc.), a television service provider from March 2006 to January 2013, Executive Vice President-Finance and Strategy of Charter, a cable television and broadband services provider from December 2003 to April 2005 and as its interim Co-Chief Financial Officer from August 2004 to April 2005, Executive Vice President-Development of the  |

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| | |
|:---|:---|
| **Name**  | **Positions**  |
|  | Yankees Entertainment and Sports Network, a pay television company that broadcasts New York Yankees baseball and Brooklyn Nets basketball games. from its inception in 2001 to January 2003, a director of Playfly Sports, LLC from February 2023 to January 2025, and a director of Professional Fighters League from June 2021 to February 2023. Mr. Chang also previously served as a director of Isos Acquisition Corp. from March 2021 to December 2021, director of Vobile Group Limited from July 2020 to June 2021 and director of STARZ from January 2013 to June 2013. <br> Mr. Chang brings extensive knowledge of media, entertainment and sports industries across all global markets with particular focus on the United States and Asia Pacific. He brings considerable operating and financial expertise from his leadership roles and operational experience from his policy making positions at NBA China, DIRECTV, Scripps and Charter.  |
| **Carl E. Vogel <br> Age: 67**  | Director of Liberty Live. <br> Mr. Vogel is a private investor and an industry advisor focused on media and communications for KKR & Co Inc., a global investment firm. Mr. Vogel formed Bulldog Capital Partners, Inc., a vehicle focused on the telecommunications, media and telecom sector as well as advisory and co-investment opportunities with private equity investors, in 2009. Mr. Vogel has also served as Interim CEO of Production Resource Group, a KKR portfolio company, since March 2025. Mr. Vogel has also served as a director of Live Nation Entertainment Company since April 2025 and AMC Networks since 2013. Mr. Vogel previously served as a director of Sphere Entertainment Company from the time of its spinoff from Madison Square Garden Entertainment in April 2020 to June 2025, director of Sirius XM Holdings Inc. from April 2011 to August 2024, and director of Dish Network Corporation from June 2005 to May 2021. Mr. Vogel also previously served as Vice Chairman and President of Dish Network LLC from 2005 until 2009, President and Chief Executive Officer of Charter Communications, Inc. from 2001 until 2005. Prior to joining Charter, Mr. Vogel worked as an executive officer in various capacities for companies affiliated with Liberty Media from 1998 to 2001. <br> Mr. Vogel is a highly regarded and experienced C-level executive and has enjoyed a successful career spanning more than four decades in the media distribution industry in North America. Mr. Vogel has demonstrated strong operational leadership and consistent financial discipline in challenging and competitive situations while maintaining the highest level of personal integrity and transparency.  |
| **David J.A. Flowers <br> Age: 71**  | Director of Liberty Live. <br> Mr. Flowers previously served in various executive positions at Liberty Media and its predecessors from 1995 until his retirement in June 2014. Mr. Flowers also served as a director of CIIG Merger Corp. from 2019 to 2021 and CIIG Merger Corp. II from 2021 to 2023. Mr. Flowers also previously served as a director of Sirius XM Holdings Inc. from 2009 to 2014 and as a director of Interval Leisure Group, Inc. from 2008 to 2018. Previously, Mr. Flowers worked in various treasury positions at Toronto Dominion Bank and ended his  |

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| | |
|:---|:---|
| **Name**  | **Positions**  |
|  | career there as a Managing Director of Media Telecom. <br> Mr. Flowers brings to the board significant financial, investment and public company experience as a senior finance executive of large public companies. His extensive experience leading finance and business development initiatives in the technology, media and telecommunications areas is a significant asset to the board.  |
| **Bill Kurtz <br> Age: 56**  | Director of Liberty Live. <br> Mr. Kurtz has also served as a Senior Advisor to the Chief Executive Officer of DSST Public Schools since June 2024 and previously served as Chief Executive Officer from 2004 to June 2024. Mr. Kurtz also served as a director of AdvancEDU since 2023, director and Chair of the Audit Committee of National Alliance for Public Charter Schools since 2020, and director of Cross Purpose since 2020. <br> Mr. Kurtz brings to the board significant financial experience.  |

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#### Executive Officers
The following sets forth certain information concerning persons who are expected to serve as the executive officers of Liberty Live immediately following the Split-Off, including their ages, directorships held and a description of their business experience, including, if applicable, current positions held with Liberty Media.

Mr. Hollingsworth, Mr. Wendling and Ms. Wilm also serve as officers at Liberty Media and also provide services to, as applicable, Liberty Broadband and GCI Liberty pursuant to existing services agreements between such entities and Liberty Media. Notwithstanding the multiple roles to be served by these persons at Liberty Live, Liberty Media and these other companies following the Split-Off, Liberty Live and Liberty Media believe the officers described below are the most qualified and appropriate to serve in the roles set forth below following the Split-Off given such person's in-depth knowledge of and experience with the businesses of Liberty Live.

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| | |
|:---|:---|
| **Name**  | **Positions**  |
| **Chad R. Hollingsworth <br> Age: 49**  | President and Chief Executive Officer of Liberty Live. <br> Mr. Hollingsworth has served as Senior Vice President, Corporate Strategy at Liberty Media since 2024. Prior to that, he was Senior Vice President, Corporate Development at Liberty Media since 2016. He first joined Liberty Media in 2007. He focuses on strategic growth initiatives within the Liberty Media portfolio, as well as supporting the generation and execution of investment opportunities within the sports and live entertainment sectors. Mr. Hollingsworth has served as a member of the board of directors of Live Nation since 2020. Mr. Hollingsworth also currently serves as a director for Rocky Mountain PBS and Invest in Kids, both Colorado-based nonprofits.  |
| **Brian J. Wendling <br> Age: 52**  | Chief Accounting Officer and Principal Financial Officer of Liberty Live. <br> Mr. Wendling has served as Principal Financial Officer and Chief Accounting Officer of Liberty Broadband and Liberty Media since July 2019 and January 2020, respectively, and of GCI Liberty since December 2024. <br> Mr. Wendling has held various positions with certain of these companies and their predecessors since 1999. Mr. Wendling also  |

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| | |
|:---|:---|
| **Name**  | **Positions**  |
|  | previously served as Principal Financial Officer and Chief Accounting Officer of QVC Group from July 2019 and January 2020, respectively, until March 2025, Senior Vice President and Chief Financial Officer of Liberty TripAdvisor from January 2016 to April 2025 and Principal Financial Officer and Chief Accounting Officer of Atlanta Braves Holdings from December 2022 to August 2024, LMAC from November 2020 to December 2022 and prior GCI Liberty from July 2019 and January 2020, respectively, to December 2020. <br> Mr. Wendling has served on the board of comScore, Inc. since March 2021.  |
| **Renee L. Wilm <br> Age: 51**  | Chief Legal Officer and Chief Administrative Officer of Liberty Live. <br> Ms. Wilm has also served as Chief Legal Officer and Chief Administrative Officer of Liberty Broadband and Liberty Media since September 2019 and January 2021, respectively, and of GCI Liberty since December 2024, and Chief Legal Officer of QVC Group since September 2019. Ms. Wilm also previously served as Chief Administrative Officer of QVC Group from January 2021 until March 2025, and as Chief Executive Officer of Las Vegas Grand Prix, Inc., a wholly owned subsidiary of Liberty Media and Formula 1, from January 2022 to February 2025. <br> Prior to September 2019, Ms. Wilm was a Senior Partner with the law firm Baker Botts L.L.P., where she represented Liberty TripAdvisor, Liberty Media, QVC Group, Liberty Broadband and prior GCI Liberty and their predecessors for over twenty years, specializing in mergers and acquisitions, complex capital structures and shareholder arrangements, as well as securities offerings and matters of corporate governance and securities law compliance. At Baker Botts, Ms. Wilm was a member of the Executive Committee, the East Coast Corporate Department Chair and Partner-in-Charge of the New York office. Ms. Wilm also served as Chief Legal Officer and Chief Administrative Officer of Liberty TripAdvisor from September 2019 and January 2021, respectively, until April 2025, Atlanta Braves Holdings from December 2022 to August 2024 and LMAC from November 2020 to December 2022 and January 2021 to December 2022, respectively, a director of LMAC from January 2021 to December 2022 and the Chief Legal Officer of prior GCI Liberty from September 2019 to December 2020.  |

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Liberty Live's executive officers will serve in such capacities until the first annual meeting of Liberty Live's board of directors, or until their respective successors have been duly elected and have been qualified, or until their earlier death, resignation, disqualification or removal from office. There is no family relationship between any of Liberty Live's executive officers or directors, by blood, marriage or adoption.

During the past ten years, none of the above persons has had any involvement in such legal proceedings as would be material to an evaluation of his or her ability or integrity.

#### Classification of Directors
Concurrently with the Split-Off, the Liberty Live board of directors will be classified and divided into three classes, designated Class I, Class II and Class III. Immediately following the completion of the Split-Off, the Class I directors are expected to be [ ] and they will initially serve for a term expiring at the first annual meeting of stockholders held following the separation. Immediately following the completion of the Split-Off, the Class II directors are expected to be [ ] and they will initially serve for a term expiring

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at the second annual meeting of stockholders held following the Split-Off. Immediately following the completion of the Split-Off, the Class III directors are expected to be [ ] and they will initially serve for a term expiring at the third annual meeting of stockholders held following the separation. The members of each class will serve for a staggered three-year term. The Liberty Live board of directors will be authorized to assign members of the board of directors already in office to their respective class. At each annual meeting of stockholders held after the Split-Off, successors to the class of directors whose term expires at that annual meeting will be elected for a term expiring at the annual meeting of stockholders held in the third year following the year of their election and until the election and qualification of their respective successors.

#### Director Independence
It will be Liberty Live's policy that a majority of the members of its board of directors will be independent of its management. For a director to be deemed independent, Liberty Live's board of directors must affirmatively determine that the director has no direct or indirect material relationship with Liberty Live. To assist Liberty Live's board of directors in determining which of its directors will qualify as independent, the nominating and corporate governance committee of Liberty Live's board is expected to follow the Corporate Governance Rules of Nasdaq on the criteria for director independence.

In accordance with these criteria, it is expected that the Liberty Live board of directors will determine that each of Mr. Bennett, Mr. Vogel, Mr. Flowers and Mr. Kurtz qualifies as an independent director of Liberty Live.

#### Board Committees
It is expected that Liberty Live's board of directors will form the following committees: audit committee, compensation committee, nominating and corporate governance committee and executive committee, which will have comparable responsibilities to the corresponding committees of Liberty Media's board. It is currently contemplated that the members and chairmen of these committees (with the exception of the executive committee, which will not have a chairman) will be appointed prior to the completion of the Split-Off. In addition, it is currently contemplated that the "audit committee financial expert" for purposes of the Exchange Act and the rules and regulations of Nasdaq will be designated at such time.

#### Board Composition
The board of directors of Liberty Live will be comprised of directors with a broad range of backgrounds and skill sets, including in sports media and telecommunications, private investment and auditing. Detailed information on Liberty Live's policies with respect to board candidates will be available following the establishment of the board's nominating and corporate governance committee.

#### Compensation Committee Interlocks and Insider Participation
Liberty Live's board of directors does not currently have a compensation committee. It is expected that no member of Liberty Live's compensation committee (once formed) will be or will have been, during 2025, an officer or employee of Liberty Live or Liberty Media. It is expected that no interlocking relationship will exist between the Liberty Live board of directors and its compensation committee and the board of directors or compensation committee of any other company.

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#### EXECUTIVE COMPENSATION OF LIBERTY LIVE

#### Executive Officers of Liberty Live
The initial executive officers of Liberty Live following the completion of the Split-Off will be comprised of Chad Hollingsworth, as the President and Chief Executive Officer of Liberty Live, Brian J. Wendling as the Principal Financial Officer and Chief Accounting Officer of Liberty Live, and Renee L. Wilm as the Chief Legal Officer and Chief Administrative Officer of Liberty Live. Liberty Live is a newly formed company, and therefore, has not paid any compensation to any of its executive officers.

Liberty Media is a party to services agreements with certain entities, including each of Liberty Broadband and GCI Liberty (each a **service company**), pursuant to which Liberty Media's employees, including Mr. Hollingsworth, Mr. Wendling and Ms. Wilm, provide certain administrative and management services to each service company. In connection with the Split-Off, Liberty Live and Liberty Media will enter into the Services Agreement pursuant to which Liberty Live will pay Liberty Media a monthly management fee on a fixed fee basis, the amount of which will be subject to quarterly review by Liberty Live's audit committee, in exchange for the provision of certain administrative and management services by Liberty Media and its employees, including the services of Mr. Hollingsworth, Mr. Wendling and Ms. Wilm. For more information regarding the Services Agreement between Liberty Live and Liberty Media, please see "Certain Relationships and Related Party Transactions — Agreements Relating to the Split-Off — Services Agreement." Liberty Live may establish, and pay or grant directly to, certain employees Liberty Live's allocable portion of the employees' annual equity-based awards. Liberty Live anticipates that the named executive officers of Liberty Live will be Mr. Hollingsworth, Mr. Wendling and Ms. Wilm. Because each of Mr. Hollingsworth, Mr. Wendling and Ms. Wilm is an employee of Liberty Media, historical compensation paid to each of them prior to the Split-Off has been for their respective services to Liberty Media and the other service companies and is not described in this proxy statement/notice/prospectus.

#### Directors
Liberty Live has not yet paid any compensation or made any determinations with respect to the compensation of the non-employee directors who will serve on its board of directors. Compensation decisions with respect to compensation to be paid by Liberty Live to its non-employee directors following the Split-Off will be made by the Liberty Live board of directors. Any equity incentive awards granted to non-employee directors of Liberty Live following the Split-Off will be granted pursuant to the Liberty Live Holdings, Inc. 2025 Omnibus Incentive Plan, which is described under "— Equity Incentive Plans" below.

#### Equity Incentive Plans

#### Liberty Live Holdings, Inc. 2025 Omnibus Incentive Plan
In connection with the Split-Off, Liberty Live will adopt the Liberty Live Holdings, Inc. 2025 Omnibus Incentive Plan (the **incentive plan**). The incentive plan is designed to provide additional remuneration to officers, employees, nonemployee directors and independent contractors for exceptional service and to encourage their investment in Liberty Live. Non-qualified stock options, SARs, restricted shares, RSUs, cash awards, performance awards or any combination of the foregoing may be granted under the incentive plan (collectively, **awards**). The maximum number of shares of New Liberty Live Group common stock and Ventures Group common stock with respect to which awards may be granted is [ ] million, subject to anti-dilution and other adjustment provisions of the incentive plan. No nonemployee director may be granted during any calendar year awards having a value (as determined on the grant date of such award) in excess of $[1] million. Shares of New Liberty Live Group common stock and Ventures Group common stock issuable pursuant to awards will be made available from either authorized but unissued shares or shares that have been issued but reacquired by Liberty Live. The incentive plan will be administered by Liberty Live's compensation committee with regard to all awards granted under the incentive plan (other than awards granted to the nonemployee directors), and Liberty Live's compensation committee will have full power and authority to determine the terms and conditions of such awards. The incentive plan will be administered by Liberty Live's full board of directors with regard to all awards granted under the

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incentive plan to nonemployee directors, and Liberty Live's full board of directors will have full power and authority to determine the terms and conditions of such awards.

#### Liberty Live Holdings, Inc. Transitional Stock Adjustment Plan
At the time of the Split-Off, Liberty Live will also have awards outstanding under the Transitional Plan as described under "The Split-Off Proposal — Effect of the Split-Off on Outstanding Original Liberty Live Equity Awards."

#### Equity Compensation Plan Information
At the time of the Split-Off, Liberty Live will have two equity compensation plans, each of which is listed below. The following table reflects the awards that would have been outstanding as of [ ], assuming (i) the Split-Off had occurred on that date and (ii) the treatment of the outstanding equity awards with respect to Liberty Live common stock as described under "The Split-Off Proposal — Effect of the Split-Off on Outstanding Original Liberty Live Equity Awards" above.

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| | | | |
|:---|:---|:---|:---|
| **Plan Category**  | **Number of <br> securities to be <br> issued upon <br> exercise <br> of outstanding <br> options, warrants <br> and rights <br> (a)**  | **Weighted average <br> exercise price of <br> outstanding <br> options, <br> warrants and <br> rights <br> (b)**  | **Number of securities <br> available for future <br> issuance under <br> equity compensation <br> plans (excluding <br> securities reflected <br> in column (a) <br> (c)<sup>(2)</sup>**  |
|  *Equity compensation plans approved by security holders<sup>(1)</sup>*  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Liberty Live Holdings, Inc. 2025 Omnibus Incentive Plan**  |  |  | **[ ]**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New LLYVA  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New LLYVB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New LLYVK  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A Ventures Group common stock  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B Ventures Group common stock  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C Ventures Group common stock  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Liberty Live Holdings, Inc. Transitional Stock Adjustment Plan**  |  |  | —(3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New LLYVA  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New LLYVB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New LLYVK  | [ ]<sup>(4)</sup> | $<sup>(5)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New LLYVA  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New LLYVB  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New LLYVK  |  |  |  |

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(1) Each plan will be approved by Liberty Media in its capacity as the sole stockholder of Liberty Live prior to the Split-Off.

(2) Each plan permits grants of, or with respect to, shares of any series of New Liberty Live Group common stock and, under the incentive plan, Ventures Group common stock, subject to a single, aggregate limit.

(3) The Liberty Live Holdings, Inc. Transitional Stock Adjustment Plan will govern the terms and conditions of awards with respect to New Liberty Live Group common stock that will be granted in connection with the adjustments to awards relating to the Liberty Live Group common stock granted

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prior to the Split-Off, as described under "The Split-Off Proposal — Effect of the Split-Off on Outstanding Original Liberty Live Equity Awards" above. As a result, Liberty Live does not anticipate further grants will be permitted under this plan.

(4) This amount reflects [ ] shares of New LLYVK issuable upon the exercise of options and [ ] shares of New LLYVK issuable upon the settlement of RSUs.

(5) The weighted average exercise price relates solely to outstanding options and does not take into account RSUs, which by their nature do not have an exercise price.

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#### SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

#### Pro Forma Security Ownership of Certain Beneficial Owners of Liberty Live
The following table sets forth information concerning the estimated beneficial ownership of each person or entity who is expected to beneficially own more than five percent of the outstanding shares of New Liberty Live Group common stock immediately following the consummation of the Split-Off, assuming that the Split-Off occurred on [ ], 2025. All of such information is based on publicly available filings, unless otherwise known to Liberty Media or Liberty Live from other sources.

Unless otherwise indicated, the pro forma security ownership information for New Liberty Live Group common stock has been estimated based upon outstanding stock information for Liberty Live Group common stock as of [ ], 2025, and, in the case of percentage ownership information, has been estimated based upon [ ] shares of New LLYVA, [ ] shares of New LLYVB and [ ] shares of New LLYVK expected to be outstanding upon the consummation of the Split-Off, which excludes [the impact of existing Liberty Media equity awards assuming that the Split-Off occurred on [ ], 2025].

So far as is known to us, the persons indicated below are expected to have sole voting and dispositive power with respect to the shares indicated as owned by them, except as otherwise stated in the notes to the table.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name and Address of Beneficial Owner**  | **Title of Series**  | **Amount and Nature <br> of Beneficial Ownership <br> (in thousands)**  | **Percent <br> of Series <br> (%)**  | **Voting <br> Power <br> (%)**  |
|  [**John C. Malone** <br> c/o Liberty Media Corporation <br> 12300 Liberty Boulevard <br> Englewood, CO 80112]  | New LLYVA  | [ ] | [ ] | [ ] |
|  [**John C. Malone** <br> c/o Liberty Media Corporation <br> 12300 Liberty Boulevard <br> Englewood, CO 80112]  | New LLYVB  | [ ] | [ ] |  |
|  [**John C. Malone** <br> c/o Liberty Media Corporation <br> 12300 Liberty Boulevard <br> Englewood, CO 80112]  | New LLYVK  | [ ] | [ ] |  |
| [ ]  | New LLYVA  | [ ] | [ ] | [ ] |
| [ ]  | New LLYVB  | [ ] | [ ] |  |
| [ ]  | New LLYVK  | [ ] | [ ] |  |
| [ ]  | New LLYVA  | [ ] | [ ] | [ ] |
| [ ]  | New LLYVB  | [ ] | [ ] |  |
| [ ]  | New LLYVK  | [ ] | [ ] |  |
| [ ]  | New LLYVA  | [ ] | [ ] | [ ] |
| [ ]  | New LLYVB  | [ ] | [ ] |  |
| [ ]  | New LLYVK  | [ ] | [ ] |  |
| [ ]  | New LLYVA  | [ ] | [ ] | [ ] |
| [ ]  | New LLYVB  | [ ] | [ ] |  |
| [ ]  | New LLYVK  | [ ] | [ ] |  |
| [ ]  | New LLYVA  | [ ] | [ ] | [ ] |
| [ ]  | New LLYVB  | [ ] | [ ] |  |
| [ ]  | New LLYVK  | [ ] | [ ] |  |

---

#### Pro Forma Security Ownership of Management of Liberty Live
The following table sets forth information concerning the estimated beneficial ownership by each person who is expected to serve as a director or named executive officer of Liberty Live and all persons expected to serve as a director or executive officer as a group of shares of New Liberty Live Group common stock immediately following the consummation of the Split-Off, assuming that the Split-Off occurred on [ ], 2025. The pro forma security ownership information for New Liberty Live Group common stock has been estimated based upon outstanding stock information for Liberty Live Group common stock as of [ ], 2025, and, in the case of percentage ownership information, has been estimated

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based upon [ ] shares of New LLYVA, [ ] shares of New LLYVB and [ ] shares of New LLYVK expected to be outstanding upon the consummation of the Split-Off, which excludes [the impact of existing Liberty Media equity awards assuming that the Split-Off occurred on [ ], 2025].

The pro forma security ownership information for New Liberty Live Group common stock reflects the expected treatment of equity incentive awards in the Split-Off, as summarized below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • each holder of an original Liberty Live option outstanding at the Split-Off Effective Time will receive, in substitution for such original Liberty Live option, a Liberty Live option, whereby the exercise price of and the number and series of shares of New Liberty Live Group common stock subject to the Liberty Live option will be the same as those associated with the original Liberty Live option award prior to the Split-Off and, except as described above, all other terms of the Liberty Live option (including, for example, the vesting terms thereof) will, in all material respects, be the same as those of the original Liberty Live option; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • each holder of an original Liberty Live RSU outstanding at the Split-Off Effective Time will receive, in substitution for such original Liberty Live RSU, a Liberty Live RSU, whereby the number and series of shares of New Liberty Live Group common stock subject to such Liberty Live RSU will be the same as the number and series of shares of Liberty Live common stock subject to the corresponding original Liberty Live RSU and, except as described above, all other terms of the Liberty Live RSUs (including, for example, the vesting terms thereof) will, in all material respects, be the same as those of the original Liberty Live RSU. For additional information, see "The Split-Off Proposal — Effect of the Split-Off on Outstanding Original Liberty Live Equity Awards."

Shares of New Liberty Live Group common stock, as applicable, issuable upon exercise or conversion of options, warrants or convertible securities or the vesting of RSUs that were exercisable, convertible or would vest on or within 60 days after [ ], 2025 are included in the table below as beneficially owned by the person holding the options, warrants, convertible securities or RSUs for the purpose of computing the voting percentage and percentage ownership of that person and for the aggregate percentage expected to be owned by each person who is expected to serve as a director or executive officer of Liberty Live as a group, but are not treated as outstanding for the purpose of computing the percentage ownership of any other individual person.

So far as is known to us, the persons indicated below are expected to have sole voting and dispositive power with respect to the shares indicated as owned by them, except as otherwise stated in the notes to the table.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name**  | **Title of Series**  | **Amount and Nature <br> of Beneficial Ownership <br> (in thousands)**  | **Percent <br> of Series <br> (%)**  | **Voting <br> Power <br> (%)**  |
|  **Chad R. Hollingsworth** <br> President and Chief Executive Officer  | New LLYVA  | [ ] | [ ] | [ ] |
|  **Chad R. Hollingsworth** <br> President and Chief Executive Officer  | New LLYVB  | [ ] | [ ] |  |
|  **Chad R. Hollingsworth** <br> President and Chief Executive Officer  | New LLYVK  | [ ] | [ ] |  |
|  **[ ]** <br> Director  | New LLYVA  | [ ] | [ ] | [ ] |
|  **[ ]** <br> Director  | New LLYVB  | [ ] | [ ] |  |
|  **[ ]** <br> Director  | New LLYVK  | [ ] | [ ] |  |
|  **Brian J. Wendling** <br> Chief Accounting Officer and Principal Financial <br> Officer  | New LLYVA  | [ ] | [ ] | [ ] |
|  **Brian J. Wendling** <br> Chief Accounting Officer and Principal Financial <br> Officer  | New LLYVB  | [ ] | [ ] |  |
|  **Brian J. Wendling** <br> Chief Accounting Officer and Principal Financial <br> Officer  | New LLYVK  | [ ] | [ ] |  |
|  **Renee L. Wilm** <br> Chief Legal Officer and Chief Administrative Officer  | New LLYVA  | [ ] | [ ] | [ ] |
|  **Renee L. Wilm** <br> Chief Legal Officer and Chief Administrative Officer  | New LLYVB  | [ ] | [ ] |  |
|  **Renee L. Wilm** <br> Chief Legal Officer and Chief Administrative Officer  | New LLYVK  | [ ] | [ ] |  |
|  **All directors and executive officers as a group ([ ] <br> persons)**  | New LLYVA  | [ ] | [ ] | [ ] |
|  **All directors and executive officers as a group ([ ] <br> persons)**  | New LLYVB  | [ ] | [ ] |  |
|  **All directors and executive officers as a group ([ ] <br> persons)**  | New LLYVK  | [ ] | [ ] |  |

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#### CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS
In connection with the Split-Off, Liberty Live expects that its board of directors will adopt a formal written policy for the review, approval or ratification of any transactions or arrangements involving related parties. Following the Split-Off, all of Liberty Live's directors, executive officers and employees will be subject to the policy and will be asked to promptly report any such related party transaction. Liberty Live expects that the formal written policy will provide that, if a director or executive officer has an actual or potential conflict of interest (which includes being a party to a proposed "related-person transaction" (as defined by Item 404 of Regulation S-K)), the director or executive officer should promptly inform the person designated by its board to address such actual or potential conflicts. Liberty Live expects that the formal written policy will also provide that no related party transaction may be effected by Liberty Live without the approval of the audit committee of its board or another independent body of its board designated to address such actual or potential conflicts. Liberty Live also expects that directors will be asked to recuse themselves from any discussion or decision by the board or a board committee that involves or affects their personal, business or professional interests.

#### Relationships Between Liberty Live and Liberty Media
Following the Split-Off, Liberty Media and Liberty Live will operate independently, and neither will have any ownership interest in the other. In order to govern certain of the ongoing relationships between Liberty Media and Liberty Live after the Split-Off and to provide mechanisms for an orderly transition, Liberty Media and Liberty Live are entering into certain agreements, the terms of which are summarized in the section "— Agreements Relating to the Split-Off" below. In addition, Liberty Media anticipates entering into, from time to time, agreements and arrangements with Liberty Live and certain of its related entities, in connection with, and in the ordinary course of, its business.

Prior to the completion of the Split-Off, Liberty Media owns a 100% equity interest in Liberty Live.

#### Agreements Relating to the Split-Off

#### Reorganization Agreement
 *A copy of the "form of" Reorganization Agreement is to be filed as an exhibit to the registration statement of which this proxy statement/notice/prospectus forms a part. The provisions of the "form of" Reorganization Agreement are extensive and not easily summarized. Accordingly, this summary does not purport to be complete and may not contain all of the information about the "form of" Reorganization Agreement that is important to you. We encourage you to read the "form of" Reorganization Agreement carefully in its entirety for a more complete understanding of the Reorganization Agreement that the parties expect to enter into.* 

Prior to the completion of the Split-Off, Liberty Live will enter into the Reorganization Agreement to provide for, among other things, the principal corporate transactions required to effect the Split-Off, certain conditions to the Split-Off and provisions governing the relationship between Liberty Live and Liberty Media with respect to and resulting from the Split-Off.

The Reorganization Agreement will provide that, prior to the Split-Off Effective Time, Liberty Media will transfer to Liberty Live the Liberty Live Assets and Liabilities. The Reorganization Agreement will also provide for mutual indemnification obligations, which are designed to make Liberty Live financially responsible for substantially all of the liabilities that may exist relating to the businesses included in Liberty Live at the time of the Split-Off together with certain other specified liabilities, as well as for all liabilities incurred by Liberty Live after the Split-Off, and to make Liberty Media financially responsible for all potential liabilities of Liberty Live which are not related to Liberty Live's businesses, including, for example, any liabilities arising as a result of Liberty Live having been a subsidiary of Liberty Media, together with certain other specified liabilities. These indemnification obligations exclude any matters relating to taxes. For a description of the allocation of tax-related obligations, please see "— Tax Sharing Agreement" below.

In addition, the Reorganization Agreement will provide for each of Liberty Live and Liberty Media to preserve the confidentiality of all confidential or proprietary information of the other party for the longer

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of five years following the Split-Off or three years following the disclosure of such information, subject to customary exceptions, including disclosures required by law, court order or government regulation.

The Reorganization Agreement may be terminated and the Split-Off may be abandoned, at any time prior to the Split-Off Effective Time, by and in the sole discretion of the Liberty Media board of directors. In such event, neither Liberty Media nor Liberty Live will have liabilities to any person under the Reorganization Agreement or any obligation to effect the Split-Off.

This summary is qualified by reference to the full text of the Reorganization Agreement, a form of which is to be filed as an exhibit to Liberty Live's registration statement on Forms S-4 of which this proxy statement/notice/prospectus forms a part.

#### Tax Sharing Agreement
 *A copy of the "form of" Tax Sharing Agreement is to be filed as an exhibit to the registration statement of which this proxy statement/notice/prospectus forms a part. The provisions of the "form of" Tax Sharing Agreement are extensive and not easily summarized. Accordingly, this summary does not purport to be complete and may not contain all of the information about the "form of" Tax Sharing Agreement that is important to you. We encourage you to read the "form of" Tax Sharing Agreement carefully in its entirety for a more complete understanding of the Tax Sharing Agreement that the parties expect to enter into.* 

In connection with the Split-Off, Liberty Live and Liberty Media will enter into the Tax Sharing Agreement. The Tax Sharing Agreement generally allocates taxes, tax benefits, tax items, and tax-related losses between Liberty Media and Liberty Live in a manner consistent with the tax sharing policies of Liberty Media in effect prior to the Split-Off, with taxes, tax benefits and tax items attributable to the assets, liabilities and activities attributed to the Formula One Group being allocated to Liberty Media, and taxes, tax benefits and tax items attributable to the assets, liabilities and activities attributed to the Liberty Live Group being allocated to Liberty Live. In addition, the Tax Sharing Agreement includes additional provisions, some of which are not specifically addressed by the Liberty Media tax sharing policies, related to the manner in which any taxes or tax-related losses arising from the Split-Off, as well as from prior transactions that have been effected by Liberty Media and its subsidiaries, will be allocated between the parties and provides restrictive covenants intended to preserve the tax-free treatment of the Split-Off. The failure by a party to comply with its restrictive covenants may change the general allocation of taxes, tax benefits and tax items between the parties related to those transactions. The Tax Sharing Agreement also provides for the agreements between the parties related to the filing of tax returns, control of tax audits, cooperation on tax matters, retention of tax records, indemnification, and other tax matters.

References in this summary (i) to the terms **tax** or **taxes** mean U.S. federal, state, local and foreign taxes as well as any interest, penalties, additions to tax or additional amounts in respect of such taxes, (ii) to the term **tax-related losses** refers to certain losses arising from the failure of a transaction to qualify as a tax-free transaction for U.S. federal income tax purposes, (iii) to the term **compensatory equity interests** refers to options, stock appreciation rights, restricted stock, restricted stock units or other similar rights with respect to the equity of any entity that are granted on or prior to the Split-Off date in connection with employee, independent contractor or director compensation, (iv) to the term **Old Liberty Media common stock** refers to Liberty Media's previously outstanding series of common stock designated as Series A Liberty Media common stock, Series B Liberty Media common stock and Series C Liberty Media common stock for any taxable period (or portion thereof) beginning at or after the effective time of Liberty Media's reclassification of its common stock into tracking stocks in April 2016 (the **2016 Reclassification**) and ending prior to such stock's redesignation as the Liberty Formula One common stock, (v) to the term **Liberty Formula One common stock** refers to the Liberty Formula One common stock and, for any taxable period (or portion thereof) ending prior to the redesignation of such stock as the Liberty Formula One common stock and beginning at or after the 2016 Reclassification, the Old Liberty Media common stock, and (vi) to the term **Old LMC common stock** refers to the common stock of Liberty Media prior to the 2016 Reclassification.

In addition, references in this summary to the **SplitCo group** mean, following the Split-Off Effective Time, Liberty Live and its subsidiaries, and references to the **SplitCo business** generally mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • with respect to any tax period (or portion thereof) beginning at or after the effective time of the Reclassification and ending at or before the Split-Off Effective Time, the businesses, assets and

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liabilities that were attributed to the Liberty Live Group during such tax period (or portion thereof), but only while such businesses, assets and liabilities were so attributed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • with respect to any tax period (or portion thereof) beginning after the Split-Off Effective Time (a **post-redemption period**), the businesses, assets and liabilities of the SplitCo group.

For purposes of the Tax Sharing Agreement, no assets and liabilities of Liberty Media for periods (or portions thereof) ending prior to the effective time of the Reclassification are attributed to the SplitCo business.

References in this summary to the **Liberty Media group** mean, following the Split-Off Effective Time, Liberty Media and its subsidiaries, and references to the **Liberty Media business** generally mean, (i) with respect to any tax period (or portion thereof) ending at or before the Split-Off Effective Time (a **pre-redemption period**), the businesses, assets and liabilities of Liberty Media and its subsidiaries (other than the SplitCo business as of such time), and (ii) with respect to any post-redemption period, the businesses, assets and liabilities of the Liberty Media group.

Certain of the subsidiaries contributed to Liberty Live in connection with the Split-Off (the **Contributed Subsidiaries**) currently join with Liberty Media in the filing of a consolidated return for U.S. federal income tax purposes and also join with Liberty Media in the filing of certain consolidated, combined, and unitary returns for state, local, and foreign tax purposes. However, generally for tax periods beginning after the Split-Off, these subsidiaries of Liberty Live will not join with Liberty Media in the filing of federal, state, local or foreign consolidated, combined or unitary tax returns.

Under the Tax Sharing Agreement, Liberty Media is liable for the taxes (determined without regard to tax benefits) allocated to it, as reduced first by any tax benefits allocated to it and then by any tax benefits allocated to Liberty Live (to the extent such benefits are not first used by Liberty Live), and must pay such taxes, as so reduced, to the applicable tax authority or to Liberty Live (if Liberty Live is responsible for preparing the applicable tax return), and Liberty Media is liable for paying Liberty Live for any tax benefits allocated to Liberty Live that are used by Liberty Media to reduce the taxes allocated to it. Similarly, Liberty Live is liable for the taxes (determined without regard to tax benefits) allocated to Liberty Live, as reduced first by any tax benefits allocated to it and then by any tax benefits allocated to Liberty Media (to the extent such benefits are not first used by Liberty Media), and must pay such taxes, as so reduced, to the applicable tax authority or to Liberty Media (if Liberty Media is responsible for preparing the applicable tax return), and Liberty Live is liable for paying Liberty Media for any tax benefits allocated to Liberty Media that are used by Liberty Live to reduce the taxes allocated to it.

Generally, taxes (determined without regard to tax benefits) for any tax period (or portion thereof) shall be allocated between Liberty Live and Liberty Media based on the taxable income or other applicable items of the SplitCo business and the Liberty Media business that contribute to such taxes, and tax benefits shall be allocated between Liberty Live and Liberty Media based on the losses, credits or other applicable items of the SplitCo business and the Liberty Media business that contribute to such tax benefits, in each case, as determined by Liberty Media in its reasonable discretion.

Special allocation rules apply, however, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Liberty Live shall be allocated any taxes and tax-related losses that result from the Split-Off, except that Liberty Media shall be allocated any such taxes or tax-related losses that (i) result primarily from, individually or in the aggregate, any breach or non-performance by Liberty Media of any of its restrictive covenants described below, or (ii) result from Section 355(e) of the Code applying to the Split-Off as a result of the Split-Off being part of a plan (or series of related transactions) pursuant to which one or more persons acquire a 50-percent or greater interest (measured by vote or value) in the stock of Liberty Media;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Liberty Live shall be allocated any taxes and tax-related losses that result from the Liberty Sirius XM Holdings Split-Off, except that any such taxes and tax-related losses that (i) result primarily from, individually or in the aggregate, any breach or non-performance by Liberty Media following the Liberty Sirius XM Holdings Split-Off of any of Liberty Media's covenants pursuant to the tax sharing agreement entered into between Liberty Sirius XM Holdings and Liberty Media in connection with

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the Liberty Sirius XM Holdings Split-Off or (ii) result from Section 355(e) of the Code applying to the Liberty Sirius XM Holdings Split-Off as a result of the Liberty Sirius XM Holdings Split-Off being part of a plan (or series of related transactions) pursuant to which one or more persons acquire a 50-percent or greater interest (measured by vote or value) in the stock of Liberty Media shall, in each case, be allocated between Liberty Media and Liberty Live proportionately based upon, in the case of Liberty Media, the aggregate market capitalization of Liberty Formula One common stock and, in the case of Liberty Live, the aggregate market capitalization of Liberty Live common stock (in each case, determined based upon the volume weighted average price for the shares of FWONK or the shares of LLYVK, as applicable, over the first three trading days following the commencement of regular way trading of each such series of stock after the date of the Liberty Sirius XM Holdings Split-Off);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Liberty Media and Liberty Live shall each be allocated a proportionate amount, based upon, in the case of Liberty Media, the aggregate market capitalization of Liberty Formula One common stock and Liberty SiriusXM common stock and, in the case of Liberty Live, the aggregate market capitalization of Liberty Live common stock (in each case, determined based upon the volume weighted average price for the shares of FWONK, the shares of Series C Liberty Sirius XM common stock, par value $0.01 per share (**LSXMK)** or the shares of LLYVK, as applicable, over the first three trading days following the commencement of regular way trading of each such series of stock after the date of the Reclassification), of any taxes or losses resulting from (i) the Reclassification failing to qualify as a reorganization within the meaning of Section 368(a) of the Code, (ii) the treatment, for U.S. federal income tax purposes, of any of Liberty Media's tracking stocks as other than stock of Liberty Media or as Section 306 stock within the meaning of Section 306(c) of the Code as a result of the Reclassification, (iii) the actual or deemed disposition or exchange of any assets or liabilities of Liberty Media or its subsidiaries for U.S. federal income tax purposes resulting from the Reclassification, or (iv) any income, gain or loss recognized by Liberty Media's stockholders for U.S. federal income tax purposes as a result of the Reclassification (except with respect to the receipt of cash in lieu of fractional shares); provided, however, that any taxes and losses resulting from (x) deferred intercompany items or excess loss accounts (within the meaning of applicable U.S. Treasury Regulations) recognized as a result of the Reclassification, and that would otherwise be allocable to the SplitCo business, shall be allocated to Liberty Live, and (y) all other deferred intercompany items or excess loss accounts recognized as a result of the Reclassification shall be allocated to Liberty Media;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Liberty Media and Liberty Live shall each be allocated a proportionate amount, based upon, in the case of Liberty Media, the aggregate market capitalization of Liberty Formula One common stock and Liberty SiriusXM common stock and, in the case of Liberty Live, the aggregate market capitalization of Liberty Live common stock (in each case, determined based upon the volume weighted average price for the shares of FWONK, the shares of LSXMK or the shares of LLYVK, as applicable, over the first three trading days following the commencement of regular way trading of each such series of stock after the date of the Reclassification) of any taxes and losses resulting from the Atlanta Braves Holdings Split-Off, to the extent such taxes and losses are not allocated and paid by Atlanta Braves Holdings pursuant to the tax sharing agreement entered into between Liberty Media and Atlanta Braves Holdings in connection with the Atlanta Braves Holdings Split-Off, except that Liberty Media shall be allocated all taxes and losses arising from the Atlanta Braves Holdings Split-Off that are (i) attributable to the distribution of Atlanta Braves Holdings common stock to holders of Liberty Formula One common stock, or (ii) arise from a debt-for-equity exchange undertaken in connection with the Atlanta Braves Holdings Split-Off;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Liberty Media shall be allocated any taxes and tax items arising from (i) the distribution of rights to acquire Series C Liberty SiriusXM common stock on May 15, 2020, (ii) the distribution of rights to acquire Series C Liberty Braves common stock on May 18, 2016, (iii) the 2016 Reclassification, (iv) Liberty Media's spin-off from Starz, and (v) Liberty Media's spin-off of Liberty Broadband;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Liberty Live shall be allocated any tax benefit resulting from the carryback of a tax benefit allocated to Liberty Live during any taxable period, except that Liberty Media shall be allocated any tax benefit that results from the carryback of a tax item that would otherwise be allocated to Liberty Live during a tax period beginning after the Split-Off date to a tax return that Liberty Media is

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responsible for filing for a pre-redemption period to the extent (and only to such extent) that such carryback increases the taxes or reduces the tax benefits that would otherwise be allocable to Liberty Media;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • for any pre-redemption period ending before the Reclassification, Liberty Media shall be allocated any taxes and tax items arising from the issuance, vesting, exercise or settlement of any compensatory equity interests with respect to any series of compensatory equity interests of Liberty Media and any other taxes or tax items related to employee, independent contractor or director compensation or employee benefits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • for any pre-redemption period beginning at or after the Reclassification: (i) Liberty Media shall be allocated any taxes and tax items arising from the issuance, vesting, exercise or settlement of any compensatory equity interests with respect to any series of Liberty Formula One common stock, Liberty SiriusXM common stock, or with respect to stock or equity interests of any person that was owned directly or indirectly by Liberty Media during the period prior to the Redemption (except to the extent such person is or was tracked during such period by the Liberty Live common stock), (ii) Liberty Live shall be allocated any taxes and tax items arising from the issuance, vesting, exercise or settlement of any compensatory equity interests with respect to any series of Liberty Live common stock, and (iii) any other taxes or tax items related to employee, independent contractor or director compensation or employee benefits shall be allocated to Liberty Media to the extent that the Liberty Media business is or was responsible for the underlying obligation and to Liberty Live to the extent that the SplitCo business is or was responsible for the underlying obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • for any post-redemption period: (i) Liberty Media shall be allocated any taxes and tax items arising from the issuance, vesting, exercise or settlement of any compensatory equity interests with respect to any class or series of Liberty Formula One common stock or equity interests of any person that was owned directly or indirectly by Liberty Media during the period prior to the Redemption (except to the extent such person is or was owned by Liberty Live following the Redemption), (ii) Liberty Live shall be allocated any taxes and tax items arising from the issuance, vesting, exercise or settlement of any compensatory equity interests with respect to any class or series of Liberty Live stock, and (iii) any other taxes or tax items related to employee, independent contractor or director compensation or employee benefits shall be allocated to Liberty Media to the extent that the Liberty Media business is or was responsible for the underlying obligation and to Liberty Live to the extent that the SplitCo business is or was responsible for the underlying obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • any alternative minimum federal tax credit shall be allocated between Liberty Live and Liberty Media in a manner that offsets the excess of the net payments previously made between the parties with respect to the tax return in which the corresponding alternative minimum federal tax liability was reported and the net payments that would have been made between the parties if no alternative minimum federal tax liability had been owed with respect to such tax return (treating any payment received as a negative amount of net payments made for this purpose);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • for any tax period (whether beginning before, at or after the Split-Off Effective Time), taxes and tax items of any subsidiary that is acquired, directly or indirectly, after the Split-Off by any member of the SplitCo group or by any member of the Liberty Media group shall generally be allocated to Liberty Live or Liberty Media, respectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • all obligations or liabilities of Liberty Media to make any payment, and rights of Liberty Media to receive any payment, pursuant to its tax sharing agreements with Starz, Liberty Broadband, Atlanta Braves Holdings and Liberty Sirius XM Holdings shall be allocated to Liberty Media, except that (i) certain payments received by Liberty Media from Atlanta Braves Holdings pursuant to the tax sharing agreement with Atlanta Braves Holdings in respect of taxes and losses arising from the Atlanta Braves Holdings Split-Off shall be allocated to Liberty Media and Liberty Live in proportion to the amount of such taxes and losses, as applicable, that are allocated to Liberty Media and Liberty Live pursuant to the Tax Sharing Agreement, and (ii) certain payments received by Liberty Media from Liberty Sirius XM Holdings pursuant to the tax sharing agreement with Liberty Sirius XM Holdings in respect of taxes and losses arising from the Liberty Sirius XM Holdings Split-Off shall be allocated to Liberty Media and Liberty Live in proportion to the amount of such taxes and losses, as applicable, that are allocated to Liberty Media and Liberty Live pursuant to the Tax Sharing Agreement; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • any tax benefits realized by the SplitCo group attributable to an increase in the tax basis of the assets of the SplitCo group as a result of any election under Section 336(e) of the Code shall be allocated between Liberty Media and Liberty Live in a manner that is proportionate to the taxes paid by Liberty Media and Liberty Live, as applicable, pursuant to the terms of the Tax Sharing Agreement as a result of the failure of the Split-Off to qualify as tax-free.

Except as described below, payments will initially be made between Liberty Media and Liberty Live on the basis of the tax returns as filed, or if the tax is not reported on a tax return, on the basis of the amount of tax initially paid to the tax authority. Additional payments will then be made if additional taxes are subsequently paid, refunds or tax benefits are subsequently received or utilized, or the amount or character of any tax item is adjusted or redetermined. Payments that are not made within the time period prescribed by the Tax Sharing Agreement will bear interest until they are made. For purposes of the Tax Sharing Agreement, taxes with respect to a pre-redemption period that were allocated and debited to the Liberty Live Group in accordance with the tax sharing policies of Liberty Media in effect prior to the Split-Off shall be treated as payments that were made by Liberty Live to Liberty Media in respect of such taxes, and tax benefits with respect to a pre-redemption period that were allocated and credited to the Liberty Live Group in accordance with the tax sharing policies of Liberty Media in effect prior to the Split-Off as a result of the use of those tax benefits by one or more of Liberty Media's tracking stock groups other than the Liberty Live Group shall be treated as payments that were made by Liberty Media to Liberty Live in respect of such tax benefits.

Liberty Media will be responsible for preparing and filing all tax returns for any tax period beginning on or before the date of the Split-Off which include tax items allocable to both the SplitCo business and Liberty Media business, and any tax returns for any tax period beginning after the date of the Split-Off that include one or more members of the SplitCo group and the Liberty Media group. In addition, for any tax period beginning on or before the date of the Split-Off, Liberty Media will be responsible for preparing and filing any tax returns that include only tax items allocable to Liberty Media's business, and Liberty Live will be responsible for preparing and filing any tax returns that include only tax items allocable to the SplitCo business, and for any tax period beginning after the date of the Split-Off, Liberty Media will be responsible for preparing and filing any tax returns that include only one or more members of the Liberty Media group, and Liberty Live will be responsible for preparing and filing any tax returns that include only one or more members of the SplitCo group.

On any tax return that Liberty Live is responsible for preparing and filing, Liberty Live may not take (and shall cause the members of the SplitCo group not to take) any position that it knows, or reasonably should know, is inconsistent with the methods, conventions, practices, principles, positions, or elections used by Liberty Media in preparing any tax return that includes tax items of the SplitCo business and Liberty Media business (unless (x) the failure to take such position would be contrary to applicable law or (y) taking such position would not reasonably be expected to adversely affect any member of the Liberty Media group), and Liberty Live and the members of the SplitCo group must allocate tax items between any tax returns for which Liberty Live is responsible and any related tax return for which Liberty Media is responsible that are filed with respect to the same tax period in a manner that is consistent with the reporting of such tax items on the tax return prepared by Liberty Media. Liberty Live has also agreed to make any elections under applicable tax law necessary to effect such allocation. Liberty Live's ability to obtain a refund from the carryback of a tax benefit that is allocable to the SplitCo business in a tax period beginning after the Split-Off to a tax return for which Liberty Media is responsible for preparing in a tax period beginning prior to the Split-Off will be at the discretion of Liberty Media. Moreover, any refund that Liberty Live may obtain will be net of any portion of such tax benefit that is allocated to Liberty Media under the special allocation rules described above.

Liberty Media will generally have the authority to respond to and control all tax proceedings, including tax audits, involving any taxes reported on tax returns for which Liberty Media is responsible for preparing and filing, and Liberty Live will have the right to participate, at Liberty Live's own cost and expense, in such tax proceedings to the extent they involve taxes or tax benefits allocable to Liberty Live. Liberty Live will generally have the authority to respond to and control all tax proceedings, including tax audits, involving any taxes reported on tax returns for which Liberty Live is responsible for preparing and filing, and Liberty Media will have the right to participate, at its own cost and expense, in such tax proceedings to the

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extent they involve taxes or tax benefits allocable to Liberty Media. Notwithstanding the foregoing, Liberty Media and Liberty Live will generally have the authority to jointly control all proceedings, including tax audits, involving any taxes or tax-related losses arising from the Split-Off or the Liberty Sirius XM Holdings Split-Off, provided that in the case of any such tax audit or proceeding subject to the indemnification provisions of the tax sharing agreement entered into between Liberty Media and Liberty Sirius XM Holdings in connection with the Liberty Sirius XM Holdings Split-Off, Liberty Live's right to jointly control will be subject to the terms of such tax sharing agreement.

The Tax Sharing Agreement further provides for the exchange of information for tax matters (and confidentiality protections related to such exchanged information), the retention of records that may affect the tax liabilities of the parties to the agreement, and cooperation between Liberty Media and Liberty Live with respect to tax matters.

To the extent permitted by applicable tax law, Liberty Live and Liberty Media will treat any payments made under the Tax Sharing Agreement or the Reorganization Agreement as a capital contribution or distribution (as applicable) immediately prior to the Split-Off.

Each of Liberty Media and Liberty Live will be restricted by certain covenants related to the Split-Off. These restrictive covenants require that none of Liberty Media, Liberty Live, any member of their respective groups, or any of their respective affiliates take, or fail to take, any action following the Redemption if such action or failure to act (i) would be inconsistent with or preclude the Redemption, taken together with the Contributions, from qualifying as a tax-free transaction under Section 355, Section 368(a)(1)(D) and Section 361 of the Code, or (ii) would cause Liberty Media, Liberty Live, any of their respective subsidiaries at the time of the Redemption, or the Liberty Media stockholders who receive shares of Liberty Live stock pursuant to the Redemption to recognize gain or loss, or otherwise include any amount in income, as a result of the Redemption for U.S. federal income tax purposes.

Further, each party will be restricted from taking any position for tax purposes that is inconsistent with the tax opinion received in connection with the Split-Off.

Liberty Media and Liberty Live may make a protective election pursuant to Section 336(e) of the Code to treat the Redemption as a deemed transfer of the assets of Liberty Live in a fully taxable transaction (a **Section 336(e) Election**), which election would generally become effective only in the event the Redemption failed to qualify as a tax-free transaction to Liberty Media. Pursuant to the Tax Sharing Agreement, Liberty Live will have the sole discretion to determine whether the parties will make a Section 336(e) Election.

The parties must indemnify each other for taxes and losses allocated to them under the Tax Sharing Agreement and for taxes and losses arising from a breach by them of their respective covenants and obligations under the Tax Sharing Agreement.

Notwithstanding the Tax Sharing Agreement, under U.S. Treasury Regulations, each member of a consolidated group is severally liable for the U.S. federal income tax liability of each other member of the consolidated group. Accordingly, with respect to periods prior to the Split-Off in which certain of the Contributed Subsidiaries have been included in Liberty Media's consolidated group or another company's consolidated group, the Contributed Subsidiaries could be liable to the U.S. government for any U.S. federal income tax liability incurred, but not discharged, by any other member of such consolidated group. However, if any such liability were imposed, Liberty Live would generally be entitled to be indemnified by Liberty Media for tax liabilities allocated to Liberty Media under the Tax Sharing Agreement.

This summary is qualified by reference to the full text of the Tax Sharing Agreement, a form of which is to be filed as an exhibit to Liberty Live's Registration Statement on Form S-4 of which this proxy statement/notice/prospectus forms a part.

#### Services Agreement
 *A copy of the "form of" Services Agreement is to be filed as an exhibit to the registration statement of which this proxy statement/notice/prospectus forms a part. The provisions of the "form of" Services Agreement are extensive and not easily summarized. Accordingly, this summary does not purport to be complete and may not contain all of the information about the "form of" Services Agreement that is important to you. We encourage* 

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 *you to read the "form of" Services Agreement carefully in its entirety for a more complete understanding of the Services Agreement that the parties expect to enter into.* 

In connection with the Split-Off, Liberty Live will enter into the Services Agreement with Liberty Media, pursuant to which, following the Split-Off, Liberty Media will provide Liberty Live with specified services, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • insurance administration and risk management services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • other services typically performed by Liberty Media's legal, investor relations, tax, accounting, treasury and internal audit departments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • such other services as Liberty Media may obtain from its officers, employees and consultants in the management of its own operations that Liberty Live may from time to time request or require.

In addition, Liberty Media will provide to Liberty Live certain technical and information technology services, including management information systems, computer, data storage, network and telecommunications services.

Liberty Live will pay Liberty Media a services fee, payable in monthly installments, which Liberty Live and Liberty Media will review and evaluate for reasonableness on a quarterly basis. In addition, the services will be subject to quarterly review by Liberty Live's audit committee and at least annual review by Liberty Live's compensation committee. The fees payable to Liberty Media for the first year of the Services Agreement are not expected to exceed approximately $[7.5] million. In addition, Liberty Live will reimburse Liberty Media for all out-of-pocket expenses incurred by Liberty Media in providing the services.

The Services Agreement will generally continue in effect until December 31<sup>st</sup> of the third calendar year following the effective date of the Split-Off, unless earlier terminated (1) at any time on at least 30 days' prior written notice by either party, (2) by Liberty Media upon written notice to Liberty Live following a change in control or certain bankruptcy or insolvency-related events affecting Liberty Live or (3) by Liberty Live, upon written notice to Liberty Media, following certain changes in control of Liberty Media or Liberty Media being the subject of certain bankruptcy or insolvency-related events.

This summary is qualified by reference to the full text of the Services Agreement, a form of which is to be filed as an exhibit to Liberty Live's registration statement on Form S-4 of which this proxy statement/notice/prospectus forms a part.

#### Facilities Sharing Agreement
 *A copy of the "form of" Facilities Sharing Agreement is to be filed as an exhibit to the registration statement of which this proxy statement/notice/prospectus forms a part. The provisions of the "form of" Facilities Sharing Agreement are extensive and not easily summarized. Accordingly, this summary does not purport to be complete and may not contain all of the information about the "form of" Facilities Sharing Agreement that is important to you. We encourage you to read the "form of" Facilities Sharing Agreement carefully in its entirety for a more complete understanding of the Facilities Sharing Agreement that the parties expect to enter into.* 

In connection with the Split-Off, Liberty Live will enter into the Facilities Sharing Agreement with Liberty Media and Liberty Property Holdings, Inc. (**LPH**), a wholly-owned subsidiary of Liberty Media, pursuant to which, following the Split-Off, Liberty Live will share office facilities with Liberty Media located at 12300 Liberty Boulevard, Englewood, Colorado. Liberty Live will pay a sharing fee for use of the office based on a comparable fair market rental rate and an estimate of the usage of the office facilities by or on behalf of Liberty Live. The Facilities Sharing Agreement will generally continue in effect for an initial three-year term, unless earlier terminated (1) by Liberty Live at any time on at least 30 days' prior written notice, (2) concurrently with the termination of the Services Agreement, (3) by LPH upon written notice to Liberty Live following a default by Liberty Live of any of its material obligations under the Facilities Sharing Agreement, which default remains unremedied for 30 days after written notice of such default is provided, (4) by Liberty Live upon written notice to LPH, following certain changes in control of Liberty Media or Liberty Media being the subject of certain bankruptcy or insolvency-related events or (5) by LPH

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upon written notice to Liberty Live, following certain changes in control of Liberty Live or Liberty Live being the subject of certain bankruptcy or insolvency-related events.

This summary is qualified by reference to the full text of the Facilities Sharing Agreement, a form of which is to be filed as an exhibit to Liberty Live's registration statement on Form S-4 of which this proxy statement/notice/prospectus forms a part.

#### Aircraft Time Sharing Agreement
 *A copy of the "form of" Aircraft Time Sharing Agreement is to be filed as an exhibit to the registration statement of which this proxy statement/notice/prospectus forms a part. The provisions of the "form of" Aircraft Time Sharing Agreement are extensive and not easily summarized. Accordingly, this summary does not purport to be complete and may not contain all of the information about the "form of" Aircraft Time Sharing Agreement that is important to you. We encourage you to read the "form of" Aircraft Time Sharing Agreement carefully in its entirety for a more complete understanding of the Aircraft Time Sharing Agreement that the parties expect to enter into.* 

In connection with the Split-Off, Liberty Live will enter into the Aircraft Time Sharing Agreement with Liberty Media for an aircraft owned by Liberty Media. The Aircraft Time Sharing Agreement will provide that Liberty Media will lease an aircraft to Liberty Live and provide or arrange for a fully qualified flight crew for all operations on a periodic, non-exclusive time sharing basis. Liberty Live will pay Liberty Media an amount equal to the actual expenses of each flight conducted under the Aircraft Time Sharing Agreement to the maximum extent permitted under Federal Aviation Administration rules (which Liberty Live estimates will be a de minimis amount for the first year under the Aircraft Time Sharing Agreement). Such expenses may include fuel, oil, lubricants and other additives (plus an additional charge of 100% thereof), travel expenses of the crew, hanger and tie down costs, insurance obtained for a specific flight, landing fees, airport taxes and similar assessments, customs and similar fees, in-flight food and beverage costs, ground transportation, flight planning and weather contact services. The Aircraft Time Sharing Agreement will continue in effect until the close of business on the first anniversary of the Split-Off, and then will be automatically renewed on a month-to-month basis, unless terminated earlier by either party upon at least 30 days' prior written notice or upon a sale of an aircraft.

This summary is qualified by reference to the full text of the Aircraft Time Sharing Agreement, a form of which is to be filed as an exhibit to Liberty Live's registration statement on Form S-4 of which this proxy statement/notice/prospectus forms a part.

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#### DESCRIPTION OF LIBERTY LIVE CAPITAL STOCK AND COMPARISON OF STOCKHOLDER RIGHTS

#### Comparison of Stockholder Rights
Liberty Media and Liberty Live are incorporated under the laws of the State of Delaware and the laws of the State of Nevada, respectively, and, accordingly, are subject to the provisions of the DGCL and Nevada Revised Statutes (**NRS**), respectively. Holders of Liberty Live common stock, whose rights are currently governed by Liberty Media's existing certificate of incorporation, Liberty Media's bylaws and the DGCL, will receive shares of New Liberty Live Group common stock in the Redemption and become stockholders of Liberty Live, and their rights with respect to New Liberty Live Group common stock will be governed by Liberty Live's restated articles, Liberty Live's amended and restated bylaws and the NRS.

The following is a description of (a) the terms of Liberty Media's existing Liberty Live common stock under Liberty Media's certificate of incorporation and Liberty Media's bylaws and (b) the terms of the New Liberty Live Group common stock, as they will be in effect upon filing of Liberty Live's restated articles and Liberty Live's amended and restated bylaws, including a comparison of such terms. For the purposes of the following discussion, unless the context otherwise indicates, Liberty Live has assumed that the Split-Off Proposal is approved and that Liberty Live's restated articles and Liberty Live's amended and restated bylaws have been filed. Any discussion in this summary that reflects the existence of the Ventures Group, unless the context otherwise indicates, assumes Ventures Group common stock has been issued. Immediately following the Split-Off, no shares of Ventures Group common stock will have been issued.

Liberty Live's restated articles anticipate that each series of the New Liberty Live Group common stock and the corresponding series of Ventures Group common stock, if and when issued, in each case, except as otherwise specified, will have equal rights, powers and privileges. Further, where one or more series of New Liberty Live Group common stock is discussed in relation to one or more series of Ventures Group common stock (whether with respect to securities distributions, conversions, redemptions, intergroup interests or otherwise), the equivalent will be true with respect to the Ventures Group common stock in relation to the New Liberty Live Group common stock.

The following discussion is qualified in its entirety by reference to the full text of Liberty Media's certificate of incorporation and Liberty Media's bylaws and the full text of Liberty Live's restated articles and Liberty Live's amended and restated bylaws, which are to be included as Annex A and Annex B, respectively, to this proxy statement/notice/prospectus. Liberty Media's certificate of incorporation and bylaws have been filed by Liberty Media with the SEC. Please see "Additional Information — Where You Can Find More Information" for more information regarding Liberty Media's filings.

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| **Liberty Live Common <br> Stock Under Liberty <br> Media's Certificate of Incorporation and Bylaws**  | **New Liberty Live Group Common Stock <br> Under Liberty Live's Amended and Restated Articles <br> of Incorporation and Amended and Restated Bylaws**  |
| **Authorized Capital Stock**  | **Authorized Capital Stock**  |
| Liberty Media is authorized to issue up to 1,062,352,500 shares of Liberty Live common stock, of which 521,400,000 are designated as Series A Liberty Live common stock, 19,552,500 are designated as Series B Liberty Live common stock, and 521,400,000 are designated as Series C Liberty Live common stock. *See Article IV, Section A.1. of Liberty Media's certificate of incorporation.* | Liberty Live's authorized capital stock will consist of [ ] shares of common stock, par value $0.01 per share, and [ ] shares of preferred stock, par value $0.01 per share. *See Article IV(a) of Liberty Live's restated articles.* <br> Liberty Live is authorized to issue up to [ ] shares of New Liberty Live Group common stock, of which [ ] shares are designated as New LLYVA, [ ] shares are designated as New LLYVB, and [ ] shares are designated as New LLYVK. *See Article IV, Section A.1. of Liberty Live's restated articles.*  |

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| **Liberty Live Common <br> Stock Under Liberty <br> Media's Certificate of Incorporation and Bylaws**  | **New Liberty Live Group Common Stock <br> Under Liberty Live's Amended and Restated Articles <br> of Incorporation and Amended and Restated Bylaws**  |
|  | Further, Liberty Live is authorized to issue up to [ ] shares of Ventures Group common stock, of which [ ] shares are designated as Series A Ventures Group common stock, par value $0.01 per share (the **Series A Ventures Group common stock**), [ ] shares are designated as Series B Ventures Group common stock, par value $0.01 per share (the **Series B Ventures Group common stock**), and [ ] shares are designated as Series C Ventures Group common stock (the **Series C Ventures Group common stock**, and together with the Series A Ventures Group common stock and the Series B Ventures Group common stock, the **Ventures Group common stock**). *See Article IV, Section A.1. of Liberty Live's restated articles.* |
| **Dividends and Securities Distributions**  | **Dividends and Securities Distributions**  |
| Subject to the terms of any series of preferred stock, Liberty Media is permitted to pay dividends on Liberty Live common stock out of the lesser of its assets legally available for the payment of dividends under Delaware law and the "Live Group Available Dividend Amount" (defined generally as the excess of the total assets less the total liabilities of the Liberty Live Group over the par value, or any greater amount determined to be capital in respect of, all outstanding shares of Liberty Live common stock or, if there is no such excess, an amount equal to the earnings or loss attributable to the Liberty Live Group (if positive) for the fiscal year in which such dividend is to be paid and/or the preceding fiscal year). If dividends are paid on any series of Liberty Live common stock, an equal per share dividend will be concurrently paid on the other series of Liberty Live common stock. *See Article IV, Section A.2.(c)(ii) of Liberty Media's certificate of incorporation.* <br> Liberty Media is permitted to make (i) share distributions of (A) LLYVK to holders of all series of Liberty Live common stock, on an equal per share basis; and (B) LLYVA to holders of LLYVA and, on an equal per share basis, shares of LLYVB to holders of LLYVB and, on an equal per share basis, shares of LLYVK to holders of LLYVK; and (ii) share distributions of (A) FWONK to holders of all series of Liberty Live common stock, on an equal per share basis, subject to certain limitations; and (B) FWONA to holders of LLYVA and, on an equal per share basis, shares of FWONB to holders of LLYVB and, on an equal per share basis, shares  | Subject to the terms of any series of preferred stock, Liberty Live is permitted to pay dividends on New Liberty Live Group common stock out of the lesser of its assets legally available for the payment of dividends under Nevada law and the "Liberty Live Group Available Dividend Amount" (defined generally as the excess of the total assets less total liabilities of the Liberty Live Group (as defined in Liberty Live's restated articles) over the par value of, or any greater amount determined to be capital in respect of, all outstanding shares of New Liberty Live Group common stock or, if there is no such excess, an amount equal to the earnings or loss attributable to the New Liberty Live Group (if positive) for the fiscal year in which such dividend is to be paid and/or the preceding fiscal year). If dividends are paid on any series of New Liberty Live Group common stock, an equal per share dividend will be concurrently paid on the other series of New Liberty Live Group common stock. *See Article IV, Section A.2.(c)(i) of Liberty Live's restated articles.* <br> Liberty Live is permitted to make (i) share distributions of (A) New LLYVK to holders of all series of New Liberty Live Group common stock, on an equal per share basis; and (B) New LLYVA to holders of New LLYVA, New LLYVB to holders of New LLYVB and New LLYVK to holders of New LLYVK, in each case, on an equal per share basis and subject to certain limitations; and (ii) share distributions of (A) Series C Ventures Group common stock to holders of all series of New Liberty Live Group common stock, on an equal per  |

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| **Liberty Live Common <br> Stock Under Liberty <br> Media's Certificate of Incorporation and Bylaws**  | **New Liberty Live Group Common Stock <br> Under Liberty Live's Amended and Restated Articles <br> of Incorporation and Amended and Restated Bylaws**  |
| of FWONK to holders of LLYVK, in each case, subject to certain limitations; and (iii) share distributions of any other class or series of Liberty Media's securities or the securities of any other person to holders of all series of Liberty Live common stock, on an equal per share basis, subject to certain limitations. *See Article IV, Section A.2.(d)(ii) of Liberty Media's certificate of incorporation.* | share basis, subject to certain limitations; and (B) Series A Ventures Group common stock to holders of New LLYVA, Series B Ventures Group common stock to holders of New LLYVB and Series C Ventures Group common stock to holders of New LLYVK, in each case, on an equal per share basis and subject to certain limitations; and (iii) share distributions of any other class or series of Liberty Live's securities or the securities of any other person to holders of all series of New Liberty Live Group common stock, on an equal per share basis, subject to certain limitations. *See Article IV, Section A.2.(d)(i) of Liberty Live's restated articles.* |
| **Conversion of Common Stock at Option of Holder**  | **Conversion of Common Stock at Option of Holder**  |
| Each share of LLYVB is convertible, at the option of the holder, into one share of LLYVA. Shares of LLYVA and LLYVK are not convertible at the option of the holder. *See Article IV, Section A.2.(b)(i)(A) of Liberty Media's certificate of incorporation.* | Each share of New LLYVB is convertible, at the option of the holder, into one share of New LLYVA. Shares of New LLYVA and New LLYVK are not convertible at the option of the holder. *See Article IV, Section A.2.(b)(i)(A) of Liberty Live's restated articles.* |
| **Conversion of Common Stock at Option of Issuer**  | **Conversion of Common Stock at Option of Issuer**  |
| Liberty Media can convert each share of LLYVA, LLYVB and LLYVK into a number of shares of the corresponding series of Liberty Formula One common stock at a ratio based on the relative trading prices of the LLYVA (or another series of Liberty Live common stock subject to certain limitations) and FWONA (or another series of Liberty Formula One common stock, subject to certain limitations) over a specified 20-trading day period. *See Article IV, Section A.2.(b)(v) of Liberty Media's certificate of incorporation.* <br> Liberty Media also can convert each share of FWONA, FWONB or FWONK into a number of shares of the corresponding series of Liberty Live common stock at a ratio based on the relative trading prices of FWONA (or another series of Liberty Formula One common stock subject to certain limitations) to the LLYVA (or another series of Liberty Live common stock subject to certain limitations) over a specified 20-trading day period. *See Article IV, Section A.2.(b)(iii) of Liberty Media's certificate of incorporation.*  | Liberty Live can convert each share of New LLYVA, New LLYVB and New LLYVK into a number of shares of the corresponding series of Ventures Group common stock at a ratio based on the relative trading prices of New LLYVK (or another series of New Liberty Live Group common stock subject to certain limitations) and Series C Ventures Group common stock (or another series of Ventures Group common stock, subject to certain limitations) over a specified 20-trading day period. *See Article IV, Section A.2.(b)(ii) of Liberty Live's restated articles.* |
| **Optional Redemption of Common Stock for Stock of a Subsidiary**  | **Optional Redemption of Common Stock for Stock of a Subsidiary**  |
| Liberty Media may redeem outstanding shares of Liberty Live common stock for shares of common stock of a subsidiary that holds assets and liabilities attributed to the Liberty Live Group (and may or may not hold assets and liabilities attributed to the | Liberty Live may redeem outstanding shares of New Liberty Live Group common stock for shares of common stock of a subsidiary that holds assets and liabilities attributed to the New Liberty Live Group (and may or may not hold assets and |

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| **Liberty Live Common <br> Stock Under Liberty <br> Media's Certificate of Incorporation and Bylaws**  | **New Liberty Live Group Common Stock <br> Under Liberty Live's Amended and Restated Articles <br> of Incorporation and Amended and Restated Bylaws**  |
| Formula One Group), provided that the board of directors seeks and receives the approval to such redemption of holders of Liberty Live common stock, voting together as a separate class. <br> If Liberty Media were to effect a redemption as described above with stock of a subsidiary that also holds assets and liabilities of the Formula One Group, shares of Liberty Formula One common stock would also be redeemed in exchange for shares of that subsidiary, and the entire redemption would be subject to the voting rights of the holders of Liberty Live common stock described above as well as the separate class vote of the holders of Liberty Formula One common stock. *See Article IV, Section A.2.(f)(i) of Liberty Media's certificate of incorporation.*  | liabilities attributed to the Ventures Group (as defined in Liberty Live's restated articles)), provided that Liberty Live's board of directors seeks and receives the approval to such redemption of holders of a majority of the aggregate voting power of the outstanding New Liberty Live Group common stock, voting together as a separate class. <br> If Liberty Live were to effect a redemption as described above with stock of a subsidiary that also holds assets and liabilities of the Ventures Group, shares of Ventures Group common stock shall also be redeemed in exchange for shares of that subsidiary, and the entire redemption would be subject to the voting rights of the holders of New Liberty Live Group common stock described above as well as the separate class vote of the holders of Ventures Group common stock, as the case may be. *See Article IV, Section A.2(e)(i) of Liberty Live's restated articles.*  |
| **Mandatory Dividend, Redemption and Conversion Rights on Disposition of Assets**  | **Mandatory Dividend, Redemption and Conversion Rights on Disposition of Assets**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If Liberty Media disposes, in one transaction or a series of transactions, of all or substantially all of the assets of the Liberty Live Group, it is required to choose one of the following four alternatives, unless the board obtains approval of the holders of Liberty Live common stock not to take such action or the disposition qualifies under a specified exemption (in which case Liberty Media will not be required to take any of the following actions): <br> &nbsp;&nbsp;&nbsp;&nbsp; • pay a dividend to holders of Liberty Live common stock out of the available net proceeds of such disposition; or <br>&nbsp;&nbsp;&nbsp;&nbsp; • if there are legally sufficient assets and the Liberty Live Group Available Dividend Amount would have been sufficient to pay a dividend, then: (i) if the disposition involves all of the properties and assets of the Liberty Live Group, redeem all outstanding shares of Liberty Live common stock in exchange for cash and/or securities or other assets with a fair value equal to the available net proceeds of such disposition, or (ii) if the disposition involves substantially all (but not all) of the properties and assets of the Liberty Live Group, redeem a portion of the outstanding shares of Liberty Live common stock in exchange for cash and/or securities or other assets with a fair value equal to the available net proceeds of such disposition; or <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If Liberty Live disposes, in one transaction or a series of transactions, of all or substantially all of the assets of the New Liberty Live Group, it is required to choose one of the following four alternatives, unless Liberty Live's board of directors obtains the requisite approval of the holders of shares of New LLYVA and New LLYVB (together, **New Liberty Live Group Voting Securities**) not to take such action or the disposition otherwise qualifies as an exempt disposition (in which case Liberty Live will not be required to take any of the following actions): <br> &nbsp;&nbsp;&nbsp;&nbsp; • pay a dividend to holders of New Liberty Live Group common stock out of the available net proceeds of such disposition; or <br>&nbsp;&nbsp;&nbsp;&nbsp; • if there are legally sufficient assets and the "Liberty Live Group Available Dividend Amount" (as such term is defined in Article IV, Section A.2.(i) of Liberty Live's restated articles) would have been sufficient to pay a dividend, then: (i) if the disposition involves all of the properties and assets of the New Liberty Live Group, redeem all outstanding shares of New Liberty Live Group common stock in exchange for cash and/or securities or other assets with a fair value equal to the available net proceeds of such disposition, or (ii) if the disposition involves substantially all (but not all) of the properties and assets of the New <br>|

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| **Liberty Live Common <br> Stock Under Liberty <br> Media's Certificate of Incorporation and Bylaws**  | **New Liberty Live Group Common Stock <br> Under Liberty Live's Amended and Restated Articles <br> of Incorporation and Amended and Restated Bylaws**  |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; • convert each outstanding share of each series of Liberty Live common stock into a number of shares of the corresponding series of Liberty Formula One common stock at a specified premium; or <br>&nbsp;&nbsp;&nbsp;&nbsp; • combine a conversion of a portion of the outstanding shares of Liberty Live common stock into a number of shares of the corresponding series of Liberty Formula One common stock with either the payment of a dividend on or a redemption of shares of Liberty Live common stock, subject to certain limitations. *See Article IV, Section A.2.(f)(ii) of Liberty Media's certificate of incorporation.* <br>Pursuant to Liberty Media's certificate of incorporation, an **exempt disposition** includes the following with respect to each tracking stock group: <br> &nbsp;&nbsp;&nbsp;&nbsp; • the Disposition (as defined in Liberty Media's certificate of incorporation) of all or substantially all of Liberty Media's assets in one transaction or series of related transactions in connection with the liquidation, dissolution or winding up of Liberty Media [within the meaning of paragraph (h) of Section A.2. of Liberty Media's certificate of incorporation]; <br>&nbsp;&nbsp;&nbsp;&nbsp; • a dividend, other distribution or redemption in accordance with the applicable provisions of Liberty Media's certificate of incorporation; <br>&nbsp;&nbsp;&nbsp;&nbsp; • a group Disposition to one or more persons that Liberty Media, directly or indirectly, after giving effect to the group Disposition, controls; <br>&nbsp;&nbsp;&nbsp;&nbsp; • a group Disposition in connection with any disposition of all or substantially all of the assets of such tracking stock group in which Liberty Media receives as proceeds of such disposition primarily capital stock or other equity securities of the purchaser or acquiror of such assets of the group, any entity which succeeds (by merger, formation of a joint venture enterprise or otherwise) to such assets of the group, or a third party issuer, if a significant portion of the business or businesses in which such purchaser, acquiror or third party issuer is engaged or proposes to engage consists of one or more businesses similar or complementary to the businesses attributable to such group prior to such disposition, as determined in good faith by Liberty Media's board of directors; or <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liberty Live Group, redeem a portion of the outstanding shares of New Liberty Live Group common stock in exchange for cash and/or securities or other assets with a fair value equal to the available net proceeds of such disposition; or <br> &nbsp;&nbsp;&nbsp;&nbsp; • convert each outstanding share of each series of New Liberty Live Group common stock into a number of shares of the corresponding series of Ventures Group common stock at a specified premium; or <br>&nbsp;&nbsp;&nbsp;&nbsp; • combine a conversion of a portion of the outstanding shares of New Liberty Live Group common stock into a number of shares of the corresponding series of Ventures Group common stock with either the payment of a dividend on or a redemption of shares of New Liberty Live Group common stock, subject to certain limitations. *See Article IV, Section A.2.(e)(ii) of Liberty Live's restated articles.* <br>Pursuant to Liberty Live's restated articles, an **exempt disposition** includes the following with respect to each tracking stock group: <br> &nbsp;&nbsp;&nbsp;&nbsp; • the disposition of all or substantially all of Liberty Live's assets in one transaction or series of related transactions in connection with the liquidation, dissolution or winding up of Liberty Live; <br>&nbsp;&nbsp;&nbsp;&nbsp; • a dividend, other distribution or redemption in accordance with Liberty Live's restated articles; <br>&nbsp;&nbsp;&nbsp;&nbsp; • a group disposition to one or more persons that following the group disposition, Liberty Live controls; <br>&nbsp;&nbsp;&nbsp;&nbsp; • a group disposition in connection with any disposition of all or substantially all of the assets of such tracking stock group in which Liberty Live receives as proceeds of such disposition primarily capital stock or other equity securities of the purchaser, acquiror or third party issuer, if a significant portion of the business of such purchaser, acquiror or third party issuer is engaged or proposes to engage consists of one or more businesses similar or complementary to the businesses attributable to such group prior to such disposition, as determined in good faith by Liberty Live's board of directors; or <br>|

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| **Liberty Live Common <br> Stock Under Liberty <br> Media's Certificate of Incorporation and Bylaws**  | **New Liberty Live Group Common Stock <br> Under Liberty Live's Amended and Restated Articles <br> of Incorporation and Amended and Restated Bylaws**  |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; • a group Disposition as to which Liberty Media's board of directors obtains the requisite approval of the applicable voting stockholders to classify such group Disposition as an exempt Disposition in accordance with the applicable provisions of Liberty Media's certificate of incorporation. *See Article IV, Section A.2.(j) of Liberty Media's certificate of incorporation.* <br>| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; • a group disposition as to which Liberty Live's board of directors obtains the requisite approval of the applicable voting stockholders to classify such group disposition as an exempt disposition. *See Article IV, Section A.2.(i) of Liberty Live's restated articles.* <br>|
| **Appraisal Rights/Dissenter's Rights**  | **Appraisal Rights/Dissenter's Rights**  |
| Under the DGCL, a stockholder who has neither voted in favor of certain mergers, consolidations or conversions of a corporation to another entity, nor consented thereto in writing, who has properly demanded appraisal of their shares, and who otherwise complies with the requirements for perfecting and preserving their appraisal rights under Section 262 of the DGCL may be entitled to receive payment in cash for the fair value of their shares (exclusive of any element of value arising from the accomplishment or expectation of such merger, consolidation or conversion), together with interest (if any) to be paid on the amount determined to be fair value of such shares, as appraised by the Court of Chancery of the State of Delaware in an appraisal proceeding. However, unless the corporation's certificate of incorporation provides otherwise, appraisal rights are not available for shares of capital stock that, at the record date for determination of stockholders entitled to receive notice of the meeting of stockholders (or at the record date for determination of stockholders entitled to consent pursuant to Section 228 of the DGCL) to act upon the merger, consolidation or conversion, are either (i) listed on a national securities exchange or (ii) held of record by more than 2,000 holders. Further, unless the corporation's certificate of incorporation provides otherwise, no appraisal rights are available to stockholders of the surviving corporation if the merger did not require the vote of the stockholders of the surviving corporation as provided in Section 251(f) of the DGCL. <br> Notwithstanding the foregoing, appraisal rights are available if stockholders are required to accept for their shares anything other than (i) shares of capital stock of the surviving corporation (or of the converted entity if such entity is a corporation), (ii) shares of capital stock of another corporation that will either be listed on a national securities exchange or held of record by more than 2,000  | A stockholder of a Nevada corporation may be entitled to dissent from, and obtain payment of the fair value of his or her shares in connection with, certain transactions involving the Nevada corporation, including, among others, most mergers, conversions in which the stockholder's interests will be converted, and exchanges in which the stockholder's shares are to be acquired. <br> However, there is no right of dissent in favor of stockholders of: (i) any class or series which is a "covered security" under section 18(b)(1)(A) or (B) of the Securities Act; (ii) any class or series which is traded in an organized market, has at least 2,000 stockholders and has a market value of at least $20,000,000, exclusive of the value of such shares held by the corporation's subsidiaries, senior executives, directors and beneficial stockholders owning more than 10% of such shares; or (iii) certain securities issued by an open end management investment company registered with the SEC. <br> Notwithstanding the limitations on rights of dissent in the foregoing paragraph, dissenter's rights are available if stockholders are required by the terms of the corporate action to accept for their shares anything other than (i) cash, (ii) securities or other proprietary interests of any other entity that will satisfy the marketability standards set forth in the prior paragraph, or (iii) any combination of clauses (i) and (ii). <br> A stockholder who wishes to assert dissenter's rights, to the extent available, must comply with all of the requirements for asserting and preserving their dissenter's rights under the NRS Section 92A.300 – 92A.500, including, among others, delivering a statement of intent with respect to the corporate action prior to the taking of the vote at a meeting (or the date set in an advance notice statement given by the company in the case of an action to be taken by written consent of the  |

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| | |
|:---|:---|
| **Liberty Live Common <br> Stock Under Liberty <br> Media's Certificate of Incorporation and Bylaws**  | **New Liberty Live Group Common Stock <br> Under Liberty Live's Amended and Restated Articles <br> of Incorporation and Amended and Restated Bylaws**  |
| holders, (iii) cash in lieu of fractional shares or (iv) any combination of clauses (i) – (iii). Appraisal rights are also available under the DGCL in certain other circumstances, including in certain parent-subsidiary mergers and in certain circumstances where the certificate of incorporation so provides. <br> Neither Liberty Media's certificate of incorporation nor Liberty Media's bylaws provide for appraisal rights in any additional circumstance other than as required by applicable law. <br> See Section 262 of the DGCL.  | stockholders for which the corporation gives an advance notice statement), and delivering a written demand for payment by the date set in a dissenter's notice given by the corporation. |
| **Voting Rights**  | **Voting Rights**  |
| Holders of shares of LLYVA are entitled to one vote for each share of such stock held and holders of shares of LLYVB are entitled to ten votes for each share of such stock held on all matters submitted to a vote of stockholders. Holders of shares of LLYVK are not entitled to any voting powers (including with respect to any class votes taken in accordance with the terms of Liberty Media's certificate of incorporation), except as otherwise required by Delaware law. When so required, holders of shares of LLYVK will be entitled to 1/100th of a vote for each share of such stock held. *See Article IV, Section A.2.(a) of Liberty Media's certificate of incorporation.* <br> Holders of Liberty Live common stock will vote as one class with holders of Liberty Formula One common stock on all matters that are submitted to a vote of stockholders unless a separate class vote is required by the terms of Liberty Media's certificate of incorporation or Delaware law. In connection with certain dispositions of Liberty Live Group assets as described above, the Liberty Media board of directors may determine to seek approval of the holders of Liberty Live common stock, voting together as a separate class, to avoid effecting a mandatory dividend, redemption or conversion under Liberty Media's certificate of incorporation. *See Article IV, Section A.2.(a)(iv)(B) of Liberty Media's certificate of incorporation.* <br> Liberty Media may not redeem outstanding shares of Liberty Live common stock for shares of common stock of a subsidiary that holds assets and liabilities attributed to the Liberty Live Group unless the board of directors seeks and receives the approval to such redemption of holders of Liberty Live common stock, voting together as a separate class, and, if such subsidiary also holds assets and  | Holders of shares of New LLYVA are entitled to one vote for each share of such stock held and holders of shares of New LLYVB are entitled to ten votes for each share of such stock held on all matters submitted to a vote of stockholders. Holders of shares of New LLYVK are not entitled to any voting powers (including with respect to any class votes taken in accordance with the terms of Liberty Live's restated articles), except as otherwise required by Nevada law. When so required, holders of shares of New LLYVK will be entitled to 1/100th of a vote for each share of such stock held. *See Article IV, Section A.2.(a) of Liberty Live's restated articles.* <br> Holders of New Liberty Live Group Voting Securities will vote as one class with holders of Series A Ventures Group common stock and Series B Ventures Group common stock (together, the **Ventures Group Voting Securities**) and the holders of any shares of preferred stock that is designated as a voting security (together with the New Liberty Live Group Voting Securities and the Ventures Group Voting Securities, the **Voting Securities**), on all matters that are submitted to a vote of stockholders unless a separate class vote is required by the terms of Liberty Live's restated articles or Nevada law. *See Article IV, Section A.2.(a)(iii) of Liberty Live's restated articles.* <br> Except as required under Nevada law, the holders of any shares of any class or series of Liberty Live capital stock can validly approve a proposal that has been submitted by Liberty Live's board of directors to the stockholders for approval to amend Liberty Live's restated articles in any manner that affects one or more classes or series of Liberty Live capital stock that has been authorized even if no shares of  |

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|:---|:---|
| **Liberty Live Common <br> Stock Under Liberty <br> Media's Certificate of Incorporation and Bylaws**  | **New Liberty Live Group Common Stock <br> Under Liberty Live's Amended and Restated Articles <br> of Incorporation and Amended and Restated Bylaws**  |
| liabilities of the Formula One Group, the approval of holders of Liberty Formula One common stock to the Liberty Formula One common stock redemption, with each affected group voting as a separate class. *See Article IV, Section A.2.(a)(v)(B) of Liberty Media's certificate of incorporation.* <br> Liberty Media's certificate of incorporation imposes supermajority voting requirements in connection with certain charter amendments and other extraordinary transactions which have not been approved by 75% of the directors then in office. When these requirements apply, the threshold vote required is 66<sup>2</sup>∕3% of the aggregate voting power of Liberty Media's outstanding voting securities, voting together as a single class. *See Article IX of Liberty Media's certificate of incorporation.*  | such class or series of authorized Liberty Live capital stock is outstanding as of the date of such approval. In connection with certain dispositions of New Liberty Live Group assets as described above, Liberty Live's board of directors may determine to seek approval of the New Liberty Live Group Voting Securities, voting together as a separate class, to avoid effecting a mandatory dividend, redemption or conversion under Liberty Live's restated articles. *See Article IV, Section A.2.(a)(iii) of Liberty Live's restated articles.* <br> Liberty Live may not redeem outstanding shares of New Liberty Live Group common stock for shares of common stock of a subsidiary that holds assets and liabilities attributed to the New Liberty Live Group unless Liberty Live's board of directors seeks and receives the approval to such redemption of a requisite number of holders of New Liberty Live Group Voting Securities, voting together as a separate class, and, if such subsidiary also holds assets and liabilities of the Ventures Group, the approval of holders of Ventures Group Voting Securities, to the corresponding Ventures Group common stock redemption, with each affected group voting as a separate class. *See Article IV, Section A.2.(a)(v)(A) of Liberty Live's restated articles.* <br> Liberty Live's restated articles impose supermajority voting requirements in connection with certain articles amendments and other extraordinary transactions which have not been approved by 75% of the directors then in office. When these requirements apply, the threshold vote required is 66<sup>2</sup>∕3% of the aggregate voting power of the then outstanding Voting Securities, voting together as a single class. *See Article IX of Liberty Live's restated articles.*  |
| **Indemnification of, and Advancement of Expenses to, Directors and Officers**  | **Indemnification of, and Advancement of Expenses to, Directors and Officers**  |
| Liberty Media's certificate of incorporation provides that, subject to certain exceptions, to the fullest extent permitted by applicable law, Liberty Media shall indemnify any person who is or was made, or threatened to be made, a party to or is otherwise involved in any action, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that such person, or a person for whom such person is the legal representative, is or was a director or officer of Liberty Media, or is or was serving at the request of Liberty Media as a director, officer, employee or | Liberty Live's restated articles will provide that, subject to certain exceptions, to the fullest extent permitted by applicable law, Liberty Live shall indemnify any person who was or is a party or is threatened to be made a party or is otherwise involved in any action, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that the person, or a person for whom such person is the legal representative, is or was a director or officer of Liberty Live, or is or was serving at the request of Liberty Live as a director, officer, employee or agent of another corporation, |

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|:---|:---|
| **Liberty Live Common <br> Stock Under Liberty <br> Media's Certificate of Incorporation and Bylaws**  | **New Liberty Live Group Common Stock <br> Under Liberty Live's Amended and Restated Articles <br> of Incorporation and Amended and Restated Bylaws**  |
| agent of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprises, against all liability and loss suffered and expenses incurred by such person. *See Article V, Section E.2 of Liberty Media's certificate of incorporation.* <br> Liberty Media will pay the expenses (including attorneys' fees) incurred by a director or officer in defending any proceeding in advance of its final disposition, subject to certain conditions. Liberty Media is required to indemnify or make advances to a person in connection with a proceeding (or part thereof) initiated by such person only if the proceeding (or part thereof) was authorized by the Liberty Media board of directors.  | partnership, joint venture, trust or other enterprise, against expenses, including attorneys' fees, judgments, fines and amounts paid in settlement actually and reasonably incurred by the person in connection with the action, suit or proceeding. *See Article V, Section E.2. of Liberty Live's restated articles.* <br> Liberty Live shall pay the reasonable expenses (including attorneys' fees) incurred by a director or officer in defending any proceeding in advance of its final disposition, subject to certain conditions. Payment of such expenses incurred by other employees and agents of Liberty Live may be made by the Board in its discretion upon such terms and conditions, if any, as it deems appropriate.  |
| **Intergroup Interest**  | **Intergroup Interest**  |
| From time to time, the Liberty Media board of directors may determine to create an intergroup interest in the Liberty Live Group in favor of the Formula One Group, subject to the terms of Liberty Media's certificate of incorporation. <br> If the Liberty Live Group has an intergroup interest in the Formula One Group at such time as any extraordinary action is taken with respect to the Liberty Formula One common stock (such as the payment of a dividend, a share distribution, the redemption of such stock for stock of a subsidiary or an action required to be taken in connection with a disposition of all or substantially all of the Formula One Group's assets), the board will consider what actions are required, or permitted, to be taken under Liberty Media's certificate of incorporation with respect to the Liberty Live Group's intergroup interest in the Formula One Group. For example, in some instances, the board may determine that a portion of the aggregate consideration that is available for distribution to holders of Liberty Formula One common stock must be allocated to the Liberty Live Group to compensate the Liberty Live Group on a *pro rata* basis for its interest in the Formula One Group. <br> Similarly, if the Formula One Group has an intergroup interest in the Liberty Live Group at such time as any extraordinary action is taken with respect to the Liberty Live common stock (such as the payment of a dividend, a share distribution, the redemption of such stock for stock of a subsidiary or an action required to be taken in connection with a disposition of all or substantially all of the Liberty  | From time to time, the Liberty Live board of directors may determine to create an intergroup interest in the New Liberty Live Group in favor of the Ventures Group, subject to the terms of Liberty Live's restated articles and applicable Nevada law. <br> If the New Liberty Live Group has an intergroup interest in the Ventures Group at such time as any extraordinary action is taken with respect to the Ventures Group common stock (such as the payment of a dividend, a share distribution, the redemption of such stock for stock of a subsidiary or an action required to be taken in connection with a disposition of all or substantially all of the Ventures Group assets), the Liberty Live board of directors will consider what actions are required, or permitted, to be taken under Liberty Live's restated articles with respect to the New Liberty Live Group intergroup interest in the Ventures Group. For example, in some instances, the Liberty Live board of directors may determine that a portion of the aggregate consideration that is available for distribution to holders of Ventures Group common stock must be allocated to the New Liberty Live Group to compensate the New Liberty Live Group on a *pro rata* basis for its interest in the Ventures Group. <br> All such board determinations will be made in accordance with Liberty Live's restated articles and applicable Nevada law. <br> Upon the effectiveness of Liberty Live's restated articles, no intergroup interests will exist. <br> *See Article IV, Section A.2 of Liberty Live's restated articles.*  |

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|:---|:---|
| **Liberty Live Common <br> Stock Under Liberty <br> Media's Certificate of Incorporation and Bylaws**  | **New Liberty Live Group Common Stock <br> Under Liberty Live's Amended and Restated Articles <br> of Incorporation and Amended and Restated Bylaws**  |
| Live Group's assets), the board will consider what actions are required, or permitted, to be taken under Liberty Media's certificate of incorporation with respect to the Formula One Group's intergroup interest in the Liberty Live Group. <br> All such board determinations will be made in accordance with Liberty Media's certificate of incorporation and applicable Delaware law. <br> Neither of the Formula One Group or the Liberty Live Group has an intergroup interest in the other group. <br> *See Article IV, Section A.2 of Liberty Media's certificate of incorporation.*  |  |
| **Liquidation**  | **Liquidation**  |
| Upon Liberty Media's liquidation, dissolution or winding up, holders of shares of Liberty Live common stock will be entitled to receive in respect of such stock their proportionate interests in Liberty Media's assets, if any, remaining for distribution to holders of common stock (regardless of the group to which such assets are then attributed) in proportion to their respective number of liquidation units per share. *See Article IV, Section A.2.(h) of Liberty Media's certificate of incorporation.* <br> Each share of Liberty Live common stock is entitled to the number of liquidation units as set forth in the statement on file with the Secretary of Liberty Media, a copy of which will be furnished by Liberty Media, on request and without cost, to any stockholder of Liberty Media*.* Liquidation units per share of Liberty Live common stock are subject to adjustment for certain anti-dilutive events.  | Upon Liberty Live's liquidation, dissolution or winding up, whether voluntary or involuntary, the holders of shares of New Liberty Live Group common stock will be entitled to receive in respect of such stock their proportionate interests in Liberty Live's assets, if any, remaining for distribution to holders of Liberty Live common stock (regardless of the group to which such assets are then attributed) in proportion to their respective number of liquidation units per share. *See Article IV, Section A.2.(g) of Liberty Live's restated articles.* <br> Each share of New Liberty Live Group common stock will have one liquidation unit. From and after the first date following the distribution date that shares of Ventures Group common stock have been issued and are outstanding (the **Ventures Issuance Date**), each share of Ventures Group common stock will have a number of liquidation units (including a fraction of one liquidation unit) equal to the amount (calculated to five decimal places) obtained (I) if the Ventures Group common stock is issued in connection with a transaction (including, without limitation, a share distribution, dividend or redemption) resulting in the Ventures Group Reference Share (as defined in Liberty Live's restated articles) being publicly traded following the Ventures Issuance Date, by dividing (x) the average of the daily volume weighted average prices of the Ventures Group Reference Share over the 20-trading day period commencing on (and including) the first trading day on which the Ventures Group Reference Share trade in the "regular way" market by (y) the average of the daily volume weighted average prices of the Liberty Live Group Reference Share (as  |

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|:---|:---|
| **Liberty Live Common <br> Stock Under Liberty <br> Media's Certificate of Incorporation and Bylaws**  | **New Liberty Live Group Common Stock <br> Under Liberty Live's Amended and Restated Articles <br> of Incorporation and Amended and Restated Bylaws**  |
|  | defined in Liberty Live's restated articles) over the 20-trading day period referenced in clause (x) or (II) if clause (I) is not applicable because the Ventures Group Reference Share are not publicly traded following the Ventures Issuance Date, by dividing (x) the fair value of a share of Ventures Group common stock as of the Ventures Issuance Date by (y) the average of the daily volume weighted average prices of the Liberty Live Group Reference Share over the 20-day trading day period commencing on (and including) the Ventures Issuance Date. After the initial determination of the number of liquidation units applicable to the Ventures Group common stock, the number of liquidation units per share of New Liberty Live Group common stock or Ventures Group common stock is subject to adjustment for certain anti-dilutive events. |
| **Anti-Takeover Provisions**  | **Anti-Takeover Provisions**  |
| Section 203 of the DGCL generally prohibits "business combinations," including mergers, sales and leases of assets, issuances of securities and certain other transactions, by a corporation or certain of its subsidiaries with an "interested stockholder" (as defined under Section 203 of the DGCL), for a period of three years after the person or entity becomes an interested stockholder, unless: (i) the board of directors of the corporation has approved, before such person or entity became an interested stockholder, either the business combination or the transaction that resulted in the person becoming an interested stockholder; (ii) upon consummation of the transaction that resulted in the person becoming an interested stockholder, the person owns at least 85% of the "voting stock" of the corporation outstanding at the time the transaction commenced (excluding shares owned by directors who are officers and shares owned by employee stock plans in which participants do not have the right to determine confidentially whether shares will be tendered in a tender or exchange offer) or (iii) at or subsequent to the person or entity becoming an interested stockholder, the business combination is approved by the board of directors and authorized at a meeting of stockholders by the affirmative vote of at least 66<sup>2</sup>∕3% of the outstanding voting stock not owned by the interested stockholder. A Delaware corporation may opt out of Section 203 in its certificate of incorporation or a stockholder approved bylaw. | *Business Combinations*: Sections 78.411 through 78.444 of the NRS (the **Nevada Combinations Statute**) generally prohibit "combinations" including mergers, consolidations, sales and leases of assets, issuances of securities and similar transactions by a Nevada corporation having a requisite number (which Liberty Live expects to have) of stockholders of record, with any person who beneficially owns (or any affiliate or associate of the corporation who within the previous two years owned), directly or indirectly, 10% or more of the voting power of the outstanding voting shares of the corporation (an interested stockholder), within two years after such person first became an interested stockholder unless (i) the board of directors of the corporation approved the combination or transaction by which the person first became an interested stockholder before the person first became an interested stockholder or (ii) the board of directors of the corporation has approved the combination in question and, at or after that time, such combination is approved at an annual or special meeting of the stockholders of the target corporation, and not by written consent, by the affirmative vote of holders of stock representing at least 60% of the outstanding voting power of the target corporation not beneficially owned by the interested stockholder or the affiliates or associates of the interested stockholder. <br> Beginning two years after the date the person first became an interested stockholder, a combination may also be permitted if the interested stockholder  |

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|:---|:---|
| **Liberty Live Common <br> Stock Under Liberty <br> Media's Certificate of Incorporation and Bylaws**  | **New Liberty Live Group Common Stock <br> Under Liberty Live's Amended and Restated Articles <br> of Incorporation and Amended and Restated Bylaws**  |
| Liberty Media has not opted out of the protections of Section 203 of the DGCL. As a result, the statute applies to Liberty Media. | satisfies certain requirements with respect to the aggregate consideration to be received by holders of outstanding shares in the combination. The Nevada Combinations Statute does not apply to combinations with an interested stockholder after the expiration of four years from when the person first became an interested stockholder. <br> Liberty Live has elected not to be governed by the Nevada Combination Statute in its articles of incorporation as currently in effect. <br> Liberty Live's restated articles will also elect not to be governed by the Nevada Combination Statute.  |
| **Anti-Takeover Provisions (cont.)**  | **Anti-Takeover Provisions (cont.)**  |
| Delaware does not have a statute comparable to the Nevada Control Share Statute, as described opposite. | *Acquisitions of a Controlling Interest*: Sections 78.378 through 78.3793, inclusive, of the NRS (the **Nevada Control Share Statute**), pertaining to the acquisition of controlling interests, apply to "issuing corporations" that are Nevada corporations doing business, directly or through an affiliate, in Nevada and having at least 200 stockholders of record, including at least 100 of whom have addresses in Nevada appearing on the stock ledger of the corporation. Under those provisions, any person who acquires a controlling interest in a corporation may not exercise voting rights of any "control shares" unless such voting rights are conferred by a majority vote of the disinterested stockholders of the issuing corporation at a special meeting of such stockholders held upon the request, and at the expense, of the acquiring person. The statute applies to acquisition of a "controlling interest" in ownership of outstanding voting shares of an issuing corporation sufficient to enable the acquiring person, individually or in association with others, directly or indirectly, to exercise (i) one-fifth or more but less than one third, (ii) one third or more but less than a majority or (iii) a majority or more of the voting power of the issuing corporation in the election of directors, and voting rights must be conferred by a majority of the disinterested stockholders as each threshold is reached and/or exceeded. "Control shares" also include shares acquired by persons acting in association with an acquiring person and those acquired within 90 days immediately preceding the date of the acquisition triggering the statute. In the event that the control shares are accorded full voting rights and the acquiring person acquires control shares with a majority or more of all the voting power, any |

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|:---|:---|
| **Liberty Live Common <br> Stock Under Liberty <br> Media's Certificate of Incorporation and Bylaws**  | **New Liberty Live Group Common Stock <br> Under Liberty Live's Amended and Restated Articles <br> of Incorporation and Amended and Restated Bylaws**  |
|  | stockholder, other than the acquiring person, who does not vote in favor of authorizing voting rights for the control shares is entitled to demand payment for the fair value of such person's shares pursuant to the Nevada dissenter's rights statute. <br> The Nevada Control Share Statute does not apply to any acquisition of a controlling interest in an issuing corporation if the articles of incorporation or bylaws of the corporation in effect on the 10th day following the acquisition of a controlling interest by the acquiring person provide that the provisions of those sections do not apply to the corporation or to an acquisition of a controlling interest specifically by types of existing or future stockholders, whether or not identified. Therefore, the board of directors of a Nevada corporation usually may unilaterally avoid the imposition of burdens imposed by the control share statute by promptly amending the bylaws of the corporation in connection with a transaction. A Nevada corporation may impose stricter requirements if it so desires. <br> Liberty Live has opted out of the provisions of the Nevada Control Share Statute in its articles of incorporation as currently in effect. Liberty Live's restated articles will opt out of the provisions of the Nevada Control Share Statute.  |

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#### Other Provisions of Liberty Live's Amended and Restated Bylaws and Liberty Live's Restated Articles

#### Preferred Stock
Liberty Live's restated articles will authorize the Liberty Live board of directors to establish one or more series of preferred stock and to determine, with respect to any series of preferred stock, the terms and rights of the series, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the designation of the series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the number of authorized shares of the series, which number the Liberty Live board of directors may subsequently increase or decrease but not below the number of such shares of such series of preferred stock then outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the dividend rate or amounts, if any, and, in the case of cumulative dividends, the date or dates from which dividends on all shares of the series will be cumulative and the relative preferences or rights of priority or participation with respect to such dividends;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the rights of the series in the event of Liberty Live's voluntary or involuntary liquidation, dissolution or winding up and the relative preferences or rights of priority of payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the rights, if any, of holders of the series to convert into or exchange for other classes or series of stock or indebtedness and the terms and conditions of any such conversion or exchange, including provision for adjustments within the discretion of the Liberty Live board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the voting power, if any, of the series;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the terms and conditions, if any, for Liberty Live to purchase or redeem the shares of the series; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • any other relative rights, preferences, restrictions and limitations of the series.

Liberty Live believes that the ability of the Liberty Live board of directors to issue one or more series of its preferred stock will provide it with flexibility in structuring possible future financings and acquisitions, and in meeting other corporate needs that might arise. The authorized shares of preferred stock, as well as shares of common stock, will be available for issuance without further action by stockholders, unless such action is required by applicable law or the rules of any stock exchange or automatic quotation system on which Liberty Live's securities may be listed or traded.

Although the Liberty Live board of directors has no intention at the present time of doing so, it may issue a series of preferred stock that could, depending on the terms of such series, impede the completion of a merger, tender offer or other takeover attempt. The Liberty Live board of directors will make any determination to issue such shares based upon its judgment as to the best interests of Liberty Live's stockholders. The Liberty Live board of directors, in so acting, could issue preferred stock having terms that could discourage an acquisition attempt through which an acquirer may be able to change the composition of the board of directors, including a tender offer or other transaction that some, or a majority, of stockholders might believe to be in their best interests or in which stockholders might receive a premium for their stock over the then current market price of the stock.

#### Limitation on Liability and Indemnification of Directors and Officers
To the fullest extent permitted by Chapter 78 of the Nevada Revised Statutes, Liberty Live's directors and officers are not liable to Liberty Live or any of its stockholders or creditors for monetary damages for breaches of fiduciary duties as a director or officer. Nevada law has a broader provision limiting or eliminating the individual liability of both officers and directors than corresponding Delaware law. Under Nevada law, unless otherwise provided in the articles of incorporation or pursuant to certain statutory exceptions, a director or officer is not individually liable to the corporation's stockholders or creditors for damages as a result of an act or failure to act in his or her capacity as a director or officer unless a statutory presumption that such person acted in good faith and with a view to the interests of the corporation has been rebutted. In addition, it must be proven both that the act or failure to act constituted a breach of a fiduciary duty as a director or officer and that such breach involved intentional misconduct, fraud or a knowing violation of law. Liberty Live's restated articles will provide that, to the fullest extent permitted by Nevada law, Liberty Live's directors and officers will not be individually liable to Liberty Live or any of its stockholders or creditors for damages as a result of any act or failure to act in his or her capacity as a director or officer.

Liberty Live's restated articles will provide that, to the fullest extent permitted by applicable law, Liberty Live will indemnify any person who was or is a party or is threatened to be made a party or is otherwise involved in any investigation, threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that the person, or a person for whom such person is the legal representative, is or was a director or officer of Liberty Live, or is or was serving at the request of Liberty Live as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, including service with respect to nonprofit entities or employee benefit plans, against all expenses, including reasonable attorneys' fees, judgments, fines and amounts paid in settlement actually and reasonably incurred by the person in connection with the investigation, action, suit or proceeding.

#### Board of Directors
Liberty Live's restated articles will provide that, subject to any rights of the holders of any series of preferred stock to elect additional directors, the number of directors will not be less than three and the exact number will be fixed from time to time by a resolution of the Liberty Live board of directors. The members of the Liberty Live board of directors, other than those who may be elected by holders of any preferred stock, are divided into three classes. Each class consists, as nearly as possible, of a number of directors equal to one-third of the then authorized number of board members.

The term of office of the Class I directors expires at the first annual meeting of stockholders held following the separation. The term of office of the Class II directors expires at the second annual meeting of

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stockholders held following the separation. The term of office of the Class III directors expires at the third annual meeting of stockholders held following the separation.

At each annual meeting of stockholders, the successors of the class of directors whose term expires at that meeting will be elected to hold office for a term expiring at the annual meeting of stockholders held in the third year following the year of their election. The directors of each class will hold office until their respective successors are elected and qualified or until such director's earlier death, resignation or removal.

Liberty Live's restated articles will provide that, subject to the rights of the holders of any series of preferred stock, directors may be removed from office only for cause upon the affirmative vote of the holders of at least 66<sup>2</sup>∕3% of the aggregate voting power of Liberty Live's capital stock generally entitled to vote upon all matters submitted to stockholders, voting together as a single class.

Liberty Live's restated articles will provide that, subject to the rights of the holders of any series of preferred stock, vacancies on the Liberty Live board of directors resulting from death, resignation, removal, disqualification or other cause, and newly created directorships resulting from any increase in the number of directors on the Liberty Live board of directors, will be filled only by the affirmative vote of a majority of the remaining directors then in office (even though less than a quorum) or by the sole remaining director. Any director so elected will hold office for the remainder of the full term of the class of directors in which the vacancy occurred or to which the new directorship is apportioned, and until that director's successor will have been elected and qualified or until such director's earlier death, resignation or removal. No decrease in the number of directors constituting the Liberty Live board of directors will shorten the term of any incumbent director, except as may be provided in any certificate of designation with respect to a series of preferred stock with respect to any additional director elected by the holders of that series of preferred stock.

#### No Stockholder Action by Written Consent; Special Meetings
Liberty Live's restated articles will provide that (except as otherwise provided in the terms of any series of preferred stock), any action required to be taken or which may be taken at any annual meeting or special meeting of stockholders may not be taken without a meeting and may not be effected by any consent in writing by such holders. Except as otherwise required by law and subject to the rights of the holders of any series of Liberty Live's preferred stock, special meetings of Liberty Live stockholders for any purpose or purposes may be called only by its Secretary (i) upon the written request of the holders of not less than 66<sup>2</sup>∕3% of the aggregate voting power of Liberty Live's capital stock generally entitled to vote upon all matters submitted to stockholders, or (ii) at the request of at least 75% of the members of the Liberty Live board of directors then in office.

#### Amendments
Liberty Live's restated articles will go beyond the general Nevada law requirement of approval by stockholders holding shares in the corporation representing at least a majority of the voting power and will provide that, subject to the rights of the holders of any series of its preferred stock, the affirmative vote of the holders of at least 66<sup>2</sup>∕3% of the aggregate voting power of Liberty Live's outstanding capital stock generally entitled to vote upon all matters submitted to stockholders, voting together as a single class, is required to adopt, amend or repeal any provision of Liberty Live's restated articles or to add or insert any provision therein, provided, that the foregoing enhanced voting requirement will not apply to any adoption, amendment, repeal, addition or insertion (i) as to which the laws of the State of Nevada, as then in effect, do not require the consent of Liberty Live stockholders or (ii) which has been approved by at least 75% of the members of the Liberty Live board of directors then in office, in which case the general Nevada majority approval requirement will apply.

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Liberty Live's restated articles will further provide that the affirmative vote of the holders of at least 66<sup>2</sup>∕3% of the aggregate voting power of its outstanding capital stock generally entitled to vote upon all matters submitted to its stockholders, voting together as a single class, is required to adopt, amend or repeal any provision of its bylaws, provided that the foregoing enhanced voting requirement will not apply to (and no stockholder approval will be required for) any adoption, amendment or repeal approved by the affirmative vote of not less than 75% of the members of the Liberty Live board of directors then in office.

#### Supermajority Voting Provisions
In addition to the voting provisions and the supermajority voting provisions discussed under "— Comparison of Stockholder Rights — Voting Rights" above and the supermajority voting provisions discussed under "— Amendments" above, Liberty Live's restated articles provide that, subject to the rights of the holders of any series of its preferred stock, an enhanced requirement of the affirmative vote of the holders of at least 66<sup>2</sup>∕3% of the aggregate voting power of its outstanding capital stock generally entitled to vote upon all matters submitted to its stockholders, voting together as a single class, is required for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the merger or consolidation of Liberty Live with or into any other corporation, provided, that the foregoing enhanced voting requirement will not apply to any such merger or consolidation (1) as to which the laws of the State of Nevada, as then in effect, do not require the vote of Liberty Live stockholders, or (2) that at least 75% of the members of the Liberty Live board of directors then in office have approved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the sale, lease or exchange of all, or substantially all, of Liberty Live's assets, provided, that the foregoing enhanced voting requirement will not apply to any such sale, lease or exchange that at least 75% of the members of the Liberty Live board of directors then in office have approved; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the dissolution of Liberty Live, provided, that the foregoing enhanced voting requirement will not apply to such dissolution if at least 75% of the members of the Liberty Live board of directors then in office have approved such dissolution.

Where the enhanced voting requirement does not apply, stockholder approval will be as required by Nevada Statute (generally, approval by a majority of the voting power of the stockholders, subject to rights of classes or series of stock).

#### Corporate Opportunity
Liberty Live's restated articles will acknowledge that Liberty Live may have overlapping directors and officers with other entities that compete with Liberty Live's businesses and that Liberty Live may engage in material business transactions with such other entities. Liberty Live has renounced its rights to certain business opportunities and Liberty Live's restated articles will provide that no director or officer of Liberty Live will breach their fiduciary duty and therefore be liable to Liberty Live or its stockholders by reason of the fact that any such individual directs a corporate opportunity to another person or entity (including Liberty Media) instead of Liberty Live, or does not refer or communicate information regarding such corporate opportunity to Liberty Live, unless (x) such opportunity was expressly offered to such person solely in his or her capacity as a director or officer of Liberty Live or as a director or officer of any of Liberty Live's subsidiaries and (y) such opportunity relates to a line of business in which Liberty Live or any of its subsidiaries is then directly engaged.

#### Inspection of Books and Records
Inspection rights under Nevada law are more limited than those provided under Delaware law. Nevada law grants any person who has been a stockholder of record of a corporation for at least six months immediately preceding the demand, or any person holding, or thereunto authorized in writing by the holders of, at least 5% of all of its outstanding shares, upon at least five days' written demand, the right to inspect in person or by agent or attorney, during usual business hours (i) the articles of incorporation and all amendments thereto, (ii) the bylaws and all amendments thereto and (iii) a stock ledger or a duplicate stock ledger, revised annually, containing the names, alphabetically arranged, of all persons who are stockholders of the corporation, showing their places of residence, if known, and the number of shares held by them respectively. A stockholder or person seeking such records must furnish the corporation with an affidavit

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that such inspection is not desired for a purpose other than the business of the corporation and that the stockholder or other person seeking the records has not at any time sold or offered for sale any list of stockholders of any corporation, or aided or abetted any person in procuring any such record of stockholders for any such sale or offer for sale.

In addition, Nevada law grants certain stockholders the right to inspect, copy and audit other books of account and records of a corporation for any proper purpose. The right to inspect the books of account and all financial records of a corporation, to make copies of records and to conduct an audit of such records is granted only to a stockholder who owns at least 15% of the issued and outstanding shares of a Nevada corporation, or who has been authorized in writing by the holders of at least 15% of such shares. Such right of inspection is subject to such stockholder's delivery of an affidavit that such inspection, copy or audit is not desired for any purpose not related to his or her interest as a stockholder and the stockholder's entry into, and compliance with, a confidentiality agreement reasonably protecting the legitimate interests of the corporation. However, these inspection rights do not apply to any corporation that furnishes to its stockholders a detailed, annual financial statement or any corporation that has filed during the preceding 12 months all reports required to be filed pursuant to Section 13 or Section 15(d) of the Exchange Act.

#### Exclusive Forum

#### Group Policies
If and when Liberty Live issues shares of the Ventures Group common stock, the New Liberty Live Group common stock and Ventures Group common stock will become tracking stocks of Liberty Live, and it is expected that the Liberty Live board of directors will adopt management and allocation policies designed to assist it in managing and separately presenting the businesses and operations attributed to the tracking stock groups, and allocating among those groups other items (such as debt, corporate overhead, taxes, corporate opportunities and other charges and obligations) in a manner it deems reasonable after taking into account all material factors. The Liberty Live board of directors will be able to, without stockholder approval, modify, change, rescind or create exceptions to these policies, or adopt additional policies. Any such modifications, changes, rescissions, exceptions or additional policies would be binding and conclusive unless otherwise determined by the Liberty Live board of directors.

If and when Liberty Live issues shares of the Ventures Group common stock, because the New Liberty Live Group and the Ventures Group will continue to be part of a single company, Liberty Live's directors and officers will have the same fiduciary duties to stockholders of Liberty Live as a whole (and not the holders of any particular tracking stock). If and when there are conflicting interests between the New Liberty Live Group and Ventures Group, Liberty Live's directors will use good faith business judgment to resolve such

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conflicts. In cases where a material corporate opportunity may appropriately be viewed as one that could be pursued by more than one group, the Liberty Live board of directors may, independently or at the request of management, review the allocation of that corporate opportunity to one of, or between or among, such groups. In accordance with Nevada law, the Liberty Live board of directors will make its determination with regard to the allocation of any such opportunity and the benefit of such opportunity in accordance with their good faith business judgment of Liberty Live's best interests and the best interests of its stockholders as a whole.

#### Federal Securities Law Consequences
The issuance of shares of New Liberty Live Group common stock in the Split-Off will be registered under the Securities Act, and the shares of New Liberty Live Group common stock so issued will be freely transferable under the Securities Act, except for shares of New Liberty Live Group common stock issued to any person who is deemed to be an "affiliate" of Liberty Live after completion of the Split-Off. Persons who may be deemed to be affiliates include individuals or entities that control, are controlled by, or are under common control with Liberty Live and may include directors and significant stockholders of Liberty Live. Affiliates may not sell their shares of New Liberty Live Group common stock, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • pursuant to an effective registration statement under the Securities Act covering the resale of those shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • in compliance with Rule 144 under the Securities Act; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • pursuant to any other applicable exemption under the Securities Act.

The registration statement on Form S-4, of which this proxy statement/notice/prospectus forms a part, will not cover the resale of shares of New Liberty Live Group common stock to be received by Liberty Live's affiliates.

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#### U.S. FEDERAL INCOME TAX CONSEQUENCES
The following discussion summarizes the U.S. federal income tax consequences of the Redemption to holders of Liberty Live common stock that exchange their shares of Liberty Live common stock for shares of New Liberty Live Group common stock.

This discussion is based on the Code, applicable U.S. Treasury Regulations, judicial authority, and administrative rulings and practice, all as in effect as of the date of this document, and all of which are subject to change at any time, possibly with retroactive effect. This discussion addresses only those stockholders who hold their shares of Liberty Live common stock as capital assets within the meaning of Section 1221 of the Code. This discussion is limited to stockholders that are U.S. holders (as defined below). Further, this discussion does not discuss all tax considerations that may be relevant to holders of Liberty Live common stock in light of their particular circumstances, nor does it address any tax consequences to stockholders subject to special treatment under the U.S. federal income tax laws, such as tax-exempt entities, partnerships (including entities or arrangements treated as partnerships or other pass-through entities for U.S. federal income tax purposes), persons who acquired their shares of Liberty Live common stock pursuant to the exercise of employee stock options or otherwise as compensation, U.S. expatriates, foreign pension funds, financial institutions, insurance companies, controlled foreign corporations, passive foreign investment companies, dealers or traders in securities, persons that have a functional currency other than the U.S. dollar, and persons who hold their shares of Liberty Live common stock as part of a straddle, hedge, conversion, constructive sale, synthetic security, integrated investment, or other risk-reduction transaction for U.S. federal income tax purposes. This discussion does not address any U.S. federal estate, gift, or other non-income tax consequences, any state, local, or foreign tax consequences, or the Medicare tax on net investment income.

If a partnership (including an entity or arrangement treated as a partnership or other pass-through entity for U.S. federal income tax purposes) holds shares of Liberty Live common stock, the tax treatment of a partner, member, or other beneficial owner of such partnership or other pass-through entity will generally depend upon the status of the partner, member, or other beneficial owner, the activities of the partnership or other pass-through entity, and certain determinations made at the partner, member, or other beneficial owner level. If you are a partner, member, or other beneficial owner of a partnership or other pass-through entity holding shares of Liberty Live common stock, you are urged to consult your tax advisor regarding the tax consequences of the Redemption.

For purposes of this section, a U.S. holder is a beneficial owner of Liberty Live common stock that is, for U.S. federal income tax purposes, (a) an individual who is a citizen or a resident of the U.S.; (b) a corporation, or other entity subject to tax as a corporation for U.S. federal income tax purposes, created or organized under the laws of the U.S., any state thereof or the District of Columbia; (c) an estate, the income of which is subject to U.S. federal income taxation regardless of its source; or (d) a trust, if (i) a court within the U.S. is able to exercise primary jurisdiction over its administration and one or more U.S. persons have the authority to control all of its substantial decisions, or (ii) it has a valid election in place under applicable U.S. Treasury Regulations to be treated as a U.S. person.

 **All holders of Liberty Live common stock are urged to consult their tax advisors as to the particular tax consequences to them as a result of the Redemption.** 

#### Tax Opinion
The completion of the Redemption is conditioned upon, among other things, the receipt by Liberty Media of the opinion of Skadden Arps, dated as of the Redemption Date and in form and substance reasonably acceptable to Liberty Media, to the effect that, for U.S. federal income tax purposes, (i) the Redemption, taken together with the Contributions, will qualify as a tax-free transaction under Section 355, Section 368(a)(1)(D) and related provisions of the Code, (ii) no gain or loss will be recognized by Liberty Media in the Contributions or the transfer of New Liberty Live Group common stock pursuant to the Redemption, and (iii) no gain or loss will be recognized by, and no amount will be included in the income of, holders of Liberty Live common stock upon the receipt of shares of New Liberty Live Group common stock in the Redemption.

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The condition to the completion of the Redemption described in the preceding paragraph may not be waived by Liberty Media. The opinion of Skadden Arps will be based on the law in effect as of the time of the Redemption and will rely on certain assumptions, as well as statements, representations, and undertakings made by officers of Liberty Media, Liberty Live, and certain other individuals. These assumptions, statements, representations, and undertakings are expected to relate to, among other things, the parties' business reasons for engaging in the Split-Off, the conduct of certain business activities by Liberty Media and Liberty Live, and the plans and intentions of Liberty Media and Liberty Live to continue conducting those business activities and not to materially modify their ownership or capital structure following the Split-Off. If any of those statements, representations, or assumptions is incorrect or untrue in any material respect or any of those undertakings is not complied with, or if the facts upon which the opinion of Skadden Arps is based are materially different from the actual facts that exist at the time of the Split-Off, the conclusions reached in such opinion could be adversely affected.

The parties do not intend to seek a ruling from the IRS regarding the U.S. federal income tax treatment of the Split-Off. The legal authorities upon which the opinion of Skadden Arps will be based are subject to change or differing interpretations at any time, possibly with retroactive effect. An opinion of counsel is not binding on courts or the IRS, and there can be no assurance that the IRS will not challenge the conclusions reached in such opinion or that a court would not sustain such a challenge.

#### U.S. Federal Income Tax Treatment of the Split-Off
Assuming, consistent with the opinion of Skadden Arps, that the Redemption, taken together with the Contributions, qualify as a tax-free transaction under Section 355, Section 368(a)(1)(D) and related provisions of the Code, then, for U.S. federal income tax purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • subject to the discussion below regarding Section 355(e) of the Code, no gain or loss will be recognized by Liberty Media with respect to the New Liberty Live Group common stock transferred pursuant to the Redemption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • no gain or loss will be recognized by, and no amount will be included in the income of, a holder of Liberty Live common stock upon the receipt of shares of New Liberty Live Group common stock pursuant to the Redemption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the aggregate tax basis of the shares of New Liberty Live Group common stock received in the Redemption by a holder of Liberty Live common stock will equal the aggregate tax basis of the shares of Liberty Live common stock exchanged therefor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the holding period of the shares of New Liberty Live Group common stock received in the Redemption by a holder of Liberty Live common stock will include the holding period of the shares of Liberty Live common stock exchanged therefor.

Stockholders who have acquired different blocks of Liberty Live common stock at different times or at different prices should consult their tax advisors regarding the allocation of their aggregate tax basis among, and the holding period of, the shares of New Liberty Live Group common stock received in exchange for such blocks of Liberty Live common stock.

If the Redemption were determined not to qualify under Section 355 of the Code, Liberty Media would generally be subject to tax as if it sold the shares of New Liberty Live Group common stock transferred in the Redemption in a taxable transaction. Liberty Media would recognize taxable gain in an amount generally equal to the excess of (a) the total fair market value of all shares of New Liberty Live Group common stock transferred in the Redemption over (b) Liberty Media's aggregate tax basis in such shares of New Liberty Live Group common stock (or, if certain elections are made with respect to the Redemption, in an amount generally equal to the excess of (a) the sum of (i) the total fair market value of all assets held by Liberty Live and certain of its subsidiaries, plus (ii) the liabilities of Liberty Live and such subsidiaries, over (b) the aggregate tax basis of such assets). A holder of Liberty Live common stock who receives shares of New Liberty Live Group common stock in the Redemption would be treated as either (a) recognizing capital gain or loss equal to the difference between the fair market value of the shares of New Liberty Live Group common stock received and the stockholder's tax basis in Liberty Live common stock exchanged therefor or, in certain circumstances, (b) receiving a taxable distribution in an amount equal to the total

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fair market value of the shares of New Liberty Live Group common stock received, which would generally be taxed (i) as a dividend to the extent of Liberty Media's current and accumulated earnings and profits, then (ii) as a non-taxable return of capital to the extent of the stockholder's tax basis in its shares of Liberty Live common stock with respect to which the distribution was made, and thereafter (iii) as capital gain with respect to the remaining value. If the Redemption were determined not to qualify under Section 355 of the Code, a stockholder would have a tax basis in its shares of New Liberty Live Group common stock following the Redemption equal to the fair market value of such stock. Certain stockholders may be subject to special rules governing taxable distributions, such as those that relate to the dividends received deduction, extraordinary dividends, and qualified dividend income.

Even if the Redemption, taken together with the Contributions, otherwise qualify under Section 355, Section 368(a)(1)(D) and related provisions of the Code, the Redemption would result in a significant U.S. federal income tax liability to Liberty Media (but not to holders of Liberty Live common stock) under Section 355(e) of the Code if one or more persons acquire, directly or indirectly, a 50% or greater interest (measured by vote or value) in the stock of Liberty Media or Liberty Live (or any successor corporation) (excluding, for this purpose, the acquisition of New Liberty Live Group common stock by holders of Liberty Live common stock in the Redemption) as part of a plan or series of related transactions that includes the Redemption. Any acquisition of the stock of Liberty Media or Liberty Live (or any successor corporation) within two years before or after the Split-Off would generally be presumed to be part of a plan that includes the Redemption, although the parties may be able to rebut that presumption under certain circumstances. The process for determining whether an acquisition is part of a plan under these rules is complex, inherently factual in nature, and subject to a comprehensive analysis of the facts and circumstances of the particular case. Notwithstanding the opinion of Skadden Arps described above, Liberty Media or Liberty Live might inadvertently cause or permit a prohibited change in the ownership of Liberty Media or Liberty Live to occur. If the Redemption were determined to be taxable to Liberty Media under Section 355(e) of the Code, Liberty Media would recognize taxable gain in an amount generally equal to the excess of (a) the total fair market value of all shares of New Liberty Live Group common stock transferred in the Redemption over (b) Liberty Media's aggregate tax basis in such shares of New Liberty Live Group common stock (or, if certain elections are made with respect to the Redemption, in an amount generally equal to the excess of (a) the sum of (i) the fair market value of all assets held by Liberty Live and certain of its subsidiaries, plus (ii) the liabilities of Liberty Live and such subsidiaries, over (b) the aggregate tax basis of such assets).

Pursuant to the Tax Sharing Agreement, Liberty Live will be required to indemnify Liberty Media, its subsidiaries, and certain related persons for taxes and losses resulting from the failure of the Redemption, taken together with the Contributions, to qualify under Section 355, Section 368(a)(1)(D) and related provisions of the Code, except to the extent that such taxes and losses (a) result primarily from, individually or in the aggregate, the breach of certain covenants made or to be performed by Liberty Media (applicable to actions or failures to act by Liberty Media and its subsidiaries following the completion of the Split-Off), or (b) result from the application of Section 355(e) of the Code to the Redemption as a result of the treatment of the Redemption as part of a plan (or series of related transactions) pursuant to which one or more persons acquire, directly or indirectly, a 50% or greater interest (measured by vote or value) in the stock of Liberty Media (or any successor corporation).

#### Information Reporting
A holder of Liberty Live common stock who owns at least 5% of the outstanding stock of Liberty Media (measured by vote or value) immediately before the Redemption and who receives shares of New Liberty Live Group common stock pursuant to the Redemption will generally be required to attach to such stockholder's U.S. federal income tax return for the year in which the Redemption occurs a statement setting forth certain information relating to the Redemption, including (a) the aggregate tax basis of such stockholder's shares of Liberty Live common stock exchanged in the Redemption, if any, and (b) the aggregate fair market value of such stockholder's shares of New Liberty Live Group common stock received in the Redemption. Stockholders should consult their tax advisors to determine whether they are required to provide the foregoing statement.

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#### DESCRIPTION OF CERTAIN INDEBTEDNESS
 *The following is a summary of certain indebtedness of Liberty Live and its consolidated subsidiaries (assuming that the Split-Off has been completed) and does not purport to be complete and is subject to, and qualified in its entirety by reference to, all of the provisions of the corresponding agreements related thereto, including the definitions of certain terms therein, which are incorporated by reference into this proxy statement/notice/prospectus/information statement.* 

Following completion of the Split-Off, Liberty Live and its consolidated subsidiaries will have significant indebtedness outstanding.

#### Liberty Live

#### 2.375% Exchangeable Senior Debentures due 2053
Concurrently with the completion of the Split-Off, Liberty Live will enter into a supplemental indenture by which Liberty Live will assume all obligations under the 2.375% exchangeable senior debentures due 2053. The 2.375% Exchangeable Senior Debentures due 2053 were issued by Liberty Media on September 14, 2023 and are attributed to the Liberty Live Group. Subject to certain terms and conditions, upon exchange of a debenture that represents the 2.375% Exchangeable Senior Debentures due 2053 (a **debenture**), Liberty Media (or, following the Split-Off, Liberty Live), at its option, may deliver shares of Live Nation Common Stock, cash or a combination of shares of Live Nation Common Stock and/or cash. Prior to the assumption of the 2.375% Exchangeable Senior Debentures due 2053 by Liberty Live, Liberty Media will enter into a supplemental indenture by which Liberty Media (or, following the Split-Off, Liberty Live) will irrevocably elect to only deliver cash upon exchange of a debenture. The number of shares of Live Nation Common Stock attributable to a debenture represents an initial exchange price of approximately $104.91 per share. A total of approximately 11 million shares of Live Nation Common Stock are attributable to the 2.375% Exchangeable Senior Debentures due 2053. Interest is payable quarterly in arrears on March 31, June 30, September 30 and December 31 of each year.

The 2.375% Exchangeable Senior Debentures due 2053 may be redeemed by Liberty Media (or, following the Split-Off, Liberty Live), in whole or in part, on or after September 30, 2028. Holders of the 2.375% Exchangeable Senior Debentures due 2053 have the right to require Liberty Media (or, following the Split-Off, Liberty Live) to purchase their debentures on September 30, 2028. Pursuant to the terms of the 2.375% Exchangeable Senior Debentures due 2053, as a result of the Split-Off, holders of the 2.375% Exchangeable Senior Debentures due 2053 will have the right to require Liberty Live (as issuer by assumption of the 2.375% Exchangeable Senior Debentures due 2053) to repurchase the 2.375% Exchangeable Senior Debentures due 2053 after completion of the Split-Off (the **Split-Off Repurchase Option**). The redemption and purchase price of the 2.375% Exchangeable Senior Debentures due 2053 will generally equal 100% of the adjusted principal amount of the debentures plus accrued and unpaid interest to the redemption date, plus any final period distribution. In addition, in connection with the Split-Off, holders will also have the right to exchange the 2.375% Exchangeable Senior Debentures due 2053 for the cash value of the Live Nation Common Stock attributable to each debenture exchanged after completion of the Split-Off (the **Split-Off Exchange Option**). To the extent the 2.375% Exchangeable Senior Debentures due 2053 remain outstanding following expiration of the holders' repurchase rights (and assuming no redemption right or exchange right is exercised), the 2.375% Exchangeable Senior Debentures due 2053 will remain outstanding as indebtedness of Liberty Live.

As of March 31, 2025, the adjusted principal amount of the 2.375% Exchangeable Senior Debentures due 2053 was $1,150 million.

#### Liberty Live's Subsidiaries

#### Live Nation Margin Loan
On November 8, 2016, LMC LYV, LLC, a bankruptcy remote wholly owned subsidiary of Liberty Media that will be a bankruptcy remote wholly owned subsidiary of Liberty Live following the Split-Off (**MarginCo**), entered into a Margin Loan Agreement (as amended most recently by an Amendment No. 9 to

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Margin Loan Agreement, dated as of September 5, 2023, and as further amended from time to time, the **Margin Loan Agreement**) with a group of lenders. The Margin Loan Agreement provides for a revolving credit facility in an aggregate principal amount of $400 million (the **Margin Loan Facility**). MarginCo's obligations under the Margin Loan Facility are secured by shares of Live Nation Common Stock owned by MarginCo. The Margin Loan Agreement has a scheduled maturity date of September 9, 2026. No borrowings were outstanding under the Margin Loan Facility as of March 31, 2025.

The borrowings under the Margin Loan Facility accrue interest at a rate equal to the three-month Secured Overnight Financing Rate plus a per annum spread of 2.00% (unless and until the replacement of such rate as provided for under the Margin Loan Agreement). The Margin Loan Agreement also has a commitment fee equal to 0.50% per annum on the daily unused amount of the Margin Loan Facility.

The Margin Loan Agreement contains various affirmative and negative covenants that restrict the activities of MarginCo (and, in some cases, following the Split-Off, Liberty Live and its subsidiaries) with respect to shares of Live Nation Common Stock owned by, following the Split-Off, Liberty Live and its subsidiaries. The Margin Loan Agreement does not include any financial covenants.

MarginCo's obligations under the Margin Loan Agreement are secured by first priority liens on a portion of Liberty Media's ownership interest in Live Nation, sufficient for MarginCo to meet the loan to value requirements under the Margin Loan Agreement. As of March 31, 2025, 9.0 million shares of Live Nation Common Stock with a value of $1,171 million were held in collateral accounts related to the Margin Loan Agreement.

#### 2025 Forward Contracts
On May 28, 2025, LNSPV, a wholly owned special purpose subsidiary of Liberty Live, entered into the 2025 Forward Contracts establishing the terms and conditions of variable forward transactions with each of Banco Santander, S.A., Citibank, N.A., Morgan Stanley Bank, N.A., and Mizuho Markets Americas LLC (collectively, the **Dealers**). The 2025 Forward Contracts, in the aggregate, obligate LNSPV to deliver to the Dealers (or any of their respective assignees thereof in accordance with each of the 2025 Forward Contracts) up to an aggregate of 10,488,960 shares of the Live Nation Common Stock, based on the share prices for Live Nation Common Stock over a specified period ending in the first quarter of 2027 (the **Valuation Period**). Alternatively, LNSPV may choose to deliver an amount of cash based on a measure of the average share price over the Valuation Period. The 2025 Forward Contracts allow LNSPV to receive prepayment amounts up to the present value of the 2025 Forward Contracts at such time or times of approximately $1.15 billion from the Dealers, in the aggregate.

The 2025 Forward Contracts are intended to provide a source of liquidity, if needed, to Liberty Live to satisfy the exercise (if any) by any holder of the 2.375% Exchangeable Senior Debentures due 2053 of the Split-Off Repurchase Option or Split-Off Exchange Option. Liberty Live does not intend to cause LNSPV to receive any prepayment amounts under the 2025 Forward Contracts unless necessary to cash settle the Split-Off Repurchase Option or Split-Off Exchange Option made by holders of the 2.375% Exchangeable Senior Debentures due 2053.

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#### ADDITIONAL INFORMATION

#### Legal Matters
Certain legal matters in connection with the Split-Off will be passed upon by O'Melveny & Myers LLP. Certain matters with respect to Nevada law will be passed upon by Greenberg Traurig, LLP. Legal matters relating to the U.S. federal income tax consequences of the Split-Off will be passed upon by Skadden, Arps, Slate, Meagher & Flom LLP.

#### Experts

#### Liberty Live
The combined financial statements of Liberty Live Holdings, Inc. as of December 31, 2024 and 2023 and for the years then ended have been included herein, in reliance upon the report of KPMG LLP, independent registered public accounting firm, appearing elsewhere herein, and upon authority of such firm as experts in accounting and auditing.

#### Live Nation
The consolidated financial statements of Live Nation Entertainment, Inc. at December 31, 2024 and 2023, and for each of the two years in the period ended December 31, 2024, incorporated by reference in the Proxy Statement of Liberty Media Corporation and Prospectus and Registration Statement of Liberty Live Holdings, Inc., which are referred to and made a part of this Proxy Statement, Prospectus and Registration Statement, have been audited by Ernst & Young LLP, independent registered public accounting firm, as set forth in their report incorporated by reference in reliance upon such report given on the authority of such firm as experts in accounting and auditing.

#### Liberty Media
The consolidated financial statements of Liberty Media and subsidiaries as of December 31, 2024 and 2023, and for each of the years in the three-year period ended December 31, 2024, and management's assessment of the effectiveness of internal control over financial reporting as of December 31, 2024 have been incorporated by reference in this proxy statement/notice/prospectus, in reliance upon the reports of KPMG LLP, independent registered public accounting firm, incorporated by reference, and upon authority of such firm as experts in accounting and auditing.

#### Householding Information
Liberty Media has adopted a procedure, approved by the SEC, called "householding." Under this procedure, stockholders of record entitled to receive this proxy statement/notice/prospectus who have the same address and last name will receive only one copy of this proxy statement/notice/prospectus, unless Liberty Media is notified that one or more of these stockholders wishes to continue receiving individual copies. This procedure will reduce Liberty Media's printing costs and postage fees.

If you are eligible for householding, but you and other stockholders of record with whom you share an address currently receive multiple copies of this proxy statement/notice/prospectus or if you hold Liberty Media's voting stock in more than one account, and in either case you wish to receive only a single copy of each of these documents for your household, please contact Broadridge Financial Solutions, Inc. by writing to Broadridge Financial Solutions, Inc., Attn: Householding Department, 51 Mercedes Way, Edgewood, New York 11717 or by calling, toll-free in the U.S., 1-866-540-7095. If you participate in householding and wish to receive a separate copy of this proxy statement/notice/prospectus or if you do not wish to continue to participate in householding and prefer to receive separate copies of these documents in the future, please contact Broadridge Financial Solutions, Inc. as indicated above.

#### Stockholder Proposals

#### Liberty Live
Liberty Live's first annual meeting of stockholders is currently expected to be held during the [second quarter of 2026]. In order to be eligible for inclusion in Liberty Live's proxy materials for such annual meeting,

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any stockholder proposal must be submitted in writing to Liberty Live's Corporate Secretary and received at Liberty Live's executive offices at 12300 Liberty Boulevard, Englewood, Colorado 80112, by the close of business on or after [ ] but no later than [ ], unless a later date is determined and announced in connection with the actual scheduling of the annual meeting.

All stockholder proposals for inclusion in Liberty Live's proxy materials will be subject to the requirements of the proxy rules adopted under the Exchange Act, Liberty Live's restated articles and Liberty Live's amended and restated bylaws and Nevada law.

#### Liberty Media
Based solely on the May 12, 2025 date of Liberty Media's annual meeting of stockholders for the calendar year 2025 and the March 28, 2025 date of Liberty Media's proxy statement for the 2025 annual meeting, (a) a stockholder proposal must be submitted in writing to Liberty Media's Corporate Secretary and received at Liberty Media's executive offices at 12300 Liberty Boulevard, Englewood, Colorado 80112, by the close of business on November 28, 2025 in order to be eligible for inclusion in Liberty Media's proxy materials for the annual meeting of stockholders for the calendar year 2026 (the **2026 annual meeting**), and (b) a stockholder proposal, or any nomination by stockholders of a person or persons for election to the board of directors, must be received at Liberty Media's executive offices at the foregoing address not earlier than January 12, 2026 and not later than February 11, 2026 to be considered for presentation at the 2026 annual meeting. Liberty Media currently anticipates that the 2026 annual meeting will be held during the second quarter of 2026. If the 2026 annual meeting takes place more than 20 days before or 70 days after May 12, 2026 (the anniversary of the 2025 annual meeting), a stockholder proposal, or any nomination by stockholders of a person or persons for election to the Liberty Media board of directors, will instead be required to be received at Liberty Media's executive offices at the foregoing address not later than the close of business on the tenth day following the first day on which notice of the date of the 2026 annual meeting is communicated to stockholders or public announcement of the date of the 2026 annual meeting is made, whichever occurs first, in order to be considered for presentation at the 2026 annual meeting. In addition, to comply with the universal proxy rules, stockholders who intend to solicit proxies in support of director nominees other than Liberty Media nominees must provide notice that sets forth the information required by Rule 14a-19 under the Exchange Act, no later than March 13, 2026.

All stockholder proposals for inclusion in Liberty Media's proxy materials will be subject to the requirements of the proxy rules adopted under the Exchange Act, Liberty Media's certificate of incorporation and Liberty Media's bylaws and Delaware law.

#### Where You Can Find More Information
Liberty Live is filing the registration statement with the SEC under the Securities Act with respect to the shares of New Liberty Live Group common stock to be offered by this proxy statement/notice/prospectus. This proxy statement/notice/prospectus is a part of, and does not contain all of the information set forth in, the registration statement and the exhibits and schedules thereto. For further information with respect to Liberty Live, please refer to the registration statement, including its exhibits and schedules. Statements made in this proxy statement/notice/prospectus relating to any contract or other document are not necessarily complete, and you should refer to the exhibits attached to the registration statement for copies of the actual contract or document.

Liberty Media is, and Liberty Live will become, subject to the information and reporting requirements of the Exchange Act. In accordance with the Exchange Act, Liberty Media files, and Liberty Live will file, periodic reports, proxy statements and other information with the SEC. You may inspect any document that Liberty Media or Liberty Live files with the SEC, including the registration statement and its exhibits and schedules, on the Internet website maintained by the SEC at www.sec.gov. Liberty Live's website will be *www.[ ].com* and Liberty Media's website is *www.libertymedia.com*, and each of Liberty Live and Liberty Media intend to make its periodic reports and other information filed with or furnished to the SEC available, free of charge, through its website, as soon as reasonably practicable after its reports and other information are electronically filed with or furnished to the SEC. Information contained on any website referenced in this proxy statement/notice/prospectus is not incorporated by reference in this proxy statement/notice/prospectus and does not constitute a part of this proxy statement/notice/prospectus.

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You may request a copy of any of Liberty Live's or Liberty Media's filings with the SEC at no cost, by writing or telephoning the office of:

Investor Relations

Liberty Media Corporation

12300 Liberty Boulevard

Englewood, Colorado 80112

Telephone: (877) 772-1518

Before the Split-Off, if you have questions relating to the Split-Off, you should contact the office of Investor Relations of Liberty Media at the address and telephone number listed above. Pursuant to a services agreement to be entered into between Liberty Live and Liberty Media, Liberty Media will provide Liberty Live with investor relations assistance for a period following the Split-Off. Accordingly, if you have questions relating to Liberty Live following the Split-Off, you should contact the office of Investor Relations of Liberty Media at the address and telephone number listed above.

Liberty Live intends to furnish holders of New Liberty Live Group common stock, and Liberty Media furnishes holders of Liberty Media common stock, with annual reports containing consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles and audited and reported on, with an opinion expressed by, an independent public accounting firm.

The SEC allows Liberty Media to "incorporate by reference" information into this proxy statement/notice/prospectus, which means that Liberty Media can disclose important information about itself to you by referring you to other documents. The information incorporated by reference is an important part of this proxy statement/notice/prospectus and is deemed to be part of this document except for any information superseded by the information contained in this document or in any other later filed document incorporated by reference into this document. Documents incorporated by reference herein will be made available to you, at no cost, upon your oral or written request to Liberty Media's Investor Relations office. Liberty Media incorporates by reference the documents listed below that Liberty Media has previously filed with the SEC (other than any report or portion thereof furnished or deemed furnished under any Current Report on Form 8-K):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)

Liberty Media's Annual Report on Form 10-K for the year ended December 31, 2024, filed on February 27, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)

Liberty Media's Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, filed on May 7, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)

Liberty Media's Definitive Proxy Statement on Schedule 14A filed on March 28, 2025; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d)

Liberty Media's Current Reports on Form 8-K filed on January 8, 2025, May 14, 2025, May 29, 2025, May 30, 2025 and July 3, 2025 (other than any portion thereof not deemed to be filed pursuant to the rules promulgated under the Exchange Act).

In addition, Liberty Media incorporates by reference into this proxy statement/notice/prospectus any future filings it makes with the SEC under Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act after the date of this proxy statement/notice/prospectus and prior to the date on which the Special Meeting is held (other than any report or portion thereof furnished or deemed furnished under any Current Report on Form 8-K). Such documents are considered to be a part of this proxy statement/notice/prospectus, effective as of the date such documents are filed. In the event of conflicting information in these documents, the information in the latest filed document should be considered correct.

This proxy statement/notice/prospectus includes and incorporates by reference information concerning Liberty Media, which is a public company and files reports and other information with the SEC in accordance with the requirements of the Securities Act and the Exchange Act. Information included in, incorporated by reference in or included as an annex to this proxy statement/notice/prospectus concerning Liberty Media has been derived from the reports and other information filed by Liberty Media with the SEC. This proxy statement/notice/prospectus also includes information concerning Live Nation, Liberty Media's equity method affiliate that files reports and other information with the SEC in accordance with the Exchange Act.

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Information in this proxy statement/notice/prospectus concerning Live Nation has been derived from the reports and other information filed by Live Nation with the SEC. If you would like further information about Live Nation, the reports and other information it files with the SEC can be accessed on the Internet website maintained by the SEC at http://www.sec.gov. Unless explicitly stated herein, those reports and other information are not incorporated by reference in this proxy statement/notice/prospectus. Neither Liberty Media nor Liberty Live had a part in the preparation of those reports and other information. You may read and copy any reports and other information filed by these companies as set forth above.

This document is a proxy statement/notice/prospectus of Liberty Live and Liberty Media. Neither Liberty Live nor Liberty Media has authorized anyone to give any information or make any representation about the Split-Off that is different from, or in addition to, that contained in this proxy statement/notice/prospectus or in any of the materials that is incorporated by reference into this proxy statement/notice/prospectus. Therefore, if anyone does give you information of this sort, you should not rely on it. The information contained in this proxy statement/notice/prospectus reads only as of the date of this proxy statement/notice/prospectus unless the information specifically indicates that another date applies.

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#### INDEX TO FINANCIAL STATEMENTS

---

| | |
|:---|:---|
| **Liberty Live Holdings, Inc.** |  |
| Unaudited Financial Statements: |  |
| [Condensed Combined Balance Sheets as of March 31, 2025 and December 31, 2024 (unaudited)](#CCBS)  | [F-2](#CCBS) |
|  [Condensed Combined Statements of Operations for the three months ended March 31, 2025 and 2024 (unaudited)](#CCSO)  | [F-3](#CCSO) |
|  [Condensed Combined Statements of Comprehensive Earnings (Loss) for the three months ended March 31, 2025 and 2024 (unaudited)](#CCSO1)  | [F-4](#CCSO1) |
|  [Condensed Combined Statements of Cash Flows for the three months ended March 31, 2025 and 2024 (unaudited)](#CCSO2)  | [F-5](#CCSO2) |
|  [Condensed Combined Statements of Equity for the three months ended March 31, 2025 and <br> 2024 (unaudited)](#CCSO3)  | [F-6](#CCSO3) |
| [Notes to the Combined Financial Statements (unaudited)](#BOP)  | [F-7](#BOP) |
| Audited Financial Statements: |  |
|  [Report of Independent Registered Public Accounting Firm (KPMG LLP, Denver, CO, Auditor Firm ID:185)](#ROIR)  | [F-19](#ROIR) |
| [Combined Balance Sheets as of December 31, 2024 and 2023](#CBS)  | [F-20](#CBS) |
| [Combined Statements of Operations for the years ended December 31, 2024 and 2023](#CSOO)  | [F-21](#CSOO) |
|  [Combined Statements of Comprehensive Earnings (Loss) for the years ended December 31, 2024 and 2023](#CSOC)  | [F-22](#CSOC) |
| [Combined Statements of Cash Flows for the years ended December 31, 2024 and 2023](#CSOC1)  | [F-23](#CSOC1) |
| [Combined Statements of Equity for the years ended December 31, 2024 and 2023](#CSOE)  | [F-24](#CSOE) |
| [Notes to the Combined Financial Statements](#BOP1)  | [F-25](#BOP1) |
| **Liberty Media Corporation** |  |
| [Pro Forma Condensed Consolidated Financial Statements (unaudited)](#PFCC)  | [F-49](#PFCC) |

---

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#### LIBERTY LIVE HOLDINGS, INC.

#### CONDENSED COMBINED BALANCE SHEETS (unaudited)

---

| | | |
|:---|:---|:---|
| | **March 31, <br> 2025**  | **December 31, <br> 2024**  |
|  | **amounts in thousands**  | **amounts in thousands**  |
| *Assets* |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents  | $383841 | 402641 |
| &nbsp;&nbsp;&nbsp; Trade and other receivables, net of allowance for credit losses of $1,077 and $1,382, respectively  | 30352 | 24655 |
| &nbsp;&nbsp;&nbsp; Prepaid assets  | 80576 | 38093 |
| &nbsp;&nbsp;&nbsp; Due from related parties  | 2876 |  |
| &nbsp;&nbsp;&nbsp; Other current assets  | 6998 | 6987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current assets  | 504643 | 472376 |
| Investments in equity securities  | 166641 | 173349 |
| Investments in affiliates, accounted for using the equity method (note 5)  | 449669 | 430435 |
| Goodwill (note 6)  | 125897 | 125495 |
| Intangible assets subject to amortization, net (note 6)  | 135155 | 141782 |
| Deferred tax assets  | 241293 | 234097 |
| Other assets, at cost, net of accumulated amortization  | 6955 | 7492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | 1630253 | 1585026 |
| *Liabilities and Equity* |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp; Accounts payable  | 12365 | 16284 |
| &nbsp;&nbsp;&nbsp; Accrued liabilities  | 41711 | 34610 |
| &nbsp;&nbsp;&nbsp; Deferred revenue  | 177596 | 126752 |
| &nbsp;&nbsp;&nbsp; Due to related parties  |  | 5706 |
| &nbsp;&nbsp;&nbsp; Other current liabilities  | 3118 | 4147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current liabilities  | 234790 | 187499 |
| Long-term debt, measured at fair value (note 7)  | 1581952 | 1556399 |
| Other liabilities  | 17989 | 18250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 1834731 | 1762148 |
| Equity: |  |  |
| &nbsp;&nbsp;&nbsp; Parent's investment  | 255392 | 256874 |
| &nbsp;&nbsp;&nbsp; Retained earnings (deficit)  | (397354) | (369970) |
| &nbsp;&nbsp;&nbsp; Accumulated other comprehensive earnings (loss), net of taxes  | (84629) | (86139) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Parent's investment  | (226591) | (199235) |
| Noncontrolling interests in equity of subsidiaries  | 22113 | 22113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total equity (deficit)  | (204478) | (177122) |
| Commitments and contingencies (note 9) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities and equity  | $1630253 | 1585026 |

---

See accompanying notes to condensed combined financial statements.

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#### LIBERTY LIVE HOLDINGS, INC.

#### CONDENSED COMBINED STATEMENTS OF OPERATIONS (unaudited)

---

| | | |
|:---|:---|:---|
| | **Three months ended <br> March 31,**  | **Three months ended <br> March 31,**  |
| | **2025**  | **2024**  |
|  | **amounts in thousands, <br> except per share amounts**  | **amounts in thousands, <br> except per share amounts**  |
| Revenue, net  | $46857 | 36979 |
| Related party revenue, net  | 202 |  |
| &nbsp;&nbsp;&nbsp; Total revenue, net  | 47059 | 36979 |
| Operating costs and expenses: |  |  |
| &nbsp;&nbsp;&nbsp; Cost of revenue, including stock-based compensation  | 39434 | 34108 |
| &nbsp;&nbsp;&nbsp; Related party cost of revenue  | 2115 | 2915 |
| &nbsp;&nbsp;&nbsp; Selling, general and administrative expenses, including stock-based compensation <br> and acquisition costs  | 16268 | 13344 |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization  | 6524 | 6987 |
|  | 64341 | 57354 |
| Operating income (loss)  | (17282) | (20375) |
| Other income (expense): |  |  |
| &nbsp;&nbsp;&nbsp; Interest expense  | (7334) | (6917) |
| &nbsp;&nbsp;&nbsp; Dividend and interest income  | 4097 | 6030 |
| &nbsp;&nbsp;&nbsp; Share of earnings (loss) of affiliates, net (note 5)  | 1451 | (27219) |
| &nbsp;&nbsp;&nbsp; Realized and unrealized gains (losses), net (note 4)  | (17099) | (68915) |
| &nbsp;&nbsp;&nbsp; Other, net  | (1020) | (367) |
|  | (19905) | (97388) |
| Earnings (loss) before income taxes  | (37187) | (117763) |
| &nbsp;&nbsp;&nbsp; Income tax (expense) benefit  | 7711 | 25858 |
| Net earnings (loss)  | (29476) | (91905) |
| &nbsp;&nbsp;&nbsp; Less net earnings attributable to noncontrolling interests  |  |  |
| Net earnings (loss) attributable to Liberty Live  | $(29476) | (91905) |
|  Unaudited Pro Forma basic net earnings (loss) attributable to Series A, Series B and Series C Liberty Live Group shareholders per common share (note 2)  | $(0.32) | NA |

---

See accompanying notes to condensed combined financial statements.

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#### LIBERTY LIVE HOLDINGS, INC.

#### CONDENSED COMBINED STATEMENTS OF COMPREHENSIVE EARNINGS (LOSS) (unaudited)

---

| | | |
|:---|:---|:---|
| | **Three months ended <br> March 31,**  | **Three months ended <br> March 31,**  |
| | **2025**  | **2024**  |
|  | **amounts in thousands**  | **amounts in thousands**  |
| Net earnings (loss)  | $(29476) | (91905) |
| Other comprehensive earnings (loss), net of taxes: |  |  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation adjustments  | 680 | (1154) |
| &nbsp;&nbsp;&nbsp; Credit risk on fair value debt instruments gains (losses)  | (11934) | (24334) |
| &nbsp;&nbsp;&nbsp; Share of other comprehensive earnings (loss) of equity affiliates  | 12764 | 1946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other comprehensive earnings (loss)  | 1510 | (23542) |
| Comprehensive earnings (loss)  | (27966) | (115447) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less comprehensive earnings (loss) attributable to the noncontrolling interests  |  |  |
| &nbsp;&nbsp;&nbsp; Comprehensive earnings (loss) attributable to Liberty Live  | $(27966) | (115447) |

---

See accompanying notes to condensed combined financial statements.

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#### LIBERTY LIVE HOLDINGS, INC.

#### CONDENSED COMBINED STATEMENTS OF CASH FLOWS (unaudited)

---

| | | |
|:---|:---|:---|
| | **Three months ended <br> March 31,**  | **Three months ended <br> March 31,**  |
| | **2025**  | **2024**  |
|  | **amounts in thousands**  | **amounts in thousands**  |
| Cash flows from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp; Net earnings (loss)  | $(29476) | (91905) |
| &nbsp;&nbsp;&nbsp; Adjustments to reconcile net earnings to net cash provided by operating activities:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization  | 6524 | 6987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stock-based compensation  | 461 | 8165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share of (earnings) losses of affiliate, net  | (1451) | 27219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized and unrealized gains (losses), net  | 17099 | 68915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income tax expense (benefit)  | (7915) | (25972) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other noncash charges (credits), net  | 2077 | 956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in operating assets and liabilities  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current and other assets  | (55848) | (61510) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables and other liabilities  | 52071 | 26688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided (used) by operating activities  | (16458) | (40457) |
| Cash flows from investing activities: |  |  |
| &nbsp;&nbsp;&nbsp; Cash (paid) received for acquisitions, net of cash acquired  |  | (205211) |
| &nbsp;&nbsp;&nbsp; Other investing activities, net  | (598) | 1097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided (used) by investing activities  | (598) | (204114) |
| Cash flows from financing activities: |  |  |
| &nbsp;&nbsp;&nbsp; Parent contribution (distribution)  | (1010) | 306541 |
| &nbsp;&nbsp;&nbsp; Other financing activities, net  | (959) | (1003) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided (used) by financing activities  | (1969) | 305538 |
|  Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash  | 225 | (193) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in cash, cash equivalents and restricted cash  | (18800) | 60774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash, cash equivalents and restricted cash at beginning of period  | 409506 | 304929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash, cash equivalents and restricted cash at end of period  | $390706 | 365703 |

---

The following table reconciles cash and cash equivalents and restricted cash reported in the Company's condensed combined balance sheets to the total amount presented in its condensed combined statements of cash flows:

---

| | | |
|:---|:---|:---|
| | **March 31, <br> 2025**  | **December 31, <br> 2024**  |
|  | **amounts in thousands**  | **amounts in thousands**  |
| Cash and cash equivalents  | $383841 | 402641 |
| Restricted cash included in other current assets  | 6865 | 6865 |
| Total cash, cash equivalents and restricted cash  | $390706 | 409506 |

---

See accompanying notes to condensed combined financial statements.

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#### LIBERTY LIVE HOLDINGS, INC.

#### CONDENSED COMBINED STATEMENTS OF EQUITY (unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Total Parent's Investment**  | **Total Parent's Investment**  | **Total Parent's Investment**  | | |
| | **Parent's <br> Investment**  | **Accumulated <br> other <br> comprehensive <br> earnings (loss), <br> net of taxes**  | **Retained <br> Earnings <br> (Deficit)**  | **Noncontrolling <br> interest in <br> equity of <br> subsidiaries**  | **Total <br> equity <br> (deficit)**  |
|  | **amounts in thousands**  | **amounts in thousands**  | **amounts in thousands**  | **amounts in thousands**  | **amounts in thousands**  |
| Balance at January 1, 2025  | $256874 | (86139) | (369970) | 22113 | (177122) |
| &nbsp;&nbsp;&nbsp; Net earnings (loss)  |  |  | (29476) |  | (29476) |
| &nbsp;&nbsp;&nbsp; Other comprehensive earnings (loss)  |  | 1510 |  |  | 1510 |
| &nbsp;&nbsp;&nbsp; Parent contribution (distribution)  | (1010) |  |  |  | (1010) |
| &nbsp;&nbsp;&nbsp; Share of Live Nation change in accounting policies  |  |  | 2092 |  | 2092 |
| &nbsp;&nbsp;&nbsp; Other  | (472) |  |  |  | (472) |
| Balance at March 31, 2025  | $255392 | (84629) | (397354) | 22113 | (204478) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Total Parent's Investment**  | **Total Parent's Investment**  | **Total Parent's Investment**  | | |
| | **Parent's <br> Investment**  | **Accumulated <br> other <br> comprehensive <br> earnings (loss), <br> net of taxes**  | **Retained <br> Earnings <br> (Deficit)**  | **Noncontrolling <br> interest in <br> equity of <br> subsidiaries**  | **Total <br> equity <br> (deficit)**  |
|  | **amounts in thousands**  | **amounts in thousands**  | **amounts in thousands**  | **amounts in thousands**  | **amounts in thousands**  |
| Balance at January 1, 2024  | $(44534) | 54344 | (257206) | 23433 | (223963) |
| &nbsp;&nbsp;&nbsp; Net earnings (loss)  |  |  | (91905) |  | (91905) |
| &nbsp;&nbsp;&nbsp; Other comprehensive earnings (loss)  |  | (23542) |  |  | (23542) |
| &nbsp;&nbsp;&nbsp; Parent contribution (distribution)  | 306541 |  |  |  | 306541 |
| &nbsp;&nbsp;&nbsp; Other  | 708 |  |  |  | 708 |
| Balance at March 31, 2024  | $262715 | 30802 | (349111) | 23433 | (32161) |

---

See accompanying notes to condensed combined financial statements.

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#### LIBERTY LIVE HOLDINGS, INC.

#### N otes to the Condensed Combined Financial Statements (unaudited)
(1) #### Basis of Presentation
In November 2024, the board of directors of Liberty Media Corporation ("Liberty Media" or "Parent") authorized Liberty Media management to pursue a plan to split off the Liberty Live Group (the "Split-Off"). Immediately prior to effecting the Split-Off, Liberty Media's subsidiary QuintEvents, LLC ("Quint"), certain private assets and cash will be reattributed from the Formula One Group to the Liberty Live Group in exchange for certain private assets. Any cash consideration will be determined at a future date based on relative valuations of the assets that are being reattributed. Liberty Media will effect the Split-Off through the redemption of Liberty Media's Liberty Live common stock in exchange for common stock of a newly formed company called Liberty Live Holdings, Inc. ("Liberty Live" or the "Company"). Liberty Media will redeem each outstanding share of its Series A, Series B and Series C Liberty Live common stock for one share of the corresponding series of common stock of Liberty Live.

Liberty Live will beneficially own approximately 69.6 million shares of Live Nation Entertainment, Inc. ("Live Nation") common stock, Quint, certain private assets currently attributed or to be attributed to Liberty Live Group, corporate cash and debt obligations attributed to the Liberty Live Group, together with other assets as may be determined by Liberty Media prior to the Split-Off. Liberty Media will contribute a to be determined amount of corporate cash to Liberty Live in connection with the Split-Off.

The Split-Off is subject to various conditions including, among other things, approval of holders of Series A and Series B Liberty Live common stock and the receipt of an opinion of tax counsel. The Split-Off is intended to be tax-free to stockholders of Liberty Media.

The accompanying (a) condensed combined balance sheet as of December 31, 2024, which has been derived from audited financial statements, and (b) the interim unaudited condensed combined financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X as promulgated by the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the results for such periods have been included. Additionally, certain prior period amounts have been reclassified for comparability with current period presentation. These condensed combined financial statements should be read in conjunction with the combined financial statements and notes thereto for the year ended December 31, 2024.

These condensed combined financial statements refer to the combination of businesses, assets and liabilities to be included in Liberty Live as, "Liberty Live," "the Company," "us," "we" and "our" in the notes to the condensed combined financial statements. The Split-Off will be accounted for at historical cost due to the pro rata nature of the distribution to holders of Liberty Live common stock. All significant intercompany accounts and transactions have been eliminated in the condensed combined financial statements.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Liberty Live considers (i) application of the equity method of accounting for investments in affiliates (ii) fair value of non-financial instruments and (iii) accounting for income taxes to be its most significant estimates.

As Liberty Live does not control the decision making process or business management practices of our affiliates accounted for using the equity method, Liberty Live relies on management of its affiliates to provide it with accurate financial information prepared in accordance with GAAP that the Company uses in the application of the equity method. In addition, Liberty Live relies on the audit reports that are provided by the affiliates' independent auditors on the financial statements of such affiliate. The Company is not aware, however, of any errors in or possible misstatements of the financial information provided by its equity affiliates that would have a material effect on Liberty Live's condensed combined financial statements.

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[**TABLE OF CONTENTS**](#TOC3)

#### LIBERTY LIVE HOLDINGS, INC.

#### N otes to the Condensed Combined Financial Statements (unaudited)
Quint revenue is seasonal due to its highest revenue earning events taking place during the second and fourth quarters each year.

#### Split-Off of Liberty Live from Liberty Media
Upon completion of the Split-Off, Liberty Media and Liberty Live will operate as separate, publicly traded companies, and neither is expected to have any continuing stock ownership, beneficial or otherwise, in the other. In connection with the Split-Off, Liberty Media and Liberty Live will enter into certain agreements in order to govern certain of the ongoing relationships between the two companies after the Split-Off and to provide for an orderly transition. These agreements include a services agreement, an aircraft time sharing agreement and a facilities sharing agreement (the "Ancillary Agreements") in addition to a reorganization agreement and a tax sharing agreement.

The reorganization agreement will provide for, among other things, the principal corporate transactions (including the internal restructuring) required to effect the Split-Off, certain conditions to the Split-Off and provisions governing the relationship between Liberty Live and Liberty Media with respect to and resulting from the Split-Off. The tax sharing agreement will provide for the allocation and indemnification of tax liabilities and benefits between Liberty Media and Liberty Live and other agreements related to tax matters. Pursuant to the services agreement, Liberty Media will provide Liberty Live with general and administrative services including legal, tax, accounting, treasury and investor relations support. Liberty Live will reimburse Liberty Media for direct, out-of-pocket expenses, will pay a services fee to Liberty Media under the services agreement that is subject to adjustment quarterly, as necessary. Under the facilities sharing agreement, Liberty Live will share office space with Liberty Media and related amenities at Liberty Media's corporate headquarters. The aircraft time sharing agreement will provide for Liberty Media to lease certain aircraft that it or its subsidiaries own to Liberty Live for use on a periodic, non-exclusive time sharing basis.

A portion of Liberty Media's general and administrative expenses, including legal, tax, accounting, treasury and investor relations support was previously allocated to the Liberty Live Group each reporting period based on an estimate of time spent. The Liberty Live Group paid $4.7 million and $4.0 million during the three months ended March 31, 2025 and 2024, respectively, for shared services and other directly incurred expenses, which are reflected in the condensed combined statements of operations in selling, general and administrative expenses. Following the Split-Off, we anticipate the amount allocated to Liberty Live through the Ancillary Agreements to be approximately $7.5 million annually. Liberty Live expects to incur additional corporate overhead expenses primarily related to being a standalone public company of approximately $8.0 million annually.

(2) #### Pro Forma Earnings per Share
Unaudited pro forma earnings (loss) per common share is computed by dividing net earnings (loss) by 91,843 thousand common shares, which is the aggregate number of shares of Series A Liberty Live Group common stock, Series B Liberty Live Group common stock and Series C Liberty Live Group common stock that would have been issued if the separation had occurred on March 31, 2025, based on the number of shares of each series of Liberty Live Group common stock outstanding as of March 31, 2025.

---

| | |
|:---|:---|
| | **Three months ended <br> March 31, <br> 2025**  |
|  | **amounts in thousands, <br> except per share <br> amounts**  |
| Net earnings (loss)  | $(29476) |
| Pro Forma shares outstanding  | 91843 |
| &nbsp;&nbsp;&nbsp; Unaudited pro forma net earnings (loss) per share  | $(0.32) |

---

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[**TABLE OF CONTENTS**](#TOC3)

#### LIBERTY LIVE HOLDINGS, INC.

#### N otes to the Condensed Combined Financial Statements (unaudited)
(3) #### Supplemental Cash Flow Information

---

| | | |
|:---|:---|:---|
| | **Three months ended <br> March 31,**  | **Three months ended <br> March 31,**  |
| | **2025**  | **2024**  |
|  | **amounts in thousands**  | **amounts in thousands**  |
| Cash paid for acquisitions: |  |  |
| &nbsp;&nbsp;&nbsp; Fair value of assets acquired  | $— | 66479 |
| &nbsp;&nbsp;&nbsp; Intangible assets not subject to amortization  |  | 194270 |
| &nbsp;&nbsp;&nbsp; Intangible assets subject to amortization  |  | 170078 |
| &nbsp;&nbsp;&nbsp; Net liabilities assumed  |  | (206052) |
| &nbsp;&nbsp;&nbsp; Deferred tax assets (liabilities)  |  | (19564) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash paid (received) for acquisitions, net of cash acquired  | $— | 205211 |

---

(4) #### Fair Value Measurement
For assets and liabilities required to be reported at fair value, GAAP provides a hierarchy that prioritizes inputs to valuation techniques used to measure fair value into three broad levels. Level 1 inputs are quoted market prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 inputs are inputs, other than quoted market prices included within Level 1, that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability. The Company does not have any recurring assets or liabilities measured at fair value that would be considered Level 3.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **March 31, 2025**  | **March 31, 2025**  | **March 31, 2025**  | **December 31, 2024**  | **December 31, 2024**  | **December 31, 2024**  |
| **Description**  | **Total**  | **Quoted <br> prices <br> in active <br> markets <br> for identical <br> assets <br> (Level 1)**  | **Significant <br> other <br> observable <br> inputs <br> (Level 2)**  | **Total**  | **Quoted <br> prices <br> in active <br> markets <br> for identical <br> assets <br> (Level 1)**  | **Significant <br> other <br> observable <br> inputs <br> (Level 2)**  |
|  | **amounts in thousands**  | **amounts in thousands**  | **amounts in thousands**  | **amounts in thousands**  | **amounts in thousands**  | **amounts in thousands**  |
| Cash equivalents  | $383841 | 383841 |  | 335345 | 335345 |  |
| Debt  | $1581952 |  | 1581952 | 1556399 |  | 1556399 |

---

The fair value of debt related instruments are based on quoted market prices but are not considered to be traded on "active markets," as defined by GAAP. Accordingly, those debt related instruments are reported in the foregoing table as Level 2 fair value.

#### Realized and Unrealized Gains (Losses) on Financial Instruments, net
Realized and unrealized gains (losses) on financial instruments, net are comprised of changes in the fair value of the following:

---

| | | |
|:---|:---|:---|
| | **Three months ended <br> March 31,**  | **Three months ended <br> March 31,**  |
| | **2025**  | **2024**  |
|  | **amounts in thousands**  | **amounts in thousands**  |
| Equity securities  | $(6749) | 11685 |
| Financial instrument liabilities  |  | (9826) |
| Debt  | (10350) | (70774) |
|  | $(17099) | (68915) |

---

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[**TABLE OF CONTENTS**](#TOC3)

#### LIBERTY LIVE HOLDINGS, INC.

#### N otes to the Condensed Combined Financial Statements (unaudited)
The Company uses the measurement alternative (defined as the cost of the security, adjusted for changes in fair value when there are observable prices, less impairments) for its equity securities without readily determinable fair values. For such securities the downward adjustments for the three months ended March 31, 2025 and 2024 were $6,749 thousand and $124 thousand, respectively, and the cumulative downward adjustments as of March 31, 2025 were $20,990 thousand. The upward adjustments for the three months ended March 31, 2025 and 2024 were not material, and the cumulative upward adjustments as of March 31, 2025 were $127,113 thousand. There were no impairments for the three months ended March 31, 2025 and 2024, and cumulative impairments as of March 31, 2025 were $10,630 thousand.

The Company elected to account for its exchangeable senior debentures (as described in note 7) using the fair value option. Changes in the fair value of the exchangeable senior debentures recognized in the condensed combined statements of operations are due to market factors primarily driven by changes in the risk-free rate and in the fair value of the underlying shares into which the debt is exchangeable. The Company isolates the portion of the unrealized gain (loss) attributable to changes in the instrument specific credit risk and recognizes such amount in other comprehensive earnings (loss). The change in the fair value of the exchangeable senior debentures and convertible notes attributable to changes in the instrument specific credit risk before tax was a loss of $15,203 thousand and loss of $30,999 thousand for the three months ended March 31, 2025 and 2024, respectively. The cumulative change since issuance was a loss of $46,123 thousand as of March 31, 2025, net of the recognition of previously unrecognized gains and losses.

(5) #### Investments in Affiliates Accounted for Using the Equity Method
The following table includes the Company's carrying amount and percentage ownership of its investments in affiliates:

---

| | | | |
|:---|:---|:---|:---|
| | **March 31, 2025**  | **March 31, 2025**  | **December 31, <br> 2024**  |
| | **Percentage <br> Ownership**  | **Carrying <br> amount**  | **Carrying <br> amount**  |
|  |  | **amounts in thousands**  | **amounts in thousands**  |
| Live Nation  | 30%  | $437968 | 417751 |
| Other  | various  | 11701 | 12684 |
| &nbsp;&nbsp;&nbsp; Total  |  | $449669 | 430435 |

---

The following table presents the Company's share of earnings (losses) of affiliates:

---

| | | |
|:---|:---|:---|
| | **Three months ended <br> March 31,**  | **Three months ended <br> March 31,**  |
| | **2025**  | **2024**  |
|  | **amounts in thousands**  | **amounts in thousands**  |
| Live Nation  | $2684 | (24400) |
| Other  | (1233) | (2819) |
| &nbsp;&nbsp;&nbsp; Total  | $1451 | (27219) |

---

#### Live Nation
Live Nation is considered the world's leading live entertainment company and seeks to innovate and enhance the live entertainment experience for artists and fans before, during and after the show. As of March 31, 2025, the market value of Liberty Live's ownership in Live Nation was approximately $9.1 billion.

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[**TABLE OF CONTENTS**](#TOC3)

#### LIBERTY LIVE HOLDINGS, INC.

#### N otes to the Condensed Combined Financial Statements (unaudited)
The excess basis has been allocated within memo accounts used for equity method accounting purposes as follows:

---

| | | |
|:---|:---|:---|
| | **March 31, <br> 2025**  | **December 31, <br> 2024**  |
|  | **amounts in thousands**  | **amounts in thousands**  |
| Amortizable assets  | $145408 | 124601 |
| Nonamortizable assets  | 305335 | 279300 |
| Deferred taxes and other assets  | (44630) | (38414) |
|  | $406113 | 365487 |

---

Amortizable intangible assets have a weighted average remaining useful life of approximately 6.6 years. The increase in excess basis for the three months ended March 31, 2025, was primarily due to the Company's share of certain of Live Nation's equity activity partially offset by an increase in amortization on the value ascribed to amortizable intangibles. Included in our shares of earnings from Live Nation of $2,684 thousand and $24,400 thousand for the three months ended March 31, 2025 and 2024, respectively, are $4,289 thousand and $7,890 thousand, respectively of losses, net of related taxes, due to the amortization of the excess basis related to assets with identifiable useful lives.

Summarized financial information for Live Nation is as follows:

 *Consolidated Balance Sheets* 

---

| | | |
|:---|:---|:---|
| | **March 31, <br> 2025**  | **December 31, <br> 2024**  |
|  | **amounts in millions**  | **amounts in millions**  |
| Current assets  | $11069 | 9290 |
| Property, plant and equipment, net  | 2688 | 2442 |
| Intangible assets  | 1408 | 1366 |
| Goodwill  | 2703 | 2621 |
| Investments in affiliates, accounted for using the equity method  | 494 | 504 |
| Other assets  | 3465 | 3416 |
| &nbsp;&nbsp;&nbsp; Total assets  | $21827 | 19639 |
| Current liabilities  | $11517 | 9358 |
| Long-term debt, net  | 5929 | 6177 |
| Other liabilities  | 2271 | 2159 |
| Redeemable noncontrolling interests  | 1312 | 1126 |
| Equity  | 798 | 819 |
| &nbsp;&nbsp;&nbsp; Total liabilities and equity  | $21827 | 19639 |

---

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[**TABLE OF CONTENTS**](#TOC3)

#### LIBERTY LIVE HOLDINGS, INC.

#### N otes to the Condensed Combined Financial Statements (unaudited)
 *Consolidated Statements of Operations* 

---

| | | |
|:---|:---|:---|
| | **Three months ended <br> March 31, 2025**  | **Three months ended <br> March 31, 2025**  |
| | **2025**  | **2024**  |
|  | **amounts in millions**  | **amounts in millions**  |
| Revenue  | $3382 | 3800 |
| Operating expenses: |  |  |
| &nbsp;&nbsp;&nbsp; Direct operating expenses  | (2255) | (2651) |
| &nbsp;&nbsp;&nbsp; Selling, general and administrative expenses  | (779) | (982) |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization  | (149) | (133) |
| &nbsp;&nbsp;&nbsp; Other operating expenses  | (84) | (75) |
| Operating income (loss)  | 115 | (41) |
| Interest expense  | (80) | (81) |
| Interest income  | 34 | 43 |
| Other income (expense), net  | (3) | 77 |
| &nbsp;&nbsp;&nbsp; Earnings (loss) before income taxes  | 66 | (2) |
| Income tax (expense) benefit  | (20) | (41) |
| &nbsp;&nbsp;&nbsp; Net earnings (loss)  | 46 | (43) |
| Less net earnings (loss) attributable to noncontrolling interests  | 23 | 11 |
| &nbsp;&nbsp;&nbsp; Net earnings (loss) attributable to Live Nation stockholders  | $23 | (54) |

---

(6) #### Goodwill and Intangible Assets

#### Goodwill

---

| | | | |
|:---|:---|:---|:---|
| | **Quint**  | **Corporate and <br> Other**  | **Total**  |
|  | **amounts in thousands**  | **amounts in thousands**  | **amounts in thousands**  |
| Balance at January 1, 2025  | $125495 |  | 125495 |
| &nbsp;&nbsp;&nbsp; Foreign currency translation adjustments  | 402 |  | 402 |
| Balance at March 31, 2025  | $125897 |  | 125897 |

---

#### Intangible Assets Subject to Amortization
Intangible assets subject to amortization are comprised of the following:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **March 31, 2025**  | **March 31, 2025**  | **March 31, 2025**  | **December 31, 2024**  | **December 31, 2024**  | **December 31, 2024**  |
| | **Gross <br> carrying <br> amount**  | **Accumulated <br> amortization**  | **Net <br> carrying <br> amount**  | **Gross <br> carrying <br> amount**  | **Accumulated <br> amortization**  | **Net <br> carrying <br> amount**  |
|  | **amounts in thousands**  | **amounts in thousands**  | **amounts in thousands**  | **amounts in thousands**  | **amounts in thousands**  | **amounts in thousands**  |
| Rightsholder relationships  | $166400 | (33277) | 133123 | 166400 | (25483) | 140917 |
| Licensing agreements  | 4832 | (4393) | 439 | 4463 | (3725) | 738 |
| Capitalized software  | 2460 | (867) | 1593 | 2382 | (2255) | 127 |
| &nbsp;&nbsp;&nbsp; Total  | $173692 | (38537) | 135155 | 173245 | (31463) | 141782 |

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[**TABLE OF CONTENTS**](#TOC3)

#### LIBERTY LIVE HOLDINGS, INC.

#### N otes to the Condensed Combined Financial Statements (unaudited)
Rightsholder relationships are amortized over 8 to 13 years, and licensing agreements are amortized over 3 to 4 years. Capitalized software is amortized over 3 years. Amortization expense was $6,405 thousand and $6,837 thousand for the three months ended March 31, 2025 and 2024, respectively.

(7) #### Debt
Debt is summarized as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Outstanding <br> principal <br> March 31, <br> 2025**  | **Carrying value**  | **Carrying value**  |
| | **Outstanding <br> principal <br> March 31, <br> 2025**  | **March 31, <br> 2025**  | **December 31, <br> 2024**  |
|  | **amounts in thousands**  | **amounts in thousands**  | **amounts in thousands**  |
| 2.375% Exchangeable Debentures due 2053  | $1150000 | 1581952 | 1556399 |
| Live Nation Margin Loan  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total consolidated Liberty Live debt  | $1150000 | 1581952 | 1556399 |
| &nbsp;&nbsp;&nbsp; Less debt classified as current  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total long-term debt  |  | $1581952 | 1556399 |

---

#### 2.375% Exchangeable Senior Debentures due 2053
In September 2023, Liberty Media closed a private offering of approximately $1,150 million aggregate principal amount of its 2.375% exchangeable senior debentures due 2053 (the "Debentures"). Upon an exchange of the Debentures, Liberty Media, at its option, may deliver Live Nation common stock, cash or a combination of Live Nation common stock and/or cash. The number of shares of Live Nation common stock attributable to a Debenture represents an initial exchange price of approximately $104.91 per share. A total of approximately 11 million shares of Live Nation common stock are attributable to the debentures. Interest is payable quarterly in arrears on March 31, June 30, September 30 and December 31 of each year. The Debentures may be redeemed by Liberty Media, in whole or in part, on or after September 30, 2028. Holders of the Debentures also have the right to require Liberty Media to purchase their Debentures on September 30, 2028. The redemption and purchase price will generally equal 100% of the adjusted principal amount of the Debentures plus accrued and unpaid interest to the redemption date, plus any final period distribution. Liberty has elected to account for the Debentures using the fair value option. See note 4 for information related to unrealized gains (losses) on debt measured at fair value. The assumption of the Debentures by Liberty Live in connection with the Split-Off entitles the holders of the Debentures, for a brief period after the Split-Off, to the right to either put at par or exchange their Debentures for shares of Live Nation common stock, or an equivalent cash amount, at the election of Liberty Live, on the terms described in the indenture under which the Debentures were issued.

In May 2025, LN Holdings I, LLC ("LNSPV"), an indirect wholly owned subsidiary of Liberty Media, entered into certain agreements (the "2025 Forward Contracts"), which obligate LNSPV to deliver up to an aggregate of 10,488,960 shares of Live Nation common stock ("LYV") based on the share prices for LYV over a specified period ended in the first quarter of 2027. Alternatively, LNSPV may choose to deliver cash. The 2025 Forward Contracts allow LNSPV to elect to receive prepayment amounts up to the present value at such time or times of approximately $1.15 billion, in the aggregate, which is intended to provide a source of liquidity, if needed, to satisfy any puts or exchanges of the Debentures. Liberty Live does not intend to cause LNSPV to receive any such prepayment amounts under the 2025 Forward Contracts unless necessary to cash settle puts or exchanges made by holders of the Debentures.

#### Live Nation Margin Loan
The Live Nation Margin Loan agreement is a $400 million revolving line of credit with a maturity date of September 9, 2026. The interest rate is Adjusted Term Secured Overnight Financing Rate plus 2.0%. The

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[**TABLE OF CONTENTS**](#TOC3)

#### LIBERTY LIVE HOLDINGS, INC.

#### N otes to the Condensed Combined Financial Statements (unaudited)
undrawn portion carries a commitment fee of 0.50% per annum. Interest on the margin loan is payable on the last business day of each calendar quarter. As of March 31, 2025, availability under the Live Nation Margin Loan was $400 million. As of March 31, 2025, 9.0 million shares of the Company's Live Nation common stock with a value of $1,171 million were pledged as collateral to the loan. The Live Nation Margin Loan contains various affirmative and negative covenants that restrict the activities of the borrower. The loan agreement does not include any financial covenants.

#### Fair Value of Debt
Due to the variable rate nature of the Live Nation Margin Loan, the carrying amount approximates fair value as of March 31, 2025.

(8) #### Stock-Based Compensation

#### Liberty Media — Incentive Plans
Liberty Media granted, to certain of its directors, employees and employees of Liberty Media, restricted stock ("RSAs"), restricted stock units ("RSUs") and stock options to purchase shares of Liberty Live common stock (collectively, "Awards"). The Company measures the cost of employee services received in exchange for an equity classified Award (such as stock options and restricted stock) based on the grant-date fair value ("GDFV") of the Award, and recognizes that cost over the period during which the employee is required to provide service (usually the vesting period of the Award). The Company measures the cost of employee services received in exchange for a liability classified Award based on the current fair value of the Award, and remeasures the fair value of the Award at each reporting date.

Pursuant to the Liberty Media Corporation 2022 Omnibus Incentive Plan (the "2022 Plan"), Liberty Media may grant Awards in respect of a maximum of 16.8 million shares of Series A, Series B and Series C Liberty Media Corporation common stock plus the shares remaining available for Awards under the prior Liberty Media Corporation 2017 Omnibus Incentive Plan (the "2017 Plan"), as of close of business on May 24, 2022, the effective date of the 2022 Plan. Any forfeited shares from the 2017 Plan shall also be available again under the 2022 Plan. Awards generally vest over 1-5 years and have a term of 7-8 years. Liberty Media issues new shares upon exercise of equity awards.

At the time of the Split-Off, the Awards are expected to be exchanged into RSAs, RSUs and stock options to purchase shares of Liberty Live common stock.

Included in selling, general and administrative expenses in the accompanying condensed combined statements of operations are $461 thousand and $1,000 thousand of stock-based compensation during the three months ended March 31, 2025 and 2024, respectively. Included in cost of revenue are zero and $7,165 thousand of stock-based compensation during the three months ended March 31, 2025 and 2024, respectively.

In connection with the acquisition of Quint, the Company issued replacement warrants valued in total at $21,499 thousand, $14,334 thousand of which was included as part of the total consideration transferred and $7,165 thousand related to the post acquisition period. The $7,165 thousand in warrants value related to the post acquisition period was expensed immediately in the combined statement of operations given there was no further vesting required. Such amount is recorded as stock-based compensation included within cost of revenue in the condensed combined statements of operations for the three months ended March 31, 2024.

#### Liberty Live — Grants of Awards
Liberty Media did not grant any options to purchase shares of Series A, Series B or Series C Liberty Live common stock during the three months ended March 31, 2025. During the three months ended

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#### LIBERTY LIVE HOLDINGS, INC.

#### N otes to the Condensed Combined Financial Statements (unaudited)
March 31, 2024, Liberty Media granted 70 thousand options to purchase shares of Series C Liberty Live common stock to its employees. Such options had a GDFV of $16.07 per share and cliff vested in December 2024.

The Company has calculated the GDFV for all of its equity classified options using the Black-Scholes Model. The Company estimates the expected term of the options based on historical exercise and forfeiture data. The volatility used in the calculation for options is based on the historical volatility of Liberty Live common stock and its predecessor Liberty SiriusXM common stock. The Company uses a zero-dividend rate and the risk-free rate for Treasury Bonds with a term similar to that of the subject options.

#### Liberty Live — Outstanding Awards
The following table presents the number and weighted average exercise price ("WAEP") of options to purchase Liberty Live common stock granted to certain officers, employees and directors, as well as the weighted average remaining life and aggregate intrinsic value of the options.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Liberty Live <br> Series C**  | **Liberty Live <br> Series C**  | **Liberty Live <br> Series C**  | **Liberty Live <br> Series C**  |
| | **Options <br> (thousands)**  | **WAEP**  | **Weighted <br> average <br> remaining <br> life**  | **Aggregate <br> intrinsic <br> value <br> (in thousands)**  |
| Options outstanding at January 1, 2025  | 1230 | $42.68 |  |  |
| &nbsp;&nbsp;&nbsp; Granted  |  | $— |  |  |
| &nbsp;&nbsp;&nbsp; Exercised  |  | $— |  |  |
| &nbsp;&nbsp;&nbsp; Forfeited/Cancelled  |  | $— |  |  |
| Options outstanding at March 31, 2025  | 1230 | $42.68 | 2.8 years  | $31315 |
| Options exercisable at March 31, 2025  | 1169 | $42.98 | 2.7 years  | $29402 |

---

As of March 31, 2025, there were no outstanding Series A or Series B options to purchase shares of Series A or Series B Liberty Live common stock.

As of March 31, 2025, the total unrecognized compensation cost related to unvested Liberty Live Awards was approximately $2.4 million. Such amount will be recognized in the Company's combined statements of operations over a weighted average period of approximately 1.4 years.

As of March 31, 2025, 1.2 million shares of Series C Liberty Live common stock were reserved by Liberty Media for issuance under exercise privileges of outstanding stock options.

#### Liberty Live — Exercises
The aggregate intrinsic value of all Series C Liberty Live options exercised during the three months ended March 31, 2025 and 2024 was $28 thousand and $1.1 million, respectively.

#### Liberty Live — Restricted Stock and Restricted Stock Units
Liberty Media had approximately 43 thousand unvested RSAs and RSUs of Liberty Live common stock held by certain directors, officers and employees as of March 31, 2025. These Series C unvested RSAs and RSUs of Liberty Live common stock had a weighted average GDFV of $42.08 per share.

The aggregate fair value of all RSAs and RSUs of Liberty Live common stock that vested during the three months ended March 31, 2025 and 2024 was $1.0 million and $934 thousand, respectively.

(9) #### Commitments and Contingencies
Quint operates in many different jurisdictions globally that require revenue generating entities to comply with regulations including value-added tax and sales and use tax. In 2023, Quint identified exposure

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#### LIBERTY LIVE HOLDINGS, INC.

#### N otes to the Condensed Combined Financial Statements (unaudited)
as it relates to certain jurisdictions whereby either Quint was not properly registered, or the historical compliance returns filed with the different jurisdictions were incomplete or inaccurate. Quint has recognized a total estimated liability for a probable loss of approximately $31,700 thousand as of March 31, 2025, $18,546 thousand of which is recorded in accrued liabilities, and $13,154 thousand is recorded in other long-term liabilities in the condensed combined balance sheets. Of the total $31,700 thousand liability, $19,893 thousand was recorded prior to the Company's acquisition of Quint and $3,376 thousand and zero was recognized as an expense during the three months ended March 31, 2025 and 2024, respectively, within cost of revenue on the condensed combined statements of operations. As Quint continues to work to become compliant within these jurisdictions, additional exposure of taxes, interest and penalties is reasonably possible but Quint is currently unable to assess the ultimate outcome and is unable to reasonably estimate any range of additional loss in excess of the estimated liability it has currently recognized.

#### General Litigation
The Company has contingent liabilities at times related to legal and tax proceedings and other matters arising in the ordinary course of business other than those matters previously discussed. Although it is reasonably possible the Company may incur losses upon conclusion of such matters, an estimate of any loss or range of loss cannot be made. In the opinion of management, it is expected that amounts, if any, which may be required to satisfy such contingencies will not be material in relation to the accompanying combined financial statements.

(10) #### Related Party Transactions
Quint and Delta Topco Limited (the parent company of Formula 1) are related parties through Liberty Media's common control. Quint maintains a licensing agreement with Formula 1 to execute, produce and fulfill experiential packages utilizing their naming rights and the event tickets purchased from Formula 1 to market and sell these packages to third-parties, which are disclosed in the condensed combined statement of operations as related party cost of revenue. Quint also acts as a reseller of the products Formula 1 produces, which are disclosed in the condensed combined statement of operations as related party revenue, net.

(11) #### Segment Information
The Company, through its ownership of Quint and Live Nation, is primarily engaged in the entertainment and hospitality industries. The Company identifies its reportable segments as those operating segments that represent 10% or more of its combined annual revenue, annual Adjusted OIBDA (as defined below) or total assets.

The Company's chief operating decision maker ("CODM"), the chief executive officer, evaluates performance and makes decisions about allocating resources to its operating segments based on financial measures such as revenue, cost of revenue, operating expenses, selling, general and administrative expenses, and Adjusted OIBDA (as defined below). In addition, the Company reviews nonfinancial measures such as website traffic.

For segment reporting purposes, the Company defines Adjusted OIBDA as revenue less operating expenses, and selling, general and administrative expenses excluding all stock-based compensation, separately reported litigation settlements and restructuring, acquisition and impairment charges. The Company believes this measure is an important indicator of the operational strength and performance of its businesses, by identifying those items that are not directly a reflection of each business' performance or indicative of ongoing business trends. In addition, this measure allows management to view operating results and perform analytical comparisons and benchmarking between businesses and identify strategies to improve performance. This measure of performance excludes depreciation and amortization, stock-based compensation, separately reported litigation settlements, restructuring, acquisition and impairment charges that are included in the measurement of operating income pursuant to GAAP. Accordingly, Adjusted

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#### LIBERTY LIVE HOLDINGS, INC.

#### N otes to the Condensed Combined Financial Statements (unaudited)
OIBDA should be considered in addition to, but not as a substitute for, operating income, net earnings (loss), cash flow provided by operating activities and other measures of financial performance prepared in accordance with GAAP.

The Company has identified the following as its reportable segments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Quint — Quint provides experiential, travel and hospitality packages to sporting and cultural events and event management throughout the world.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Live Nation — Live Nation is considered the world's leading live entertainment company.

As of March 31, 2025, Live Nation met the Company's reportable segment threshold for equity method affiliates. See note 5 for segment disclosures related to Live Nation.

The Company's reportable segments are strategic business units that offer different products and services. They are managed separately because each segment requires different technologies, differing revenue sources and marketing strategies.

#### Revenue
When consideration is received from a customer prior to transferring services to the customer under the terms of a contract, deferred revenue is recorded. Quint's customers generally pay for services in advance of the performance obligation and therefore these prepayments are recorded as deferred revenue. The deferred revenue is recognized as revenue in the accompanying condensed combined statements of operations as the services are provided.

As of January 1, 2025 and 2024, the Company had deferred revenue of $126,752 thousand and zero, respectively, and subsequent to the acquisition of Quint on January 2, 2024, the Company had current deferred revenue of $122,620 thousand. During the three months ended March 31, 2025 and 2024, $28,916 thousand and $24,445 thousand, respectively, was recognized as revenue. Changes in the deferred revenue balance for the Company were not materially impacted by other factors.

The Company anticipates recognizing revenue from the delivery of performance obligations that extend beyond one year of approximately $8,062 thousand in the remainder of 2025, and all amounts in years thereafter are considered immaterial.

The Company applies certain practical expedients as permitted and does not disclose information about remaining performance obligations that have original expected durations of one year or less, information about revenue remaining from usage based performance obligations that are recognized over time as-invoiced, or variable consideration allocated to wholly unsatisfied performance obligations. The majority of the Company's performance obligations have expected durations of one year or less.

#### Performance Measures

---

| | | | |
|:---|:---|:---|:---|
| | **Three months ended <br> March 31, 2025**  | **Three months ended <br> March 31, 2025**  | **Three months ended <br> March 31, 2025**  |
| | **Quint**  | **Corporate <br> and Other**  | **Total**  |
|  | **amounts in thousands**  | **amounts in thousands**  | **amounts in thousands**  |
| Revenue  | $47059 |  | 47059 |
| Cost of revenue  | (41549) |  | (41549) |
|  Selling, general and administrative expenses (excluding stock-based compensation)  | (12220) | (3587) | (15807) |
| &nbsp;&nbsp;&nbsp; Adjusted OIBDA  | $(6710) | (3587) | (10297) |

---

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#### LIBERTY LIVE HOLDINGS, INC.

#### N otes to the Condensed Combined Financial Statements (unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **Three months ended <br> March 31, 2024**  | **Three months ended <br> March 31, 2024**  | **Three months ended <br> March 31, 2024**  |
| | **Quint**  | **Corporate <br> and Other**  | **Total**  |
|  | **amounts in thousands**  | **amounts in thousands**  | **amounts in thousands**  |
| Revenue  | $36979 |  | 36979 |
| Cost of revenue (excluding stock-based compensation)  | (29858) |  | (29858) |
|  Selling, general and administrative expenses (excluding stock-based compensation and acquisition costs)  | (10775) | (868) | (11643) |
| &nbsp;&nbsp;&nbsp; Adjusted OIBDA  | $(3654) | (868) | (4522) |

---

#### Other Information

---

| | | |
|:---|:---|:---|
| | **March 31, 2025**  | **March 31, 2025**  |
| | **Total <br> assets**  | **Investments <br> in <br> affiliates**  |
|  | **amounts in thousands**  | **amounts in thousands**  |
| Quint  | $459032 |  |
| Corporate and other  | 1171221 | 449669 |
| &nbsp;&nbsp;&nbsp; Consolidated Liberty Live  | $1630253 | 449669 |

---

The following table provides a reconciliation of Adjusted OIBDA to Operating income (loss) and Earnings (loss) before income taxes:

---

| | | |
|:---|:---|:---|
| | **Three months ended <br> March 31,**  | **Three months ended <br> March 31,**  |
| | **2025**  | **2024**  |
|  | **amounts in thousands**  | **amounts in thousands**  |
| Consolidated segment Adjusted OIBDA  | $(10297) | (4522) |
| &nbsp;&nbsp;&nbsp; Stock-based compensation  | (461) | (8165) |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization  | (6524) | (6987) |
| &nbsp;&nbsp;&nbsp; Acquisition costs  |  | (701) |
| Operating income (loss)  | (17282) | (20375) |
| &nbsp;&nbsp;&nbsp; Interest expense  | (7334) | (6917) |
| &nbsp;&nbsp;&nbsp; Dividend and interest income  | 4097 | 6030 |
| &nbsp;&nbsp;&nbsp; Share of earnings (loss) of affiliates, net  | 1451 | (27219) |
| &nbsp;&nbsp;&nbsp; Realized and unrealized gains (losses), net  | (17099) | (68915) |
| &nbsp;&nbsp;&nbsp; Other, net  | (1020) | (367) |
| Earnings (loss) before income taxes  | $(37187) | (117763) |

---

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#### Report of Independent Registered Public Accounting Firm
To the Stockholders and Board of Directors

Liberty Media Corporation:

#### Opinion on the Combined Financial Statements
We have audited the accompanying combined balance sheets of Liberty Live Holdings, Inc. and subsidiaries (the Company) as of December 31, 2024 and 2023, the related combined statements of operations, comprehensive earnings (loss), cash flows, and equity for the years then ended and the related notes (collectively, the combined financial statements). In our opinion, based on our audits and the report of Ernst & Young LLP for the year ended December 31, 2023, the combined financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for the years then ended, in conformity with U.S. generally accepted accounting principles.

We did not audit the financial statements of Live Nation Entertainment, Inc. (a 30 percent owned investee company) for the year ended December 31, 2023. The Company's investment in Live Nation Entertainment, Inc. was $291 million as of December 31, 2023, and its equity in earnings of Live Nation Entertainment, Inc. was $141 million for the year ended December 31, 2023. The financial statements of Live Nation Entertainment, Inc. for the year ended December 31, 2023 were audited by Ernst & Young LLP, whose report has been furnished to us, and our opinion, insofar as it relates to the amounts included for Live Nation Entertainment, Inc. for the year ended December 31, 2023, is based solely on the report of Ernst & Young LLP for the year ended December 31, 2023.

#### Basis for Opinion
These combined financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these combined financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the combined financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the combined financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the combined financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the combined financial statements. We believe that our audits provide and the report of Ernst & Young LLP provide a reasonable basis for our opinion.

/s/ KPMG LLP

We have served as the Company's auditor since 2025.

Denver, Colorado

July 25, 2025

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#### LIBERTY LIVE HOLDINGS, INC.

#### Combined Balance Sheets December 31, 2024 and 2023

---

| | | |
|:---|:---|:---|
| | **2024**  | **2023**  |
|  | **amounts in thousands**  | **amounts in thousands**  |
| *Assets* |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents  | $402641 | 304929 |
| &nbsp;&nbsp;&nbsp; Trade and other receivables, net  | 24655 | 105 |
| &nbsp;&nbsp;&nbsp; Prepaid assets  | 38093 |  |
| &nbsp;&nbsp;&nbsp; Other current assets  | 6987 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current assets  | 472376 | 305034 |
| Investments in equity securities  | 173349 | 309112 |
| Investments in equity affiliates, accounted for using the equity method  | 430435 | 305249 |
| Goodwill (note 7)  | 125495 |  |
| Intangible assets subject to amortization, net (note 7)  | 141782 |  |
| Deferred tax assets (note 9)  | 234097 | 184515 |
| Other assets, at cost, net of accumulated amortization  | 7492 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | 1585026 | 1103910 |
| *Liabilities and Equity* |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp; Accounts payable  | 16284 | 2400 |
| &nbsp;&nbsp;&nbsp; Accrued liabilities  | 34610 | 869 |
| &nbsp;&nbsp;&nbsp; Deferred revenue  | 126752 |  |
| &nbsp;&nbsp;&nbsp; Current portion of debt, measured at fair value (note 8)  |  | 69269 |
| &nbsp;&nbsp;&nbsp; Amounts due to related parties  | 5706 |  |
| &nbsp;&nbsp;&nbsp; Other current liabilities  | 4147 | 7833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current liabilities  | 187499 | 80371 |
| Long-term debt, measured at fair value (note 8)  | 1556399 | 1247348 |
| Other liabilities  | 18250 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 1762148 | 1327873 |
| Equity: |  |  |
| &nbsp;&nbsp;&nbsp; Parent's investment  | 256874 | (44534) |
| &nbsp;&nbsp;&nbsp; Retained earnings (accumulated deficit)  | (369970) | (257206) |
| &nbsp;&nbsp;&nbsp; Accumulated other comprehensive earnings (loss), net of taxes  | (86139) | 54344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Parent's investment  | (199235) | (247396) |
| Noncontrolling interests in equity of subsidiaries  | 22113 | 23433 |
| &nbsp;&nbsp;&nbsp; Total equity (deficit)  | (177122) | (223963) |
| Commitments and contingencies (note 12) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities and equity  | $1585026 | 1103910 |

---

See accompanying notes to combined financial statements.

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#### LIBERTY LIVE HOLDINGS, INC.

#### Combined Statements of Operations Years ended December 31, 2024 and 2023

---

| | | |
|:---|:---|:---|
| | **2024**  | **2023**  |
|  | **amounts in thousands, <br> except per share amounts**  | **amounts in thousands, <br> except per share amounts**  |
| Revenue, net  | $334725 |  |
| Related party revenue, net  | 5768 |  |
| &nbsp;&nbsp;&nbsp; Total revenue, net  | 340493 |  |
| Operating costs and expenses: |  |  |
| &nbsp;&nbsp;&nbsp; Cost of revenue, including stock-based compensation  | 224347 |  |
| &nbsp;&nbsp;&nbsp; Related party cost of revenue  | 68888 |  |
| &nbsp;&nbsp;&nbsp; Selling, general and administrative expenses, including stock-based compensation and acquisition costs  | 69019 | 17376 |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization  | 27447 |  |
| &nbsp;&nbsp;&nbsp; Impairment of intangible assets (note 7)  | 67066 |  |
|  | 456767 | 17376 |
| Operating income (loss)  | (116274) | (17376) |
| Other income (expense): |  |  |
| &nbsp;&nbsp;&nbsp; Interest expense  | (29121) | (13992) |
| &nbsp;&nbsp;&nbsp; Dividend and interest income  | 21782 | 5813 |
| &nbsp;&nbsp;&nbsp; Share of earnings (loss) of affiliates, net (note 6)  | 237666 | 140217 |
| &nbsp;&nbsp;&nbsp; Realized and unrealized gains (losses), net (note 5)  | (262733) | (226427) |
| &nbsp;&nbsp;&nbsp; Gain (loss) on dilution of investment in affiliate  | 5846 | (3864) |
| &nbsp;&nbsp;&nbsp; Other, net  | (1284) | 47 |
|  | (27844) | (98206) |
| Earnings (loss) before income taxes  | (144118) | (115582) |
| &nbsp;&nbsp;&nbsp; Income tax (expense) benefit (note 9)  | 30034 | 24366 |
| Net earnings (loss)  | (114084) | (91216) |
| &nbsp;&nbsp;&nbsp; Less net earnings attributable to noncontrolling interests  | (1320) | (963) |
| Net earnings (loss) attributable to Liberty Live  | $(112764) | (90253) |
|  Unaudited Pro Forma basic net earnings (loss) attributable to Series A, Series B and Series C Liberty Live Group shareholders per common share (note 2)  | $(1.23) | NA |

---

See accompanying notes to combined financial statements.

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#### LIBERTY LIVE HOLDINGS, INC.

#### Combined Statements of Comprehensive Earnings (Loss) Years ended December 31, 2024 and 2023

---

| | | |
|:---|:---|:---|
| | **2024**  | **2023**  |
|  | **amounts in thousands**  | **amounts in thousands**  |
| Net earnings (loss)  | $(114084) | (91216) |
| Other comprehensive earnings (loss), net of taxes: |  |  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation adjustments  | (1776) |  |
| &nbsp;&nbsp;&nbsp; Credit risk on fair value debt instruments gains (losses)  | (54266) | 28607 |
| &nbsp;&nbsp;&nbsp; Share of other comprehensive earnings (loss) of equity affiliates  | (85810) | 28114 |
| &nbsp;&nbsp;&nbsp; Recognition of previously unrealized (gains) losses on debt  | 1369 | 21706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other comprehensive earnings (loss)  | (140483) | 78427 |
| Comprehensive earnings (loss)  | (254567) | (12789) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less comprehensive earnings (loss) attributable to the noncontrolling <br> interests  | (1320) | (963) |
| &nbsp;&nbsp;&nbsp; Comprehensive earnings (loss) attributable to Liberty Live  | $(253247) | (11826) |

---

See accompanying notes to combined financial statements.

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#### LIBERTY LIVE HOLDINGS, INC.

#### Combined Statements of Cash Flows Years ended December 31, 2024 and 2023

---

| | | |
|:---|:---|:---|
| | **2024**  | **2023**  |
|  | **amounts in thousands**  | **amounts in thousands**  |
| Cash flows from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp; Net earnings (loss)  | $(114084) | (91216) |
| &nbsp;&nbsp;&nbsp; Adjustments to reconcile net earnings to net cash provided by operating activities:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization  | 27447 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment of intangible assets  | 67066 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stock-based compensation  | 11007 | 2053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share of (earnings) losses of affiliate, net  | (237666) | (140217) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Gain) loss on dilution of investment in affiliates  | (5846) | 3864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized and unrealized gains (losses), net  | 262733 | 226427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income tax expense (benefit)  | (30848) | (24366) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minimum guaranteed rightsholder relationships expense  | 4616 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other noncash charges (credits), net  | 2891 | (365) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in operating assets and liabilities  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current and other assets  | (5471) | (105) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables and other liabilities  | (7073) | 2871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided (used) by operating activities  | (25228) | (21054) |
| Cash flows from investing activities: |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from sale of investments  | 108275 | 33577 |
| &nbsp;&nbsp;&nbsp; Cash (paid) received for acquisitions, net of cash acquired  | (205211) |  |
| &nbsp;&nbsp;&nbsp; Investments in equity securities  | (250) | (122368) |
| &nbsp;&nbsp;&nbsp; Other investing activities, net  | (328) | 3802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided (used) by investing activities  | (97514) | (84989) |
| Cash flows from financing activities: |  |  |
| &nbsp;&nbsp;&nbsp; Borrowings of debt  |  | 1134188 |
| &nbsp;&nbsp;&nbsp; Repayments of debt  | (71484) | (918464) |
| &nbsp;&nbsp;&nbsp; Parent contribution  | 305259 | 195387 |
| &nbsp;&nbsp;&nbsp; Minimum guaranteed payments on rightsholder relationships  | (4616) |  |
| &nbsp;&nbsp;&nbsp; Other financing activities, net  | (1327) | (139) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided (used) by financing activities  | 227832 | 410972 |
|  Effect of foreign currency exchange rates on cash, cash equivalents and restricted <br> cash  | (513) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in cash, cash equivalents and restricted cash  | 104577 | 304929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash, cash equivalents and restricted cash at beginning of period  | 304929 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash, cash equivalents and restricted cash at end of period  | $409506 | 304929 |

---

The following table reconciles cash and cash equivalents and restricted cash reported in the Company's combined balance sheets to the total amount presented in its combined statements of cash flows:

---

| | | |
|:---|:---|:---|
| | **December 31,**  | **December 31,**  |
| | **2024**  | **2023**  |
|  | **amounts in thousands**  | **amounts in thousands**  |
| Cash and cash equivalents  | $402641 | 304929 |
| Restricted cash included in other current assets  | 6865 |  |
| Total cash, cash equivalents and restricted cash  | $409506 | 304929 |

---

See accompanying notes to combined financial statements.

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#### LIBERTY LIVE HOLDINGS, INC.

#### Combined Statements of Equity Years ended December 31, 2024 and 2023

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Total Parent's Investment**  | **Total Parent's Investment**  | **Total Parent's Investment**  | | |
| | **Parent's <br> Investment <br> (deficit)**  | **Accumulated <br> other <br> comprehensive <br> earnings (loss), <br> net of taxes**  | **Retained <br> earnings <br> (deficit)**  | **Noncontrolling <br> interest in <br> equity of <br> subsidiaries**  | **Total <br> equity <br> (deficit)**  |
|  | **amounts in thousands**  | **amounts in thousands**  | **amounts in thousands**  | **amounts in thousands**  | **amounts in thousands**  |
| Balance at December 31, 2022  | $(220246) | (24083) | (166953) | 24396 | (386886) |
| &nbsp;&nbsp;&nbsp; Net earnings (loss)  |  |  | (90253) | (963) | (91216) |
| &nbsp;&nbsp;&nbsp; Other comprehensive earnings (loss)  |  | 78427 |  |  | 78427 |
| &nbsp;&nbsp;&nbsp; Stock-based compensation  | 2053 |  |  |  | 2053 |
| &nbsp;&nbsp;&nbsp; Parent contribution  | 197804 |  |  |  | 197804 |
| &nbsp;&nbsp;&nbsp; Share of Live Nation sales (purchases) of noncontrolling interests  | (24134) |  |  |  | (24134) |
| &nbsp;&nbsp;&nbsp; Other  | (11) |  |  |  | (11) |
| Balance at December 31, 2023  | (44534) | 54344 | (257206) | 23433 | (223963) |
| &nbsp;&nbsp;&nbsp; Net earnings (loss)  |  |  | (112764) | (1320) | (114084) |
| &nbsp;&nbsp;&nbsp; Other comprehensive earnings (loss)  |  | (140483) |  |  | (140483) |
| &nbsp;&nbsp;&nbsp; Stock-based compensation  | 3842 |  |  |  | 3842 |
| &nbsp;&nbsp;&nbsp; Parent contribution  | 305259 |  |  |  | 305259 |
| &nbsp;&nbsp;&nbsp; Withholding on net-share settlements  | (3649) |  |  |  | (3649) |
| &nbsp;&nbsp;&nbsp; Share of Live Nation sales (purchases) of noncontrolling interests  | (7132) |  |  |  | (7132) |
| &nbsp;&nbsp;&nbsp; Other  | 3088 |  |  |  | 3088 |
| Balance at December 31, 2024  | $256874 | (86139) | (369970) | 22113 | (177122) |

---

See accompanying notes to combined financial statements.

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[**TABLE OF CONTENTS**](#TOC3)

#### LIBERTY LIVE HOLDINGS, INC.

#### N otes to the Combined Financial Statements
(1) #### Basis of Presentation
In November 2024, the board of directors of Liberty Media Corporation ("Liberty Media" or "Parent") authorized Liberty Media management to pursue a plan to split off the Liberty Live Group (the "Split-Off"). Immediately prior to effecting the Split-Off, Liberty Media's subsidiary QuintEvents, LLC ("Quint"), certain private assets and cash will be reattributed from the Formula One Group to the Liberty Live Group in exchange for certain private assets. Any cash consideration will be determined at a future date based on relative valuations of the assets that are being reattributed. Liberty Media will effect the Split-Off through the redemption of Liberty Media's Liberty Live common stock in exchange for common stock of a newly formed company called Liberty Live Holdings, Inc. ("Liberty Live" or the "Company"). Liberty Media will redeem each outstanding share of its Series A, Series B and Series C Liberty Live common stock for one share of the corresponding series of common stock of Liberty Live.

Liberty Live will beneficially own approximately 69.6 million shares of Live Nation Entertainment, Inc. ("Live Nation") common stock, Quint, certain private assets currently attributed or to be reattributed to Liberty Live Group, corporate cash and debt obligations attributed to the Liberty Live Group, together with other assets as may be determined by Liberty Media prior to the Split-Off. Liberty Media will contribute a to be determined amount of corporate cash to Liberty Live in connection with the Split-Off.

The Split-Off is subject to various conditions including, among other things, approval of holders of Series A and Series B Liberty Live common stock and the receipt of an opinion of tax counsel. The Split-Off is intended to be tax-free to stockholders of Liberty Media.

The accompanying combined financial statements have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP") and represent a combination of the historical financial information of Quint and the Liberty Live Group. These combined financial statements refer to the combination of businesses, assets and liabilities to be included in Liberty Live as, "Liberty Live," "the Company," "us," "we" and "our" in the notes to the combined financial statements. The Split-Off will be accounted for at historical cost due to the pro rata nature of the distribution to holders of Liberty Live common stock. All significant intercompany accounts and transactions have been eliminated in the combined financial statements. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

#### Description of Business

#### Quint
Quint is a leading global provider of premium sports and entertainment experiences. Through exclusive rights agreements with sports leagues, event organizers, and governing bodies, Quint designs, develops, and sells official hospitality and experience programs that include event tickets, premium seating, hospitality access, accommodations, transportation, and ancillary experiential offerings. Quint's solutions are marketed to both individual consumers and corporate clients seeking premium access to live events.

Quint's services also include event management, travel logistics, digital platform development, customer service, and the fulfillment of all associated hospitality and travel arrangements.

Quint revenue is seasonal due to its highest revenue earning events taking place during the second and fourth quarters each year.

#### Live Nation
Live Nation is one of the largest live entertainment companies in the world, and the largest producer of live music concerts in the world, based on total fans that attend Live Nation events as compared to events

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#### LIBERTY LIVE HOLDINGS, INC.

#### N otes to the Combined Financial Statements
of other promoters. Live Nation is one of the world's leading artist management companies based on the number of artists represented. Live Nation's artist management companies manage music artists and acts across all music genres. Live Nation is one of the world's leading live entertainment ticketing sales and marketing companies, based on the number of tickets it sells. Live Nation's global footprint is one of the world's largest music advertising networks for corporate brands and includes one of the world's leading ecommerce websites based on a comparison of gross sales of top internet retailers.

 *Terms of Live Nation Investment* 

At December 31, 2024, we beneficially owned approximately 69.6 million shares of Live Nation common stock, which represented approximately 30% of the issued and outstanding shares as of December 31, 2024.

Under our stockholders agreement with Live Nation, we have the right to nominate two directors (one of whom must qualify as an independent director) to the Live Nation board of directors, currently comprised of 12 directors, for so long as our ownership interest provides us with not less than 5% of the total voting power of Live Nation's equity securities. We also have the right to cause one of our nominees to serve on the audit committee and the compensation committee of the board, provided they meet the independence and other qualifications for membership on those committees. Live Nation has waived the director independence requirement with respect to our nominees to the Live Nation board of directors, and we have waived our right to cause one of our nominees to serve on the audit and compensation committees of the board.

We have agreed under the stockholders agreement not to acquire beneficial ownership of Live Nation equity securities that would result in our having in excess of 35% of the voting power of Live Nation's equity securities. That percentage is subject to decrease for specified transfers of our Live Nation stock. We have been exempted from the restrictions on business combinations set forth in Section 203 of the General Corporation Law of the State of Delaware, and Live Nation has agreed in the stockholders agreement not to take certain actions that would materially and adversely affect our ability to acquire Live Nation securities representing up to 35% of the voting power of Live Nation's equity securities.

#### Split-Off of Liberty Live from Liberty Media
Upon completion of the Split-Off, Liberty Media and Liberty Live will operate as separate, publicly traded companies, and neither is expected to have any continuing stock ownership, beneficial or otherwise, in the other. In connection with the Split-Off, Liberty Media and Liberty Live will enter into certain agreements in order to govern certain of the ongoing relationships between the two companies after the Split-Off and to provide for an orderly transition. These agreements include, a services agreement, an aircraft time sharing agreement and a facilities sharing agreement (the "Ancillary Agreements") in addition to a reorganization agreement and a tax sharing agreement.

The reorganization agreement will provide for, among other things, the principal corporate transactions (including the internal restructuring) required to effect the Split-Off, certain conditions to the Split-Off and provisions governing the relationship between Liberty Live and Liberty Media with respect to and resulting from the Split-Off. The tax sharing agreement will provide for the allocation and indemnification of tax liabilities and benefits between Liberty Media and Liberty Live and other agreements related to tax matters. Pursuant to the services agreement, Liberty Media will provide Liberty Live with general and administrative services including legal, tax, accounting, treasury and investor relations support. Liberty Live will reimburse Liberty Media for direct, out-of-pocket expenses, will pay a services fee to Liberty Media under the services agreement that is subject to adjustment quarterly, as necessary. Under the facilities sharing agreement, Liberty Live will share office space with Liberty Media and related amenities at Liberty Media's corporate headquarters. The aircraft time sharing agreements will provide for Liberty Media to lease certain aircraft that it or its subsidiaries own to Liberty Live for use on a periodic, non-exclusive time sharing basis.

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#### LIBERTY LIVE HOLDINGS, INC.

#### N otes to the Combined Financial Statements
A portion of Liberty Media's general and administrative expenses, including legal, tax, accounting, treasury and investor relations support was previously allocated to the Liberty Live Group each reporting period based on an estimate of time spent. The Liberty Live Group paid $5.2 million and $5.9 million during the years ended December 31, 2024 and 2023, respectively, for shared services and other directly incurred expenses, which are reflected in the combined statements of operations in selling, general and administrative expenses. Following the Split-Off, we anticipate the amount allocated to Liberty Live through the Ancillary Agreements to be approximately $7.5 million annually. Liberty Live expects to incur additional corporate overhead expenses primarily related to being a standalone public company of approximately $8.0 million annually.

(2) #### Summary of Significant Accounting Policies

#### Cash and Cash Equivalents
The Company maintains cash deposits with financial institutions that at times may exceed federally insured limits. The Company maintains deposits held in money market fund accounts that are measured at fair value (level 1). The balance held in money market funds as of December 31, 2024 and 2023, was $335,345 thousand and $304,178 thousand, respectively.

#### Prepaid Assets
Quint has prepaid assets that primarily consist of pre-purchased event tickets along with other prepaid assets related to delivering experiential programs to its customers. In the event that Quint cannot utilize the prepaid assets or to the extent such assets will be sold at an amount that is less than the cost to purchase, Quint records an impairment expense through cost of revenue in the combined statements of operations.

#### Assets and Liabilities Measured at Fair Value
For assets and liabilities required to be reported at fair value, GAAP provides a hierarchy that prioritizes inputs to valuation techniques used to measure fair value into three broad levels. Level 1 inputs are quoted market prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 inputs are inputs, other than quoted market prices included within Level 1, that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability.

#### Accounts Receivable and Contract Assets, net of Allowance for Credit Losses
An account receivable is recorded when there is an unconditional right to consideration based on a contract with a customer. For certain types of contracts with customers, the Company may recognize revenue in advance of the contractual right to invoice the customer, resulting in an amount recorded to contract assets. Once the Company has an unconditional right to consideration under these contracts, the contract assets are reclassified to accounts receivable.

The Company applies the expected credit loss methodology in estimating its allowance for credit losses by first considering historical losses and adding consideration of current market conditions, the customers' financial condition, the amount of receivables in dispute, the current receivables aging and current payment patterns. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company does not have any off-balance-sheet credit exposure related to its customers.

A summary of activity in the allowance for credit losses is as follows:

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#### LIBERTY LIVE HOLDINGS, INC.

#### N otes to the Combined Financial Statements

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Balance <br> beginning <br> of year**  | **Additions <br> Charged <br> to expense**  | **Deductions- <br> write-offs**  | **Balance <br> end of <br> year**  |
|  | **amounts in thousands**  | **amounts in thousands**  | **amounts in thousands**  | **amounts in thousands**  |
| 2024  | $— | 2517 | (1135) | 1382 |
| 2023  | $— |  |  |  |

---

#### Derivative Instruments and Hedging Activities
All of the Company's derivatives, whether designated in hedging relationships or not, are recorded on the balance sheet at fair value. If the derivative is designated as a fair value hedge, the changes in the fair value of the derivative and of the hedged item attributable to the hedged risk are recognized in earnings. If the derivative is designated as a cash flow hedge, the effective portions of changes in the fair value of the derivative are recorded in other comprehensive earnings and are recognized in the statements of operations when the hedged item affects earnings. Ineffective portions of changes in the fair value of cash flow hedges are recognized in earnings. If the derivative is not designated as a hedge, changes in the fair value of the derivative are recognized in earnings.

The Company generally enters into derivative contracts that it intends to designate as a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability (cash flow hedge). For all hedging relationships, the Company formally documents the hedging relationship and its risk management objective and strategy for undertaking the hedge, the hedging instrument, the hedged item, the nature of the risk being hedged, how the hedging instrument's effectiveness in offsetting the hedged risk will be assessed prospectively and retrospectively, and a description of the method of measuring ineffectiveness. The Company also formally assesses, both at the hedge's inception and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting cash flows of hedged items. Changes in the fair value of a derivative that is highly effective and that is designated and qualifies as a cash flow hedge are recorded in accumulated other comprehensive income to the extent that the derivative is effective as a hedge, until earnings are affected by the variability in cash flows of the designated hedged item. The ineffective portion of the change in fair value of a derivative instrument that qualifies as a cash flow hedge is reported in earnings.

#### Investments in equity securities
All marketable equity securities held by the Company are carried at fair value, generally based on quoted market prices and changes in the fair value of such securities are reported in realized and unrealized gain (losses) on financial instruments in the accompanying combined statements of operations. The Company elected the measurement alternative (defined as the cost of the security, adjusted for changes in fair value when there are observable prices, less impairments) for its equity securities without readily determinable fair values.

The Company performs a qualitative assessment for equity securities without readily determinable fair values each reporting period to determine whether the security could be impaired. If the qualitative assessment indicates that an impairment could exist, we estimate the fair value of the investments, and, to the extent the security's fair value is less than its carrying value, an impairment is recorded in the combined statements of operations.

#### Investments in equity affiliates, accounted for using the equity method
For those investments in affiliates in which the Company has the ability to exercise significant influence, the equity method of accounting is used. Under this method, the investment, originally recorded at cost, is adjusted to recognize the Company's share of net earnings or losses of the affiliate as they occur rather than as dividends or other distributions are received. Losses are limited to the extent of the Company's investment in, advances to and commitments for the equity method investee. The Company determines the difference

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#### LIBERTY LIVE HOLDINGS, INC.

#### N otes to the Combined Financial Statements
between the purchase price of the equity method investee and the underlying equity which results in an excess basis in the investment. When applicable, this excess basis is allocated to the underlying assets and liabilities of the Company's equity method investee through an acquisition accounting exercise and is allocated within memo accounts used for equity method accounting purposes. Depending on the applicable underlying assets, these amounts are either amortized over the applicable useful lives or determined to be indefinite lived. In the event the Company is unable to obtain accurate financial information from an equity affiliate in a timely manner, the Company records its share of earnings or losses of such affiliate on a lag.

Changes in the Company's proportionate share of the underlying equity of an equity method investee, which result from the issuance of additional equity securities by such equity method investee, are recognized in the statement of operations through the Gain (loss) on dilution of investment in affiliate line item. We periodically evaluate our equity method investment to determine if decreases in fair value below our cost basis are other than temporary. If a decline in fair value is determined to be other than temporary, we are required to reflect such decline in our combined statements of operations. Other than temporary declines in fair value of our equity method investment would be included in Share of earnings (losses) of affiliates in our combined statements of operations.

The primary factors we consider in our determination of whether declines in fair value are other than temporary are the length of time that the fair value of the investment is below our carrying value; the severity of the decline; and the financial condition, operating performance and near term prospects of the equity method investee. In addition, we consider the reason for the decline in fair value, be it general market conditions, industry specific or equity method investee specific; analysts' ratings and estimates of 12 month share price targets for the equity method investee; changes in stock price or valuation subsequent to the balance sheet date; and our intent and ability to hold the investment for a period of time sufficient to allow for a recovery in fair value.

As Liberty Live does not control the decision making process or business management practices of our affiliates accounted for using the equity method, Liberty Live relies on management of its affiliates to provide it with accurate financial information prepared in accordance with GAAP that the Company uses in the application of the equity method. In addition, Liberty Live relies on the audit reports that are provided by the affiliates' independent auditors on the financial statements of such affiliate. The Company is not aware, however, of any errors in or possible misstatements of the financial information provided by its equity affiliates that would have a material effect on Liberty Live's combined financial statements. See note 6 for additional discussion regarding our investment in Live Nation.

#### Intangible Assets
Goodwill is not amortized, but instead is tested for impairment at least annually. The annual impairment assessment of the Company's goodwill is performed during the fourth quarter of each year, or more frequently if events and circumstances indicate impairment may have occurred.

The accounting guidance permits entities to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the quantitative goodwill impairment test. The accounting guidance also allows entities the option to bypass the qualitative assessment for any reporting unit in any period and proceed directly to the quantitative impairment test. The entity may resume performing the qualitative assessment in any subsequent period.

In evaluating goodwill on a qualitative basis, the Company reviews the business performance of each reporting unit and evaluates other relevant factors as identified in the relevant accounting guidance to determine whether it is more likely than not that an indicated impairment exists for any of our reporting units. The Company considers whether there are any negative macroeconomic conditions, industry specific conditions, market changes, increased competition, increased costs in doing business, management challenges, the legal environments and how these factors might impact company specific performance in future periods. As part of the analysis, the Company also considers fair value determinations for certain

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#### LIBERTY LIVE HOLDINGS, INC.

#### N otes to the Combined Financial Statements
reporting units that have been made at various points throughout the current and prior years for other purposes. If based on the qualitative analysis it is more likely than not that an impairment exists, the Company performs the quantitative impairment test.

The quantitative goodwill impairment test compares the estimated fair value of a reporting unit to its carrying value. Developing estimates of fair value requires significant judgments, including making assumptions about appropriate discount rates, perpetual growth rates, relevant comparable market multiples, public trading prices and the amount and timing of expected future cash flows. The cash flows employed in the Company's valuation analysis are based on management's best estimates considering current marketplace factors and risks as well as assumptions of growth rates in future years. There is no assurance that actual results in the future will approximate these forecasts. If the carrying value of a reporting unit exceeds its fair value, an impairment loss is recognized in an amount equal to that excess.

#### Rightsholder Relationships
Quint enters into contracts with various rightsholders to obtain the ability to utilize the rightsholders' intellectual property (logos, brand names, etc.) and to gain access to ticket inventory in order to sell event experiential packages under the rightsholders' brand. Generally, the contracts are multi-year arrangements in which Quint pays an annual fee to obtain the right to sell event experiential packages and separately purchases event tickets from the rightsholder. The annual fee Quint will pay over the contractual term to obtain the right to sell event experiential packages is capitalized and accounted for as an intangible asset along with a corresponding liability. All of Quint's rightsholder relationships were initially recorded at fair value as part of the acquisition of Quint (see note 4). Any event tickets purchased are included within prepaid assets on the combined balance sheets.

#### Impairment of Long-Lived Assets
Long-lived assets, such as property and equipment and intangible assets subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or an asset group be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying amount exceeds its fair value. The Company generally measures fair value by considering sale prices for similar assets or by discounting estimated future cash flows using an appropriate discount rate. Management judgment is necessary to estimate the fair value of asset groups. Accordingly, actual results could vary significantly from such estimates. Asset groups to be disposed of are carried at the lower of their financial statement carrying amount or fair value less costs to sell.

#### Revenue Recognition
The Company recognizes revenue in accordance with Accounting Standards Codification Topic 606, *Revenue from Contracts with Customers*. Sales, value add, and other taxes, when collected concurrently with revenue producing activities, are excluded from revenue. Incremental costs of obtaining a contract are expensed when the amortization period of the asset is one year or less. To the extent the incremental costs of obtaining a contract relate to a period greater than one year, the Company capitalizes and amortizes such incremental costs in a manner that is consistent with the transfer to the customer of the goods or services to which the asset relates. If, at contract inception, we determine the time period between when we transfer a promised good or service to a customer and when the customer pays us for that good or service is one year or less, we do not adjust the promised amount of consideration for the effects of a significant financing component. To the extent that an event is cancelled and the Company can't deliver on its performance obligation, the Company will provide a credit to the customer to be used towards a future event.

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#### LIBERTY LIVE HOLDINGS, INC.

#### N otes to the Combined Financial Statements
 *Nature of Service and Products* 

Quint generates revenue primarily through ticket sales and event package sales. Event packages are generally comprised of two or more of the following product offerings: hotels, tickets, event experiences and transportation. Revenue is recognized when, or as, performance obligations under the terms of a contract are satisfied, which generally occurs when, or as, control of the promised products or services are transferred to customers. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products or services to a customer (transaction price). Revenue from ticket sales and event package sales is recognized over time as the events occur.

 *Arrangements with Multiple Performance Obligations* 

Contracts with customers may contain multiple performance obligations. For such arrangements, the transaction price is allocated to each performance obligation based on the estimated relative stand-alone selling prices of the promised products or services underlying each performance obligation. The Company determines stand-alone selling prices based on the price at which the performance obligation is sold separately. If the standalone selling price is not observable, the Company estimates the stand-alone selling price considering available information, such as market conditions and internal pricing guidelines related to the performance obligations.

 *Contract Balances* 

When consideration is received from a customer prior to transferring services to the customer under the terms of a contract, deferred revenue is recorded. Quint's customers generally pay for services in advance of the performance obligation and therefore these prepayments are recorded as deferred revenue. The deferred revenue is recognized as revenue in the accompanying combined statements of operations as the services are provided.

As of both January 1, 2024 and 2023, the Company had total deferred revenue of zero. Subsequent to the acquisition of Quint on January 2, 2024, the Company had total deferred revenue of $122,620 thousand. During the year ended December 31, 2024, $122,031 thousand was recognized as revenue. Changes in the deferred revenue balance for the Company during 2024 were not materially impacted by other factors.

A portion of the total transaction price is related to undelivered performance obligations that are under contractual arrangements that extend beyond one year. The Company anticipates recognizing revenue from the delivery of such performance obligations of approximately $7,236 thousand in 2025, and all amounts in years thereafter are considered immaterial.

 *Principal versus Agent* 

The Company reports revenue on a gross or net basis based on management's assessment of whether the Company acts as a principal or agent in the transaction. The determination of whether the Company acts as a principal or an agent in a transaction is based on an evaluation of whether the Company controls the good or service before transfer to the customer. When the Company concludes that it controls the good or service before transfer to the customer, the Company is considered a principal in the transaction and records revenue on a gross basis. When the Company concludes that it does not control the good or service before transfer to the customer but arranges for another entity to provide the good or service, the Company acts as an agent and records revenue on a net basis in the amount it earns for its agency service. Quint primarily acts as the principal for its ticket sales, hotels, event experiences and transportation as in most cases it purchases these items and bears the risk of loss, therefore, the related revenues and costs are recorded on a gross basis. For arrangements where Quint acts as the agent, the related revenues and costs are recorded on a net basis.

 *Practical Expedients* 

The Company applies certain practical expedients as permitted and does not disclose information about remaining performance obligations that have original expected durations of one year or less,

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#### LIBERTY LIVE HOLDINGS, INC.

#### N otes to the Combined Financial Statements
information about revenue remaining from usage based performance obligations that are recognized over time as-invoiced. The majority of the Company's performance obligations have expected durations of one year or less.

#### Advertising Costs
Advertising costs are expensed as incurred. Advertising costs aggregated $4,314 thousand and zero for the years ended December 31, 2024 and 2023, respectively, and were recorded in the selling, general and administrative expenses line in the combined statements of operations.

#### Stock-Based Compensation
As more fully described in note 10, Liberty Media has granted to its directors, employees and employees of Liberty Media, certain equity-classified awards (collectively, "Awards"). The Company measures the cost of employee services received in exchange for Awards based on the grant date fair value of the Award, and recognizes that cost over the period during which the employee is required to provide service (usually the vesting period of the Awards). The Company estimates grant date fair value using the Black-Scholes valuation model. During the years ended December 31, 2024 and 2023, the Company recorded stock-based compensation expense of $11,007 thousand and $2,053 thousand, respectively. For the year ended December 31, 2024, $7,165 thousand was included in cost of revenue (see note 4), and $3,842 thousand was included in selling, general and administrative expense in the combined statements of operations. For the year ended December 31, 2023, $2,053 thousand was included in selling, general and administrative expense in the combined statements of operations.

#### Income Taxes
Income taxes are accounted for under the asset-and-liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Net deferred tax assets are then reduced by a valuation allowance if the Company believes it is more likely than not such net deferred tax assets will not be realized. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs.

#### Pro Forma Earnings (Loss) per Share
Unaudited pro forma earnings (loss) per common share is computed by dividing net earnings (loss) by 91,833 thousand common shares, which is the aggregate number of shares of Series A Liberty Live Group common stock, Series B Liberty Live Group common stock and Series C Liberty Live Group common stock that would have been issued if the separation had occurred on December 31, 2024, based on the number of shares of each series of Liberty Live Group common stock outstanding as of December 31, 2024.

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| | |
|:---|:---|
| | **Year ended <br> December 31, 2024**  |
|  | **amounts in thousands, <br> except per share amounts**  |
| Net earnings (loss)  | $(112764) |
| Pro Forma shares outstanding  | 91833 |
| &nbsp;&nbsp;&nbsp; Unaudited pro forma net earnings (loss) per share  | $(1.23) |

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#### LIBERTY LIVE HOLDINGS, INC.

#### N otes to the Combined Financial Statements

#### Article I. Estimates
The preparation of combined financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the combined financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The Company considers (i) application of the equity method of accounting for investments in affiliates (ii) fair value of non-financial instruments and (iii) accounting for income taxes to be its most significant estimates.

#### Loss Contingencies
Periodically, we review the status of all significant outstanding matters to assess any potential financial exposure. When it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated, we record the estimated loss in our combined statements of operations. We provide disclosure in the notes to the combined financial statements for loss contingencies that do not meet both these conditions if there is a reasonable possibility that a loss may have been incurred that would be material to the financial statements. Significant judgment is required to determine the probability that a liability has been incurred and whether such liability is reasonably estimable. We base accruals made on the best information available at the time which can be highly subjective. The final outcome of these matters could vary significantly from the amounts included in the accompanying combined financial statements.

#### Foreign Currency Translation
The functional currency of the Company is the U.S. Dollar. The functional currency of the Company's foreign operations generally is the applicable local currency for each foreign subsidiary. Assets and liabilities of foreign subsidiaries are translated at the spot rate in effect at the applicable reporting date, and the combined statements of operations are translated at the average exchange rates in effect during the applicable period. The resulting unrealized cumulative translation adjustment, net of applicable income taxes, is recorded as a component of accumulated other comprehensive earnings (loss) in stockholders' equity.

Transactions denominated in currencies other than the functional currency are recorded based on exchange rates at the time such transactions arise. Subsequent changes in exchange rates result in transaction gains and losses which are reflected in the accompanying combined statements of operations and comprehensive earnings (loss) as unrealized (based on the applicable period-end exchange rate) or realized upon settlement of the transactions. These realized and unrealized gains and losses are reported in the other, net line item in the combined statements of operations.

#### Comprehensive Earnings (Loss)
Comprehensive earnings (loss) consists of net earnings (loss), comprehensive earnings (loss) attributable to debt credit risk adjustments, foreign currency translation adjustments, and the Company's share of the comprehensive earnings (loss) of our equity method affiliates.

#### Noncontrolling Interests
The Company reports noncontrolling interests of subsidiaries within equity in the balance sheet and the amount of consolidated net income (loss) attributable to the Parent and to the noncontrolling interest is presented in the statement of operations. Also, changes in ownership interests in subsidiaries in which the Company maintains a controlling interest are recorded in equity.

#### Recent Accounting Pronouncements
In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, *Improvements to Income Tax Disclosures* ("ASU 2023-09"), which requires more detailed income tax disclosures. ASU 2023-09 requires entities to disclose disaggregated information about their effective tax rate reconciliation as well as

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#### LIBERTY LIVE HOLDINGS, INC.

#### N otes to the Combined Financial Statements
expanded information on income taxes paid by jurisdiction. The disclosure requirements will be applied on a prospective basis, with the option to apply them retrospectively. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is in the process of evaluating the disclosure requirements related to ASU 2023-09.

 *In November 2024, the FASB issued ASU 2024-03, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which expands disclosures about specific expense categories at interim and annual reporting periods. The standard is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is in the process of evaluating the impact of the new standard on the related disclosures.* 

#### Recently Adopted Accounting Pronouncements
In November 2023, the FASB issued Accounting Standards Update 2023-07, *Improvements to Reportable Segment Disclosures* ("ASU 2023-07"), which is intended to improve reportable segment disclosure requirements, primarily through additional disclosures about significant segment expenses. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. ASU 2023-07 should be applied retrospectively to all prior periods presented in the financial statements. The Company adopted ASU 2023-07 as of December 31, 2024. See note 14, Segment Information, for further details.

(3) #### Supplemental Disclosures to the Combined Statement of Cash Flows

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| | | |
|:---|:---|:---|
| | **December 31,**  | **December 31,**  |
| | **2024**  | **2023**  |
|  | **amounts in thousands**  | **amounts in thousands**  |
| Cash paid for acquisitions: |  |  |
| &nbsp;&nbsp;&nbsp; Fair value of assets acquired  | $66479 |  |
| &nbsp;&nbsp;&nbsp; Intangible assets not subject to amortization  | 194270 |  |
| &nbsp;&nbsp;&nbsp; Intangible assets subject to amortization  | 170078 |  |
| &nbsp;&nbsp;&nbsp; Net liabilities assumed  | (206052) |  |
| &nbsp;&nbsp;&nbsp; Deferred tax assets (liabilities)  | (19564) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash paid (received) for acquisitions, net of cash acquired  | $205211 |  |
| Cash paid for interest  | $29619 | 13823 |
| Cash paid (refunds received) for income taxes  | $(1330) |  |

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(4) #### Acquisition
On January 2, 2024, the Company completed the acquisition of 100% of the equity interest in Quint. The total consideration transferred was $271.5 million, comprised of $257.1 million of cash and $14.4 million of replacement warrants. In connection with the acquisition, the Company issued replacement warrants valued in total at $21,499 thousand, of which, $14,334 thousand was included as part of the total consideration transferred and $7,165 thousand related to the post acquisition period. The $7,165 thousand in replacement warrants value related to the post acquisition period was expensed immediately in the combined statement of operations given there was no further vesting required. Such amount is recorded as stock-based compensation included within cost of revenue in the combined statements of operations.

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#### LIBERTY LIVE HOLDINGS, INC.

#### N otes to the Combined Financial Statements
The final acquisition price allocation for Quint is as follows (amounts in thousands):

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| | |
|:---|:---|
| Cash and cash equivalents  | $66259 |
| Receivables  | 24783 |
| Goodwill  | 194270 |
| Intangible assets subject to amortization  | 170078 |
| Other assets  | 41696 |
| Deferred revenue  | (122620) |
| Other liabilities assumed  | (83432) |
| Deferred tax liabilities  | (19564) |
| &nbsp;&nbsp;&nbsp; Total purchase consideration  | $271470 |

---

Goodwill is calculated as the excess of the consideration transferred over the identifiable net assets acquired and represents the future economic benefits expected to arise from other intangible assets acquired that do not qualify for separate recognition, including assembled workforce, value associated with future customers, continued innovation and noncontractual relationships. Quint amortizable intangible assets were comprised of rightsholder relationships and other intangible assets of $166.4 million and $3.7 million with a weighted average remaining life of approximately 9.3 years and 1.1 years, respectively. Approximately $92.6 million of acquired goodwill is expected to be deductible for tax purposes. As of December 31, 2024, the valuation related to the Quint acquisition price allocation is final.

Included in net earnings (loss) for the year ended December 31, 2024 are losses of $81.1 million related to Quint's operations since the date of acquisition.

The unaudited pro forma revenue and net earnings of the Company, prepared utilizing the historical financial statements of Quint, giving effect to acquisition accounting related adjustments made at the time of acquisition, as if the acquisition of Quint discussed above occurred on January 1, 2023, are as follows:

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| | |
|:---|:---|
| | **Year ended <br> December 31, 2023**  |
|  | **amounts in thousands**  |
| Revenue  | $347219 |
| Net earnings (loss)  | $(129883) |
| Net earnings (loss) attributable to Liberty Live  | $(128920) |

---

The pro forma results include adjustments primarily related to the amortization of acquired intangible assets, as well as a non-recurring adjustment related to the replacement warrants discussed above. The pro forma information is not representative of the Company's future results of operations nor does it reflect what the Company's results of operations would have been if the acquisition of Quint had occurred previously and the Company consolidated Quint during the periods presented.

(5) #### Fair Value Measurement
For assets and liabilities required to be reported at fair value, GAAP provides a hierarchy that prioritizes inputs to valuation techniques used to measure fair value into three broad levels. Level 1 inputs are quoted market prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 inputs are inputs, other than quoted market prices included within Level 1, that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability. The Company does not have any recurring assets or liabilities measured at fair value that would be considered Level 3.

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#### LIBERTY LIVE HOLDINGS, INC.

#### N otes to the Combined Financial Statements

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024**  | **December 31, 2024**  | **December 31, 2024**  | **December 31, 2023**  | **December 31, 2023**  | **December 31, 2023**  |
| **Description**  | **Total**  | **Quoted prices <br> in active <br> markets for <br> identical assets <br> (Level 1)**  | **Significant <br> other <br> observable inputs <br> (Level 2)**  | **Total**  | **Quoted prices <br> in active <br> markets for <br> identical assets <br> (Level 1)**  | **Significant <br> other <br> observable <br> inputs <br> (Level 2)**  |
|  | **amounts in thousands**  | **amounts in thousands**  | **amounts in thousands**  | **amounts in thousands**  | **amounts in thousands**  | **amounts in thousands**  |
| Cash equivalents  | $335345 | 335345 |  | 304178 | 304178 |  |
| Equity securities  |  |  |  | 113047 | 113047 |  |
|  Financial instrument liabilities  |  |  |  | 7833 |  | 7833 |
| Debt  | $1556399 |  | 1556399 | 1316617 |  | 1316617 |

---

Liberty Live's Level 2 financial instruments are debt related instruments and derivative instruments. These liabilities are not always traded publicly or not considered to be traded on "active markets," as defined in GAAP. The fair values for such instruments are derived from a typical model using observable market data as the significant inputs or a trading price of a similar liability is utilized. The fair value of debt related instruments are based on quoted market prices but not considered to be traded on "active markets," as defined by GAAP. Accordingly, those financial instruments and debt or debt related instruments are reported in the foregoing table as Level 2 fair value.

Financial instrument liabilities are included in other current liabilities on the combined balance sheet as of December 31, 2023.

#### Realized and Unrealized Gains (Losses) on Financial Instruments, net
Realized and unrealized gains (losses) on financial instruments, net are comprised of changes in the fair value of the following:

---

| | | |
|:---|:---|:---|
| | **Years ended December 31,**  | **Years ended December 31,**  |
| | **2024**  | **2023**  |
|  | **amounts in thousands**  | **amounts in thousands**  |
| Equity securities  | $(7136) | 23107 |
| Financial instrument liabilities  | (11716) | (4494) |
| Debt  | (243881) | (245040) |
|  | $(262733) | (226427) |

---

The Company uses the measurement alternative (defined as the cost of the security, adjusted for changes in fair value when there are observable prices, less impairments) for its equity securities without readily determinable fair values. For such securities the downward adjustments for the years ended December 31, 2024 and 2023 were $11,402 thousand and $1,084 thousand, respectively, and the cumulative downward adjustments as of December 31, 2024 were $14,241 thousand. The upward adjustments for the years ended December 31, 2024 and 2023 were not material, and the cumulative upward adjustments as of December 31, 2024 were $127,113 thousand. Impairments for the years ended December 31, 2024 and 2023 were $10,630 thousand and zero, respectively, and the cumulative impairments as of December 31, 2024 were $10,630 thousand.

The Company elected to account for its exchangeable senior debentures (as described in note 8) using the fair value option. Changes in the fair value of the exchangeable senior debentures recognized in the combined statements of operations are due to market factors primarily driven by changes in the risk-free rate and in the fair value of the underlying shares into which the debt is exchangeable. The Company isolates the portion of the unrealized gain (loss) attributable to changes in the instrument specific credit risk and

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#### LIBERTY LIVE HOLDINGS, INC.

#### N otes to the Combined Financial Statements
recognizes such amount in other comprehensive earnings (loss). During the year ended December 31, 2024, the Company recognized $1,743 thousand of previously unrecognized gains related to the retirement of a portion of the 0.5% Exchangeable Senior Debentures, which was recognized through realized and unrealized gains (losses) on financial instruments, net on the combined statement of operations. The change in the fair value of the exchangeable senior debentures and convertible notes attributable to changes in the instrument specific credit risk before tax was a loss of $69,129 thousand and gain of $36,441 thousand for the years ended December 31, 2024 and 2023, respectively. The cumulative change since issuance was a loss of $34,189 thousand as of December 31, 2024, net of the recognition of previously unrecognized gains and losses.

(6) #### Investments in Affiliates Accounted for Using the Equity Method
The following table includes the Company's carrying amount and percentage ownership of its investments in affiliates:

---

| | | | |
|:---|:---|:---|:---|
| | **December 31, 2024**  | **December 31, 2024**  | **December 31, 2023**  |
| | **Percentage <br> Ownership**  | **Carrying <br> amount**  | **Carrying <br> amount**  |
|  | **amounts in thousands**  | **amounts in thousands**  | **amounts in thousands**  |
| Live Nation  | 30%  | $417751 | 291031 |
| Other  | various  | 12684 | 14218 |
| &nbsp;&nbsp;&nbsp; Total  |  | $430435 | 305249 |

---

The following table presents the Company's share of earnings (losses) of affiliates:

---

| | | |
|:---|:---|:---|
| | **Years ended December 31,**  | **Years ended December 31,**  |
| | **2024**  | **2023**  |
|  | **amounts in thousands**  | **amounts in thousands**  |
| Live Nation  | $239449 | 140917 |
| Other  | (1783) | (700) |
| &nbsp;&nbsp;&nbsp; Total  | $237666 | 140217 |

---

#### Live Nation
Live Nation is considered the world's leading live entertainment company and seeks to innovate and enhance the live entertainment experience for artists and fans before, during and after the show. As of December 31, 2024, the market value of Liberty Live's ownership in Live Nation was approximately $9.0 billion.

The excess basis has been allocated within memo accounts used for equity method accounting purposes as follows:

---

| | | |
|:---|:---|:---|
| | **Years ended December 31,**  | **Years ended December 31,**  |
| | **2024**  | **2023**  |
|  | **amounts in thousands**  | **amounts in thousands**  |
| Amortizable assets  | $124601 | 112673 |
| Nonamortizable assets  | 279300 | 227674 |
| Deferred taxes and other assets  | (38414) | (33434) |
|  | $365487 | 306913 |

---

Amortizable intangible assets have a weighted average remaining useful life of approximately 6.5 years. The increase in excess basis for the year ended December 31, 2024 was primarily due to the Company's share of certain of Live Nation's equity activity partially offset by an increase in amortization on the value

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#### LIBERTY LIVE HOLDINGS, INC.

#### N otes to the Combined Financial Statements
ascribed to amortizable intangibles. Included in our shares of earnings from Live Nation of $239,449 thousand and $140,917 thousand for the years ended December 31, 2024 and 2023, respectively, are $31,233 thousand and $28,785 thousand, respectively of losses, net of related taxes, due to the amortization of the excess basis related to assets with identifiable useful lives.

Summarized financial information for Live Nation is as follows:

#### Consolidated Balance Sheets

---

| | | |
|:---|:---|:---|
| | **December 31,**  | **December 31,**  |
| | **2024**  | **2023**  |
|  | **amounts in millions**  | **amounts in millions**  |
| Current assets  | $9290 | 9533 |
| Property, plant and equipment, net  | 2442 | 2101 |
| Intangible assets  | 1366 | 1539 |
| Goodwill  | 2621 | 2691 |
| Investments in affiliates, accounted for using the equity method  | 504 | 447 |
| Other assets  | 3416 | 2719 |
| &nbsp;&nbsp;&nbsp; Total assets  | $19639 | 19030 |
| Current liabilities  | $9358 | 9984 |
| Long-term debt, net  | 6177 | 5459 |
| Other liabilities  | 2159 | 2175 |
| Redeemable noncontrolling interests  | 1126 | 860 |
| Equity  | 819 | 552 |
| &nbsp;&nbsp;&nbsp; Total liabilities and equity  | $19639 | 19030 |

---

#### Consolidated Statements of Operations

---

| | | |
|:---|:---|:---|
| | **Years ended December 31,**  | **Years ended December 31,**  |
| | **2024**  | **2023**  |
|  | **amounts in millions**  | **amounts in millions**  |
| Revenue  | $23156 | 22726 |
| Operating expenses: |  |  |
| &nbsp;&nbsp;&nbsp; Direct operating expenses  | (17328) | (17251) |
| &nbsp;&nbsp;&nbsp; Selling, general and administrative expenses  | (4096) | (3557) |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization  | (550) | (517) |
| &nbsp;&nbsp;&nbsp; Other operating expenses  | (357) | (316) |
| Operating income (loss)  | 825 | 1085 |
| Interest expense  | (326) | (350) |
| Interest income  | 156 | 238 |
| Other income (expense), net  | 84 | (60) |
| &nbsp;&nbsp;&nbsp; Earnings (loss) before income taxes  | 739 | 913 |
| Income tax (expense) benefit  | 392 | (209) |
| &nbsp;&nbsp;&nbsp; Net earnings (loss)  | 1131 | 704 |
| Less net earnings (loss) attributable to noncontrolling interests  | 235 | 147 |
| &nbsp;&nbsp;&nbsp; Net earnings (loss) attributable to Live Nation stockholders  | $896 | 557 |

---

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#### LIBERTY LIVE HOLDINGS, INC.

#### N otes to the Combined Financial Statements
(7) #### Goodwill and Intangible Assets

#### Goodwill
Changes in the carrying amount of goodwill are as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Quint**  | **Corporate and <br> Other**  | **Total**  |
|  | **amounts in thousands**  | **amounts in thousands**  | **amounts in thousands**  |
| Balance at January 1, 2024  | $— |  |  |
| &nbsp;&nbsp;&nbsp; Acquisition<sup>(1)</sup>  | 194270 |  | 194270 |
| &nbsp;&nbsp;&nbsp; Impairments<sup>(2)</sup>  | (67066) |  | (67066) |
| &nbsp;&nbsp;&nbsp; Foreign currency translation adjustments  | (1709) |  | (1709) |
| Balance at December 31, 2024  | $125495 |  | 125495 |

---

(1) See note 4 to the accompanying combined financial statements for additional information about the acquisition of Quint.

(2) See discussion of the impairment to Quint below.

#### Intangible Assets Subject to Amortization
Intangible assets subject to amortization are comprised of the following:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024**  | **December 31, 2024**  | **December 31, 2024**  | **December 31, 2023**  | **December 31, 2023**  | **December 31, 2023**  |
| | **Gross <br> carrying <br> amount**  | **Accumulated <br> amortization**  | **Net <br> carrying <br> amount**  | **Gross <br> carrying <br> amount**  | **Accumulated <br> amortization**  | **Net <br> carrying <br> amount**  |
|  | **amounts in thousands**  | **amounts in thousands**  | **amounts in thousands**  | **amounts in thousands**  | **amounts in thousands**  | **amounts in thousands**  |
| Rightsholder relationships  | $166400 | (25483) | 140917 |  |  |  |
| Licensing agreements  | 4463 | (3725) | 738 |  |  |  |
| Capitalized software  | 2382 | (2255) | 127 |  |  |  |
| &nbsp;&nbsp;&nbsp; Total  | $173245 | (31463) | 141782 |  |  |  |

---

Rightsholder relationships are amortized over 8 to 13 years, and licensing agreements are amortized over 3 to 4 years. Capitalized software is amortized over 3 years. Amortization expense was $26,883 thousand and zero for the years ended December 31, 2024 and 2023, respectively. Based on its amortizable intangible assets as of December 31, 2024, Liberty Live expects that amortization expense will be as follows for the next five years (amounts in thousands):

---

| | |
|:---|:---|
| 2025  | $26244 |
| 2026  | $25451 |
| 2027  | $18696 |
| 2028  | $17532 |
| 2029  | $16033 |

---

#### Impairments
The Company performed a quantitative analysis of the reporting units that comprise the Quint reportable segment during the fourth quarter of 2024. Based on near-term business trends and their impact on long-term assumptions, we concluded that the estimated fair values of certain of Quint's reporting units

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#### LIBERTY LIVE HOLDINGS, INC.

#### N otes to the Combined Financial Statements
were less than their respective carrying values. As a result, the Company recognized a goodwill impairment loss of $67,066 thousand during the year ended December 31, 2024. The fair value was determined using a discounted cash flow (income approach) calculation (Level 3).

Based on the impairment losses recorded, the estimated fair values of certain reporting units that comprise the Quint reportable segment do not significantly exceed their carrying values as of December 31, 2024. As of December 31, 2024 the Company had accumulated goodwill impairment losses of $67,066 thousand attributed to Quint.

(8) #### Debt
Debt is summarized as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Outstanding <br> principal <br> December 31, <br> 2024**  | **Carrying value**  | **Carrying value**  |
| | **Outstanding <br> principal <br> December 31, <br> 2024**  | **December 31, <br> 2024**  | **December 31, <br> 2023**  |
|  | **amounts in thousands**  | **amounts in thousands**  | **amounts in thousands**  |
| 0.50% Exchangeable Debentures due 2050  | $— |  | 69269 |
| 2.375% Exchangeable Debentures due 2053  | 1150000 | 1556399 | 1247348 |
| Live Nation Margin Loan  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total debt  | $1150000 | 1556399 | 1316617 |
| &nbsp;&nbsp;&nbsp; Less debt classified as current  |  |  | (69269) |
| &nbsp;&nbsp;&nbsp; Total long-term debt  |  | $1556399 | 1247348 |

---

#### 0.5% Exchangeable Senior Debentures due 2050
In November 2020, Liberty Media closed a private offering of approximately $920 million aggregate principal amount of its 0.5% exchangeable senior debentures due 2050 (the "0.5% Exchangeable Senior Debentures due 2050"). Upon an exchange of debentures, pursuant to a supplemental indenture entered into in July 2024, Liberty Media delivered solely cash to satisfy its exchange obligations. The number of shares of Live Nation common stock attributable to a debenture represented an initial exchange price of approximately $90.10 per share. Interest was payable quarterly on March 1, June 1, September 1 and December 1 of each year. During the year ended December 31, 2023, Liberty paid approximately $918.5 million to repurchase $857.6 million aggregate principal amount of the debentures. Holders of the debentures had the right to require Liberty to purchase their debentures on September 1, 2024. In August 2024, Liberty issued a redemption notice for all of its 0.5% Exchangeable Senior Debentures due 2050. Any debentures that were not so purchased or properly surrendered for exchange were redeemed in full on September 1, 2024. Settlement of any debentures properly surrendered for exchange was completed in October 2024. Pursuant to a supplemental indenture entered into in July 2024, Liberty delivered cash to satisfy its exchange obligations. During the year ended December 31, 2024, Liberty paid approximately $71.5 million to settle the remaining 0.5% Exchangeable Senior Debentures due 2050. Liberty elected to account for the debentures using the fair value option. See note 5 for information related to unrealized gains (losses) on debt measured at fair value.

#### 2.375% Exchangeable Senior Debentures due 2053
In September 2023, Liberty Media closed a private offering of approximately $1,150 million aggregate principal amount of its 2.375% exchangeable senior debentures due 2053 (the "2.375% Exchangeable Senior Debentures"). Upon an exchange of debentures, Liberty Media, at its option, may deliver Live Nation common stock, cash or a combination of Live Nation common stock and/or cash. The number of shares of Live Nation common stock attributable to a debenture represents an initial exchange price of approximately $104.91 per share. A total of approximately 11 million shares of Live Nation common stock are attributable to the debentures. Interest is payable quarterly in arrears on March 31, June 30, September 30 and

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#### LIBERTY LIVE HOLDINGS, INC.

#### N otes to the Combined Financial Statements
December 31 of each year. The debentures may be redeemed by Liberty Media, in whole or in part, on or after September 30, 2028. Holders of the debentures also have the right to require Liberty Media to purchase their debentures on September 30, 2028. The redemption and purchase price will generally equal 100% of the adjusted principal amount of the debentures plus accrued and unpaid interest to the redemption date, plus any final period distribution. Liberty has elected to account for the debentures using the fair value option. See note 5 for information related to unrealized gains (losses) on debt measured at fair value.

The assumption of the Debentures by Liberty Live in connection with the Split-Off entitles the holders of the Debentures, for a brief period after the Split-Off, to the right to either put at par or exchange their Debentures for shares of Live Nation common stock, or an equivalent cash amount, at the election of Liberty Live, on the terms described in the indenture under which the Debentures were issued.

#### Live Nation Margin Loan
The Live Nation Margin Loan agreement is a $400 million revolving line of credit with a maturity date of September 9, 2026. The interest rate is Adjusted Term Secured Overnight Financing Rate plus 2.0%. The undrawn portion carries a commitment fee of 0.50% per annum. Interest on the margin loan is payable on the last business day of each calendar quarter. As of December 31, 2024, availability under the Live Nation Margin Loan was $400 million. As of December 31, 2024, 9.0 million shares of the Company's Live Nation common stock with a value of $1,162 million were pledged as collateral to the loan. The Live Nation Margin Loan contains various affirmative and negative covenants that restrict the activities of the borrower. The loan agreement does not include any financial covenants.

#### Five Year Maturities
As of December 31, 2024, there are no principal maturities of outstanding debt obligations for each of the next five years.

#### Fair Value of Debt
Due to the variable rate nature of the Live Nation Margin Loan, the carrying amount approximates fair value as of December 31, 2024.

(9) #### Income Taxes
Certain entities and activities attributed to Liberty Live were included in the federal combined income tax returns of Liberty Media during the periods presented. The tax provision included in these combined financial statements has been prepared on a stand-alone basis, as if Liberty Live was not part of the consolidated Liberty Media tax group. To the extent tax benefits of Liberty Live are utilized by Liberty Media, tax sharing payments are credited by Liberty Media to Liberty Live in accordance with Liberty Media's tax sharing policies. As of December 31, 2024, Liberty Live had deferred tax assets of $27,711 thousand related to net operating loss and interest expense carryforwards, which represent the amount of tax benefits generated by Liberty Live on a stand-alone basis. To the extent these tax benefits are not utilized by Liberty Live or Liberty Media prior to the Split-Off, the remaining balance of these deferred tax assets is expected to be reduced to zero and a tax sharing receivable (from Liberty Media) will be recorded.

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[**TABLE OF CONTENTS**](#TOC3)

#### LIBERTY LIVE HOLDINGS, INC.

#### N otes to the Combined Financial Statements
Income tax benefit (expense) consists of:

---

| | | |
|:---|:---|:---|
| | **Years ended December 31,**  | **Years ended December 31,**  |
| | **2024**  | **2023**  |
|  | **amounts in thousands**  | **amounts in thousands**  |
| Current: |  |  |
| &nbsp;&nbsp;&nbsp; Federal  | $— |  |
| &nbsp;&nbsp;&nbsp; State and local  |  |  |
| &nbsp;&nbsp;&nbsp; Foreign  | (814) |  |
|  | (814) |  |
| Deferred: |  |  |
| &nbsp;&nbsp;&nbsp; Federal  | 29748 | 23368 |
| &nbsp;&nbsp;&nbsp; State and local  | 1100 | 998 |
| &nbsp;&nbsp;&nbsp; Foreign  |  |  |
|  | 30848 | 24366 |
| Income tax benefit (expense)  | $30034 | 24366 |

---

The following table presents a summary of our domestic and foreign earnings (loss) before income taxes:

---

| | | |
|:---|:---|:---|
| | **Years ended December 31,**  | **Years ended December 31,**  |
| | **2024**  | **2023**  |
|  | **amounts in thousands**  | **amounts in thousands**  |
| Domestic  | $(144441) | (115582) |
| Foreign  | 323 |  |
| &nbsp;&nbsp;&nbsp; Total  | $(144118) | (115582) |

---

Income tax benefit (expense) differs from the amounts computed by applying the U.S. federal statutory rate of 21% as a result of the following:

---

| | | |
|:---|:---|:---|
| | **Years ended December 31,**  | **Years ended December 31,**  |
| | **2024**  | **2023**  |
|  | **amounts in thousands**  | **amounts in thousands**  |
| Computed expected tax benefit (expense)  | $30265 | 24272 |
| State and local income taxes, net of federal income taxes  | 869 | 789 |
| Tax on foreign earnings, net of federal tax benefits  | (814) |  |
| Other, net  | (286) | (695) |
| Income tax benefit (expense)  | $30034 | 24366 |

---

During the year ended December 31, 2024, income tax benefit does not materially differ from the U.S. statutory rate of 21% due to state income tax benefits on losses, offset by taxes on foreign earnings.

During the year ended December 31, 2023, income tax benefit does not materially differ from the U.S. statutory rate of 21% due to state income tax benefits on losses, offset by the tax effect of certain nondeductible expenses.

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

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#### LIBERTY LIVE HOLDINGS, INC.

#### N otes to the Combined Financial Statements

---

| | | |
|:---|:---|:---|
| | **December 31,**  | **December 31,**  |
| | **2024**  | **2023**  |
|  | **amounts in thousands**  | **amounts in thousands**  |
| Deferred tax assets: |  |  |
| &nbsp;&nbsp;&nbsp; Tax losses and credit carryforwards  | $27711 | 26629 |
| &nbsp;&nbsp;&nbsp; Investments  | 113743 | 131826 |
| &nbsp;&nbsp;&nbsp; Discount on debt  | 87376 | 18861 |
| &nbsp;&nbsp;&nbsp; Other  | 5267 | 7199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred tax assets  | 234097 | 184515 |
| &nbsp;&nbsp;&nbsp; Valuation allowance  |  |  |
| Net deferred tax assets  | $234097 | 184515 |

---

In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which temporary differences become deductible.

At December 31, 2024, the Company had deferred tax assets of $27,711 thousand for federal and state net operating losses and interest expense carryforwards, which may be utilized to offset taxable income in future years. These carryforwards do not expire under current law. In addition, the Company had deferred tax assets of $206,386 thousand for deductible temporary differences primarily related to Investments and Exchangeable Debt. The Company believes that it is more likely than not that it will realize the benefits of these deferred tax assets based upon the Company's ability to generate taxable income in future periods upon the implementation of certain business strategies or transactions.

As of December 31, 2024 and 2023, the Company had not recorded tax reserves related to unrecognized tax benefits for uncertain tax positions.

As of December 31, 2024, Liberty Media's tax years prior to 2021 are closed for federal income tax purposes. Liberty Media's 2021 tax year has not been audited by the Internal Revenue Service (the "IRS"), but remains open until the statute of limitations lapses on October 15, 2025. The IRS has completed its examination of Liberty Media's 2022 tax year, but 2022 remains open until the statute of limitations lapses on October 15, 2026. Liberty Media's 2023 tax year is currently being audited by the IRS. Liberty Media's 2024 tax year is currently under examination as part of the IRS Compliance Assurance Process program. Various states are currently examining Liberty Media's prior years' state income tax returns. We do not expect the ultimate disposition of these audits to have a material adverse effect on our financial position or results of operations.

(10) #### Stock-Based Compensation

#### Liberty Media — Incentive Plans
Liberty Media granted, to certain of its directors, employees and employees of Liberty Media, restricted stock ("RSAs"), restricted stock units ("RSUs") and stock options to purchase shares of Liberty Live common stock (collectively, "Awards"). The Company measures the cost of employee services received in exchange for an equity classified Award (such as stock options and restricted stock) based on the grant-date fair value ("GDFV") of the Award, and recognizes that cost over the period during which the employee is required to provide service (usually the vesting period of the Award). The Company measures the cost of employee services received in exchange for a liability classified Award based on the current fair value of the Award, and remeasures the fair value of the Award at each reporting date.

Pursuant to the Liberty Media Corporation 2022 Omnibus Incentive Plan (the "2022 Plan"), Liberty Media may grant Awards in respect of a maximum of 16.8 million shares of Series A, Series B and Series C

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#### LIBERTY LIVE HOLDINGS, INC.

#### N otes to the Combined Financial Statements
Liberty Media Corporation common stock plus the shares remaining available for Awards under the prior Liberty Media Corporation 2017 Omnibus Incentive Plan (the "2017 Plan"), as of close of business on May 24, 2022, the effective date of the 2022 Plan. Any forfeited shares from the 2017 Plan shall also be available again under the 2022 Plan. Awards generally vest over 1-5 years and have a term of 7-8 years. Liberty Media issues new shares upon exercise of equity awards.

At the time of the Split-Off, the Awards are expected to be exchanged into RSAs, RSUs and stock options to purchase shares of Liberty Live common stock.

#### Liberty Live — Grants of Awards
During the years ended December 31, 2024 and 2023, Liberty Media granted 76 thousand and 74 thousand options, respectively, to purchase shares of Series C Liberty Live common stock to its employees and directors. Such options had a weighted average GDFV of $16.77 per share and $13.71 per share, respectively, and mainly vest between one and three years for employees and in one year for directors. Liberty Media did not grant any options to purchase shares of Series A or Series B Liberty Live common stock during the years ended December 31, 2024 and 2023.

The Company has calculated the GDFV for all of its equity classified options using the Black-Scholes Model. The Company estimates the expected term of the options based on historical exercise and forfeiture data. For grants made in 2024 and 2023, the expected term was 5.6 years. For 2024, the volatility used in the calculation for options is based on the historical volatility of Liberty Live common stock and its predecessor Liberty SiriusXM common stock. For 2023, the volatility used in the calculation for options is based on the historical volatility of Liberty SiriusXM common stock along with the implied volatility of publicly traded Liberty SiriusXM options. For grants made in 2024 and 2023, the range of volatilities was 34.6% to 34.9%. The Company uses a zero dividend rate and the risk-free rate for Treasury Bonds with a term similar to that of the subject options.

#### Liberty Live — Outstanding Awards
The following table presents the number and weighted average exercise price ("WAEP") of options to purchase Liberty Live common stock granted to certain officers, employees and directors, as well as the weighted average remaining life and aggregate intrinsic value of the options.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Liberty Live <br> Series C**  | **Liberty Live <br> Series C**  | **Liberty Live <br> Series C**  | **Liberty Live <br> Series C**  |
| | **Options <br> (thousands)**  | **WAEP**  | **Weighted <br> average <br> remaining <br> life**  | **Aggregate <br> intrinsic <br> value <br> (in thousands)**  |
| Options outstanding at January 1, 2024  | 1652 | $42.36 |  |  |
| &nbsp;&nbsp;&nbsp; Granted  | 76 | $41.87 |  |  |
| &nbsp;&nbsp;&nbsp; Exercised  | (488) | $41.45 |  |  |
| &nbsp;&nbsp;&nbsp; Forfeited/Cancelled  | (10) | $42.29 |  |  |
| Options outstanding at December 31, 2024  | 1230 | $42.68 | 3.1 years | $31242 |
| Options exercisable at December 31, 2024  | 1169 | $42.98 | 2.9 years | $29334 |

---

As of December 31, 2024, there were no outstanding Series A or Series B options to purchase shares of Series A or Series B Liberty Live common stock.

As of December 31, 2024, the total unrecognized compensation cost related to unvested Liberty Live Awards was approximately $2.9 million. Such amount will be recognized in the Company's combined statements of operations over a weighted average period of approximately 1.3 years.

As of December 31, 2024, 1.2 million shares of Series C Liberty Live common stock were reserved by Liberty Media for issuance under exercise privileges of outstanding stock options.

------

[**TABLE OF CONTENTS**](#TOC3)

#### LIBERTY LIVE HOLDINGS, INC.

#### N otes to the Combined Financial Statements

#### Liberty Live — Exercises
The aggregate intrinsic value of all Series C Liberty Live options exercised during the years ended December 31, 2024 and 2023 was $7.1 million and $9 thousand, respectively.

#### Liberty Live — Restricted Stock and Restricted Stock Units
Liberty Media had approximately 60 thousand unvested RSAs and RSUs of Liberty Live common stock held by certain directors, officers and employees as of December 31, 2024. These Series C unvested RSAs and RSUs of Liberty Live common stock had a weighted average GDFV of $41.88 per share.

The aggregate fair value of all RSAs and RSUs of Liberty Live common stock that vested during the years ended December 31, 2024 and 2023 was $2.8 million and $511 thousand, respectively.

(11) #### Other Comprehensive Earnings (Loss)
Accumulated other comprehensive earnings (loss) included in Liberty Live's combined balance sheets and combined statements of equity reflect the aggregate of foreign currency translation adjustments, comprehensive earnings (loss) attributable to credit risk adjustments, share of other comprehensive earnings (loss) of equity affiliates and recognition of previously unrealized losses (gains) on debt, net.

The change in the components of accumulated other comprehensive earnings (loss), net of taxes ("AOCI"), is summarized as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Share of <br> AOCI <br> of equity <br> affiliates**  | **Comprehensive <br> Earnings (Loss) <br> Attributable to <br> Credit Risk <br> Adjustments**  | **Other**  | **AOCI**  |
|  | **amounts in thousands**  | **amounts in thousands**  | **amounts in thousands**  | **amounts in thousands**  |
| Balance at January 1, 2023  | $(12874) | (11209) |  | (24083) |
| &nbsp;&nbsp;&nbsp; Other comprehensive earnings (loss) attributable to Liberty Live stockholders  | 28114 | 28607 | 21706 | 78427 |
| Balance at December 31, 2023  | $15240 | 17398 | 21706 | 54344 |
| &nbsp;&nbsp;&nbsp; Other comprehensive earnings (loss) attributable to Liberty Live stockholders  | (85810) | (54266) | (407) | (140483) |
| Balance at December 31, 2024  | $(70570) | (36868) | 21299 | (86139) |

---

The components of other comprehensive earnings (loss) are reflected in Liberty Live's combined statements of comprehensive earnings (loss) net of taxes. The following table summarizes the tax effects related to each component of other comprehensive earnings (loss).

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[**TABLE OF CONTENTS**](#TOC3)

#### LIBERTY LIVE HOLDINGS, INC.

#### N otes to the Combined Financial Statements

---

| | | | |
|:---|:---|:---|:---|
| | **Before-tax <br> amount**  | **Tax <br> (expense) <br> benefit**  | **Net-of-tax <br> amount**  |
|  | **amounts in thousands**  | **amounts in thousands**  | **amounts in thousands**  |
| *Year ended December 31, 2023:* |  |  |  |
| Comprehensive earnings (loss) attributable to credit risk adjustments  | $36442 | (7835) | 28607 |
| Share of other comprehensive earnings (loss) of equity affiliates  | 35814 | (7700) | 28114 |
| Recognition of previously unrealized losses (gains) on debt, net  | 27651 | (5945) | 21706 |
| &nbsp;&nbsp;&nbsp; Other comprehensive earnings (loss)  | $99907 | (21480) | 78427 |
| *Year ended December 31, 2024:* |  |  |  |
| Foreign currency translation adjustments  | $(2041) | 265 | (1776) |
| Comprehensive earnings (loss) attributable to credit risk adjustments  | (69129) | 14863 | (54266) |
| Share of other comprehensive earnings (loss) of equity affiliates  | (109492) | 23682 | (85810) |
| Recognition of previously unrealized losses (gains) on debt, net  | 1744 | (375) | 1369 |
| &nbsp;&nbsp;&nbsp; Other comprehensive earnings (loss)  | $(178918) | 38435 | (140483) |

---

(12) #### Commitments and Contingencies
Quint acts as an official partner for certain entities which guarantees Quint allocations of tickets to various events. Certain agreements with these entities require Quint to satisfy minimum guarantees regarding event profitability targets. All minimum ticket sales were met during 2024. The terms of the agreements range from events to be held in 2025 to 2026. Event packages with the largest two partners represented approximately 74% of total combined revenue earned during the year ended December 31, 2024.

Quint operates in many different jurisdictions globally that require revenue generating entities to comply with regulations including value-added tax and sales and use tax. In 2023, Quint identified exposure as it relates to certain jurisdictions whereby either Quint was not properly registered, or the historical compliance returns filed with the different jurisdictions were incomplete or inaccurate. Quint has recognized a total estimated liability for a probable loss of approximately $28,336 thousand as of December 31, 2024, $15,198 thousand of which is recorded in accrued liabilities, and $13,138 thousand is recorded in other long-term liabilities in the combined balance sheets. Of the total $28,336 thousand liability, $19,893 thousand was recorded prior to the Company's acquisition of Quint and $8,443 thousand was recognized as an expense during the year ended December 31, 2024 within cost of revenue on the combined statements of operations. As Quint continues to work to become compliant within these jurisdictions, additional exposure of taxes, interest and penalties are reasonably possible but Quint is currently unable to assess the ultimate outcome and is unable to reasonably estimate any range of additional loss in excess of the estimated liability it has currently recognized.

#### General Litigation
The Company has contingent liabilities at times related to legal and tax proceedings and other matters arising in the ordinary course of business other than those matters previously discussed. Although it is reasonably possible the Company may incur losses upon conclusion of such matters, an estimate of any loss or range of loss cannot be made. In the opinion of management, it is expected that amounts, if any, which may be required to satisfy such contingencies will not be material in relation to the accompanying combined financial statements.

(13) #### Related Party Transactions
Quint and Delta Topco Limited (the parent company of Formula 1) are related parties through Liberty Media's common control. Quint maintains a licensing agreement with Formula 1 to execute, produce and

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[**TABLE OF CONTENTS**](#TOC3)

#### LIBERTY LIVE HOLDINGS, INC.

#### N otes to the Combined Financial Statements
fulfill experiential packages utilizing their naming rights and the event tickets purchased from Formula 1 to market and sell these packages to third-parties, which are disclosed in the combined statement of operations as related party cost of revenue. Quint also acts as a reseller of the products Formula 1 produces, which are disclosed in the combined statement of operations as related party revenue, net.

(14) #### Segment Information
The Company, through its ownership of Quint and Live Nation, is primarily engaged in the entertainment and hospitality industries. The Company identifies its reportable segments as those operating segments that represent 10% or more of its combined annual revenue, annual Adjusted OIBDA (as defined below) or total assets.

The Company's CODM, the chief executive officer, evaluates performance and makes decisions about allocating resources to its operating segments based on financial measures such as revenue, cost of revenue, operating expenses, selling, general and administrative expenses, and Adjusted OIBDA (as defined below). In addition, the Company reviews nonfinancial measures such as website traffic.

For segment reporting purposes, the Company defines Adjusted OIBDA as revenue less operating expenses, and selling, general and administrative expenses excluding all stock-based compensation, separately reported litigation settlements and restructuring, acquisition and impairment charges. The Company believes this measure is an important indicator of the operational strength and performance of its businesses, by identifying those items that are not directly a reflection of each business' performance or indicative of ongoing business trends. In addition, this measure allows management to view operating results and perform analytical comparisons and benchmarking between businesses and identify strategies to improve performance. This measure of performance excludes depreciation and amortization, stock-based compensation, separately reported litigation settlements, restructuring, acquisition and impairment charges that are included in the measurement of operating income pursuant to GAAP. Accordingly, Adjusted OIBDA should be considered in addition to, but not as a substitute for, operating income, net earnings (loss), cash flow provided by operating activities and other measures of financial performance prepared in accordance with GAAP.

The Company has identified the following as its reportable segments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Quint — Quint provides experiential, travel and hospitality packages to sporting and cultural events and event management throughout the world.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Live Nation — Live Nation is considered the world's leading live entertainment company.

As of December 31, 2024, Live Nation met the Company's reportable segment threshold for equity method affiliates. See note 6 for segment disclosures related to Live Nation.

The Company's reportable segments are strategic business units that offer different products and services. They are managed separately because each segment requires different technologies, differing revenue sources and marketing strategies.

#### Performance Measures

---

| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31, 2024**  | **Year ended December 31, 2024**  | **Year ended December 31, 2024**  |
| | **Quint**  | **Corporate and <br> Other**  | **Total**  |
|  | **amounts in thousands**  | **amounts in thousands**  | **amounts in thousands**  |
| Revenue  | $340493 |  | 340493 |
| Cost of revenue (excluding stock-based compensation)  | (286070) |  | (286070) |
|  Selling, general and administrative expenses (excluding stock-based compensation and acquisition costs)  | (57335) | (7030) | (64365) |
| &nbsp;&nbsp;&nbsp; Adjusted OIBDA  | $(2912) | (7030) | (9942) |

---

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[**TABLE OF CONTENTS**](#TOC3)

#### LIBERTY LIVE HOLDINGS, INC.

#### N otes to the Combined Financial Statements

---

| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31, 2023**  | **Year ended December 31, 2023**  | **Year ended December 31, 2023**  |
| | **Quint**  | **Corporate and <br> Other**  | **Total**  |
|  | **amounts in thousands**  | **amounts in thousands**  | **amounts in thousands**  |
| Revenue  | $— |  |  |
| Cost of revenue (excluding stock-based compensation)  |  |  |  |
|  Selling, general and administrative expenses (excluding stock-based compensation and acquisition costs)  |  | (8833) | (8833) |
| &nbsp;&nbsp;&nbsp; Adjusted OIBDA  | $— | (8833) | (8833) |

---

#### Other Information

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2024**  | **December 31, 2024**  | **December 31, 2023**  | **December 31, 2023**  |
| | **Total <br> assets**  | **Investments <br> in affiliates**  | **Total <br> assets**  | **Investments <br> in affiliates**  |
|  | **amounts in thousands**  | **amounts in thousands**  | **amounts in thousands**  | **amounts in thousands**  |
| Quint  | $422101 |  |  |  |
| Corporate and other  | 1162925 | 430435 | 1103910 | 305249 |
| &nbsp;&nbsp;&nbsp; Total Liberty Live  | $1585026 | 430435 | 1103910 | 305249 |

---

#### Revenue by Geographic Area

---

| | | |
|:---|:---|:---|
| | **Years ended December 31,**  | **Years ended December 31,**  |
| | **2024**  | **2023**  |
|  | **amounts in thousands**  | **amounts in thousands**  |
| United States  | $304141 |  |
| Other countries  | 36352 |  |
|  | $340493 |  |

---

The following table provides a reconciliation of Adjusted OIBDA to Operating income (loss) and Earnings (loss) before income taxes:

---

| | | |
|:---|:---|:---|
| | **Years ended December 31,**  | **Years ended December 31,**  |
| | **2024**  | **2023**  |
|  | **amounts in thousands**  | **amounts in thousands**  |
| Combined segment Adjusted OIBDA  | $(9942) | (8833) |
| &nbsp;&nbsp;&nbsp; Stock-based compensation  | (11007) | (2053) |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization  | (27447) |  |
| &nbsp;&nbsp;&nbsp; Impairment of intangible assets  | (67066) |  |
| &nbsp;&nbsp;&nbsp; Acquisition costs  | (812) | (6490) |
| Operating income (loss)  | (116274) | (17376) |
| &nbsp;&nbsp;&nbsp; Interest expense  | (29121) | (13992) |
| &nbsp;&nbsp;&nbsp; Dividend and interest income  | 21782 | 5813 |
| &nbsp;&nbsp;&nbsp; Share of earnings (loss) of affiliates, net  | 237666 | 140217 |
| &nbsp;&nbsp;&nbsp; Realized and unrealized gains (losses), net  | (262733) | (226427) |
| &nbsp;&nbsp;&nbsp; Gain (loss) on dilution of investment in affiliate  | 5846 | (3864) |
| &nbsp;&nbsp;&nbsp; Other, net  | (1284) | 47 |
| Earnings (loss) before income taxes  | $(144118) | (115582) |

---

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[**TABLE OF CONTENTS**](#TOC3)

#### Liberty Media Corporation

#### Pro Forma Condensed Consolidated Financial Statements (unaudited)

#### Introduction
During November 2024, the board of directors of Liberty Media Corporation ("Liberty Media" or the "Company") authorized Liberty Media management to pursue a plan to split off the Liberty Live Group (the "Split-Off"). Immediately prior to effecting the Split-Off, Liberty Media's subsidiary, QuintEvents, LLC ("Quint"), certain private assets and cash will be reattributed from the Formula One Group to the Liberty Live Group in exchange for certain private assets. Any cash consideration will be determined at a future date based on relative valuations at the time of the reattribution. Liberty Media will effect the Split-Off through the redemption of Liberty Media's Liberty Live common stock in exchange for common stock of a newly formed company to be called Liberty Live Holdings, Inc. ("Liberty Live"). Liberty Media will redeem each outstanding share of its Series A, Series B and Series C Liberty Live common stock for one share of the corresponding series of common stock of Liberty Live.

Liberty Live will beneficially own approximately 69.6 million shares of Live Nation Entertainment, Inc. ("Live Nation") common stock, Quint, certain private assets currently attributed to or to be reattributed to the Liberty Live Group, corporate cash and debt obligations attributed to the Liberty Live Group, together with other assets as may be determined by Liberty Media prior to the Split-Off.

The following unaudited pro forma condensed consolidated financial statements have been prepared giving effect to the Split-Off as if it occurred as of March 31, 2025 for the pro forma condensed consolidated balance sheet and January 1, 2024 for the pro forma condensed consolidated statements of operations. The unaudited pro forma condensed consolidated financial statements do not purport to represent what the Company's financial position actually would have been had the Split-Off occurred on the dates indicated or to project the Company's operating results for any future period.

The divestiture of the Company's interest in Live Nation is expected to represent a strategic shift that will have a major effect on the Company's operations due to the relative materiality of the Company's interest in Live Nation. Accordingly, the Company intends to present its divestiture of Live Nation as a discontinued operation.

The unaudited pro forma condensed consolidated financial statements should be read in conjunction with the publicly available information of Liberty Media, including the Form 10-K, as filed on February 27, 2025 with the Securities and Exchange Commission (the "SEC") and the Form 10-Q, as filed on May 7, 2025 with the SEC.

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[**TABLE OF CONTENTS**](#TOC3)

#### Liberty Media Corporation

#### Pro Forma Condensed Consolidated Balance Sheet As of March 31, 2025 (unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **Liberty Media <br> historical<sup>(1)</sup>**  | **Less: Liberty <br> Live historical<sup>(2)</sup>**  | **Liberty Media <br> Pro forma**  |
|  | **amounts in millions**  | **amounts in millions**  | **amounts in millions**  |
| *Assets* |  |  |  |
| Current assets: |  |  |  |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents  | $3147 | 383 | 2764 |
| &nbsp;&nbsp;&nbsp; Trade and other receivables, net  | 144 | 31 | 113 |
| &nbsp;&nbsp;&nbsp; Other current assets  | 376 | 104 | 272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current assets  | 3667 | 518 | 3149 |
| Investments in affiliates, accounted for using the equity method  | 510 | 463 | 47 |
| Property and equipment, at cost  | 1039 | 3 | 1036 |
| Accumulated depreciation  | (214) | (1) | (213) |
|  | 825 | 2 | 823 |
| Goodwill  | 4134 | 178 | 3956 |
| Intangible assets subject to amortization, net  | 2632 | 84 | 2548 |
| Deferred income tax assets  | 788 | 220 | 568 |
| Other assets  | 729 | 171 | 558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | $13285 | 1636 | 11649 |
| *Liabilities and Equity* |  |  |  |
| Current liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp; Accounts payable and accrued liabilities  | $330 | 61 | 269 |
| &nbsp;&nbsp;&nbsp; Current portion of debt  | 30 |  | 30 |
| &nbsp;&nbsp;&nbsp; Deferred revenue  | 1009 | 178 | 831 |
| &nbsp;&nbsp;&nbsp; Financial instrument liabilities  | 30 |  | 30 |
| &nbsp;&nbsp;&nbsp; Other current liabilities  | 47 | 1 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current liabilities  | 1446 | 240 | 1206 |
| Long-term debt  | 4534 | 1582 | 2952 |
| Other liabilities  | 246 | 18 | 228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 6226 | 1840 | 4386 |

---

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[**TABLE OF CONTENTS**](#TOC3)

#### Liberty Media Corporation

#### Pro Forma Condensed Consolidated Balance Sheet (continued) As of March 31, 2025 (unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **Liberty Media <br> historical<sup>(1)</sup>**  | **Less: Liberty <br> Live historical<sup>(2)</sup>**  | **Liberty Media <br> Pro forma**  |
|  | **amounts in millions**  | **amounts in millions**  | **amounts in millions**  |
| Stockholder's equity |  |  |  |
| &nbsp;&nbsp;&nbsp; Preferred stock  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series A Liberty Formula One common stock  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series A Liberty Live common stock  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series B Liberty Formula One common stock  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series B Liberty Live common stock  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series C Liberty Formula One common stock  | 2 |  | 2 |
| &nbsp;&nbsp;&nbsp; Series C Liberty Live common stock  | 1 | 1 |  |
| &nbsp;&nbsp;&nbsp; Additional paid-in capital  |  |  |  |
| &nbsp;&nbsp;&nbsp; Accumulated other comprehensive earnings (loss), net of <br> taxes)  | (148) | (85) | (63) |
| &nbsp;&nbsp;&nbsp; Retained earnings  | 7182 | (142) | 7324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total stockholders' equity  | 7037 | (226) | 7263 |
| Noncontrolling interests in equity of subsidiaries  | 22 | 22 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total equity  | 7059 | (204) | 7263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities and equity  | $13285 | 1636 | 11649 |

---

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[**TABLE OF CONTENTS**](#TOC3)

#### Liberty Media Corporation

#### Pro Forma Condensed Consolidated Statement of Operations For the three months ended March 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Liberty Media <br> historical<sup>(1)</sup>**  | **Less: Liberty <br> Live historical<sup>(2)</sup>**  | **Less: <br> Eliminations<sup>(3)</sup>**  | **Liberty Media <br> Proforma**  |
|  | **amounts in millions**  | **amounts in millions**  | **amounts in millions**  | **amounts in millions**  |
| Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Formula 1 revenue  | $400 |  | (3) | 403 |
| &nbsp;&nbsp;&nbsp; Other revenue  | 47 | 47 |  |  |
| Total revenue  | 447 | 47 | (3) | 403 |
| Operating costs and expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Cost of Formula 1 revenue (exclusive of depreciation shown separately below)  | 286 |  |  | 286 |
| &nbsp;&nbsp;&nbsp; Other cost of sales  | 39 | 42 | (3) |  |
| &nbsp;&nbsp;&nbsp; Selling, general and administrative, including stock-based compensation  | 105 | 16 |  | 89 |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization  | 77 | 5 |  | 72 |
| &nbsp;&nbsp;&nbsp; Acquisition costs  | 11 |  |  | 11 |
|  | 518 | 63 | (3) | 458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating income (loss)  | (71) | (16) |  | (55) |
| Other income (expense): |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Interest expense  | (55) | (7) |  | (48) |
| &nbsp;&nbsp;&nbsp; Share of earnings (losses) of affiliates, net  | 1 | 3 |  | (2) |
| &nbsp;&nbsp;&nbsp; Realized and unrealized gains (losses) on financial <br> instruments, net  | 65 | (17) |  | 82 |
| &nbsp;&nbsp;&nbsp; Other, net  | 36 | 2 |  | 34 |
|  | 47 | (19) |  | 66 |
| Earnings (loss) before income taxes  | (24) | (35) |  | 11 |
| &nbsp;&nbsp;&nbsp; Income tax (expense) benefit  | 29 | 8 |  | 21 |
| Net earnings (loss)  | 5 | (27) |  | 32 |
| &nbsp;&nbsp;&nbsp; Less net earnings (loss) attributable to the noncontrolling interests  |  |  |  |  |
|  Net earnings (loss) attributable to Liberty stockholders  | $5 | (27) |  | 32 |

---

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[**TABLE OF CONTENTS**](#TOC3)

#### Liberty Media Corporation

#### Pro Forma Condensed Consolidated Statement of Operations (continued) For the three months ended March 31, 2025 (unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **Liberty Media <br> historical<sup>(1)</sup>**  | **Less: Liberty <br> Live historical<sup>(2)</sup>**  | **Liberty Media <br> Proforma**  |
|  | **amounts in millions, except per share amounts**  | **amounts in millions, except per share amounts**  | **amounts in millions, except per share amounts**  |
|  Net earnings (loss) from continuing operations attributable to Liberty stockholders  |  |  |  |
| &nbsp;&nbsp;&nbsp; Liberty Formula One common stock  | $22 | (10) | 32 |
| &nbsp;&nbsp;&nbsp; Liberty Live Common Stock  | $(17) | (17) |  |
|  Basic net earnings (loss) from continuing operations attributable to Liberty stockholders per common share  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series A, B and C Liberty Formula One common stock  | $0.09 |  | 0.13 |
| &nbsp;&nbsp;&nbsp; Series A, B and C Liberty Live common stock  | $(0.18) |  | NA |
|  Diluted net earnings (loss) from continuing operations attributable to Liberty stockholders per common share  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series A, B and C Liberty Formula One common stock  | $0.05 |  | 0.09 |
| &nbsp;&nbsp;&nbsp; Series A, B and C Liberty Live common stock  | $(0.18) |  | NA |
| Basic Weighted Average Shares Outstanding  |  |  |  |
| &nbsp;&nbsp;&nbsp; Liberty Formula One common stock  | 249 |  | 249 |
| &nbsp;&nbsp;&nbsp; Liberty Live common stock  | 92 |  | NA |
| Diluted Weighted Average Shares Outstanding  |  |  |  |
| &nbsp;&nbsp;&nbsp; Liberty Formula One common stock  | 257 |  | 257 |
| &nbsp;&nbsp;&nbsp; Liberty Live common stock  | 92 |  | NA |

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[**TABLE OF CONTENTS**](#TOC3)

#### Liberty Media Corporation

#### Pro Forma Consolidated Statement of Operations For the year ended December 31, 2024 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Liberty Media <br> historical<sup>(1)</sup>**  | **Less: Liberty <br> Live historical<sup>(2)</sup>**  | **Less: <br> Eliminations<sup>(3)</sup>**  | **Liberty Media <br> Pro forma**  |
|  | **amounts in millions**  | **amounts in millions**  | **amounts in millions**  | **amounts in millions**  |
| Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Formula 1 revenue  | $3318 |  | (93) | 3411 |
| &nbsp;&nbsp;&nbsp; Other revenue  | 335 | 340 | (5) |  |
| Total revenue  | 3653 | 340 | (98) | 3411 |
| Operating costs and expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Cost of Formula 1 revenue (exclusive of depreciation shown separately below)  | 2294 |  | (5) | 2299 |
| &nbsp;&nbsp;&nbsp; Other cost of sales  | 194 | 286 | (92) |  |
| &nbsp;&nbsp;&nbsp; Selling, general and administrative, including stock-based compensation  | 432 | 75 | (1) | 358 |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization  | 352 | 23 |  | 329 |
| &nbsp;&nbsp;&nbsp; Impairment and acquisition costs  | 105 | 74 |  | 31 |
|  | 3377 | 458 | (98) | 3017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating income (loss)  | 276 | (118) |  | 394 |
| Other income (expense): |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Interest expense  | (237) | (29) |  | (208) |
| &nbsp;&nbsp;&nbsp; Share of earnings (losses) of affiliates, net  | 228 | 234 |  | (6) |
| &nbsp;&nbsp;&nbsp; Realized and unrealized gains (losses) on financial <br> instruments, net  | (383) | (263) |  | (120) |
| &nbsp;&nbsp;&nbsp; Other, net  | 92 | 26 |  | 66 |
|  | (300) | (32) |  | (268) |
|  Earnings (loss) from continuing operations before income taxes  | (24) | (150) |  | 126 |
| &nbsp;&nbsp;&nbsp; Income tax (expense) benefit  | (39) | 31 |  | (70) |
| Net earnings (loss) from continuing operations  | (63) | (119) |  | 56 |
| Net earnings (loss) from discontinued operations  | (2412) |  | (2412) |  |
| Net earnings (loss)  | (2475) | (119) | (2412) | 56 |
| &nbsp;&nbsp;&nbsp; Less net earnings (loss) attributable to the noncontrolling interests  | (412) | (2) | (410) |  |
|  Net earnings (loss) attributable to Liberty stockholders  | $(2063) | (117) | (2002) | 56 |

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[**TABLE OF CONTENTS**](#TOC3)

#### Liberty Media Corporation

#### Pro Forma Consolidated Statement of Operations (continued) For the year ended December 31, 2024 (unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **Liberty Media <br> historical<sup>(1)</sup>**  | **Less: Liberty <br> Live historical<sup>(2)</sup>**  | **Liberty Media <br> Pro forma**  |
|  | **amounts in millions, except per share amounts**  | **amounts in millions, except per share amounts**  | **amounts in millions, except per share amounts**  |
|  Net earnings (loss) from continuing operations attributable to Liberty stockholders  |  |  |  |
| &nbsp;&nbsp;&nbsp; Liberty Formula One common stock  | $(30) | (86) | 56 |
| &nbsp;&nbsp;&nbsp; Liberty Live Common Stock  | $(31) | (31) |  |
|  Basic net earnings (loss) from continuing operations attributable to Liberty stockholders per common share  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series A, B and C Liberty Formula One common stock  | $(0.13) |  | 0.23 |
| &nbsp;&nbsp;&nbsp; Series A, B and C Liberty Live common stock  | $(0.34) |  | NA |
|  Diluted net earnings (loss) from continuing operations attributable to Liberty stockholders per common share  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series A, B and C Liberty Formula One common stock  | $(0.13) |  | 0.23 |
| &nbsp;&nbsp;&nbsp; Series A, B and C Liberty Live common stock  | $(0.34) |  | NA |
| Basic Weighted Average Shares Outstanding |  |  |  |
| &nbsp;&nbsp;&nbsp; Liberty Formula One common stock  | 240 |  | 240 |
| &nbsp;&nbsp;&nbsp; Liberty Live common stock  | 92 |  | NA |
| Diluted Weighted Average Shares Outstanding |  |  |  |
| &nbsp;&nbsp;&nbsp; Liberty Formula One common stock  | 243 |  | 243 |
| &nbsp;&nbsp;&nbsp; Liberty Live common stock  | 92 |  | NA |

---

(1) Represents the historical financial position and results of operations of Liberty Media. Such amounts were derived from the historical consolidated financial statements of Liberty Media as filed with the SEC on Form 10-K on February 27, 2025 and on Form 10-Q on May 7, 2025.

(2) Represents the historical financial position and results of operations of Liberty Live from the perspective of Liberty Media.

(3) Eliminations relate to i) transactions that eliminated in consolidation for purposes of Liberty Media's historical consolidated financial statements, but that would not eliminate after giving effect to the Split-Off or ii) historical discontinued operations.

------

[**TABLE OF CONTENTS**](#TOC2)

ANNEX A: Form of Liberty Live's Restated Articles

------

[**TABLE OF CONTENTS**](#TOC2)

ANNEX B: Form of Liberty Live's Restated Bylaws

------

[**TABLE OF CONTENTS**](#TOC2)

#### PART II

#### INFORMATION NOT REQUIRED IN PROSPECTUS

#### Item 20. Indemnification of Directors and Officers.
Liberty Live Holdings, Inc.'s (the **Company**) Amended and Restated Articles of Incorporation and Amended and Restated Bylaws will provide that, to the fullest extent permitted by the laws of the State of Nevada, any officer or director of the Company, who was or is a party or is threatened to be made a party to, or is otherwise involved in, any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that he/she is or was a director or officer of the Company, or is or was serving at the request of the Company as a director, officer, employee or agent (which, for purposes hereof, shall include a trustee, partner or manager or similar capacity) of another corporation, partnership, joint venture, trust or other enterprise, including service with respect to nonprofit entities or employee benefit plans. For the avoidance of doubt, the foregoing indemnification obligation includes, without limitation, claims for monetary damages against indemnitee to the fullest extent permitted under Section 78.7502 and 78.751 of the Nevada Revised Statutes as in existence on the date hereof.

The indemnification provided shall be from and against expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by indemnitee or on indemnitee's behalf in connection with such action, suit or proceeding; however, pursuant to Nevada law, indemnification may only be provided if indemnitee either (i) was protected from liability pursuant to Section 78.138 of the Nevada Revised Statutes (which provides for exculpation from liability unless the presumption that the indemnitee acted consistent with his or her fiduciary duties has been rebutted and it is proven both that the indemnitee's act or failure to act constituted a breach of his or her fiduciary duties as a director or officer; and that such breach involved intentional misconduct, fraud or a knowing violation of law), or (ii) acted in good faith and in a manner indemnitee reasonably believed to be in or not opposed to the best interests of the Company, and, with respect to any criminal action, suit or proceeding that is not an action by or in the right of the Company, had no reasonable cause to believe indemnitee's conduct was unlawful.

No indemnification shall be made in respect of any claim, issue or matter as to which indemnitee shall have been adjudged to be liable to the Company unless, and only to the extent that, the Nevada courts or the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, indemnitee is fairly and reasonably entitled to indemnity for such expenses which the Nevada courts or such other court shall deem proper.

The termination of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that the indemnitee did not act in good faith and in a manner which indemnitee reasonably believed to be in or not opposed to the best interests of the Company, and, with respect to any criminal action or proceeding, had reasonable cause to believe that indemnitee's conduct was unlawful.

To the extent that indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling the Company pursuant to the foregoing provisions, the Company has been informed that, in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable. If a claim for indemnification against such liabilities (other than the payment by us of expenses incurred or paid by a director, officer or controlling person of the Company in the successful defense of any action, suit or proceeding) is asserted by any of our directors, officers or controlling persons in connection with the securities being registered, we will, unless in the opinion of our counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by us is against public policy as expressed in the Securities Act and will be governed by the final adjudication of that issue.

------

[**TABLE OF CONTENTS**](#TOC2)

#### Item 21. Exhibits And Financial Statement Schedules.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *(a) Exhibits.* The following is a complete list of Exhibits filed as part of this registration statement.

---

| | |
|:---|:---|
| **Exhibit No.**  | **Document**  |
| 2.1  | Form of Reorganization Agreement between the Registrant and Liberty Media Corporation.\* |
| 3.1  | Form of Amended and Restated Articles of Incorporation of the Registrant to be in effect upon the completion of the Split-Off.\* |
| 3.2  | Form of Amended and Restated Bylaws of the Registrant to be in effect upon the completion of the Split-Off.\* |
| 4.1  | Specimen certificate for shares of the Registrant's Series A New Liberty Live Group common stock, par value $0.01 per share.\* |
| 4.2  | Specimen certificate for shares of the Registrant's Series B New Liberty Live Group common stock, par value $0.01 per share.\* |
| 4.3  | Specimen certificate for shares of the Registrant's Series C New Liberty Live Group common stock, par value $0.01 per share.\* |
| 4.4  | [Indenture, dated September 14, 2023, by and between Liberty Media Corporation, as issuer, and U.S. Bank Trust Company, National Association, as trustee.](tm2521501d2_ex4-4.htm)  |
| 4.5  | First Supplemental Indenture, dated [ ], 2025, by and between Liberty Media Corporation, as issuer, and U.S. Bank Trust Company, National Association, as trustee.\* |
| 4.6  | Second Supplemental Indenture, dated [ ], 2025, by and between Liberty Media Corporation, Liberty Live Holdings, Inc. and U.S. Bank Trust Company, National Association, as trustee.\* |
| 4.7  | [Form of 2.375% Exchangeable Senior Debentures due 2053.](tm2521501d2_ex4-7.htm)  |
| 5.1  | Form of Opinion of Greenberg Traurig, LLP as to the legality of the securities being registered.\* |
| 8.1  | Form of Opinion of Skadden, Arps, Slate, Meagher & Flom LLP regarding certain tax matters.\*\* |
| 10.1  | Form of Liberty Live Holdings, Inc. 2025 Omnibus Incentive Plan.\* |
| 10.2  | Form of Liberty Live Holdings, Inc. Transitional Stock Adjustment Plan.\* |
| 10.3  | Form of Tax Sharing Agreement between the Registrant and Liberty Media Corporation.\* |
| 10.4  | Form of Services Agreement between the Registrant and Liberty Media Corporation.\* |
| 10.5  | Form of Facilities Sharing Agreement between the Registrant and Liberty Media Corporation.\* |
| 10.6  | Form of Aircraft Time Sharing Agreement between the Registrant and Liberty Media Corporation.\* |
| 10.7  | Form of Indemnification Agreement by and between the Registrant and its executive officers/directors.\* |
| 10.8  | [Form of Master Forward Confirmation.](tm2521501d2_ex10-8.htm)  |
| 10.9  | [Stockholder Agreement, dated February 10, 2009, by and among Live Nation, Inc., Liberty Media Corporation, Liberty USA Holdings, LLC and Ticketmaster Entertainment, Inc.](tm2521501d2_ex10-9.htm)  |
| 10.10  | [Affiliate Assignment and Assumption Agreement, dated as of May 28, 2025, by and among Live Nation Entertainment, Inc., Liberty Media Corporation, Liberty Live Holdings, Inc. and LN Holdings 1, LLC.](tm2521501d2_ex10-10.htm) |
| 10.11  | Form of New Holder Assignment and Assumption Agreement, dated as of [ ], 2025, by and among Live Nation Entertainment, Inc., Liberty Media Corporation and Liberty Live Holdings, Inc.\* |
| 21.1  | [Subsidiaries of Liberty Live Holdings, Inc.](tm2521501d2_ex21-1.htm)  |
| 23.1  | [Consent of KPMG LLP (Liberty Media Corporation).](tm2521501d2_ex23-1.htm)  |
| 23.2  | [Consent of KPMG LLP (Registrant).](tm2521501d2_ex23-2.htm)  |

---

------

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---

| | |
|:---|:---|
| **Exhibit No.**  | **Document**  |
| 23.3  | [Consent of Ernst & Young LLP (Live Nation Entertainment, Inc.).](tm2521501d2_ex23-3.htm)  |
| 23.4  | Consent of Greenberg Traurig, LLP (included in Exhibit 5.1).\* |
| 23.5  | Consent of Skadden, Arps, Slate, Meagher & Flom LLP (included in Exhibit 8.1).\*\* |
| 24.1  | [Power of Attorney (included on the Signature Pages to the Registration Statement).](#tPOA)  |
| 99.1  | [Consent of Robert R. Bennett to be named a director.](tm2521501d2_ex99-1.htm)  |
| 99.2  | [Consent of Derek Chang to be named a director.](tm2521501d2_ex99-2.htm)  |
| 99.3  | [Consent of Carl E. Vogel to be named a director.](tm2521501d2_ex99-3.htm)  |
| 99.4  | [Consent of David J.A. Flowers to be named a director.](tm2521501d2_ex99-4.htm)  |
| 99.5  | [Consent of Bill Kurtz to be named a director.](tm2521501d2_ex99-5.htm)  |
| 99.6  | [Audited Financial Statements as of December 31, 2024 and 2023 of Live Nation Entertainment, Inc. and for the two years ended December 31, 2024 of Live Nation Entertainment, Inc.\*\*\*](https://www.sec.gov/Archives/edgar/data/1335258/000133525825000028/lyv-20241231.htm#id16a83bb3b7a48f59c925134d5705b64_262) |
| 107  | [Filing Fee Table.](tm2521501d2_ex-filingfees.htm)  |

---

\*

To be filed by amendment.

\*\*

An executed opinion will be delivered in connection with completion of the Split-Off and will be filed as an exhibit to a post-effective amendment to this registration statement.

\*\*\*

Liberty Live Holdings, Inc. (**Liberty Live**) has obtained this information from Live Nation Entertainment, Inc.'s (**Live Nation**) publicly available information. The information in Exhibit 99.6 was not prepared specifically for Liberty Live and for purposes of Liberty Live's registration statement on Form S-4, Exhibit 99.6 only refers to Item 15 of Live Nation's annual report on Form 10-K (and only with respect to those financial statements for the two years ended December 31, 2024) and no other information or parts of the annual report. Liberty Live believes the information in Exhibit 99.6 to be reliable, but Liberty Live has not independently verified the accuracy of this information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *(b) Financial Statement Schedules.* Schedules not listed above have been omitted because the information set forth therein is not material, not applicable or is included in the financial statements or notes of the proxy statement/notice/prospectus which forms a part of this registration statement.

#### Item 22. Undertakings.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) The undersigned Registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) To reflect in the prospectus any facts or events arising after the effective date of this registration statement (or the most recent post-effective amendment hereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) To include any material information with respect to the plan of distribution not previously disclosed in this registration statement or any material change to such information in this registration statement.

------

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4) That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) Each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii) or (x) for the purpose of providing the information required by Section 10(a) of the Securities Act shall be deemed to be part of and included in the Registration Statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the Registration Statement relating to the securities in the Registration Statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of the Registration Statement or made in a document incorporated or deemed incorporated by reference into the Registration Statement or prospectus that is part of the Registration Statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the Registration Statement or prospectus that was part of the Registration Statement or made in any such document immediately prior to such effective date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5) That, for the purpose of determining liability of the Registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities:

The Registrant undertakes that in a primary offering of securities of the Registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the Registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) Any preliminary prospectus or prospectus of the Registrant relating to the offering required to be filed pursuant to Rule 424 of the Securities Act of 1933;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) Any free writing prospectus relating to the offering prepared by or on behalf of the Registrant or used or referred to by the Registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) The portion of any other free writing prospectus relating to the offering containing material information about the Registrant or its securities provided by or on behalf of the Registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv) Any other communication that is an offer in the offering made by the Registrant to the purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) The undersigned Registrant hereby further undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in the Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) The undersigned Registrant hereby undertakes that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) prior to any public reoffering of the securities registered hereunder through use of a prospectus which is a part of this registration statement, by any person or party who is deemed to be an underwriter within the meaning of Rule 145(c), the issuer undertakes that such reoffering prospectus will contain the information called for by the applicable registration form with respect to reofferings by persons who may be deemed underwriters, in addition to the information called for by the other items of the applicable form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) every prospectus (i) that is filed pursuant to paragraph (g)(1) immediately preceding, or (ii) that purports to meet the requirements of Section 10(a)(3) of the Act and is used in connection with an offering of securities subject to Rule 415, will be filed as a part of an amendment to the registration statement and will not be used until such amendment is effective, and that, for purposes of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act of 1933 and will be governed by the final adjudication of such issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e) The undersigned Registrant hereby undertakes that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) For purposes of determining any liability under the Securities Act of 1933, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) For the purpose of determining any liability under the Securities Act of 1933, each post- effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof.

The undersigned Registrant hereby undertakes to respond to written or oral requests from each person to whom this proxy statement/notice/prospectus is delivered for information that is incorporated by reference into the prospectus pursuant to Items 4, 10(b), 11, or 13 of this Form, within one business day of receipt of such request, and to send the incorporated documents by first class mail or other equally prompt means. This includes information contained in documents filed subsequent to the effective date of the registration statement through the date of responding to the request.

The undersigned Registrant hereby undertakes to supply by means of a post-effective amendment all information concerning a transaction, and the company being acquired involved therein, that was not the subject of and included in the registration statement when it became effective.

------

[**TABLE OF CONTENTS**](#TOC)

#### SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Englewood, state of Colorado, on this 25th day of July, 2025.

#### LIBERTY LIVE HOLDINGS, INC.
By:

/s/ Renee L. Wilm

Name:

Renee L. Wilm

Title:

Chief Legal Officer and Chief

Administrative Officer

#### POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Brian J. Wendling and Renee L. Wilm his or her true and lawful attorney-in-fact and agent with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Commission, granting unto said attorneys-in-fact and agents full power and authority to do and perform each and every act and thing requisite or necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or either of them, or their or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act, this registration statement has been signed below by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Name**  | **Title**  | **Date**  |
| /s/ Chad R. Hollingsworth <br>Chad R. Hollingsworth  | President, Chief Executive Officer (Principal Executive Officer) and Director  | July 25, 2025  |
| /s/ Brian J. Wendling <br>Brian J. Wendling  | Chief Accounting Officer and Principal Financial Officer (Principal Accounting Officer)  | July 25, 2025  |
| /s/ Renee L. Wilm <br>Renee L. Wilm  | Director  | July 25, 2025  |

---

------

## Exhibit 4.4

**Exhibit 4.4**

**LIBERTY MEDIA CORPORATION**

as Issuer

AND

**U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION**

as Trustee

**INDENTURE**

Dated as of September 14, 2023

**2.375% Exchangeable Senior Debentures due 2053**

**TABLE OF CONTENTS**

**<u>Page</u>**

---

| | | |
|:---|:---|:---|
| Article I DEFINITIONS | Article I DEFINITIONS | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.01 | Definitions | 1 |
| Article II ISSUE, DESCRIPTION, EXECUTION, REGISTRATION AND EXCHANGE OF DEBENTURES | Article II ISSUE, DESCRIPTION, EXECUTION, REGISTRATION AND EXCHANGE OF DEBENTURES | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.01 | Designation and Amount | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.02 | Form of Debentures | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.03 | Stated Maturity; Changes to Original Principal Amount or Adjusted Principal Amount | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.04 | Date and Denomination of Debentures; Payments of Interest | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.05 | Additional Distributions | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.06 | Execution, Authentication and Delivery of Debentures | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.07 | Exchange and Registration of Transfer of Debentures; Restrictions on Transfer; Depositary | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.08 | Mutilated, Destroyed, Lost or Stolen Debentures | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.09 | Temporary Debentures | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.10 | Cancellation of Debentures Paid, Etc. | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.11 | CUSIP Numbers | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.12 | Additional Debentures; Repurchases | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.13 | No Sinking Fund | 29 |
| Article III SATISFACTION AND DISCHARGE | Article III SATISFACTION AND DISCHARGE | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.01 | Satisfaction and Discharge | 29 |
| Article IV PARTICULAR COVENANTS OF THE COMPANY | Article IV PARTICULAR COVENANTS OF THE COMPANY | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.01 | Payment of Principal, Interest and Additional Distributions | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.02 | Maintenance of Office or Agency | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.03 | Appointments to Fill Vacancies in Trustee's Office | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.04 | Provisions as to Paying Agent | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.05 | Existence | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.06 | Rule 144A Information Requirement and Annual Reports | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.07 | Stay, Extension and Usury Laws | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.08 | Compliance Certificate | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.09 | Further Instruments and Acts | 32 |
| Article V DEFAULTS AND REMEDIES | Article V DEFAULTS AND REMEDIES | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.01 | Events of Default | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.02 | Acceleration | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.03 | Additional Interest | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.04 | Payments of Debentures on Default; Suit Therefor | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.05 | Application of Monies Collected by Trustee | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.06 | Proceedings by Holders | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.07 | Proceedings by Trustee | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.08 | Remedies Cumulative and Continuing | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.09 | Direction of Proceedings and Waiver of Defaults by Majority of Holders | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.10 | Notice of Defaults | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.11 | Undertaking to Pay Costs | 38 |

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i

**TABLE OF CONTENTS**

**<u>Page</u>**

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| | | |
|:---|:---|:---|
| Article VI CONCERNING THE TRUSTEE | Article VI CONCERNING THE TRUSTEE | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.01 | Duties and Responsibilities of Trustee | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.02 | Reliance on Documents, Opinions, Etc. | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.03 | No Responsibility for Recitals, Etc. | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.04 | Trustee, Paying Agents, Exchange Agents or Registrar May Own Debentures | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.05 | Monies to Be Held in Trust | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.06 | Compensation and Expenses of Trustee | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.07 | Officer's Certificate as Evidence | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.08 | Conflicting Interests of Trustee | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.09 | Eligibility of Trustee | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.10 | Resignation or Removal of Trustee | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.11 | Acceptance by Successor Trustee | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.12 | Succession by Merger, Etc. | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.13 | Limitation on Rights of Trustee as Creditor | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.14 | Trustee's Application for Instructions from the Company | 45 |
| Article VII CONCERNING THE HOLDERS | Article VII CONCERNING THE HOLDERS | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.01 | Action by Holders | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.02 | Proof of Execution by Holders | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.03 | Who Are Deemed Absolute Owners | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.04 | Company-Owned Debentures | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.05 | Revocation of Consents; Future Holders Bound | 46 |
| Article VIII SUPPLEMENTAL INDENTURES | Article VIII SUPPLEMENTAL INDENTURES | &nbsp;&nbsp;&nbsp;&nbsp;47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.01 | Supplemental Indentures Without Consent of Holders | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.02 | Supplemental Indentures With Consent of Holders | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.03 | Effect of Supplemental Indentures | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.04 | Notation on Debentures | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.05 | Evidence of Compliance of Supplemental Indenture to Be Furnished to Trustee | 49 |
| Article IX CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE; CERTAIN EXTRAORDINARY EVENTS | Article IX CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE; CERTAIN EXTRAORDINARY EVENTS | &nbsp;&nbsp;&nbsp;&nbsp;50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.01 | Company May Consolidate, Etc. on Specified Terms | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.02 | Successor Corporation or Qualified Successor Entity to Be Substituted | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.03 | Opinion of Counsel to Be Given to Trustee | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.04 | Redomestication | 52 |
| Article X IMMUNITY OF INCORPORATORS, STOCKHOLDERS, MEMBERS, PARTNERS, OFFICERS AND DIRECTORS | Article X IMMUNITY OF INCORPORATORS, STOCKHOLDERS, MEMBERS, PARTNERS, OFFICERS AND DIRECTORS | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.01 | Indenture and Debentures Solely Obligations of the Company | 53 |
| Article XI EXCHANGE OF DEBENTURES; REDEMPTION OF DEBENTURES | Article XI EXCHANGE OF DEBENTURES; REDEMPTION OF DEBENTURES | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.01 | Exchange of Debentures at Option of Holder | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.02 | Consideration for Exchange of Debentures | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.03 | Limitation | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.04 | Valuation Period | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.05 | Satisfaction of Exchange Obligation | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.06 | Notification of Form of Consideration | 58 |

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ii

**TABLE OF CONTENTS**

**<u>Page</u>**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.07 | Exchange of Debentures | 59.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.08 | Procedures for Payment | 59.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.09 | Certain Interest and Additional Distribution Payments | 59.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.10 | Withdrawal of Notice of Exchange | 60.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.11 | Cancellation of Interest, Additional Distributions and Tax Original Issue Discount | 60.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.12 | Make-Whole Redemption | 60.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.13 | Make-Whole Fundamental Change | 63.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.14 | Make-Whole Transfer | 64.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.15 | Reference Share Adjustments | 65.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.16 | Redemption at Option of the Company | 66.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.17 | Notice to Trustee | 67.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.18 | Selection by Trustee of Debentures to be Redeemed | 68.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.19 | Notice of Redemption | 68.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.20 | Exchange in Lieu of Exchange | 69.0 |
| Article XII PURCHASE OF DEBENTURES | Article XII PURCHASE OF DEBENTURES | 70.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.01 | Purchase of Debentures at Option of Holders on the Purchase Date | 70.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.02 | Purchase of Debentures at Option of Holders on the Fundamental Change Repurchase Date | 73.0 |
| Article XIII MISCELLANEOUS PROVISIONS | Article XIII MISCELLANEOUS PROVISIONS | 75.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.01 | Special Provisions Relating to Payment in Reference Shares | 75.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.02 | Delivery of Reference Shares | 75.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.03 | Final Period Distribution Payment | 75.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.04 | Certain Provisions Relating to the Delivery of Restricted Reference Shares Upon Exchange or Purchase of the Debentures; Liquidated Damages | 76.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.05 | Calculation of Tax Original Issue Discount | 77.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.06 | Provisions Binding on Company's Successors | 78.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.07 | Official Acts by Successor Corporation | 78.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.08 | Addresses for Notices, Etc. | 78.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.09 | Governing Law | 79.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.10 | Evidence of Compliance with Conditions Precedent; Certificates and Opinions of Counsel to Trustee | 79.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.11 | Legal Holidays | 79.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.12 | No Security Interest Created | 80.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.13 | Benefits of Indenture | 80.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.14 | **Table of Contents**, Headings, Etc. | 80.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.15 | Authenticating Agent | 80.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.16 | Execution in Counterparts | 81.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.17 | Severability | 81.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.18 | Waiver of Jury Trial | 81.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.19 | Force Majeure | 81.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.20 | Calculations | 82.0 |

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EXHIBITS

Exhibit A Form of Debenture A-1 <br> Exhibit B Form of Notice of Exchange B-1

iii

This INDENTURE, by and between Liberty Media Corporation, a Delaware corporation, as issuer, and U.S. Bank Trust Company, National Association, as trustee (the "**Trustee**"), is dated as of September 14, 2023.

W I T N E S S E T H:

WHEREAS, for its lawful corporate purposes, the Company has duly authorized the issue of its 2.375% Exchangeable Senior Debentures due 2053 (the "**Debentures**"), initially in an aggregate principal amount not to exceed $1,150,000,000 (subject to reopening in accordance with Section 2.12), and in order to provide the terms and conditions upon which the Debentures are to be authenticated, issued and delivered, the Company has duly authorized the execution and delivery of this Indenture;

WHEREAS, the Form of Debenture, the certificate of authentication to be borne by each Debenture, the Form of Notice of Exchange and the Form of Certificate of Transfer to be borne by the Debentures are to be substantially in the forms provided for herein; and

WHEREAS, all acts and things necessary to make the Debentures, when executed by the Company and authenticated and delivered by the Trustee or a duly authorized authenticating agent, the valid, binding and legal obligations of the Company, and to constitute a valid agreement according to its terms, have been done and performed, and the execution of this Indenture and the issue hereunder of the Debentures have in all respects been duly authorized.

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

That in order to declare the terms and conditions upon which the Debentures are, and are to be, authenticated, issued and delivered, and in consideration of the premises and of the purchase and acceptance of the Debentures by the holders thereof, the Company covenants and agrees with the Trustee for the equal and proportionate benefit of the respective Holders from time to time (except as otherwise provided below), as follows:

Article I<br> DEFINITIONS

Section 1.01 *Definitions*. The terms defined in this Section 1.01 (except as herein otherwise expressly provided or unless the context otherwise requires) for all purposes of this Indenture and of any indenture supplemental hereto shall have the respective meanings specified in this Section 1.01. All other terms used in this Indenture that are defined in the Trust Indenture Act or that are by reference therein defined in the Securities Act (except as herein otherwise expressly provided or unless the context otherwise requires) shall have the meanings assigned to such terms in said Trust Indenture Act and in said Securities Act as in force at the date of the execution of this Indenture. The words "herein," "hereof," "hereunder," and words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision. The terms defined in this Article I include the plural as well as the singular. The words "include," "includes," and "including" shall be deemed to be followed by the words "without limitation."

"**Additional Distribution**" means any distribution to Holders made pursuant to Section 2.05 in respect of a Reference Share Distribution.

"**Additional Interest**" means all amounts, if any, payable pursuant to Section 5.03.

"**Adjusted Principal Amount**" means, for each $1,000 Original Principal Amount of the Debentures, $1,000 minus any and all Extraordinary Additional Distributions and any Rate Maintaining Adjustments made in respect of such Original Principal Amount pursuant to Section 2.03.

"**Adjustment Event**" has the meaning specified in Section 11.15(c).

"**Affiliate**" of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person; provided that no Person shall be deemed to be under the control of another Person solely because they share one or more officers or common members of their respective board of managers, board of directors or other controlling governing bodies.

"**Average Transaction Consideration**" means, as to each Reference Share subject to a Reference Share Offer, the quotient derived by dividing (a) the aggregate amount of consideration actually distributed or paid to all holders of Reference Shares that participated in such Reference Share Offer, by (b) the total number of Reference Shares of such Reference Company outstanding immediately prior to the closing of the Reference Share Offer of the class or series entitled to participate in such Reference Share Offer (in each case, for the avoidance of doubt, giving effect to Reference Shares held by the Company and the consideration received by the Company in respect of such Reference Shares). The Company shall determine the Average Transaction Consideration based on information that is publicly available to the Company at the date of determination, which may require that the Company estimate the Average Transaction Consideration. If and to the extent the Company estimates the amount of the Average Transaction Consideration and thereafter obtains more definitive information with which to calculate such amount, the Company shall true up the amount of the Average Transaction Consideration.

"**Bankruptcy Law**" means Title 11, U.S. Code or any similar federal or state law for the relief of debtors.

"**Board of Directors**" means the board of directors (or equivalent body) of the Company or a committee of such board (or equivalent body) duly authorized to act for it hereunder.

"**Board Resolution**" means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have been duly adopted by the Board of Directors and to be in full force and effect on the date of such certification, and delivered to the Trustee.

"**Business Day**" means any day that is not a Saturday, Sunday or legal holiday on which banking institutions in the State of New York are authorized or obligated by law or regulation to close.

"**Change in Control**" means a share exchange, consolidation, business combination, merger or similar transaction involving the Company (which, for the avoidance of doubt, may also involve one or more other persons) as a result of which the holders of all classes of Common Equity Securities of the Company immediately prior to such transaction own, directly or indirectly, less than 50% of all classes of Common Equity Securities of the continuing or surviving company or the parent thereof immediately after such transaction.

"**close of business**" means 5:00 p.m. (New York City time).

"**Closing Price**" means, with respect to any publicly traded security on any date of determination, the closing sale price (or, if no closing sale price is reported, the last reported sale price) of such security on such date on the principal U.S. national or regional securities exchange on which such security is listed or, if not so listed, on a recognized international securities exchange on which the security is listed, or, if such security is not so listed on a principal U.S. national or regional securities exchange or on a recognized international securities exchange, the last quoted bid price for such security in the over-the-counter market as reported by the OTC Markets Group Inc. or similar organization. If the Closing Price of a security cannot be determined by any of the foregoing methods on a particular Trading Day, the Closing Price for such security shall be determined by the Board of Directors on the basis of such information that it, in good faith, considers appropriate; *provided, however,* that a nationally recognized investment banking or appraisal firm retained by the Company will make such determination instead if the Company expects the aggregate value of such securities distributed on the number of Reference Shares of the relevant Reference Company attributable to all of the outstanding Debentures to exceed $100,000,000. The Board of Directors will make an appropriate adjustment to the Closing Price to account for any dividend, distribution or other event where the ex-dividend date for such event occurs at any time during the applicable valuation or other period.

"**Commission**" means the Securities and Exchange Commission.

"**Common Equity**" of any Person means all classes and series of capital stock of such Person that participates without preference (other than with respect to the allocations in accordance with such Person's certificate of incorporation or other organizational instruments) in the right or priority to payment upon a liquidation or dissolution of such Person. For the avoidance of doubt, each class and series of common stock of the Company as denominated as of the issue date of the Debentures (along with any future classes and series of common stock of the Company as may be denominated thereafter having similar characteristics) will be deemed to constitute Common Equity of the Company.

"**Common Equity Securities**" means any securities (i) that are Common Equity and (ii) that are Marketable Securities. For greater certainty, the term "Common Equity Securities" does not mean warrants, options or other rights to purchase, or securities exchangeable or convertible into, Common Equity.

"**Company**" means Liberty Media Corporation, a Delaware corporation, until a successor shall have been appointed and become such pursuant to the applicable provisions of this Indenture, and thereafter, "Company" shall mean such successor.

"**Company Order**" means a written request or order signed in the name of the Company by an Officer and delivered to the Trustee.

"**Consideration Notice**" has the meaning set forth in Section 11.06.

"**Corporate Trust Office**" means the office of the Trustee at which at any time its corporate trust business shall be administered, which office at the date hereof is located at 100 Wall Street, Suite 600, New York, New York, 10005, Attn: Corporate Trust Services, or such other address as the Trustee may designate from time to time by notice to the Holders and the Company, or the principal corporate trust office of any successor trustee (or such other address as such successor trustee may designate from time to time by notice to the Holders and the Company).

"**Current Market Price**" means for any Reference Shares attributable to a Debenture or for any other Common Equity Securities for which a Current Market Price is to be determined, the average of the daily volume weighted average prices per share ("**VWAP**") per share of such Reference Shares or other Common Equity Securities during the applicable valuation period prescribed herein as displayed under the heading "Bloomberg VWAP" on Bloomberg page "LYV.US" (or "**[**TICKER FOR THE APPLICABLE CLASS OF REFERENCE SHARES OR OTHER COMMON EQUITY SECURITIES**]**)AQR" (or its equivalent successor if such page is not available). The VWAP for each Trading Day during the applicable valuation period shall be in respect of the period from the scheduled open of trading until the scheduled close of trading of the primary trading session on such Trading Day (or if such VWAP is unavailable, the market value of one share or other unit of such Reference Shares or other Common Equity Securities on such Trading Day determined, using a volume-weighted average method, by a nationally recognized independent investment banking firm retained for this purpose by the Company). The VWAP for each Trading Day will be determined without regard to after-hours trading or any other trading outside of the regular trading session trading hours. The Board of Directors will make an appropriate adjustment to the daily VWAP to account for any dividend, distribution or other event where the ex-dividend date for such event occurs at any time during an applicable valuation period. If the Reference Shares attributable to a Debenture are composed of Reference Shares of different series or classes of the same Reference Company, then references to the Current Market Price of the Reference Shares will mean the Current Market Prices of the Reference Shares of each such series or class and, where the context requires, the sum of the Current Market Prices of such Reference Shares.

"**Custodian**" means the Trustee, as custodian for the Depositary, with respect to the Global Debentures, or any successor entity thereto.

"**Debenture**" means each $1,000 Original Principal Amount of the Debentures.

"**Debentures**" has the meaning set forth in the first recital of this Indenture.

"**Debenture Register**" has the meaning specified in Section 2.07(a).

"**Debenture Registrar**" has the meaning specified in Section 2.07(a).

"**Default**" means any event that is, or after notice or passage of time, or both, would be, an Event of Default.

"**Defaulted Amount**" has the meaning specified in Section 2.04(e).

"**Defaulted Interest**" means any interest on the Debentures which shall be payable, but shall not be punctually paid or duly provided for, on any Interest Payment Date (other than the date of Stated Maturity).

**"Defaulted Additional Distribution"** means any Additional Distribution which the Company shall be required to pay, or cause to be paid, with respect to the Debentures but which shall not be punctually paid or duly provided for on the date due in accordance with Section 2.05.

"**Depositary**" means, with respect to the Global Debentures, The Depository Trust Company, until a successor shall have been appointed and become such pursuant to the applicable provisions of this Indenture, and thereafter, "Depositary" shall mean or include such successor.

"**Distribution Date**" has the meaning specified in the definition of "Market Capitalization Condition".

"**Effective Date**" has the meaning specified in Section 11.12(c), Section 11.13 or Section 11.14, as applicable.

"**Eligible Holder**" means a holder of Registrable Shares following a Registration Default that (a) timely completed, signed and delivered to the Company or the applicable Registering Reference Company a selling stockholder questionnaire and any other information as described in the Offering Memorandum under the caption "Description of the Debentures—Restricted Reference Shares Registration Rights" and (b) held such Registrable Shares at the time of such Registration Default.

"**Eligible Transaction**" has the meaning specified in Section 11.12(b).

"**Event of Default**" has the meaning specified in Section 5.01.

"**Exchange Act**" means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

**"Exchange Agent"** has the meaning specified in Section 4.02.

"**Exchange Date**" means, with respect to any Notice of Exchange, the date on which the Notice of Exchange and all documents, instruments and payments required to be tendered in connection with the related exchange have been received by the Exchange Agent.

"**Exchange Value**" has the meaning specified in the definition of "Significant Reference Company".

"**Extraordinary Additional Distribution**" means any Additional Distribution (other than any Additional Distribution payable as a result of a Reference Share Distribution that is a Regular Cash Dividend), whether of cash, securities or property; *provided* that in the event of a Reference Share Offer, the amount of the Extraordinary Additional Distribution on each Debenture in respect of such Reference Share Offer shall equal the portion of the Average Transaction Consideration deemed to be received on the Reference Shares of the class or series subject to the Reference Share Offer attributable to one Debenture (immediately prior to giving effect to the Reference Share Proportionate Reduction relating to that Reference Share Offer) other than the portion of the Average Transaction Consideration that consists of Common Equity Securities, which themselves become part of the Reference Shares as a result of the Reference Share Offer Adjustment other than in the case of a Final Period Distribution.

"**Extraordinary Distribution**" means any Reference Share Distribution other than a Regular Cash Dividend.

"**Extraordinary Distribution Adjustment Event**" has the meaning specified in Section 11.02(b).

"**Final Period Distribution**" means, for each Debenture, (a) all Regular Cash Dividends on any Reference Shares attributable to such Debenture for which the ex-dividend date has occurred but which, as of the Maturity of such Debenture, have not been received by the holders of such Reference Shares and (b) all Extraordinary Distributions on any Reference Shares attributable to such Debenture for which the ex-dividend date has occurred but which, at the Maturity of such Debenture, have not been received by the holders of such Reference Shares, but only to the extent that the value of such Extraordinary Distributions (determined in accordance with Section 2.05(d) or (e)) does not exceed the Adjusted Principal Amount of such Debenture.

"**Fiscal Year**" means a fiscal year of the Company.

"**Fundamental Change**" means the occurrence, at any time after the original issuance of the Debentures and prior to the stated maturity, of any of the following events with respect to any Significant Reference Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any "person" or "group" (within the meaning of Section 13(d) of the Exchange Act), other than such Significant Reference Company, its wholly owned subsidiaries, its and their employee benefit plans, or any Permitted Holder, publicly discloses to the Significant Reference Company (and a holder provides us with reasonable evidence of such public disclosure) that it has legally become the direct or indirect ultimate "beneficial owner," as defined in Rule 13d-3 under the Exchange Act, of Common Equity Securities of such Significant Reference Company that is entitled to vote for members of the board of directors or equivalent governing body of such Significant Reference Company representing more than 50% of the voting power of the Common Equity Securities of such Significant Reference Company that is entitled to vote for members of the board of directors or equivalent governing body of such Significant Reference Company; provided that (x) no Person or group shall be deemed to be the beneficial owner of any Common Equity Securities of such Significant Reference Company tendered pursuant to a tender offer or exchange offer made by or on behalf of such Person or group until such tendered Common Equity Securities of such Significant Reference Company are accepted for purchase or exchange under such offer and (y) this clause (a) shall not apply to any transaction that is solely for the purpose of changing any such Significant Reference Company's jurisdiction of organization so long as any successor Common Equity Securities of such Significant Reference Company that serves as Reference Shares attributable to the Debentures in such transaction are listed on a Permitted Exchange (to the extent predecessor Common Equity Securities of such Significant Reference Company were listed on a Permitted Exchange) and such successor Common Equity Securities of such Significant Reference Company become Reference Shares attributable to the Debentures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) one of the Permitted Holders, or one or more of the Permitted Holders as a "group" (within the meaning of Section 13(d) of the Exchange Act), becomes the direct or indirect ultimate "beneficial owner," as defined in Rule 13d-3 under the Exchange Act, of Common Equity Securities of a Significant Reference Company representing more than 66 2/3% of the Common Equity of such Significant Reference Company; provided that (x) no Person or group shall be deemed to be the beneficial owner of any Common Equity Securities of such Significant Reference Company tendered pursuant to a tender offer or exchange offer made by or on behalf of such person or group until such tendered Common Equity Securities of such Significant Reference Company are accepted for purchase or exchange under such offer and (y) this clause (b) shall not apply to any transaction that is solely for the purpose of changing any such Significant Reference Company's jurisdiction of organization so long as any successor Common Equity Securities of such Significant Reference Company that serves as Reference Shares attributable to the Debentures in such transaction are listed on a Permitted Exchange (to the extent predecessor Common Equity Securities of such Significant Reference Company were listed on a Permitted Exchange) and such successor Common Equity Securities of such Significant Reference Company become Reference Shares attributable to the Debentures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the consummation of (i) any recapitalization, reclassification or change of the Common Equity Securities (other than changes resulting from a subdivision, combination or changes solely in par value or, in the case of Live Nation, a recapitalization or reclassification pursuant to which Live Nation issues non-voting common equity) of such Significant Reference Company as a result of which such Common Equity Securities would be converted into, or exchanged for, stock, other securities, other property or assets (other than a share exchange by such Significant Reference Company that is solely for the purpose of changing any such Significant Reference Company's jurisdiction of organization so long as any successor Common Equity Securities of such Significant Reference Company that serves as Reference Shares attributable to the Debentures in such transaction is listed on a Permitted Exchange (to the extent predecessor Common Equity Securities of such Significant Reference Company were listed on a Permitted Exchange) and such successor Common Equity Securities of such Significant Reference Company become Reference Shares attributable to the Debentures); (ii) any share exchange, consolidation or merger involving such Significant Reference Company pursuant to which its Common Equity Securities will be converted into cash, securities or other property or assets (other than a share exchange by such Significant Reference Company that is solely for the purpose of changing any such Significant Reference Company's jurisdiction of organization so long as any successor Common Equity Securities of such Significant Reference Company that serves as Reference Shares attributable to the Debentures in such transaction is listed on Permitted Exchange (to the extent predecessor Common Equity Securities of such Significant Reference Company were listed on a Permitted Exchange) and such successor Common Equity Securities of such Significant Reference Company become Reference Shares attributable to the Debentures); or (iii) any sale, lease or other transfer in one transaction or a series of transactions of all or substantially all of the consolidated assets of such Significant Reference Company and its subsidiaries, taken as a whole, to any Person other than to one of such Significant Reference Company's wholly owned subsidiaries; provided, however, that a transaction described in clause (i), (ii), or (iii) in which the holders of all classes of such Significant Reference Company's Common Equity Securities immediately prior to such transaction own, directly or indirectly, more than 50% of all classes of Common Equity Securities of the continuing or surviving corporation or transferee or the parent thereof immediately after such transaction in substantially the same proportions as such ownership immediately prior to such transaction shall not be a Fundamental Change pursuant to this clause (c);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) other than a transaction described in clause (c)(iii) above, such Significant Reference Company's stockholders approve any plan or proposal for the liquidation or dissolution of such Significant Reference Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Reference Shares of such Significant Reference Company cease to be listed or quoted on any of The New York Stock Exchange (or its successor); The NASDAQ Global Select Market (or its successor); The NASDAQ Global Market (or its successor); or any other U.S. national securities exchange (any such exchange, a "**Permitted Exchange**").

A transaction or transactions described in clause (c) above will not constitute a Fundamental Change or a Make-Whole Fundamental Change, however, if at least 90% of the consideration received or to be received by the holders of such Significant Reference Company's Common Equity Securities, excluding cash payments for fractional shares and cash payments made pursuant to dissenters' appraisal rights, in connection with such transaction or transactions consists of shares of Common Equity Securities that are listed or quoted on any Permitted Exchange or will be so listed or quoted when issued or exchanged in connection with such transaction or transactions and as a result of such transaction or transactions such shares of Common Equity Securities become Reference Shares attributable to the Debentures. If a transaction or transactions described in clause (a) or (b) above would result from a transaction or transactions described in clause (c) above, then clause (c) shall apply rather than clause (a) or (b).

"**Fundamental Change Notice**" has the meaning specified in Section 12.02(e).

"**Fundamental Change Repurchase Date**" has the meaning specified in Section 12.02(a).

"**Fundamental Change Repurchase Price**" has the meaning specified in Section 12.02(b).

"**Global Debenture**" has the meaning specified in Section 2.03(b).

"**Holder**" or "**holder**," as applied to any Debenture, or other similar terms (but excluding the terms "beneficial holder," "beneficial owner" or similar terms), shall mean any Person in whose name at the time a particular Debenture is registered on the Debenture Register.

"**Indenture**" means this instrument as originally executed or, if amended or supplemented as herein provided, as so amended or supplemented.

"**Initial Purchasers**" means the several initial purchasers named in Schedule A to the Purchase Agreement.

"**interest**," as applied to any Debenture, includes Additional Interest, if any, payable on such Debenture.

"**Interest Payment Date**" has the meaning specified in Section 2.04(b).

"**Interest Period**" means each period from and including the most recent Interest Payment Date or, if no interest has been paid on the Debentures, from and including the issue date of the Debentures, to but excluding the next applicable Interest Payment Date or the date on which the principal of the Debentures shall become due and payable, whether at the Stated Maturity of the Debentures or any earlier date of repurchase.

"**Interest Record Date**," with respect to any Interest Payment Date, shall mean the 15th day of the month (whether or not such day is a Business Day) in which the relevant Interest Payment Date is scheduled to occur.

"**Liquidated Damages**" has the meaning specified in Section 13.04(b).

"**Live Nation**" means Live Nation Entertainment, Inc., a Delaware corporation.

"**Live Nation Stock**" means the common stock of Live Nation, par value $0.01 per share.

"**Live QSE**" has the meaning specified in the definition of "Qualified Successor Entity".

"**Make-Whole Agreement**" means an agreement by the Company setting forth a transaction which, if consummated, would reasonably be expected to cause (x) a Fundamental Change or Make-Whole Fundamental Change to occur with respect to a Significant Reference Company, (y) the Company's direct or indirect transfer to a Significant Reference Company of all of the Company's Reference Shares in such Significant Reference Company or (z) would result in a Change in Control of the Company.

"**Make-Whole Fundamental Change**" has the meaning specified in Section 11.13.

"**Make-Whole Redemption**" has the meaning specified in Section 11.12(a).

"**Make-Whole Redemption Date**" has the meaning specified in Section 11.12(b).

"**Make-Whole Redemption Exchange Period**" has the meaning specified in Section 11.12(c).

"**Make-Whole Redemption Price**" has the meaning specified in Section 11.12(a).

"**Make-Whole Transfer**" has the meaning specified in Section 11.14.

"**Market Capitalization Condition**" means, as of the date immediately following the date (the "**Distribution Date**") of the distribution or delivery of the Common Equity Securities of a Non-Live QSE (or parent thereof) to stockholders of the Company, that the sum of the products of (i) the number of shares of each class or series of Common Equity Securities of such Non-Live QSE (or parent thereof) outstanding and (ii) the Current Market Price of each such class or series of Common Equity Securities of such Non-Live QSE (or parent thereof), in each case, immediately following the Distribution Date is at least $3,000,000,000. For purposes of this definition, "Current Market Price" shall be determined as though such shares of each class or series of Common Equity Securities of such Non-Live QSE were Reference Shares and the applicable valuation period shall be the first three Trading Days of regular way trading commencing on and including the Distribution Date; *provided* that, with respect to any high-vote class or series of Common Equity Securities of the Non-Live QSE, the "Current Market Price" thereof shall be determined by reference to the low-vote class or series of Common Equity Securities into which it is convertible by its terms.

"**Market Disruption Event**" means with respect to any security for which a Current Market Price is to be determined, (x) a failure by the primary U.S. national or regional securities exchange or recognized international securities exchange or over the counter market on which such security is listed or admitted for trading to open for trading during its regular trading session or (y) the occurrence or existence prior to 1:00 p.m., New York City time, on any Scheduled Trading Day for such security, for more than one half-hour period in the aggregate during regular trading hours of any suspension or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the relevant stock exchange or otherwise) in such security or in any options, contracts or futures contracts relating to such security.

"**Marketable Securities**" means any securities (including warrants, options or other rights to purchase, or securities exchangeable or convertible into, Common Equity Securities) listed on a U.S. national or regional securities exchange or listed on a recognized international securities exchange or traded in the over-the-counter market and reported by OTC Markets Group Inc. or similar organization.

"**Maturity**," with respect to any Debenture, means the date on which the principal of such Debenture becomes due and payable as provided in or pursuant to this Indenture, whether at the Stated Maturity or by declaration of acceleration, notice of repurchase, notice of option to elect repayment or otherwise.

"**Maturity Repayment Amount**" means the Original Principal Amount or, if the Original Principal Amount of the Debentures has been reduced pursuant to Section 2.03(b), the Adjusted Principal Amount of the Debentures in effect on the date of Stated Maturity for the principal of the Debentures.

"**Non-Live QSE**" has the meaning specified in the definition of "Qualified Successor Entity".

"**Notice of Exchange**" means the notice of exchange given pursuant to the Exchange Agent by a Holder of its request to exchange Debentures pursuant to Section 11.07, in the form attached hereto as <u>Exhibit B</u>.

"**Notice of Redemption**" has the meaning specified in Section 11.19.

"**Observation Period**" has the meaning specified in Section 11.02(b).

"**Offering Memorandum**" means the final offering memorandum of the Company dated September 6, 2023, relating to the offering and sale of the Debentures.

"**Officer**" means, with respect to the Company, the Chairman of the Board, any Vice Chairman of the Board, the Chief Executive Officer, the President, the Chief Legal Officer, the Chief Administrative Officer, the Chief Accounting Officer, the Chief Financial Officer, the Principal Financial Officer, the Chief Corporate Development Officer, any Executive Vice President, any Senior Vice President, any Vice President, any Assistant Vice President, the Treasurer, the Assistant Treasurer, the Secretary or any Assistant Secretary.

"**Officer's Certificate**" means a certificate signed by one Officer of the Company.

"**Opinion of Counsel**" means an opinion in writing signed by legal counsel, who may be an employee of or counsel to the Company, or other counsel reasonably acceptable to the Trustee, that is delivered to the Trustee. Each such opinion shall include the statements provided for in Section 13.10 if and to the extent required by the provisions of such Section.

"**Original Principal Amount**" means the face value of $1,000 principal amount per Debenture.

"**outstanding**," when used with reference to Debentures, shall, subject to the provisions of Section 7.04, mean, as of any particular time, all Debentures authenticated and delivered by the Trustee under this Indenture, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Debentures theretofore canceled by the Trustee or accepted by the Trustee for cancellation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Debentures that have been paid pursuant to Section 2.10 or Debentures in lieu of which, or in substitution for which, other Debentures shall have been authenticated and delivered pursuant to the terms of Section 2.08 unless proof satisfactory to the Trustee is presented that any such Debentures are held by protected purchasers in due course;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Debentures that have become due and payable, whether at the Maturity thereof, any Redemption Date, any Fundamental Change Repurchase Date, or otherwise, for which the Company has deposited cash with the Trustee or paid cash to Holders, sufficient to pay all of the outstanding Debentures and all other sums due payable under this Indenture by the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Debentures exchanged pursuant to Article XI.

"**Parity Value**," with respect to the Debentures on any date of determination, shall equal the product of (x) the Closing Price on such date of the Reference Shares attributable to a Debenture and (y) the number of such Reference Shares attributable to a Debenture (for each such Reference Company, the "**Reference Share Value**"). If the Reference Shares attributable to the Debentures are composed of Reference Shares of more than one Reference Company (or of different series or classes of a Reference Company), then the Parity Value will be the sum of the Reference Share Values of the Reference Shares of each such Reference Company (or each such series or class, as applicable).

"**Paying Agent**" has the meaning specified in Section 4.02.

"**Permitted Blackout Period**" means a period in which the availability of the use of a resale registration statement filed by a Reference Company and a related Resale Prospectus with respect to Restricted Reference Shares may be suspended in accordance with the applicable Registration Rights Agreement (such period not to exceed 90 days).

"**Permitted Exchange**" has the meaning specified in the definition of "Fundamental Change".

"**Permitted Transaction**" means any of the following transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company pays a dividend or distribution to all or substantially all holders of shares of one or more classes or series of Common Equity of the Company that includes Publicly Traded Common Equity Securities of a Qualified Successor Entity (or parent of such Qualified Successor Entity);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company redeems, in whole or in part, the outstanding shares of one or more classes or series of Common Equity of the Company for consideration that includes Publicly Traded Common Equity Securities of a Qualified Successor Entity (or parent of such Qualified Successor Entity); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Company effects in one transaction or series of related transactions a merger, consolidation or other transaction in which the outstanding shares of one or more classes or series of Common Equity of the Company are converted into or exchanged for consideration that includes Publicly Traded Common Equity Securities of a Qualified Successor Entity (or parent of such Qualified Successor Entity).

"**Permitted Transfer"** has the meaning set forth in Section 9.01(b).

"**Person**" means an individual, a corporation, a limited liability company, an association, a partnership, a joint venture, a joint stock company, a trust, an unincorporated organization or a government or an agency or a political subdivision thereof.

"**Predecessor Debenture**" of any particular Debenture means every previous Debenture evidencing all or a portion of the same debt as that evidenced by such particular Debenture; and, for purposes of this definition, any Debenture authenticated and delivered under Section 2.08 in lieu of or in exchange for a mutilated, lost, destroyed or stolen Debenture shall be deemed to evidence the same debt as the mutilated, lost, destroyed or stolen Debenture that it replaces.

"**Public Announcement Date**" has the meaning specified in Section 11.12(a).

"**Publicly Traded Common Equity Securities**" means any Common Equity Securities that are listed on a U.S. national securities exchange.

"**Purchase Agreement**" means the Purchase Agreement, dated September 6, 2023, among the Company and the Initial Purchasers relating to the offer and sale of the Debentures.

"**Purchase Date**" has the meaning specified in Section 12.01(a).

"**Purchase Notice**" has the meaning specified in Section 12.01(a)(i).

"**Put Notice**" has the meaning specified in Section 12.01(e).

"**Put Purchase Price**" has the meaning specified in Section 12.01(a).

"**Qualified Successor Entity**" means a corporation, partnership, limited liability company or similar entity organized and existing under the laws of the United States of America, any State thereof or the District of Columbia that either (x) other than any such Person referred to in clause (y) below, holds or acquires, directly or indirectly, all or substantially all of the Company's equity interest in Live Nation (or a successor to Live Nation or any other Significant Reference Company) (such Person under this clause (x), the "**Non-Live QSE**") or (y) is, after one transaction or series of related transactions, the resulting or surviving Person of any merger, consolidation or similar transaction with or into Live Nation (or a successor to Live Nation or any other Significant Reference Company) or a Subsidiary thereof (such Person under this clause (y), the "**Live QSE**").

"**Qualifying Guarantee**" means an irrevocable, full and unconditional guarantee, expiring no earlier than September 30, 2028, of a Non-Live QSE's payment obligations under the Debentures and this Indenture.

"**Rate Maintaining Adjustment**" means an adjustment made to the Adjusted Principal Amount on Interest Payment Dates following an Extraordinary Additional Distribution so that the fixed interest payment on such Interest Payment Date does not represent an amount (on an annualized basis) in excess of 2.375% of the Adjusted Principal Amount as of the immediately preceding Interest Payment Date. Such adjustment shall be effected by means of a reduction in the Adjusted Principal Amount by an amount equal to the excess of the fixed interest payment on any Interest Payment Date over the amount that is 2.375% (on an annualized basis) of the Adjusted Principal Amount of the Debentures as of the Interest Payment Date immediately preceding such Interest Payment Date.

"**Redemption Date**" has the meaning specified in Section 11.16(a).

"**Redemption Price**" means the amount due upon redemption, determined in accordance with the provisions of Section 11.12(a) or Section 11.16(a), as the case may be.

"**Reference Company**" means any Person that is the issuer of a Reference Share and initially means Live Nation, for so long as Live Nation Stock constitutes Reference Shares.

"**Reference Company Successor**" has the meaning specified in the definition of "Reference Share".

"**Reference Company Value**" has the meaning specified in the definition of "Significant Reference Company".

"**Reference Share**" initially means one share of Live Nation Stock; and after the date hereof shall mean and include, subject to Section 11.13, each share or fraction of a share or other units of Publicly Traded Common Equity Securities received by a holder of a Reference Share in respect of that Reference Share and, to the extent the Reference Share remains outstanding after any of the following events but without duplication, including the Reference Share outstanding immediately prior thereto, in each case directly or as the result of successive applications of this paragraph upon any of the following events: (i) a dividend or distribution on or in respect of a Reference Share, made in Reference Shares; (ii) the combination of a Reference Share into a smaller number of shares or other units; (iii) the subdivision of outstanding shares or other units of a Reference Share; (iv) the conversion or reclassification of Reference Shares by issuance or exchange of other Publicly Traded Common Equity Securities; (v) any Publicly Traded Common Equity Securities issued for a Reference Share in any consolidation or merger of a Reference Company, or any surviving entity or subsequent surviving entity of a Reference Company (referred to herein as a "**Reference Company Successor**"), with or into another entity (other than any Publicly Traded Common Equity Securities issued in connection with (A) a Reference Share Offer or (B) a merger or consolidation in which (x) the Reference Company is the continuing corporation and in which the Reference Shares outstanding immediately prior to the merger or consolidation are not exchanged for cash, securities or other property of the Reference Company or another corporation or (y) an election is given as to the consideration to be received by a holder of Reference Shares); (vi) any Publicly Traded Common Equity Securities issued in exchange for a Reference Share in any statutory exchange of securities of a Reference Company or any Reference Company Successor with another corporation (other than any Publicly Traded Common Equity Securities issued in connection with (A) a Reference Share Offer or (B) a statutory exchange of securities in which (x) the Reference Company is the continuing corporation and in which the Reference Shares outstanding immediately prior to the statutory exchange are not exchanged for cash, securities or other property of the Reference Company or another corporation or (y) an election is given as to the consideration to be received by a holder of Reference Shares); (vii) any Publicly Traded Common Equity Securities issued with respect to a Reference Share in connection with any liquidation, dissolution or winding up of a Reference Company or any Reference Company Successor; and (viii) any Publicly Traded Common Equity Securities received in exchange for a Reference Share as part of the Average Transaction Consideration deemed received in any Reference Share Offer.

"**Reference Share Adjustment**" has the meaning specified in Section 11.15.

"**Reference Share Distribution**" means any payment or distribution on or in respect of the Reference Shares of a Reference Company, including, without limitation, a Regular Cash Dividend and payments and distributions in connection with (i) the consolidation or merger of such Reference Company or a Reference Company Successor, a statutory exchange of securities of such Reference Company or a Reference Company Successor or a liquidation or dissolution of such Reference Company or a Reference Company Successor or (ii) any Reference Share Offer with respect to such Reference Shares, but shall not include any Extraordinary Distribution that consists of Publicly Traded Common Equity Securities that are to become part of the Reference Shares.

"**Reference Share Offer**" means any tender offer or exchange offer made for 30% or more of the outstanding Reference Shares of a Reference Company or any consolidation, merger or statutory exchange involving a Reference Company in which an election is given to holders of Reference Shares as to the consideration to be received in the transaction.

"**Reference Share Offer Adjustment**" means (a) an adjustment to the Reference Shares attributable to a Debenture, of the type subject to a Reference Share Offer, to include, immediately after the closing of such Reference Share Offer (but before the proportionate reduction of such Reference Shares by the Reference Share Proportionate Reduction), the portion of the Average Transaction Consideration deemed received in such Reference Share Offer that consists of Publicly Traded Common Equity Securities, and (b) a reduction in the number of such Reference Shares that, immediately prior to such Reference Share Offer, are attributable to each Debenture by the Reference Share Proportionate Reduction.

"**Reference Share Proportionate Reduction**" means a proportionate reduction in the number of Reference Shares attributable to each Debenture, of the type subject to the applicable Reference Share Offer, calculated in accordance with the following formula:

R = X/N

where:

R = the fraction by which the number of Reference Shares that are the subject of the Reference Share Offer and attributable to each Debenture will be reduced;

X = the aggregate number of such Reference Shares that are surrendered and accepted in the Reference Share Offer; and

N = the aggregate number of Reference Shares subject to the Reference Share Offer outstanding immediately prior to the closing of the Reference Share Offer.

"**Reference Share Value**" has the meaning set forth in the definition of Parity Value.

"**Registering Reference Company**" means a Reference Company that agrees, at the request of the Company, to use commercially reasonable efforts to file, and cause to be made effective, one or more resale shelf registration statements covering the resale of any shares of such Reference Company's Common Equity that are Restricted Reference Shares.

"**Registrable Shares**" has the meaning set forth in the Offering Memorandum under "Description of the Debentures—Restricted Reference Shares Registration Rights."

"**Registration Default**" has the meaning specified in Section 13.04(b).

"**Registration Rights Agreement**" means a registration rights agreement between the Company and a Registering Reference Company having terms that are no less favorable to the Company and the holders of Restricted Reference Shares delivered by the Company upon exchange or purchase of Debentures than those terms of a Qualifying Registration Rights Agreement summarized in the Offering Memorandum under the caption "Description of the Debentures—Restricted Reference Shares Registration Rights."

"**Regular Cash Dividend**" means any cash dividend declared and paid by a Reference Company on its Reference Shares in accordance with such Reference Company's publicly announced regular common equity dividend policy.

"**Resale Prospectus**" means a final prospectus provided by a Reference Company in respect of Restricted Reference Shares, in accordance with the terms of a Registration Rights Agreement between the Company and such Reference Company, pursuant to which the holder of such shares may resell them in a secondary offer and sale that complies with Section 5(a) of the Securities Act.

"**Responsible Officer**" means, when used with respect to the Trustee, any officer within the corporate trust department of the Trustee, including any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee, who shall have direct responsibility for the administration of this Indenture or to whom any corporate trust matter is referred because of such person's knowledge of and familiarity with the particular subject.

"**Restricted Reference Shares**" means Reference Shares of any Reference Company which, at the time of delivery thereof by the Company upon exchange or purchase of the Debentures, would constitute "restricted securities" (within the meaning of Rule 144 under the Securities Act) due to the Company being an Affiliate of such Reference Company at the time of such delivery (or within 90 days prior thereto).

"**Restricted Reference Shares Conditions**" has the meaning set forth in Section 11.05(b).

"**Rule 144A**" means Rule 144A as promulgated under the Securities Act, as such rule may be amended from time to time.

"**Scheduled Trading Day**" means, for any security, a day that is scheduled to be a trading day on the (or, if applicable, each) principal U.S. national or regional securities exchange or recognized international securities exchange or over the counter market on which such security is then listed or admitted for trading. If the applicable security is not so listed or admitted for trading, "Scheduled Trading Day" means, for purposes of that security, a Business Day.

"**Securities Act**" means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

"**Significant Reference Company**" means a Reference Company (i) whose Reference Shares comprise 30% or more of the Exchange Value of the Debentures and (ii) other than in the case of a Permitted Transfer, of which the Company or any of its controlled affiliates are the direct or indirect ultimate "beneficial owner," as defined in Rule 13d-3 under the Exchange Act, of Common Equity representing more than 20% of the voting power of such Significant Reference Company's Common Equity, in each case immediately prior to (x) in the case of a Make-Whole Fundamental Change or a Make-Whole Redemption in which the Notice of Redemption is given on or after the Effective Date of the Fundamental Change, Make-Whole Fundamental Change or Change in Control of the Company, the Effective Date of the Fundamental Change, Make-Whole Fundamental Change or Change in Control of the Company, as the case may be, (y) in the case of a Make-Whole Transfer to a Non-Live QSE, the Effective Date of the Permitted Transfer and (z) in the case of a Make-Whole Redemption in which the Notice Of Redemption is given to the Holders before the Effective Date of the Fundamental Change, Make-Whole Fundamental Change or Change in Control of the Company, the date on which the Company delivers such Notice of Redemption to the Holders. For the purposes of the foregoing, (i) "**Exchange Value**" means the sum of the Reference Company Values of each Reference Company and (ii) "**Reference Company Value**" means, for each Reference Company, the number of Reference Shares of such Reference Company attributable to a Debenture multiplied by the Current Market Price of such Reference Shares over the 10 Trading Day valuation period ending on, and including, the Trading Day immediately preceding (A) in the case of a Make-Whole Fundamental Change or a Make-Whole Redemption in which the Notice of Redemption is given on or after the Effective Date of the Fundamental Change, Make-Whole Fundamental Change or Change in Control of the Company, the Effective Date of the Fundamental Change, Make-Whole Fundamental Change or Change in Control of the Company, as the case may be, (B) in the case of a Make-Whole Transfer, the Effective Date of the Permitted Transfer to a Non-Live QSE and (C) in the case of a Make-Whole Redemption in which the Notice Of Redemption is given to the Holders before the Effective Date of the Fundamental Change, Make-Whole Fundamental Change or Change in Control of the Company, the date on which the Company delivers such Notice of Redemption to the Holders. For these purposes, the Current Market Price for the Reference Shares shall be determined in accordance with Section 11.04. If the Reference Shares attributable to a Debenture as of the date of determination are composed of or include Reference Shares of different classes or series of the same Reference Company, then the Reference Company Value for such Reference Company will be sum of the Reference Company Values determined for each different class or series or class of such Reference Shares.

"**Stated Maturity**" has the meaning specified in Section 2.03(a).

"**Stock Price**" has the meaning specified in Section 11.12(c), Section 11.13 or Section 11.14, as the case may be.

"**Subsidiary**" means, with respect to any Person, any corporation, association, partnership or other business entity of which more than 50% of the total voting power of shares of capital stock or other interests (including partnership interests) entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers, general partners or trustees thereof is at the time owned or controlled, directly or indirectly, by (i) such Person; (ii) such Person and one or more Subsidiaries of such Person; or (iii) one or more Subsidiaries of such Person.

"**Successor Company**" has the meaning specified in Section 9.01(a)(i).

"**Tax Original Issue Discount**" means the amount of ordinary interest income on a Debenture that must be accrued as original issue discount for United States Federal income tax purposes pursuant to U.S. Treasury Regulation Section 1.1275-4.

"**Total Reference Share Value**" has the meaning assigned to it in Section 11.01(a).

"**Trading Day**" means (i), where the Current Market Price of a security is to be determined, a day on which (A) there is no Market Disruption Event and (B) trading in such security generally occurs on the principal U.S. national or regional securities exchange or market or recognized international securities exchange or over the counter market on which such security is then listed or admitted for trading, provided that if such security is not so listed or admitted for trading, "Trading Day" means a Business Day and (ii) for any other purpose under this Indenture, any day on which there is trading on the principal United States national or regional securities exchange or recognized international securities exchange or in the over-the-counter market on which the applicable securities are then traded, provided that if the applicable security is not so listed or admitted for trading, "Trading Day" means a Business Day.

"**Trading Price**" of the Debentures on any date of determination means the average of the secondary market bid quotations per Debenture (expressed as a price per $1,000 Original Principal Amount) obtained by the Company for $1.0 million in Original Principal Amount of Debentures at approximately 3:30 p.m., New York City time, on such determination date from three independent nationally recognized securities dealers selected by the Company, which may include any of the Initial Purchasers; *provided* that if three such bids cannot reasonably be obtained by the Company, but only two such bids are obtained, then the average of the two bids will be used; *provided, further*, that if two such bids cannot reasonably be obtained by the Company, but only one bid is obtained, that one bid shall be used.

"**Trust Indenture Act**" means the Trust Indenture Act of 1939, as amended, as it was in force at the date of execution of this Indenture, except as provided in Section 8.03; *provided*, *however*, that in the event the Trust Indenture Act of 1939 is amended after the date hereof, the term "Trust Indenture Act" shall mean, to the extent required by such amendment, the Trust Indenture Act of 1939, as so amended.

"**Trustee**" means the Person named as the "Trustee" in the first paragraph of this Indenture, in its capacity as trustee, until a successor or assignee shall have become Trustee pursuant to the applicable provisions of this Indenture, and thereafter "Trustee" shall mean or include each Person who is then a Trustee hereunder.

**"VWAP"** has the meaning set forth in the definition of Current Market Price.

Article II<br> ISSUE, DESCRIPTION, EXECUTION, REGISTRATION<br> AND EXCHANGE OF DEBENTURES

Section 2.01 *Designation and Amount*. The Debentures shall be designated as the 2.375% Exchangeable Senior Debentures due 2053 of the Company. The aggregate Original Principal Amount of Debentures that may be authenticated and delivered under this Indenture is initially limited to $1,150,000,000 (subject to Section 2.12 and except for Debentures authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu of other Debentures pursuant to, Section 2.07, Section 2.08 and Section 2.09 hereof).

Section 2.02 *Form of Debentures*.

The Debentures and the Trustee's certificate of authentication to be borne by such Debentures shall be substantially in the respective forms set forth in <u>Exhibit A</u>, which are incorporated in and made a part of this Indenture.

Any Global Debenture may be endorsed with or have incorporated in the text thereof such legends or recitals or changes not inconsistent with the provisions of this Indenture as may be required by the Custodian, the Depositary, any regulatory body or required to comply with any applicable law or any regulation thereunder or with the rules and regulations of any securities exchange or automated quotation system upon which the Debentures may be listed or traded or designated for issuance or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which any particular Debentures are subject.

Any of the Debentures may have such letters, numbers or other marks of identification and such notations, legends or endorsements as the Officer executing the same may approve (execution thereof to be conclusive evidence of such approval) and as are not inconsistent with the provisions of this Indenture, or as may be required to comply with any law or with any rule or regulation made pursuant thereto or with any rule or regulation of any securities exchange or automated quotation system upon which the Debentures may be listed or traded or designated for issuance or to conform to usage with respect thereto, or to indicate any special limitations or restrictions to which any particular Debentures are subject.

A Global Debenture shall represent such Original Principal Amount of the outstanding Debentures as shall be specified therein and shall provide that it shall represent the aggregate Original Principal Amount of outstanding Debentures from time to time endorsed thereon and that the aggregate Original Principal Amount of outstanding Debentures represented thereby may from time to time be increased or reduced to reflect repurchases, transfers or exchanges permitted hereby. Any endorsement of a Global Debenture to reflect the amount of any increase or decrease in the Original Principal Amount or Adjusted Principal Amount of outstanding Debentures represented thereby shall be made by the Trustee or the Custodian, at the direction of the Trustee, in such manner and upon instructions given by the Company or the holder of such Debenture in accordance with this Indenture. Payment of principal (including any Fundamental Change Repurchase Price), accrued and unpaid interest, any Additional Distributions and any Final Period Distribution on a Global Debenture shall be made to the holder of such Debenture on the date of payment, unless a record date or other means of determining Holders eligible to receive payment is provided for herein.

The terms and provisions contained in the form of Debenture attached as <u>Exhibit A</u> hereto shall constitute, and are hereby expressly made, a part of this Indenture and, to the extent applicable, the Company and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any provision of any Debenture conflicts with the express provisions of this Indenture, the provisions of this Indenture shall govern and be controlling.

Section 2.03 *Stated Maturity; Changes to Original Principal Amount or Adjusted Principal Amount.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The "**Stated Maturity**" of the Debentures shall be September 30, 2053. On the date of Stated Maturity, an amount shall become due and payable in cash in respect of each outstanding Debenture by the Company equal to the sum of (1) the Maturity Repayment Amount of such Debenture, (2) any accrued and unpaid interest on such Debenture to the Stated Maturity and (3) subject to Section 13.03, any Final Period Distribution on such Debenture. All accrued but unpaid interest on, and any Additional Distributions payable pursuant to Section 2.05(b) with respect to, each Debenture on the Interest Payment Date that coincides with the Stated Maturity shall be paid to the holder of such Debenture as of the close of business on the immediately preceding Interest Record Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The principal amount of each Debenture shall initially equal the Original Principal Amount. Thereafter, the principal amount of each Debenture, as of any date of determination, shall equal the Adjusted Principal Amount. In calculating the Adjusted Principal Amount, (i) the value of any Extraordinary Additional Distribution (determined as set forth in Section 2.05) shall be subtracted as of the date it is distributed to Holders, other than an Extraordinary Additional Distribution that is a Final Period Distribution, which shall be subtracted as of the relevant date on which the principal of the Debentures shall become due and payable, and (ii) the amount of each Rate Maintaining Adjustment shall be subtracted on the Interest Payment Date for the interest to which such Rate Maintaining Adjustment relates. In no event will the Adjusted Principal Amount of a Debenture be reduced to an amount that is less than $0.00. If the Adjusted Principal Amount is reduced to $0.00, all obligations of the Company with respect to the Debentures (including the Company's obligation to pay interest on the Debentures and to pay Extraordinary Distributions with respect to any Reference Shares attributable to the Debentures) shall cease, other than the Company's obligations (i) to pay to Holders, as an Additional Distribution, cash in the amount of any Regular Cash Dividend paid on the Reference Shares attributable to the Debentures and (ii) to exchange such Debentures, at the option of the Holder, in accordance with Article XI. If an Additional Distribution in respect of an Extraordinary Distribution would exceed the Adjusted Principal Amount of the Debentures, the Company shall be obligated to pay to Holders only that portion of such Extraordinary Distribution that reduces the Adjusted Principal Amount to $0.00. The Company shall issue a press release upon the occurrence of a reduction to the Original Principal Amount and each reduction to the Adjusted Principal Amount. Each Debenture in global, book entry form shall be referred to herein as a "**Global Debenture**".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) At least five Business Days prior to the Maturity of the Debentures, the Company shall deliver an Officer's Certificate to the Trustee which: (i) sets forth the dollar amount to be paid at such Maturity in respect of the Adjusted Principal Amount and accrued but unpaid interest for each Debenture and for all Debentures then coming due; (ii) sets forth, subject to Section 13.03, any Final Period Distribution payable in respect of each Debenture and for all Debentures then coming due; (iii) sets forth a reasonably detailed calculation of such amounts; and (iv) directs the Trustee to adjust its records accordingly and to request the Depositary to adjust its records accordingly. At or prior to 10:00 a.m., New York City time, on the date of Maturity of the Adjusted Principal Amount of the Debentures, the Company shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section 4.04(b)) an amount in cash sufficient to pay the amount due on all Debentures then coming due at the close of business on the date of such Maturity (including the amount of any interest payable pursuant to Section 2.04 and any Additional Distribution resulting from a Reference Share Distribution that is a Regular Cash Dividend payable pursuant to Section 2.05 on the Interest Payment Date coinciding with such Maturity).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event of an acceleration of Maturity of the Debentures pursuant to Section 5.02, there shall become immediately due and payable an amount equal to the sum of (1) the Adjusted Principal Amount of the Debentures then outstanding, (2) any accrued and unpaid interest on the Debentures, (3) any Additional Distribution resulting from a Reference Share Distribution that is a Regular Cash Dividend payable pursuant to Section 2.05 and (4) subject to Section 13.03, any Final Period Distribution on the Debentures, determined as if (i) in the case of an Event of Default specified in Section 5.01(g), the date of such Event of Default were the Stated Maturity of the Adjusted Principal Amount of the Debentures and (ii) in the case of any other Event of Default, the date of declaration of acceleration were the Stated Maturity of the Adjusted Principal Amount of the Debentures.

Section 2.04 *Date and Denomination of Debentures; Payments of Interest.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Debentures shall be represented by one or more Global Debentures in fully registered form (and in limited circumstances, by Debentures in definitive, certificated form as described in Section 2.07 below) without interest coupons in minimum denominations of $1,000 Original Principal Amount and integral multiples of $1,000 in excess thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Debenture shall be dated the date of its authentication and shall bear interest from and including September 14, 2023, or from and including the most recent Interest Payment Date to which interest has been paid or provided for, payable quarterly on March 31, June 30, September 30 and December 31 of each year (each, an "**Interest Payment Date**"), commencing December 31, 2023. Interest on the Debentures shall be computed on the basis of a 360-day year consisting of twelve 30-day months. The Person in whose name any Debenture (or its Predecessor Debenture) is registered on the Debenture Register at the close of business on any Interest Record Date with respect to any Interest Payment Date shall be entitled to receive the interest and any Additional Distribution payable on such Interest Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Interest on the Debentures will accrue at the rate of 2.375% per annum until (i) the Adjusted Principal Amount has been reduced to $0.00 or (ii) the principal thereof is paid or made available for payment. Calculations of interest on each Debenture shall be based on the Original Principal Amount, without regard to changes in the Adjusted Principal Amount, until the Adjusted Principal Amount is reduced to $0.00. At least five Business Days prior to each Interest Payment Date, the Company shall deliver an Officer's Certificate to the Trustee setting forth: (i) the amount of interest per Debenture due for the Interest Period ending on such Interest Payment Date, (ii) the amount of any Additional Distribution per Debenture required to be made pursuant to Section 2.05(b) on such Interest Payment Date, (iii) the total payment due for such Interest Period on all Debentures then outstanding and (iv) the amount of any Rate Maintaining Adjustment to be made to the Adjusted Principal Amount of each Debenture on such Interest Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Interest shall be payable at the office or agency of the Company maintained by the Company for such purposes, which shall initially be the office of the Paying Agent. The Company shall pay interest and any Additional Distributions due on any Interest Payment Date (other than the date of Stated Maturity) (a) on any Debentures in certificated form by wire transfer of immediately available funds, or if appropriate wire transfer instructions are not received by the Trustee at least 15 calendar days prior to the applicable Interest Payment Date, by check mailed to the address of such holder as it appears in the Debenture Register as of the close of business on the Interest Record Date or (b) on any Global Debenture by wire transfer of immediately available funds to the account of the Depositary or its nominee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any Defaulted Interest or Defaulted Additional Distribution (each, a "**Defaulted Amount**") shall forthwith cease to be payable to the Holder as of the close of business on the related record date for the missed payment of interest or Additional Distribution, and such Defaulted Amount shall be paid by the Company, at its election in each case, as provided in clause (i) or (ii) below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company may elect to make payment of any Defaulted Amount to the Persons in whose names the Debentures (or their respective Predecessor Debentures) are registered at the close of business on a special record date for the payment of such Defaulted Amount, which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest and/or Defaulted Additional Distribution proposed to be paid on each Debenture and the date of the proposed payment (which shall be not less than twenty-five days after the receipt by the Trustee of such notice), and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount to be paid in respect of such Defaulted Amount or shall make arrangements satisfactory to the Trustee for such deposit on or prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Amount as provided in this clause (i). Thereupon the Company shall fix a special record date for the payment of such Defaulted Amount which shall be not more than fifteen days and not less than seven days prior to the date of the proposed payment, and not less than ten days after the receipt by the Trustee of the notice of the proposed payment. The Company shall promptly notify the Trustee, in writing, of such special record date and the Trustee, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Amount and the special record date therefor to be mailed, first-class postage prepaid, to each Holder at its address as it appears in the Debenture Register, not less than ten days prior to such special record date. Notice of the proposed payment of such Defaulted Amount and the special record date therefor having been so mailed, such Defaulted Amount shall be paid to the Persons in whose names the Debentures (or their respective Predecessor Debentures) are registered at the close of business on such special record date and shall no longer be payable pursuant to the following clause (ii) of this Section 2.04.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Company may make payment of any Defaulted Interest or Defaulted Additional Distribution at any time in any other lawful manner not inconsistent with the requirements of any securities exchange or automated quotation system on which the Debentures may be listed or designated for issuance, and upon such notice as may be required by such exchange or automated quotation system.

Section 2.05 *Additional Distributions.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall distribute, or cause to be distributed, as an Additional Distribution to each Holder, any Reference Share Distribution received by holders of Reference Shares, or the cash value thereof, in accordance with this Section 2.05; provided, however, that the Company shall not make any Additional Distribution in respect of an Extraordinary Distribution to the extent that such Additional Distribution would cause the Adjusted Principal Amount of the Debentures to be reduced to an amount that is less than $0.00. If an Extraordinary Distribution would exceed the Adjusted Principal Amount of the Debentures, the Company shall only pay to Holders that portion of such Extraordinary Distribution that reduces the Adjusted Principal Amount to $0.00. The Company shall determine the amount of any Additional Distribution based on information that is publicly available to the Company, which may require the Company to estimate the amount of an Additional Distribution. If and to the extent the Company estimates the amount of an Additional Distribution and thereafter obtains more definitive information on which to calculate the amount of such Additional Distribution, the Company shall true up the amount of such estimated Additional Distribution and pay any shortfall to the Holders as of the applicable record date (as provided below in this Section 2.05) related to the date on which such estimated Additional Distribution was initially payable or paid, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the case of any Regular Cash Dividend, the Company shall pay, to the Holder of each Debenture, as an Additional Distribution, the amount of cash received by a holder of the number of Reference Shares of the applicable Reference Company attributable to such Debenture in respect of such Regular Cash Dividend in any Interest Period. Such payment shall be made by the Company on the next Interest Payment Date to Holders as of the close of business on the Interest Record Date for such Interest Payment Date, unless the Regular Cash Dividend is paid by the applicable Reference Company to its stockholders after such Interest Record Date, in which case the Additional Distribution will be payable on the next subsequent Interest Payment Date to Holders as of the close of business on the Interest Record Date therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the case of any Extraordinary Distribution (other than Publicly Traded Common Equity Securities which will become Reference Shares other than in the case of a Final Period Distribution), the Company shall pay to Holders, as an Extraordinary Additional Distribution, all dividends and distributions, or the fair market value thereof (as determined below), received by a holder of the number of Reference Shares of the applicable Reference Company attributable to such Debenture in respect of such Extraordinary Distribution. Any Additional Distribution that is attributable to an Extraordinary Distribution payable pursuant to this Section 2.05 shall be paid by the Company on the fifth Business Day following the date of the payment of the related Extraordinary Distribution by the applicable Reference Company (or successor Reference Company) to its stockholders or, if later, the third Trading Day after the amount of such Additional Distribution is determined, to each holder of the Debentures as of the close of business on a special record date for the payment of such Additional Distribution, which shall correspond to the record date set by such Reference Company (or successor) for such Extraordinary Distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If an Extraordinary Distribution consists of securities that are Marketable Securities (other than Publicly Traded Common Equity Securities which are, or shall become, Reference Shares other than in the case of a Final Period Distribution), the Company shall pay to the Holders, as an Extraordinary Additional Distribution, an amount in cash per Debenture equal to the product of (i) the number of those securities received by a holder of the number of Reference Shares of the applicable Reference Company attributable to a Debenture in respect of such Extraordinary Distribution and (ii) the average of the Closing Prices of those securities for the 30 Trading Days commencing on the Trading Day immediately following the date on which such Extraordinary Distribution is made by the applicable Reference Company to its stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If an Extraordinary Distribution consists of assets or property other than cash or securities that are Marketable Securities, the Company shall pay to Holders, as an Extraordinary Additional Distribution, an amount of cash equal to the fair market value thereof; such fair market value to be determined as of the date such Extraordinary Distribution is made or paid by the applicable Reference Company to its stockholders. Such fair market value shall be equal to the amount determined in good faith by the Board of Directors, unless the Board of Directors expects the aggregate fair market value of the assets or property so distributed on the number of Reference Shares of the relevant Reference Company attributable to all of the outstanding Debentures to exceed $100,000,000, in which case such fair market value shall be determined by a nationally recognized investment banking or appraisal firm retained by the Company for this purpose. Any such determination will be conclusive absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) At least five Business Days prior to the payment of an Extraordinary Additional Distribution by the Company pursuant to this Section 2.05, the Company shall deliver to the Trustee a Board Resolution setting the special record date and payment date for such Extraordinary Additional Distribution and an Officer's Certificate which: (i) sets forth the dollar amount of such Extraordinary Additional Distribution to be paid on each Debenture that is outstanding as of the special record date; and (ii) sets forth the total dollar amount of such Extraordinary Additional Distribution to be paid on all Debentures that are outstanding as of the special record date. If any Extraordinary Additional Distribution relates to any assets or other property of the type described in Section 2.05(e), then at least five Business Days prior to the payment date of such Extraordinary Additional Distribution, the Company shall deliver to the Trustee a Board Resolution setting forth the fair market value of such assets or other property, unless such fair market value is determined by a nationally recognized investment banking or appraisal firm, in which case the Company shall deliver to the Trustee an Officer's Certificate setting forth the determination of such firm. At or prior to 10:00 a.m., New York City time, on the date of payment of an Extraordinary Additional Distribution pursuant to this Section 2.05, the Company shall deposit with the Trustee or with a Paying Agent the amount of such Extraordinary Additional Distribution, in cash, required to be paid on such date. The Company shall issue a press release setting forth the amount per Debenture of any Extraordinary Additional Distribution to be made by the Company that is attributable to an Extraordinary Distribution. Any Additional Distribution shall be paid without any interest or other payment in respect of the Regular Cash Dividend or the Extraordinary Distribution to which it relates.

Section 2.06 *Execution, Authentication and Delivery of Debentures*. The Debentures shall be signed in the name and on behalf of the Company by the manual or facsimile signature of any Officer.

At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Debentures executed by the Company to the Trustee for authentication, together with a Company Order for the authentication and delivery of such Debentures, which order shall set forth the number of separate Debenture certificates, the Original Principal Amount of each of the Debentures to be authenticated, the date on which the original issue of Debentures is to be authenticated, the registered Holder(s) of said Debentures and delivery instructions, and the Trustee in accordance with such Company Order shall authenticate and deliver such Debentures, without any further action by the Company hereunder.

Only such Debentures as shall bear thereon a certificate of authentication substantially in the form set forth on the form of Debenture attached as <u>Exhibit A</u> hereto, executed manually by an authorized officer of the Trustee (or an authenticating agent appointed by the Trustee as provided by Section 13.15), shall be entitled to the benefits of this Indenture or be valid or obligatory for any purpose. Such certificate by the Trustee (or such an authenticating agent) upon any Debenture executed by the Company shall be conclusive evidence that the Debenture so authenticated has been duly authenticated and delivered hereunder and that the Holder is entitled to the benefits of this Indenture.

In case any Officer of the Company who shall have signed any of the Debentures shall cease to be such Officer before the Debentures so signed shall have been authenticated and delivered by the Trustee, or disposed of by the Company, such Debentures nevertheless may be authenticated and delivered or disposed of as though the person who signed such Debentures had not ceased to be such Officer of the Company; and any Debenture may be signed on behalf of the Company by such persons as, at the actual date of the execution of such Debenture, shall be the proper Officer of the Company, although at the date of the execution of this Indenture any such person was not such an Officer.

Section 2.07 *Exchange and Registration of Transfer of Debentures; Restrictions on Transfer; Depositary.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall cause to be kept at the Corporate Trust Office a register (the register maintained in such office or in any other office or agency of the Company designated pursuant to Section 4.02 being herein sometimes collectively referred to as the "**Debenture Register**") in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of transfers or exchanges of the Debentures. Such register shall be in written form or in any form capable of being converted into written form within a reasonable period of time. The Trustee is hereby appointed "**Debenture Registrar**" for the purpose of registering Debentures and transfers or exchanges of Debentures as herein provided. The Company may appoint one or more co-registrars in accordance with Section 4.02.

Upon surrender for registration of transfer or exchange of any Debenture to the Debenture Registrar or any co-registrar, and satisfaction of the requirements for such transfer set forth in this Section 2.07, the Company shall execute, and the Trustee shall, upon receipt of a Company Order, authenticate and deliver, in the name of the designated transferee or transferees, one or more new Debentures of any authorized denominations and of a like aggregate Original Principal Amount and bearing such restrictive legends as may be required by this Indenture.

Debentures may be exchanged for other Debentures of any authorized denominations and of a like aggregate Original Principal Amount, upon surrender of the Debentures to be exchanged at any such office or agency maintained by the Company pursuant to Section 4.02. Whenever any Debentures are so surrendered for exchange, the Company shall execute, and the Trustee shall, upon receipt of a Company Order, authenticate and deliver, the Debentures that the Holder making the exchange is entitled to receive, bearing registration numbers not contemporaneously outstanding.

All Debentures presented or surrendered for registration of transfer or exchange or for repurchase shall (if so required by the Company, the Trustee, the Debenture Registrar or any co-registrar) be duly endorsed, or be accompanied by a written instrument or instruments of transfer in form satisfactory to the Company and duly executed by the holder thereof or its attorney-in-fact duly authorized in writing.

No service charge shall be charged to the Holder for any registration of transfer or exchange of Debentures, but the Company or the Trustee may require payment of a sum sufficient to cover any tax, assessments or other governmental charges that may be imposed in connection therewith as a result of the name of the holder of the new Debentures issued upon such registration of transfer or exchange of Debentures being different from the name of the holder of the old Debentures presented or surrendered for such registration of transfer or exchange.

None of the Company, the Trustee, the Debenture Registrar or any co-registrar shall be required to exchange or register a transfer of (i) any Debentures surrendered for exchange pursuant to Article XI or, if a portion of any Debenture is so surrendered, such portion thereof surrendered for such exchange or (ii) any Debentures, or a portion of any Debenture, surrendered for repurchase (and not withdrawn) in accordance with Article XII hereof.

All Debentures issued upon any registration of transfer or exchange of Debentures in accordance with this Indenture shall be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture as the Debentures surrendered upon such registration of transfer or exchange.

Neither the Trustee nor any agent of the Trustee shall have any responsibility for any actions taken or not taken by the Depositary.

The Trustee shall have no responsibility or obligation to any direct or indirect participant or any other Person with respect to the accuracy of the books or records, or the acts or omissions, of the Depositary or its nominee or of any participant or member thereof, with respect to any ownership interest in the Debentures or with respect to the delivery to any direct or indirect participant or other Person (other than the Depositary) of any notice (including any Fundamental Change Notice) or the payment of any amount under or with respect to such Debentures. All notices and communications to be given to the Holders and all payments to be made to Holders under the Debentures shall be given or made only to or upon the order of the registered Holders (which shall be the Depositary or its nominee in the case of a Global Debenture). The rights of beneficial owners in any Global Debenture shall be exercised only through the Depositary subject to the customary procedures of the Depositary. The Trustee may rely and shall be fully protected in relying upon information furnished by the Depositary with respect to its direct or indirect participants.

The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Debenture (including any transfers between or among direct or indirect participants in any Global Debenture) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by, the terms of this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) So long as the Debentures are eligible for book-entry settlement with the Depositary, unless otherwise required by law, all Debentures shall be represented by one or more Global Debentures in fully registered form, registered in the name of the Depositary or the nominee of the Depositary. The transfer and exchange of any interest in a Global Debenture that does not involve the issuance of a definitive Debenture shall be effected through the Depositary (not the Trustee or the Custodian) in accordance with this Indenture (including the restrictions on transfer set forth herein) and the procedures of the Depositary therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any certificate evidencing the Debentures (including any beneficial interest in a Global Debenture) is required under this Section 2.07 to bear the legend set forth below and shall be subject to the restrictions on transfer set forth therein and in this Section 2.07, and the holder of each Debenture, by such holder's acceptance thereof, agrees to be bound by all such restrictions on transfer. As used in this Section 2.07 and <u>Exhibit A</u>, the term "**transfer**" encompasses any sale, pledge, transfer or other disposition whatsoever of any Debenture:

THE SECURITIES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR OTHER SECURITIES LAWS. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE RE-OFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS THE TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. EACH PURCHASER OF THE SECURITY EVIDENCED HEREBY IS HEREBY NOTIFIED THAT THE SELLER MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER. THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF (1) REPRESENTS THAT IT IS A "QUALIFIED INSTITUTIONAL BUYER" (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT), (2) AGREES THAT IT WILL NOT OFFER, SELL OR OTHERWISE TRANSFER THIS SECURITY EXCEPT (A) TO THE COMPANY, (B) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, OR (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, TO A PERSON IT REASONABLY BELIEVES IS A "QUALIFIED INSTITUTIONAL BUYER" (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, AND (3) AGREES THAT IT WILL GIVE TO EACH PERSON TO WHOM THIS SECURITY IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND; PROVIDED THAT THE COMPANY, THE TRUSTEE AND THE REGISTRAR SHALL HAVE THE RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER TO REQUIRE THAT A CERTIFICATION OF TRANSFER IN THE FORM APPEARING ON THE OTHER SIDE OF THE SECURITY IS COMPLETED AND DELIVERED BY THIS TRANSFEROR TO THE TRUSTEE.

No transfer of any Debenture will be registered by the Debenture Registrar unless the applicable box on the completed Certification of Transfer referred to in the legend above has been checked.

Notwithstanding any other provisions of this Indenture (other than the provisions set forth in this paragraph), a Global Debenture may not be transferred in whole or in part except by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. Each Global Debenture evidencing the Debentures (including any beneficial interest in a Global Debenture) is required to bear the legend set forth below and shall be subject to the restrictions on transfer set forth therein, and the holder of each Global Debenture, by such holder's acceptance thereof, agrees to be bound by such restrictions on transfer:

THIS GLOBAL DEBENTURE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS DEBENTURE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.07 OF THE INDENTURE, (2) THIS GLOBAL DEBENTURE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.07 OF THE INDENTURE, (3) THIS GLOBAL DEBENTURE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.10 OF THE INDENTURE AND (4) THIS GLOBAL DEBENTURE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY.

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR DEBENTURES IN DEFINITIVE FORM, THIS GLOBAL DEBENTURE MAY NOT BE TRANSFERRED EXCEPT TO A CUSTODIAN OR A NOMINEE OF SUCH CUSTODIAN, BY A CUSTODIAN OR A NOMINEE OF SUCH CUSTODIAN TO A DEPOSITARY, OR BY SUCH CUSTODIAN OR DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR CUSTODIAN OR A NOMINEE THEREOF. ACCORDINGLY UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY ("DTC") TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Depositary shall be a clearing agency registered under the Exchange Act. The Company initially appoints The Depository Trust Company to act as Depositary with respect to the Global Debentures. Initially, the Global Debentures shall be issued to the Depositary, registered in the name of The Depository Trust Company or its nominee, and initially deposited with the Trustee as Custodian for the Depositary.

If (i) the Depositary notifies the Company at any time that the Depositary is unwilling or unable to continue as Depositary for the Global Debentures and a successor depositary is not appointed within 90 days, (ii) the Depositary ceases to be registered as a clearing agency under the Exchange Act and a successor Depositary is not appointed within 90 days or (iii) an Event of Default in respect of the Debentures has occurred and is continuing and the Debenture Registrar has received a request from a direct or indirect participant in the Depositary that is an owner of a beneficial interest in a Global Debenture, the Company will execute, and the Trustee, upon receipt of an Officer's Certificate and a Company Order for the authentication and delivery of Debentures, will authenticate and deliver, Debentures in definitive registered form to each direct or indirect participant in the Depositary that is an owner of a beneficial interest in a Global Debenture in an aggregate Original Principal Amount equal to the Original Principal Amount of such Global Debenture, in exchange for such Global Debenture, and upon delivery of the Global Debenture to the Trustee such Global Debenture shall be canceled.

Definitive Debentures issued in exchange for the Global Debentures pursuant to this Section 2.07 shall be registered in such names and in such authorized denominations as the Depositary, pursuant to instructions from its direct or indirect participants or otherwise in accordance with the rules of the Depositary, shall instruct the Trustee. Upon execution and authentication, the Trustee shall deliver such definitive Debentures to the Persons in whose names such definitive Debentures are so registered.

At such time as all interests in a Global Debenture have been exchanged, canceled, repurchased or transferred, such Global Debenture shall be, upon receipt thereof, canceled by the Trustee in accordance with its standing procedures. At any time prior to such cancellation, if any interest in a Global Debenture is exchanged for definitive Debentures, exchanged, canceled, repurchased or transferred to a transferee who receives definitive Debentures therefor or any definitive Debenture is exchanged or transferred for part of such Global Debenture, the Original Principal Amount of such Global Debenture shall be appropriately reduced or increased, as the case may be, and an endorsement shall be made on such Global Debenture, by the Trustee or the Custodian, at the direction of the Trustee, to reflect such reduction or increase.

None of the Company, the Trustee nor any agent of the Company or the Trustee will have any responsibility or liability for any aspect of the records of the Depositary or its direct or indirect participants relating to, or payments made on account of, beneficial ownership interests in a Global Debenture registered in the name of the Depositary or its nominee, or maintaining, supervising or reviewing any records relating to such beneficial ownership interests.

Section 2.08 *Mutilated, Destroyed, Lost or Stolen Debentures*. In case any Debenture shall become mutilated or be destroyed, lost or stolen, the Company in its discretion may execute, and upon its written request the Trustee or an authenticating agent appointed by the Trustee shall, upon receipt of a Company Order, authenticate and deliver, a new Debenture, bearing a number not contemporaneously outstanding, in exchange and substitution for the mutilated Debenture, or in lieu of and in substitution for the Debenture so destroyed, lost or stolen. In every case the applicant for a substituted Debenture shall furnish to the Company, to the Trustee and, if applicable, to such authenticating agent such security or indemnity as may be required by them to hold each of them harmless from any loss, liability, cost or expense caused by or incurred in connection with such substitution, and, in every case of destruction, loss or theft, the applicant shall also furnish to the Company, to the Trustee and, if applicable, to such authenticating agent evidence to their satisfaction of the destruction, loss or theft of such Debenture and of the ownership thereof.

The Trustee or such authenticating agent may authenticate any such substituted Debenture and deliver the same upon the receipt of such security or indemnity as the Trustee, the Company and, if applicable, such authenticating agent may require. Upon the issuance of any substitute Debenture, the Company or the Trustee may require the payment by the Holder of a sum sufficient to cover any tax, assessment or other governmental charge that may be imposed in relation thereto and any other expenses connected therewith. In case any Debenture that has become or is about to become due and payable shall become mutilated or be destroyed, lost or stolen, the Company may, in its sole discretion, instead of issuing a substitute Debenture, pay such Debenture (without surrender thereof except in the case of a mutilated Debenture), if the applicant for such payment shall furnish to the Company, to the Trustee and, if applicable, to such authenticating agent such security or indemnity as may be required by them to hold each of them harmless for any loss, liability, cost or expense caused by or incurred in connection with such substitution, including without limitation if a Debenture is replaced and subsequently presented or claimed for payment and, in every case of destruction, loss or theft, evidence satisfactory to the Company, the Trustee and, if applicable, any Paying Agent or Exchange Agent, evidence of their satisfaction of the destruction, loss or theft of such Debenture and of the ownership thereof.

Every substitute Debenture issued pursuant to the provisions of this Section 2.08 by virtue of the fact that any Debenture is destroyed, lost or stolen shall constitute an additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Debenture shall be found at any time, and shall be entitled to all the benefits of, and subject to all the limitations set forth in, this Indenture equally and proportionately with any and all other Debentures duly issued hereunder. To the extent permitted by law, all Debentures shall be held and owned upon the express condition that the foregoing provisions are exclusive with respect to the replacement or payment or repurchase of mutilated, destroyed, lost or stolen Debentures and shall preclude any and all other rights or remedies notwithstanding any law or statute existing or hereafter enacted to the contrary with respect to the replacement or payment of negotiable instruments or other securities without their surrender.

Section 2.09 *Temporary Debentures*. Pending the preparation of Debentures in certificated form, the Company may execute and the Trustee or an authenticating agent appointed by the Trustee shall, upon receipt of a Company Order, authenticate and deliver temporary Debentures (printed or lithographed). Temporary Debentures shall be issuable in any authorized denomination, and substantially in the form of the Debentures in certificated form but with such omissions, insertions and variations as may be appropriate for temporary Debentures, all as may be determined by the Company. Every such temporary Debenture shall be executed by the Company and authenticated by the Trustee or such authenticating agent upon the same conditions and in substantially the same manner, and with the same effect, as the Debentures in certificated form. Without unreasonable delay the Company will execute and deliver to the Trustee or such authenticating agent Debentures in certificated form and thereupon any or all temporary Debentures may be surrendered in exchange therefor, at each office or agency maintained by the Company pursuant to Section 4.02 and the Trustee or such authenticating agent shall, upon receipt of a Company Order, authenticate and deliver in exchange for such temporary Debentures an equal aggregate principal amount of Debentures in certificated form. Such exchange shall be made by the Company at its own expense and without any charge therefor. Until so exchanged, the temporary Debentures shall in all respects be entitled to the same benefits and subject to the same limitations under this Indenture as Debentures in certificated form authenticated and delivered hereunder.

Section 2.10 *Cancellation of Debentures Paid, Etc..* All Debentures surrendered for the purpose of payment, repurchase, registration of transfer or exchange, shall, if surrendered to the Company or any Paying Agent or any Debenture Registrar or any Exchange Agent, be surrendered to the Trustee and promptly canceled by it, or, if surrendered to the Trustee, shall be promptly canceled by it, and no Debentures shall be issued in lieu thereof except as expressly permitted by the provisions of this Indenture. The Trustee shall dispose of canceled Debentures in accordance with its customary procedures and, after such disposition, shall deliver a certificate of such disposition to the Company, at the Company's written request. If the Company shall acquire any of the Debentures, such acquisition shall not operate as satisfaction of the indebtedness represented by such Debentures unless and until the same are delivered to the Trustee for cancellation.

Section 2.11 *CUSIP Numbers*. The Company in issuing the Debentures may use "CUSIP" numbers (if then generally in use), and, if so, the Trustee shall use "CUSIP" numbers in all notices issued to Holders as a convenience to them; *provided*, that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Debentures or on such notice and that reliance may be placed only on the other identification numbers printed on the Debentures. The Company will promptly notify the Trustee in writing of any change in the "CUSIP" numbers.

Section 2.12 *Additional Debentures; Repurchases*. The Company may, without the consent of the Holders and notwithstanding Section 2.01, reopen this Indenture and increase the aggregate Original Principal Amount of the Debentures by issuing additional Debentures in the future pursuant to this Indenture with the same terms and with the same CUSIP number as the Debentures initially issued hereunder in an unlimited aggregate principal amount, which will form the same series with the Debentures initially issued hereunder, *provided* that any such additional Debentures that are not fungible with the original Debentures for U.S. federal income tax or securities law purposes will be identified by a separate CUSIP number or by no CUSIP number. Prior to the issuance of any such additional Debentures, the Company shall deliver to the Trustee a Company Order, an Officer's Certificate and an Opinion of Counsel, such Officer's Certificate and Opinion of Counsel to cover such matters, in addition to those required by Section 13.10, as the Trustee shall reasonably request. The Company and its Affiliates may, to the extent permitted by law, directly or indirectly (regardless of whether such Debentures are surrendered to the Company or its Affiliates), repurchase Debentures in the open market or otherwise, whether through a privately negotiated transaction or public tender or exchange offer or through counterparties to private agreements, including by cash-settled swaps or other derivatives, in each case, without the consent of or notice to the Holders.

Section 2.13 *No Sinking Fund*. The Debentures are not entitled to the benefit of any sinking fund or similar provision.

Article III<br> SATISFACTION AND DISCHARGE

Section 3.01 *Satisfaction and Discharge*. This Indenture shall, upon request of the Company contained in an Officer's Certificate, cease to be of further effect, and the Trustee, at the expense of the Company, shall execute proper instruments, prepared by the Company, acknowledging satisfaction and discharge of this Indenture, when (a) (i) all Debentures theretofore authenticated and delivered (other than (x) Debentures which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 2.08 and (y) Debentures for whose payment money has theretofore been irrevocably deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust, as provided in Section 4.04(d)) have been delivered to the Trustee for cancellation; or (ii) the Company has irrevocably deposited with the Trustee or delivered to Holders, as applicable, after the Debentures have become due and payable, whether at Stated Maturity, upon repurchase or redemption by the Company or otherwise, or after all outstanding Debentures have been presented by the Holders thereof for exchange in accordance with the provisions of Article XI hereof, cash and/or Reference Shares, as applicable, sufficient to pay all of the outstanding Debentures or to deliver amounts due upon exchange of all outstanding Debentures and all other sums due and payable under this Indenture by the Company; and (b) the Company has delivered to the Trustee an Officer's Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with. Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 6.06 shall survive.

Article IV<br> PARTICULAR COVENANTS OF THE COMPANY

Section 4.01 *Payment of Principal, Interest and Additional Distributions*. The Company covenants and agrees that it will cause to be paid the principal of (including the Fundamental Change Repurchase Price), accrued and unpaid interest on, and Additional Distributions with respect to, if any, each of the Debentures at the places, at the respective times and in the manner provided herein and in the Debentures. Each installment of accrued and unpaid interest and Additional Distributions, if any, on the Debentures due may be paid by mailing checks for the amount payable to Holders entitled thereto to the respective addresses of the Holders as reflected in the Debenture Register; *provided* that payment of accrued and unpaid interest and Additional Distributions, if any, made to the Depositary shall be paid by wire transfer in immediately available funds in accordance with such wire transfer instructions and other procedures provided by the Depositary from time to time.

Section 4.02 *Maintenance of Office or Agency*. The Company will maintain an office or agency where the Debentures in certificated form may be surrendered for registration of transfer or exchange or for presentation for payment or repurchase ("**Paying Agent**") or for exchange ("**Exchange Agent**"). Except for the surrender or presentation of Debentures in certificated form, the Corporate Trust Office initially will be the office where notices and demands to or upon the Company in respect of the Debentures and this Indenture may be served. The Trustee shall notify the Company and the Holders of any change in the location of the Corporate Trust Office.

The Company may also from time to time designate co-registrars, co-paying agents and co-exchange agents and may from time to time rescind such designations. The Company will give prompt written notice to the Trustee of any such designation or rescission. The terms "Debenture Registrar", "Paying Agent" and "Exchange Agent" include any such agencies, as applicable.

The Company hereby initially designates the Trustee as the Paying Agent, Debenture Registrar, Custodian and Exchange Agent.

Section 4.03 *Appointments to Fill Vacancies in Trustee's Office*. The Company, whenever necessary to avoid or fill a vacancy in the office of Trustee, will appoint, in the manner provided in Section 6.10, a Trustee, so that there shall at all times be a Trustee hereunder.

Section 4.04 *Provisions as to Paying Agent*. (a) The Company shall, on or before each due date of the principal of (including the Fundamental Change Repurchase Price), accrued and unpaid interest on, or Additional Distributions, if any, with respect to the Debentures, deposit with the Paying Agent a sum sufficient to pay such principal (including the Fundamental Change Repurchase Price), accrued and unpaid interest on, or Additional Distributions, if any, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee, in writing, of any failure to take such action, provided that if such deposit is made on the due date, such deposit must be received by the Paying Agent by 11:00 a.m., New York City time, on such date.

If the Company shall appoint a Paying Agent other than the Trustee, the Company will cause such Paying Agent to execute and deliver to the Trustee an instrument in which such agent shall agree with the Trustee, subject to the provisions of this Section 4.04:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) that it will hold all sums held by it as such agent for the payment of the principal of, accrued and unpaid interest on, and Additional Distributions, if any, with respect to the Debentures in trust for the benefit of the Holders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) that it will give the Trustee prompt notice of any failure by the Company to make any payment of the principal of, accrued and unpaid interest on, and Additional Distributions, if any, with respect to the Debentures when the same shall be due and payable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) that at any time during the continuance of an Event of Default, upon request of the Trustee, it will forthwith pay to the Trustee all sums so held in trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Company shall act as its own Paying Agent, it will, on or before each due date of the principal of (including the Fundamental Change Repurchase Price), accrued and unpaid interest on and Additional Distributions, if any, with respect to the Debentures, set aside, segregate and hold in trust for the benefit of the Holders a sum sufficient to pay such principal (including the Fundamental Change Repurchase Price), accrued and unpaid interest and Additional Distributions, if any, so becoming due and will promptly notify the Trustee in writing of any failure to take such action and of any failure by the Company to make any payment of the principal of (including the Fundamental Change Repurchase Price), accrued and unpaid interest on and Additional Distributions, if any, with respect to the Debentures when the same shall become due and payable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Anything in this Section 4.04 to the contrary notwithstanding, the Company may, at any time, for the purpose of obtaining a satisfaction and discharge of this Indenture, or for any other reason, pay or cause to be paid to the Trustee all sums held in trust by the Company or any Paying Agent hereunder as required by this Section 4.04, such sums to be held by the Trustee upon the terms herein contained, and upon such payment by the Company or any Paying Agent to the Trustee, the Company or such Paying Agent shall be released from all further liability with respect to such sums.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of (including the Fundamental Change Repurchase Price), accrued and unpaid interest on, and Additional Distributions, if any, with respect to any Debenture and remaining unclaimed for two years after such principal (including the Fundamental Change Repurchase Price), interest or Additional Distributions, if any, has become due and payable shall be paid to the Company on request of the Company contained in an Officer's Certificate, or if then held by the Company, shall be discharged from such trust; and the holder of such Debenture shall thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease; *provided*, *however*, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to be published once, in a newspaper published in the English language, customarily published on each Business Day and of general circulation in The Borough of Manhattan, The City of New York, New York, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than thirty days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to the Company.

Section 4.05 *Existence*. Subject to Article IX, the Company will do or cause to be done all things necessary to preserve and keep in full force and effect its legal existence; provided that the Company may utilize any conversion procedures provided for under the laws of the jurisdiction of its organization or any laws of the United States of America, any state or territory thereof or the District of Columbia to convert from one legal form or jurisdiction to another legal form or another jurisdiction under the laws of the jurisdiction of its organization or the laws of the United States of America, any state or territory thereof or the District of Columbia, subject to the condition that the Company must comply with Article IX to the extent applicable (and any such conversion shall be deemed permitted by this Section 4.05).

Section 4.06 *Rule 144A Information Requirement and Annual Reports.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At any time the Company is not subject to the reporting requirements under Section 13 or 15(d) of the Exchange Act, the Company shall, upon written request, furnish to any holder or prospective purchaser of the Debentures, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act to facilitate the resale of such Debentures pursuant to Rule 144A under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company shall furnish to the Trustee within 15 days after the same is required to be filed with the Commission, copies of the quarterly and annual reports and of the information, documents and other reports, if any, that the Company is required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act (after giving effect to any grace period provided by Rule 12b-25 under the Exchange Act). Any such report, information or document that the Company files with the Commission through the Commission's EDGAR database system (or any successor system) shall be deemed furnished to the Trustee for purposes of this Section 4.06(b) at the time of such filing through the EDGAR database system (or any successor system).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Delivery of the reports, information and documents described in clauses (a) and (b) above to the Trustee is for informational purposes only, and the Trustee's receipt of the same shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company's compliance with any of its covenants hereunder (as to which the Trustee is entitled to conclusively rely exclusively on an Officer's Certificate).

Section 4.07 *Stay, Extension and Usury Laws*. The Company covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law or other law that would prohibit or forgive the Company from paying all or any portion of the principal of, interest on, or Additional Distributions, if any, with respect to the Debentures as contemplated herein, wherever enacted, now or at any time hereafter in force, or that may affect the covenants or the performance of this Indenture; and the Company (to the extent it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted.

Section 4.08 *Compliance Certificate*. The Company shall deliver to the Trustee within 120 days after the end of each Fiscal Year (beginning with the Fiscal Year ending on December 31, 2023) an Officer's Certificate stating whether or not each Officer executing the same has knowledge of any failure by the Company to comply with all conditions and covenants then required to be performed by the Company under this Indenture and, if so, specifying each such failure and the nature thereof.

Section 4.09 *Further Instruments and Acts*. Upon reasonable request of the Trustee, the Company will execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out the purposes of this Indenture.

Article V<br> DEFAULTS AND REMEDIES

Section 5.01 *Events of Default*. Each of the following shall be an "**Event of Default**":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company defaults in the payment of any interest or Additional Distributions on any Debentures when the same become due and payable, and continuance of such default for a period of 30 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company defaults in the payment of principal (whether at Stated Maturity or on any earlier repurchase or redemption date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Company defaults in its obligations to deliver the requisite consideration due upon exchange of the Debentures in accordance with Article XI, including amounts due in accordance with Section 11.12(c), Section 11.13 or Section 11.14 and such failure continues for three Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Company defaults in the performance of any covenant or agreement in this Indenture (other than a covenant or agreement a default in the performance of which is specifically addressed in clauses (a) - (c), inclusive, of this Section 5.01) or the Debentures, and continuance of such default for a period of 60 days after written notice (specifying the default or breach and requiring it to be remedied, and stating that such notice is a "Notice of Default") has been given to the Company by the Trustee or to the Company and the Trustee by the holders of at least 25% in aggregate Original Principal Amount of the outstanding Debentures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a default or defaults under any bonds, notes, debentures or other evidences of indebtedness (other than the Debentures) by the Company having, individually or in the aggregate, a principal or similar amount outstanding of at least $100,000,000 shall occur, whether such indebtedness now exists or shall hereafter be created, which default or defaults shall have resulted in the acceleration of the maturity of such indebtedness prior to its express maturity or shall constitute a failure to pay at least $100,000,000 of such indebtedness when due and payable after the expiration of any applicable grace period with respect thereto and (i) the acceleration shall not be rescinded or annulled, (ii) such indebtedness shall not have been paid or (iii) the Company shall not have contested such acceleration in good faith by appropriate proceedings and have obtained and thereafter maintained a stay of all consequences that would have a material adverse effect on the Company, in each case within a period of 30 days after written notice (specifying the default or defaults and requiring that they be remedied and stating that the notice is a "Notice of Default") has been given to the Company by the Trustee or to the Company and the Trustee by the holders of at least 25% in aggregate Original Principal Amount of the outstanding Debentures; *provided*, however, that if after the expiration of such 30-day period, such default or defaults shall be remedied or cured by the Company or be waived by the holders of such indebtedness in any manner authorized by such bonds, notes, debentures or other evidences of indebtedness, then the Event of Default with respect to the Debentures by reason thereof shall, without further action by the Company, the Trustee or any holder of the Debentures, be deemed cured and not continuing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the entry against the Company a final judgment or final judgments for the payment of money in an aggregate amount in excess of $100,000,000 (net of amounts covered by insurance or bonded), by a court or courts of competent jurisdiction, which judgments remain undischarged, unwaived, unstayed, unbonded or unsatisfied for a period of 60 consecutive days; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) (i) the Company pursuant to or within the meaning of any Bankruptcy Law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) commences a voluntary case,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) consents to the entry of an order for relief against it in an involuntary case,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) consents to the appointment of a custodian of it or for all or substantially all of its property,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) makes a general assignment for the benefit of its creditors, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) admits, in writing, its inability generally to pay its debts as they become due; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) is for relief against the Company in an involuntary case;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) appoints a custodian of the Company or for all or substantially all of the property of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) orders the liquidation of the Company and the order or decree remains unstayed and in effect for 60 consecutive days.

Section 5.02 *Acceleration*. In case one or more Events of Default shall have occurred and be continuing (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body), then, and in each and every such case (other than an Event of Default specified in Section 5.01(g) with respect to the Company), unless the principal of all of the Debentures shall have already become due and payable (or waived), either the Trustee or the holders of at least 25% in aggregate Original Principal Amount of the Debentures then outstanding, determined in accordance with Section 7.04, by notice in writing to the Company (and to the Trustee if given by Holders), may declare 100% of the Adjusted Principal Amount of, accrued and unpaid interest (including Additional Interest) on, and any unpaid Additional Distributions with respect to, all the Debentures to be due and payable immediately, and upon any such declaration the same shall become and shall automatically be immediately due and payable, notwithstanding anything contained in this Indenture or in the Debentures to the contrary. If an Event of Default specified in Section 5.01(g) with respect to the Company occurs, the Adjusted Principal Amount of all the Debentures, any accrued and unpaid interest (including Additional Interest) thereon and any unpaid Additional Distributions with respect to the Debentures shall be immediately due and payable without any notice, declaration or other act on the part of the Trustee or any Holder. Upon any such acceleration of the principal of the Debentures, the amount payable for each Debenture shall be determined in the same manner as the amount payable at Stated Maturity, in accordance with Section 2.03.

The provisions of this Section 5.02 are subject to the condition that if, at any time after the principal of, any unpaid interest on and any unpaid Additional Distributions with respect to the Debentures shall have been so declared due and payable or become automatically due and payable, and before any judgment or decree for the payment of the monies due shall have been obtained or entered as hereinafter provided, the Company shall pay or shall deposit with the Trustee a sum sufficient to pay all installments of accrued and unpaid interest (including Additional Interest) and of any unpaid Additional Distributions then due on all Debentures and any Adjusted Principal Amount of the Debentures that shall have become due otherwise than by acceleration, as well as amounts due to the Trustee pursuant to Section 6.06, and if (1) rescission would not conflict with any judgment or decree of a court of competent jurisdiction and (2) any and all Events of Default under this Indenture, other than the nonpayment of principal of, accrued and unpaid interest (including Additional Interest) on, and any unpaid Additional Distributions that shall have become due solely by reason of such acceleration, shall have been cured or waived pursuant to Section 5.09, then, and in every such case, the holders of not less than a majority in aggregate Original Principal Amount of the Debentures then outstanding, by written notice to the Company and to the Trustee, may waive all Defaults or Events of Default with respect to the Debentures and rescind and annul such declaration and its consequences and such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of this Indenture; but no such waiver or rescission and annulment shall extend to or shall affect any subsequent Default or Event of Default, or shall impair any right consequent thereon.

Section 5.03 *Additional Interest*. Notwithstanding anything in this Indenture or in the Debentures to the contrary, if the Company so elects, the sole remedy of Holders for an Event of Default relating to the Company's obligation under Section 4.06 shall, for the first 365 days after the occurrence of such an Event of Default, which will be the 60th day after written notice is provided to the Company in accordance with clause (d) of Section 5.01, and for so long as such Event of Default is continuing during such 365 day period, consist exclusively of the right to receive Additional Interest on the Debentures at an annual rate equal to (x) 0.25% of the outstanding Adjusted Principal Amount of the Debentures for the first 180 days (including the 180<sup>th</sup> day) an Event of Default is continuing in such 365-day period and (y) 0.50% of the outstanding Adjusted Principal Amount of the Debentures for the remaining 180 days an Event of Default is continuing in such 365-day period. Additional Interest shall be payable in arrears on each Interest Payment Date following the occurrence of such Event of Default in the same manner as regular interest on the Debentures. The Company may elect to pay Additional Interest as the sole remedy under this Section 5.03 by giving notice to the Trustee (who will notify the holders) and the Paying Agent of such election on or before the close of business on the 5<sup>th</sup> Business Day after the date on which such Event of Default occurs. If the Company fails to timely give such notice or pay Additional Interest when due, or elects not to pay Additional Interest following an Event of Default relating to the Company's obligation to file reports as required under Section 4.06(b), the Debentures will be subject to acceleration as provided in Section 5.02. On the 366th day after such Event of Default (if such violation is not cured or waived prior to such 366th day), the Debentures will be subject to acceleration as provided in Section 5.02. This Section 5.03 shall not affect the rights of the Trustee or the Holders in the event of the occurrence of any other Event of Default.

Section 5.04 *Payments of Debentures on Default; Suit Therefor*. If an Event of Default under clause (a) or (b) of Section 5.01 shall have occurred and be continuing, the Company shall, upon demand of the Trustee, pay to the Trustee, for the benefit of the Holders, the whole amount then due and payable on the Debentures, determined in the same manner as the amount payable in accordance with Section 2.03(a) at Stated Maturity and, in addition thereto, such further amount as shall be sufficient to cover any amounts due to the Trustee under Section 6.06. If the Company shall fail to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Company and collect the monies adjudged or decreed to be payable in the manner provided by law out of the property of the Company, wherever situated.

In the event there shall be pending proceedings for the bankruptcy or for the reorganization of the Company under any Bankruptcy Law, or in case a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Company or the property of the Company, or in the event of any other judicial proceedings relative to the Company or to the creditors or property of the Company, the Trustee, irrespective of whether the principal of the Debentures shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand pursuant to the provisions of this Section 5.04, shall be entitled and empowered, by intervention in such proceedings or otherwise, to file and prove a claim or claims for the whole amount of principal, accrued and unpaid interest and Additional Distributions, if any, in respect of the Debentures, and, in case of any judicial proceedings, to file such proofs of claim and other papers or documents and to take such other actions as it may deem necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and of the Holders allowed in such judicial proceedings relative to the Company or any other obligor on the Debentures, its creditors, or its property, and to collect and receive any monies or other property payable or deliverable on any such claims, and to distribute the same after the deduction of any amounts due the Trustee under Section 6.06; and any receiver, assignee or trustee in bankruptcy or reorganization, liquidator, custodian or similar official is hereby authorized by each of the Holders to make such payments to the Trustee, as administrative expenses, and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for reasonable compensation, expenses, advances and disbursements, including fees of agents and counsel, and including any other amounts due to the Trustee under Section 6.06 hereof, incurred by it up to the date of such distribution. To the extent that such payment of reasonable compensation, expenses, advances and disbursements out of the estate in any such proceedings shall be denied for any reason, payment of the same shall be secured by a lien on, and shall be paid out of, any and all distributions, dividends, monies, securities and other property that the Holders may be entitled to receive in such proceedings, whether in liquidation or under any plan of reorganization or arrangement or otherwise.

Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Holder or the rights of any Holder thereunder, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding.

All rights of action and of asserting claims under this Indenture, or under any of the Debentures, may be enforced by the Trustee without the possession of any of the Debentures, or the production thereof at any trial or other proceeding relative thereto, and any such suit or proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders.

In any proceedings brought by the Trustee (and in any proceedings involving the interpretation of any provision of this Indenture to which the Trustee shall be a party) the Trustee shall be held to represent all the Holders, and it shall not be necessary to make any Holder party to any such proceedings.

In case the Trustee shall have proceeded to enforce any right under this Indenture and such proceedings shall have been discontinued or abandoned because of waiver, rescission and annulment or for any other reason, or shall have been determined adversely to the Trustee, then and in every such case the Company, the Holders and the Trustee shall, subject to any determination in such proceeding, be restored respectively to their several positions and rights hereunder, and all rights, remedies and powers of the Company, the Holders, and the Trustee shall continue as though no such proceeding had been instituted.

Section 5.05 *Application of Monies Collected by Trustee*. Any monies or property collected by the Trustee pursuant to this Article V with respect to the Debentures shall be applied in the following order, at the date or dates fixed by the Trustee for the distribution of such monies or property, upon presentation of the several Debentures, and stamping thereon the payment, if only partially paid, and upon surrender thereof, if fully paid:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) First, to the payment of all amounts due the Trustee under Section 6.06;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Second, in case the principal of the outstanding Debentures shall not have become due and be unpaid, to the payment of accrued and unpaid interest on and any unpaid Additional Distributions with respect to the Debentures, then in default, in the order of the date due of the installments of such interest or Additional Distributions, such payments to be made ratably to the Holders entitled thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Third, in case the principal of the outstanding Debentures shall have become due, by declaration or otherwise, and be unpaid, to the payment of the whole amount determined in the same manner as the amount payable in accordance with Section 2.03(a) at Stated Maturity, and in case such monies shall be insufficient to pay in full the whole amounts so due and unpaid upon the Debentures, then to the payment of such principal, interest and Additional Distributions, if any, without preference or priority of any kind, ratably to the aggregate amounts due and payable on the Debentures for principal, accrued and unpaid interest and any unpaid Additional Distributions, respectively; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Fourth, to the payment of the remainder, if any, to the Company or as a court of competent jurisdiction shall direct.

Section 5.06 *Proceedings by Holders*. No Holder shall have any right by virtue of, or by availing itself of any provision of, this Indenture to institute any suit, action or proceeding in equity or at law upon, under or with respect to this Indenture, or for the appointment of a receiver, trustee, liquidator, custodian or other similar official, or for any other remedy hereunder, unless (1) such Holder previously shall have given to the Trustee written notice of an Event of Default and of the continuance thereof, as hereinbefore provided, (2) the holders of not less than 25% in aggregate Original Principal Amount of the Debentures then outstanding shall have made written request to the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder and shall have offered to the Trustee such security or indemnity satisfactory to it against any loss, liability or expense to be incurred therein or thereby, (3) the Trustee shall not have complied with such request within 60 days after its receipt of such notice, request and offer of security or indemnity, and (4) no written direction that, in the opinion of the Trustee, is inconsistent with such written request shall have been given to the Trustee by the holders of a majority in aggregate Original Principal Amount of the Debentures then outstanding within such 60-day period pursuant to Section 5.09; it being understood and intended, and being expressly covenanted by the taker and holder of every Debenture with every other taker and holder and the Trustee that no one or more Holders shall have any right in any manner whatever by virtue of, or by availing itself of any provision of, this Indenture to affect, disturb or prejudice the rights of any other Holder, or to obtain or seek to obtain priority over or preference to any other such holder, or to enforce any right under this Indenture, except in the manner herein provided and for the equal, ratable and common benefit of all Holders (except as otherwise expressly provided herein). For the protection and enforcement of this Section 5.06, each and every Holder and the Trustee shall be entitled to such relief as can be given either at law or in equity.

Notwithstanding any other provision of this Indenture and any provision of any Debenture, the right of any Holder to receive payment of the principal of, accrued and unpaid interest on and any unpaid Additional Distributions with respect to such Debenture, on or after the respective due dates expressed or provided for in such Debenture or in this Indenture, or to institute suit for the enforcement of any such payment on or after such respective dates against the Company, shall not be impaired or affected without the consent of such Holder.

Section 5.07 *Proceedings by Trustee*. In case of an Event of Default the Trustee may in its discretion proceed to protect and enforce the rights vested in it by this Indenture by such appropriate judicial proceedings as are necessary to protect and enforce any of such rights, either by suit in equity or by action at law or by proceeding in bankruptcy or otherwise, whether for the specific enforcement of any covenant or agreement contained in this Indenture or in aid of the exercise of any power granted under this Indenture, or to enforce any other legal or equitable right vested in the Trustee by this Indenture or by law.

Section 5.08 *Remedies Cumulative and Continuing*. Except as otherwise provided in the second paragraph of Section 2.08 and in Section 5.04, all powers and remedies given by this Article V to the Trustee or to the Holders shall, to the extent permitted by law, be deemed cumulative and not exclusive of any other powers and remedies available to the Trustee or the Holders, by judicial proceedings or otherwise, to enforce the performance or observance of the covenants and agreements contained in this Indenture, and no delay or omission of the Trustee or of any Holder to exercise any right or power accruing upon any Default or Event of Default shall impair any such right or power, or shall be construed to be a waiver of any such Default or Event of Default or any acquiescence therein; and, subject to the provisions of Section 5.06, every power and remedy given by this Article V or by law to the Trustee or to the Holders may be exercised from time to time, and as often as shall be deemed expedient, by the Trustee or by the Holders.

Section 5.09 *Direction of Proceedings and Waiver of Defaults by Majority of Holders*. The holders of a majority in aggregate Original Principal Amount of the Debentures at the time outstanding determined in accordance with Section 7.04 shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee with respect to Debentures; *provided*, *however*, that (a) such direction shall not be in conflict with any rule of law or with this Indenture, and (b) the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction. The Trustee may refuse to follow any direction that conflicts with law or this Indenture or that it determines is unduly prejudicial to the rights of any other holder or that would involve the Trustee in personal liability. The holders of a majority in aggregate Original Principal Amount of the Debentures at the time outstanding determined in accordance with Section 7.04 may on behalf of the holders of all of the Debentures waive any past Default or Event of Default hereunder and its consequences except (i) a default in the payment of the principal of, accrued and unpaid interest on, or any unpaid Additional Distributions with respect to the Debentures when due that has not been cured pursuant to the provisions of Section 5.01 or (ii) a Default in respect of a covenant or provision hereof which under Article VIII cannot be modified or amended without the consent of each holder of an outstanding Debenture affected. Upon any such waiver the Company, the Trustee and the holders of the Debentures shall be restored to their former positions and rights hereunder; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right with respect thereto. Whenever any Default or Event of Default hereunder shall have been waived as permitted by this Section 5.09, said Default or Event of Default shall for all purposes of the Debentures and this Indenture be deemed to have been cured and to be not continuing; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right with respect thereto.

Section 5.10 *Notice of Defaults*. The Trustee shall, within 90 days after the occurrence and continuance of a Default or Event of Default of which a Responsible Officer has actual knowledge, or if known to the Trustee later than 90 days after it occurs, as soon as practicable, mail to all Holders (as the names and addresses of such Holders appear upon the Debenture Register), notice of all Defaults known to a Responsible Officer, unless such Defaults or Events of Default shall have been cured or waived before the giving of such notice; *provided* that, except in the case of a Default or Event of Default in the payment of the principal of, accrued and unpaid interest (including Additional Interest) on, and unpaid Additional Distributions, if any, with respect to the Debentures, in any such event the Trustee shall be protected in withholding such notice of any Default or Event of Default if and so long as the Trustee in good faith determine that the withholding of such notice is in the interests of the Holders.

Section 5.11 *Undertaking to Pay Costs*. All parties to this Indenture agree, and each holder of any Debenture by its acceptance thereof shall be deemed to have agreed, that any court may, in its discretion, require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit and that such court may in its discretion assess reasonable costs, including reasonable attorneys' fees and expenses, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; *provided* that the provisions of this Section 5.11 (to the extent permitted by law) shall not apply to any suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in Original Principal Amount of the Debentures at the time outstanding determined in accordance with Section 7.04, or to any suit instituted by any Holder for the enforcement of the payment of the principal of, accrued and unpaid interest on and unpaid Additional Distributions, if any, with respect to any Debenture on or after the due date expressed or provided for in such Debenture.

Article VI<br> CONCERNING THE TRUSTEE

Section 6.01 *Duties and Responsibilities of Trustee*. The Trustee, prior to the occurrence of an Event of Default and after the curing or waiver of all Events of Default that may have occurred, undertakes to perform such duties and only such duties as are specifically set forth in this Indenture. In case an Event of Default has occurred (which has not been cured or waived) the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person's own affairs; *provided* that if an Event of Default occurs and is continuing, the Trustee will be under no obligation to exercise any of the rights or powers under this Indenture at the request or direction of any of the Holders unless such Holders have offered to the Trustee indemnity or security satisfactory to the Trustee against the losses, liabilities and expenses that might be incurred by it in compliance with such request or direction.

No provision of this Indenture shall be construed to relieve the Trustee from liability for its own grossly negligent action, its own grossly negligent failure to act or its own willful misconduct as determined by a court of competent jurisdiction in a final and non-appealable decision, except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) prior to the occurrence of an Event of Default and after the curing or waiving of all Events of Default that may have occurred:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the duties and obligations of the Trustee shall be determined solely by the express provisions of this Indenture and, if it has been qualified thereunder, the Trust Indenture Act, and the Trustee shall not be liable except for the performance of such duties and obligations as are specifically set forth in this Indenture and no implied covenants or obligations shall be read into this Indenture or the Trust Indenture Act against the Trustee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the absence of bad faith or willful misconduct on the part of the Trustee, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but, in the case of any such certificates or opinions that by any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of any mathematical calculations or other facts stated therein);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer or Officers of the Trustee, unless it shall be proved in a court of competent jurisdiction in a final and non-appealable decision that the Trustee was grossly negligent in ascertaining the pertinent facts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the holders of not less than a majority in Original Principal Amount of the Debentures at the time outstanding, determined as provided in Section 7.04, relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) whether or not therein provided, every provision of this Indenture relating to the conduct or affecting the liability of, or affording protection to, the Trustee shall be subject to the provisions of this Section 6.01;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Trustee shall not be liable in respect of any payment (as to the correctness of amount, entitlement to receive or any other matters relating to payment) or notice effected by the Company or any Paying Agent (if the Trustee is not the Paying Agent) or any records maintained by any co-registrar with respect to the Debentures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) if any party fails to deliver a notice relating to an event the fact of which, pursuant to this Indenture, requires notice to be sent to the Trustee, the Trustee may conclusively rely on its failure to receive such notice as reason to act as if no such event occurred, unless a Responsible Officer of the Trustee had actual knowledge of such event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) in the absence of written investment direction from the Company, all cash received by the Trustee shall be placed in a non-interest bearing trust account, and in no event shall the Trustee be liable for the selection of investments or for investment losses incurred thereon or for losses incurred as a result of the liquidation of any such investment prior to its maturity date or the failure of the party directing such investments prior to its maturity date or the failure of the party directing such investment to provide timely written investment direction, and the Trustee shall have no obligation to invest or reinvest any amounts held hereunder in the absence of such written investment direction from the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) in the event that the Trustee is also acting as Custodian, Debenture Registrar, Paying Agent, Exchange Agent or transfer agent hereunder, and/or engages any agent, custodian or other Person to act hereunder, the rights, privileges, immunities and protections, including without limitation, its right to be indemnified, afforded to the Trustee pursuant to this Article VI shall also be afforded to such Custodian, Debenture Registrar, Paying Agent, Exchange Agent or transfer agent or any other agent, custodian, or Person engaged by the Trustee for purposes hereunder.

None of the provisions contained in this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur personal financial liability in the performance of any of its duties or in the exercise of any of its rights or powers.

Section 6.02 *Reliance on Documents, Opinions, Etc.*. Except as otherwise provided in Section 6.01:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Trustee may conclusively rely and shall be fully protected in acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, bond, note, coupon or other paper or document believed by it in good faith to be genuine and to have been signed or presented by the proper party or parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any request, direction, order or demand of the Company mentioned herein shall be sufficiently evidenced by an Officer's Certificate (unless otherwise provided in this Indenture or other evidence in respect thereof be herein specifically prescribed), and any Board Resolution may be evidenced to the Trustee by a copy thereof certified by the Secretary or an Assistant Secretary of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Trustee may consult with counsel and require an Opinion of Counsel (unless otherwise provided in this Indenture) and any advice of such counsel or Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken or omitted by it hereunder in good faith and in accordance with such advice or Opinion of Counsel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request, order or direction of any of the Holders pursuant to the provisions of this Indenture, unless such Holders shall have offered to the Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities that may be incurred therein or thereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Trustee shall not be required to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, Debenture or other paper or document properly submitted (in form and substance) to the Trustee, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled, at a reasonable time on any Business Day, to examine the relevant books, records and premises of the Company, personally or by agent or attorney at the expense of the Company, and shall incur no liability of any kind by reason of such inquiry or investigation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents, custodians, nominees or attorneys, and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent, custodian, nominee or attorney appointed by it with due care hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the permissive rights of the Trustee enumerated herein shall not be construed as duties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Trustee may request that the Company deliver a certificate setting forth the names of individuals and/or titles of Officers authorized at such time to take specified actions pursuant to this Indenture (*i.e*., an incumbency certificate);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Trustee will not be liable for any action it takes or omits to take in good faith that it believes to be authorized or within the rights or powers conferred upon it by this Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the Company shall provide prompt written notice to the Trustee of any change to its fiscal year (it being expressly understood that the failure to provide such notice to the Trustee shall not be deemed a Default or Event of Default under this Indenture); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties hereunder.

In no event shall the Trustee be liable for any special, indirect or consequential loss or damage of any kind whatsoever (including, but not limited to, lost profits), even if the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action, other than any such loss or damage caused by the Trustee's willful misconduct or gross negligence as proven in a court of competent jurisdiction in a final and non-appealable decision. The Trustee shall not be charged with knowledge of any Default or Event of Default with respect to the Debentures unless either (1) a Responsible Officer shall have actual knowledge of such Default or Event of Default or (2) written notice of such Default or Event of Default shall have been given to a Responsible Officer of the Trustee by the Company or by any Holder.

Section 6.03 *No Responsibility for Recitals, Etc.*. The recitals contained herein and in the Debentures (except in the Trustee's certificate of authentication) shall be taken as the statements of the Company, and the Trustee assumes no responsibility for the correctness of the same. The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Debentures. The Trustee shall not be accountable for the use or application by the Company of any Debentures or the proceeds of any Debentures authenticated and delivered by the Trustee in conformity with the provisions of this Indenture.

Section 6.04 *Trustee, Paying Agents, Exchange Agents or Registrar May Own Debentures.* The Trustee, any Paying Agent, any Exchange Agent or Debenture Registrar, in its individual or any other capacity, may become the owner or pledgee of Debentures with the same rights it would have if it were not the Trustee, Paying Agent, Exchange Agent or Debenture Registrar.

Section 6.05 *Monies to Be Held in Trust*. All monies received by the Trustee shall, until used or applied as herein provided, be held in trust for the purposes for which they were received. Money held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability for interest on any money received by it hereunder except as may be agreed from time to time by the Company and the Trustee.

Section 6.06 *Compensation and Expenses of Trustee*. The Company covenants and agrees to pay to the Trustee from time to time, and the Trustee shall be entitled to, reasonable compensation for all services rendered by it hereunder in any capacity (which shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust) as mutually agreed to in writing between the Trustee and the Company, and the Company will pay or reimburse the Trustee upon its request for all reasonable expenses, disbursements and advances reasonably incurred or made by the Trustee in accordance with any of the provisions of this Indenture in any capacity thereunder (including the reasonable compensation and the expenses and disbursements of its agents and counsel and of all Persons not regularly in its employ) except any such expense, disbursement or advance as shall have been caused by its gross negligence, willful misconduct or bad faith as determined by a final, non-appealable order of a court of competent jurisdiction. The Company also covenants to indemnify the Trustee in any capacity and its agents and any authenticating agent under this Indenture and any other document or transaction entered into in connection herewith for, and to hold them harmless against, any loss, claim, damage, liability or expense incurred (including the costs and expenses of enforcing this Indenture against the Company (including this Section 6.06)) without gross negligence, willful misconduct or bad faith on the part of the Trustee as determined by a court of competent jurisdiction in a final and non-appealable decision, and arising out of or in connection with the acceptance or administration of this trust or in any other capacity hereunder, including the costs and expenses of defending themselves against any claim of liability in the premises and enforcing this Indenture (including this Section 6.06). The obligations of the Company under this Section 6.06 to compensate or indemnify the Trustee and to pay or reimburse the Trustee for expenses, disbursements and advances shall be secured by a senior claim to which the Debentures are hereby made subordinate on all money or property held or collected by the Trustee, except, subject to the effect of Section 5.05, funds held in trust herewith for the benefit of the holders of particular Debentures. The Trustee's right to receive payment of any amounts due under this Section 6.06 shall not be subordinate to any other liability or indebtedness of the Company (even though the Debentures may be so subordinated). The obligation of the Company under this Section 6.06 shall survive the satisfaction and discharge of this Indenture and the earlier resignation or removal or the Trustee. The Company need not pay for any settlement made without its consent, which consent shall not be unreasonably withheld. The indemnification provided in this Section 6.06 shall extend to the officers, directors, agents and employees of the Trustee and shall survive the termination of this Indenture and the resignation or removal of the Trustee.

Without prejudice to any other rights available to the Trustee under applicable law, when the Trustee and its agents and any authenticating agent incur expenses or render services after an Event of Default specified in Section 5.01(g) occurs, the expenses and the compensation for the services are intended to constitute expenses of administration under any bankruptcy, insolvency or similar laws.

Section 6.07 *Officer's Certificate as Evidence*. Except as otherwise provided in Section 6.01 or Section 13.10, whenever in the administration of the provisions of this Indenture the Trustee shall deem it necessary or desirable that a matter be proved or established prior to taking or omitting to take any action hereunder, such matter (unless other evidence in respect thereof is specifically prescribed herein) may be deemed to be conclusively proved and established by an Officer's Certificate delivered to the Trustee, and such Officer's Certificate shall be full warrant to the Trustee for any action taken or omitted to be taken by it under the provisions of this Indenture.

Section 6.08 *Conflicting Interests of Trustee*. If the Trustee has or shall acquire a conflicting interest within the meaning of the Trust Indenture Act, the Trustee shall either (a) eliminate such interest within 90 days, (b) apply to the Commission for permission to continue as Trustee or (c) resign, to the extent and in the manner provided by, and subject to the provisions of, the Trust Indenture Act and this Indenture.

Section 6.09 *Eligibility of Trustee*. There shall at all times be a Trustee hereunder which shall be a Person that is eligible pursuant to the Trust Indenture Act to act as such and has a combined capital and surplus of at least $50,000,000. If such Person publishes reports of condition at least annually, pursuant to law or to the requirements of any supervising or examining authority, then for the purposes of this Section 6.09, the combined capital and surplus of such Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 6.09, it shall resign immediately in the manner and with the effect hereinafter specified in this Article VI.

Section 6.10 *Resignation or Removal of Trustee*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trustee may at any time resign by giving written notice of such resignation to the Company and by mailing notice thereof (or by electronic transmission) to the Holders at their addresses as they shall appear on the Debenture Register. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor trustee. If no successor trustee shall have been so appointed and have accepted appointment within 60 days after the mailing of such notice of resignation to the Holders, the resigning Trustee may, upon ten Business Days' notice to the Company and the Holders, petition any court of competent jurisdiction for the appointment of a successor trustee, or any Holder who has been a bona fide holder of a Debenture or Debentures for at least six months may, subject to the provisions of Section 5.11, on behalf of itself and all other similarly situated Holders, petition any such court for the appointment of a successor trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In case at any time any of the following shall occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Trustee shall fail to comply with Section 6.08 within a reasonable time after written request therefor by the Company or by any Holder who has been a bona fide holder of a Debenture or Debentures for at least six months; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Trustee shall cease to be eligible in accordance with the provisions of Section 6.09 and shall fail to resign after written request therefor by the Company or by any such Holder; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Trustee shall become incapable of acting, or shall be adjudged bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation;

then, in any such case, the Company may by a Board Resolution remove the Trustee and appoint a successor trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee, or, subject to the provisions of Section 5.11, any Holder who has been a bona fide holder of a Debenture or Debentures for at least six months may, on behalf of itself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The holders of a majority in aggregate principal amount of the Debentures at the time outstanding, as determined in accordance with Section 7.04, may at any time remove the Trustee and nominate a successor trustee that shall be deemed appointed as successor trustee unless within ten days after notice to the Company of such nomination the Company objects thereto, in which case the Trustee so removed or any Holder, upon the terms and conditions and otherwise as provided in Section 6.10(a), may petition any court of competent jurisdiction for an appointment of a successor trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 6.10 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 6.11.

Section 6.11 *Acceptance by Successor Trustee*. Any successor trustee appointed as provided in Section 6.10 shall execute, acknowledge and deliver to the Company and to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee shall become effective and such successor trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named as trustee herein; but, nevertheless, on the written request of the Company or of the successor trustee, the trustee ceasing to act shall, upon payment of any amounts then due it pursuant to the provisions of Section 6.06, execute and deliver an instrument transferring to such successor trustee all the rights and powers of the trustee so ceasing to act.

Upon request of any such successor trustee, the Company shall execute any and all instruments in writing for more fully and certainly vesting in and confirming to such successor trustee all such rights and powers. Any trustee ceasing to act shall, nevertheless, retain a senior claim, to which the Debentures are hereby made subordinate, on all money or property held or collected by such trustee as such, except for funds held in trust for the benefit of holders of particular Debentures, to secure any amounts then due it pursuant to the provisions of Section 6.06.

No successor trustee shall accept appointment as provided in this Section 6.11 unless at the time of such acceptance such successor trustee shall be qualified under the provisions of Section 6.08 and be eligible under the provisions of Section 6.09.

Upon acceptance of appointment by a successor trustee as provided in this Section 6.11, each of the Company and the successor trustee, at the written direction and at the expense of the Company, shall mail or cause to be mailed notice of the succession of such trustee hereunder to the Holders at their addresses as they shall appear on the Debenture Register. If the Company fails to mail such notice within ten days after acceptance of appointment by the successor trustee, the successor trustee shall cause such notice to be mailed at the expense of the Company.

Section 6.12 *Succession by Merger, Etc.* Any corporation or other entity into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation or other entity resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation or other entity succeeding to all or substantially all of the corporate trust business of the Trustee (including the administration of this Indenture), shall be the successor to the Trustee hereunder without the execution or filing of any paper or any further act on the part of any of the parties hereto; *provided* that in the case of any corporation or other entity succeeding to all or substantially all of the corporate trust business of the Trustee, such corporation or other entity shall be qualified under the provisions of Section 6.08 and eligible under the provisions of Section 6.09.

Section 6.13 *Limitation on Rights of Trustee as Creditor*. If and when the Trustee shall be or become a creditor of the Company, after qualification of this Indenture under the Trust Indenture Act, the Trustee shall be subject to the provisions of the Trust Indenture Act regarding the collection of claims against the Company.

Section 6.14 *Trustee's Application for Instructions from the Company*. Any application by the Trustee for written instructions from the Company (other than with regard to any action proposed to be taken or omitted to be taken by the Trustee that affects the rights of the holders of the Debentures under this Indenture) may, at the option of the Trustee, set forth in writing any action proposed to be taken or omitted by the Trustee under this Indenture and the date on and/or after which such action shall be taken or such omission shall be effective. The Trustee shall not be liable for any action taken by, or omission of, the Trustee in accordance with a proposal included in such application on or after the date specified in such application (which date shall not be less than three Business Days after the date any Officer that the Company has indicated to the Trustee should receive such application actually receives such application, unless any such Officer shall have consented in writing to any earlier date), unless, prior to taking any such action (or the effective date in the case of any omission), the Trustee shall have received written instructions in accordance with this Indenture in response to such application specifying the action to be taken or omitted.

Article VII<br> CONCERNING THE HOLDERS

Section 7.01 *Action by Holders*. Whenever in this Indenture it is provided that the holders of a specified percentage in aggregate Original Principal Amount of the Debentures may take any action (including the making of any demand or request, the giving of any notice, consent or waiver or the taking of any other action), the fact that at the time of taking any such action, the holders of such specified percentage have joined therein may be evidenced by any instrument or any number of instruments of similar tenor executed by Holders in person or by agent or proxy appointed in writing. Whenever the Company or the Trustee solicits the taking of any action by the Holders, the Company or the Trustee may, but shall not be required to, fix in advance of such solicitation a date as the record date for determining Holders entitled to take such action. The record date, if one is selected, shall be not more than 15 days prior to the date of commencement of solicitation of such action.

Section 7.02 *Proof of Execution by Holders*. Subject to the provisions of Section 6.01 and Section 6.02, proof of the execution of any instrument by a Holder or its agent or proxy shall be sufficient if made in accordance with such reasonable rules and regulations as may be prescribed by the Trustee or in such manner as shall be satisfactory to the Trustee. The holding of Debentures shall be proved by the Debenture Register or by a certificate of the Debenture Registrar.

Section 7.03 *Who Are Deemed Absolute Owners*. The Company, the Trustee, any authenticating agent, any Paying Agent, any Exchange Agent and any Debenture Registrar may deem the Person in whose name a Debenture shall be registered upon the Debenture Register to be, and may treat it as, the absolute owner of such Debenture (whether or not such Debenture shall be overdue and notwithstanding any notation of ownership or other writing thereon made by any Person other than the Company or any Debenture Registrar) for the purpose of receiving payment of or on account of the principal of, accrued and unpaid interest on and unpaid Additional Distributions, if any, with respect to such Debenture and for all other purposes; and none of the Company, the Trustee, any Paying Agent, any Exchange Agent nor any Debenture Registrar shall be affected by any notice to the contrary. All such payments so made to any Holder for the time being, or upon its order, shall be valid and, to the extent of the sum or sums so paid, effective to satisfy and discharge the liability for monies payable upon any such Debenture. Notwithstanding anything to the contrary in this Indenture or the Debentures, following an Event of Default, any holder of a beneficial interest in a Global Debenture may directly enforce against the Company, without the consent, solicitation, proxy, authorization or any other action of the Depositary or any other Person, such holder's right to exchange such holder's beneficial interest in a Global Debenture for a Debenture in certificated form in accordance with the provisions of this Indenture.

Section 7.04 *Company-Owned Debentures*. Any Debentures that the Company or its Affiliates repurchase in the open market or otherwise, whether through a privately negotiated transaction or public tender or exchange offer or through counterparties to private agreements, including by cash-settled swaps or other derivatives, will be considered outstanding for all purposes under this Indenture (other than, at any time when such Debentures are held by the Company or any of its Subsidiaries, for the purpose of determining whether holders of the requisite aggregate principal amount of Debentures have concurred in any direction, consent or waiver under this Indenture unless the Company or any of its Subsidiaries would be adversely disproportionately affected (as determined in good faith by us) by the direction, consent or waiver by such other holders) unless and until such time we surrender them to the Trustee for cancellation and, upon receipt of a Company Order to the Trustee, the Trustee will cancel all Debentures so surrendered. Upon request of the Trustee, the Company shall furnish to the Trustee promptly an Officer's Certificate listing and identifying all Debentures, if any, known by the Company to be owned or held by or for the account of the Company or any Subsidiary of the Company; and, subject to Section 6.01, the Trustee shall be entitled to accept such Officer's Certificate as conclusive evidence of the facts therein set forth and of the fact that all Debentures not listed therein are outstanding for the purpose of any such determination.

Section 7.05 *Revocation of Consents; Future Holders Bound*. At any time prior to (but not after) the evidencing to the Trustee, as provided in Section 7.01, of the taking of any action by the holders of the percentage in aggregate Original Principal Amount of the Debentures specified in this Indenture in connection with such action, any holder of a Debenture that is shown by the evidence to be included in the Debentures the holders of which have consented to such action may, by filing written notice with the Trustee at its Corporate Trust Office and upon proof of holding as provided in Section 7.02, revoke such action so far as concerns such Debenture. Except as aforesaid, any such action taken by the holder of any Debenture shall be conclusive and binding upon such holder and upon all future holders and owners of such Debenture and of any Debentures issued in exchange or substitution therefor or upon registration of transfer thereof, irrespective of whether any notation in regard thereto is made upon such Debenture or any Debenture issued in exchange or substitution therefor or upon registration of transfer thereof.

Article VIII<br> SUPPLEMENTAL INDENTURES

Section 8.01 *Supplemental Indentures Without Consent of Holders*. The Company and the Trustee, at the Company's expense, may from time to time and at any time enter into an amendment to this Indenture or an indenture or indentures supplemental hereto for one or more of the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to cure any ambiguity, omission, error, defect or inconsistency in this Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to conform the terms of this Indenture or the Debentures to the description thereof in the Offering Memorandum;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to provide for the conversion of the Company from a corporation to a limited liability company, partnership or other legal entity pursuant to Section 4.05 and Article IX;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to provide for the assumption by a Successor Company or a Qualified Successor Entity of the obligations of the Company under this Indenture pursuant to Article IX;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to add guarantees with respect to the Debentures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to secure the Debentures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) to add further covenants, restrictions or conditions for the benefit of the Holders or surrender any right or power conferred upon the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) to make any change that does not adversely affect the rights of the holders in any material respect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to appoint a successor trustee with respect to the Debentures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) to comply with any requirements under the Trust Indenture Act, if applicable; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) to reopen this Indenture and increase the aggregate Original Principal Amount of the Debentures by issuing additional Debentures.

Upon the written request of the Company, the Trustee is hereby authorized to join with the Company in the execution of any such supplemental indenture, to make any further appropriate agreements and stipulations that may be therein contained; *provided*, that the Trustee shall not be obligated to, but may in its discretion, enter into any supplemental indenture that affects the Trustee's own rights, duties or immunities under this Indenture or otherwise.

Any supplemental indenture authorized by the provisions of this Section 8.01 may be executed by the Company and the Trustee without the consent of the holders of any of the Debentures at the time outstanding, notwithstanding any of the provisions of Section 8.02.

Section 8.02 *Supplemental Indentures With Consent of Holders*. With the consent (evidenced as provided in Article VII) of the holders of at least a majority in aggregate Original Principal Amount of the Debentures at the time outstanding (determined in accordance with Article VII and including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, Debentures), the Company, when authorized by resolutions of the Board of Directors, and the Trustee, at the Company's expense, may from time to time and at any time enter into an amendment or indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or any supplemental indenture or of modifying in any manner the rights of the holders of the Debentures or waiving any Default or Event of Default or compliance with provisions of this Indenture; *provided*, *however*, that no such amendment or supplemental indenture shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) reduce the percentage in aggregate Original Principal Amount of Debentures outstanding whose holders must consent to a modification or amendment of this Indenture or to waive any past Default or Event of Default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) reduce the rate or extend the stated time for payment of interest (including any Additional Interest) or Additional Distributions on any Debenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) reduce the Adjusted Principal Amount or extend the Stated Maturity of any Debenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) make any change that impairs or otherwise adversely affects the exchange rights of any Debentures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) reduce the Put Purchase Price, Fundamental Change Repurchase Price or the Redemption Price of any Debenture or amend or modify in any manner adverse to the Holders the Company's obligation to make such payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) amend or modify in any manner adverse to the Holders the Company's obligation to pay a premium in respect of Debentures surrendered for exchange in connection with a Make-Whole Redemption as described in Section 11.12, a Make-Whole Fundamental Change as described in Section 11.13 or a Make-Whole Transfer, as described in Section 11.14;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) make any Debenture payable in a currency other than that stated in the Debentures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) change the ranking of the Debentures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) impair the right of any Holder to receive payment of principal of, and interest (including Additional Interest) and Additional Distributions on, such holder's Debentures on or after the due dates therefor or to institute suit for the enforcement of any payment on or with respect to such holder's Debentures; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) make any change in the provisions of this Article VIII which require each Holder's consent or in the waiver provisions in Section 5.02 or Section 5.09,

in each case without the consent of each holder of an outstanding Debenture affected.

Upon the written request of the Company, and upon the filing with the Trustee of evidence of the consent of Holders as aforesaid and subject to Section 8.05, the Trustee shall join with the Company in the execution of such supplemental indenture unless such supplemental indenture affects the Trustee's own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be obligated to, enter into such supplemental indenture.

It shall not be necessary for the consent of the Holders under this Section 8.02 to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such consent shall approve the substance thereof. After an amendment to this Indenture becomes effective pursuant to this Section 8.02, the Company shall deliver to the Holders a notice briefly describing such amendment. However, the failure to give such notice to all the Holders, or any defect in the notice, will not impair or affect the validity of the amendment or result in a Default or Event of Default.

Notwithstanding anything herein to the contrary and subject to the applicable policies and procedures of the Depositary, the Company and the holder of any Debenture may agree to amend, waive or otherwise modify the terms of such Debenture, and/or the Company and the Holder of such Debenture may waive any right or condition under, or the protection of any provision under, such Debenture solely with respect to, or relating to, the rights of such Holder which shall be binding on such Holder (and its successors and assigns), in each case, without the consent of the Trustee or any other Holder.

Section 8.03 *Effect of Supplemental Indentures*. Upon the execution of any supplemental indenture pursuant to the provisions of this Article VIII, this Indenture shall be and be deemed to be modified and amended in accordance therewith and the respective rights, limitation of rights, obligations, duties and immunities under this Indenture of the Trustee, the Company and the Holders shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments and all the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes.

Section 8.04 *Notation on Debentures*. Debentures authenticated and delivered after the execution of any supplemental indenture pursuant to the provisions of this Article VIII may, at the Company's expense, bear a notation as to any matter provided for in such supplemental indenture. If the Company shall so determine, new Debentures so modified as to conform, in the opinion of the Board of Directors, to any modification of this Indenture contained in any such supplemental indenture may, at the Company's expense, be prepared and executed by the Company, authenticated by the Trustee (or an authenticating agent duly appointed by the Trustee pursuant to Section 13.15) upon receipt of a Company Order, and delivered in exchange for the Debentures then outstanding, upon surrender of such Debentures then outstanding.

Section 8.05 *Evidence of Compliance of Supplemental Indenture to Be Furnished to Trustee*. The Trustee may rely on an Officer's Certificate and an Opinion of Counsel, setting forth the statements provided for in Section 13.10, as conclusive evidence that any supplemental indenture executed pursuant hereto complies with the requirements of this Article VIII and is permitted or authorized by this Indenture, and such supplemental indenture is the legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms.

Article IX<br> CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE; CERTAIN EXTRAORDINARY EVENTS

Section 9.01 *Company May Consolidate, Etc. on Specified Terms; Permitted Transfer*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the provisions of Section 9.01(b) and Section 9.02, the Company shall not consolidate with, merge with or into, or convey, transfer or lease all or substantially all of its properties and assets to another Person, or convert pursuant to the laws of the state of incorporation or formation of the Company into a different form of legal entity, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the resulting, surviving or transferee Person (including the Company following any such conversion, subject to the provisions of Section 9.04) (the "**Successor Company**") shall be a corporation, partnership, limited liability company or similar entity organized and existing under the laws of the United States of America, any State thereof or the District of Columbia, and the Successor Company shall expressly assume, by supplemental indenture, executed and delivered to the Trustee, in form satisfactory to the Trustee, all the obligations of the Company under the Debentures and this Indenture; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) immediately after giving effect to such transaction or event, no Default or Event of Default shall have occurred and be continuing under this Indenture.

Upon any such consolidation, merger, conveyance, transfer, conversion or lease the Successor Company (if not the Company) shall succeed to, and may exercise every right and power of, the Company under this Indenture.

Notwithstanding anything herein to the contrary, the Company shall not be deemed to have conveyed, transferred or leased all or substantially all of its properties and assets to another Person in any transaction or event so long as immediately following such transaction or event the Company continues to hold directly or indirectly all or substantially all of the equity interests in Live Nation (or a successor to Live Nation) owned immediately prior to such transaction or event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything to the contrary in the Debentures and this Indenture, the Company may elect, in its sole discretion, to transfer and assign its rights and liabilities as obligor and maker of the Debentures and its obligations under this Indenture to a Qualified Successor Entity in connection with a Permitted Transaction (a "**Permitted Transfer**").

If the Company elects to make a Permitted Transfer to a Live QSE, the Company, such Live QSE and the Trustee will enter into a supplemental indenture pursuant to which such Live QSE shall assume, and the Company will be released from, all of the Company's obligations under the Debentures and this Indenture.

If the Company elects to make a Permitted Transfer to a Non-Live QSE, the Company, such Non-Live QSE and the Trustee will enter into a supplemental indenture pursuant to which such Non—Live QSE shall assume, and the Company will be released from, all of the Company's obligations under the Debentures and this Indenture (except to the extent of (i) any Qualifying Guarantee or (ii) any payment or delivery obligations arising from the exercise by holders of the repurchase right or exchange right, in each case, resulting from the QSE Transfer to a Non-Live QSE). If the Company elects to make a Permitted Transfer to a Non-Live QSE on or prior to September 30, 2028, either (x) the Company shall provide to the Holders a Qualifying Guarantee or (y) (1) the Company will, or will cause the Non-Live QSE to, provide the Holders with the right, at their option, to require the Company or the Non-Live QSE, as the case may be, to purchase all of their Debentures, or any portion of the principal thereof that is equal to $1,000 Original Principal Amount or an integral multiple of $1,000 in excess thereof, on the terms set forth in Section 12.02 as though such election were a Fundamental Change with respect to Live Nation (and any other Significant Reference Company) effective as of the date the Company shall deliver notice to the Holders of its election to make a Permitted Transfer and (2) such Permitted Transfer will constitute a Make-Whole Transfer pursuant to Section 11.14, unless the Market Capitalization Condition is satisfied. If the Company does not provide to the Holders a Qualifying Guarantee in connection with a Permitted Transfer, the Company shall provide an irrevocable, full and unconditional guarantee with respect to the payment or delivery obligations under Section 12.02 and Section 11.14, as applicable, arising solely in connection with such Permitted Transfer.

The Company shall deliver notice to Holders of its election to make a Permitted Transfer pursuant to this Section 9.01(b), and, to the extent such Permitted Transfer occurs on or prior to September 30, 2028, whether such election shall be treated as a Fundamental Change for purposes of Section 12.02, not less than 5 Scheduled Trading Days prior to the entry by the Company, the Qualified Successor Entity and the Trustee into the supplemental indenture referred to in Section 9.02(b). If such Permitted Transfer that occurs on or prior to September 30, 2028 also constitutes a Make-Whole Transfer, the Company will provide the notice described in Section 11.14.

Section 9.02 *Successor Corporation or Qualified Successor Entity to Be Substituted*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In case of any consolidation, merger, conveyance, transfer or lease referred to in Section 9.01(a) and upon the assumption by the Successor Company, by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of the due and punctual payment of the principal of, accrued and unpaid interest on and any unpaid Additional Distributions with respect to all the Debentures and the due and punctual performance of all of the covenants and conditions of this Indenture to be performed by the Company, such Successor Company shall succeed to and be substituted for the Company, with the same effect as if it had been named herein as the Company. Such Successor Company thereupon may cause to be signed, and may issue in its own name any or all of the Debentures issuable hereunder which theretofore shall not have been signed by the Company and delivered to the Trustee; and, upon the order of such Successor Company instead of the Company and subject to all the terms, conditions and limitations in this Indenture prescribed, the Trustee shall, upon receipt of a Company Order, authenticate and shall deliver, or cause to be authenticated and delivered, any Debentures that such Successor Company thereafter shall cause to be signed and delivered to the Trustee for that purpose. All the Debentures so issued shall in all respects have the same legal rank and benefit under this Indenture as the Debentures theretofore or thereafter issued in accordance with the terms of this Indenture as though all of such Debentures had been issued at the date of the execution hereof. In the event of any such consolidation, merger, conveyance or transfer (but not in the case of a lease), the Person named as the "Company" in the first paragraph of this Indenture or any successor that shall thereafter have become such in the manner prescribed in this Article IX may be dissolved, wound up and liquidated at any time thereafter and, except in the case of a lease, such Person shall be released from its liabilities as obligor and maker of the Debentures and from its obligations under this Indenture.

In case of any such consolidation, merger, conveyance, transfer or lease, such changes in phraseology and form (but not in substance) may be made in the Debentures thereafter to be issued as may be appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In case of any Permitted Transfer referred to in Section 9.01(b) and upon the assumption by the Qualified Successor Entity, by supplemental indenture executed and delivered by the Company and the Qualified Successor Entity to the Trustee and satisfactory in form to the Trustee, of the due and punctual payment of the principal of, accrued and unpaid interest on and any unpaid Additional Distributions with respect to all the Debentures and the due and punctual performance of all of the covenants and conditions of this Indenture to be performed by the Company, such Qualified Successor Entity shall succeed to and be substituted for the Company, with the same effect as if it had been named herein as the Company. Such Qualified Successor Entity thereupon may cause to be signed, and may issue in its own name any or all of the Debentures issuable hereunder which theretofore shall not have been signed by the Company and delivered to the Trustee; and, upon the order of such Qualified Successor Entity instead of the Company and subject to all the terms, conditions and limitations in this Indenture prescribed, the Trustee shall, upon receipt of a Company Order, authenticate and shall deliver, or cause to be authenticated and delivered, any Debentures that such Qualified Successor Entity thereafter shall cause to be signed and delivered to the Trustee for that purpose. All the Debentures so issued shall in all respects have the same legal rank and benefit under this Indenture as the Debentures theretofore or thereafter issued in accordance with the terms of this Indenture as though all of such Debentures had been issued at the date of the execution hereof. In the event of any such transfer to a Qualified Successor Entity, the Person named as the "Company" in the first paragraph of this Indenture or any successor that shall thereafter have become such in the manner prescribed in this Article IX shall be released from its liabilities as obligor and maker of the Debentures and from its obligations under this Indenture.

Notwithstanding anything to the contrary in this Section 9.02, (i) if the Company has provided to the Holders a Qualifying Guarantee pursuant to Section 9.01(b) in connection with a Permitted Transfer, the Company shall continue to be obligated for the Non-Live QSE's payment or delivery obligations under the Debentures and this Indenture to the extent set forth in such Qualifying Guarantee and (ii) if the Company has not provided to the Holders a Qualifying Guarantee in connection with a Permitted Transfer to a Non-Live QSE, the Company shall continue to be obligated pursuant to Section 9.01(b) to provide an irrevocable, full and unconditional guarantee with respect to the payment or delivery obligations under Section 12.02 and Section 11.14, as applicable, arising solely in connection with such Permitted Transfer to a Non-Live QSE.

Section 9.03 *Opinion of Counsel to Be Given to Trustee*. The Company shall not effect any merger, consolidation, conveyance, transfer or lease referred to in Section 9.01(a) or any Permitted Transfer referred to in Section 9.01(b) unless the Trustee shall have received an Officer's Certificate and an Opinion of Counsel, setting forth the statements provided for in Section 13.10, which the Trustee may rely upon as conclusive evidence that such consolidation, merger, conveyance, transfer, lease or Permitted Transfer and any such assumption and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture, complies with the provisions of this Article IX.

Section 9.04 *Redomestication*. Notwithstanding anything in this Article IX to the contrary, this Indenture will permit the Company, in its sole discretion and without needing to comply with the requirements of Sections 9.01, 9.02 or 9.03, to enter into any statutory conversion, domestication, transfer or continuation that results in the redomestication of the Company to another United States jurisdiction (including any state or territory of the United States or the District of Columbia) so long as immediately after such transaction, the Company, as so re-domesticated, remains the obligor under the Debentures and owns all or substantially all of the assets it owned immediately prior to such transaction.

Article X<br> IMMUNITY OF INCORPORATORS, STOCKHOLDERS, MEMBERS, PARTNERS,<br> OFFICERS AND DIRECTORS

Section 10.01 *Indenture and Debentures Solely Obligations of the Company*. No recourse for the payment of the principal of, accrued and unpaid interest on or any unpaid Additional Distributions with respect to any Debenture, nor for any claim based thereon or otherwise in respect thereof, and no recourse under or upon any obligation, covenant or agreement of the Company in this Indenture or in any supplemental indenture or in any Debenture, nor because of the creation of any indebtedness represented thereby, shall be had against any incorporator, stockholder, member, partner, employee, agent, officer or director or Subsidiary, as such, past, present or future, of the Company or of any successor corporation or entity, either directly or through the Company or any successor corporation or entity, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that all such liability is hereby expressly waived and released as a condition of, and as consideration for, the execution of this Indenture and the issuance of the Debentures.

Article XI<br> EXCHANGE OF DEBENTURES; REDEMPTION OF DEBENTURES

Section 11.01 *Exchange of Debentures at Option of Holder*. Subject to Section 11.03, a Holder shall have the right, at such holder's option, to exchange all or any portion (if the portion to be exchanged is $1,000 Original Principal Amount or any integral multiple of $1,000 in excess thereof) of such holder's Debentures during the time periods and under the circumstances described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) During any calendar quarter after the calendar quarter ending March 31, 2024 (and only during such quarter), if the product of (x) the Closing Price of the Reference Shares attributable to a Debenture for at least 20 days of a 30 Trading Day period ending on the last Trading Day of the quarter immediately preceding the exchange and (y) the number of such Reference Shares attributable to a Debenture (the "**Total Reference Share Value**") exceeds 130% of the Adjusted Principal Amount of such Debenture on the last day of such preceding quarter. If the Reference Shares attributable to a Debenture are composed of Reference Shares of more than one Reference Company (or of different series or classes of a Reference Company), then the Total Reference Share Value will be the sum of the Total Reference Share Values of the Reference Shares for each such Reference Company (or each such series or class, as applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) From and after March 31, 2024, during the five consecutive Trading Day period following any five consecutive Trading Day period in which the Trading Price of the Debentures (as determined by the Company following a request by a Holder of $3.0 million original principal amount of the Debentures who provides reasonable evidence to the Company that the trading price of such debenture is less than 98% of parity value) for each such day was less than 98% of the Parity Value of the Debentures. If on any date of determination the Trading Price of the Debentures cannot be ascertained because at least one bid for $1.0 million in Original Principal Amount of the Debentures cannot reasonably be obtained by the Company, or if the Company otherwise does not make the determination of whether the Trading Price of the Debentures is less than 98% of the Parity Value of the Debentures when required to, then the Trading Price of the Debentures on such date of determination will be deemed to be less than 98% of the Parity Value of the Debentures. Any such determination will be conclusive absent manifest error. The Company will not have any obligation to determine the Trading Price of the Debentures unless a Holder of $3.0 million original principal amount of the Debentures provides the Company with reasonable evidence that the Trading Price of the Debentures is less than 98% of the Parity Value of a Debenture. The Company will determine the Trading Price of the Debentures commencing on the Trading Day next following the date on which a Holder provides such evidence to the Company and will determine such Trading Price on each successive Trading Day until such time as the Trading Price of the Debentures is equal to or greater than 98% of the Parity Value of the Debentures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Following the effective date of a Fundamental Change or Make-Whole Fundamental Change with respect to a Significant Reference Company that, in each case, occurs prior to September 30, 2028, at any time prior to the close of business on the Business Day immediately preceding the related Fundamental Change Repurchase Date, or, if there is no Fundamental Change Repurchase Date, the 35<sup>th</sup> Trading Day immediately following the effective date of such event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) With respect to Debentures called for redemption, at any time after the Company provides a Notice of Redemption in accordance with Section 11.19 until the close of business on the second Scheduled Trading Day prior to the related Redemption Date. If such redemption is rescinded or revoked in the manner provided by Section 11.12(b) or Section 11.19, then the period during which exchange may be made by Holders set forth in the preceding sentence shall terminate as of the close of business on the date the Company provides notice of such rescission or revocation to Holders of the Debentures and the Exchange Agent will promptly return to the respective Holders thereof any Debentures surrendered prior to such rescission or revocation for exchange in connection with such redemption and any funds tendered in connection therewith pursuant to Section 11.07.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Following the ex-dividend date or, if there is none, the effective date of a Permitted Transaction in which the Company elects to transfer its obligations under the Debentures and this Indenture to a Non-Live QSE on or prior to September 30, 2028 and the Company does not provide a Qualifying Guarantee, at any time prior to the close of business on the 35<sup>th</sup> trading day immediately following such ex-dividend date or effective date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) At any time after the board of directors of a Reference Company declares or makes an Extraordinary Distribution to its stockholders that would result in the payment by the Company of an Additional Distribution in respect of such Extraordinary Distribution that would reduce the Adjusted Principal Amount of the Debentures to $0.00 or at any time after the Adjusted Principal Amount of the Debentures has otherwise been reduced to $0.00 until the close of business on the second Scheduled Trading Day immediately preceding the date of Stated Maturity of the Debentures; provided, that the entry by a Reference Company into a definitive agreement providing for the merger or sale of such Reference Company which, if and when consummated, would result in the payment of an Extraordinary Distribution that would reduce the Adjusted Principal Amount of the Debentures to $0.00, shall be deemed to be a declaration by the board of directors of such Reference Company of an Extraordinary Distribution to its stockholders which would result in the payment by the Company of an Additional Distribution that would reduce the Adjusted Principal Amount of the Debentures to $0.00. If such declaration by the board of directors of such Reference Company is rescinded or such payment is otherwise not made or if such merger or sale is terminated, then such exchange period shall terminate as of the close of business on the date the Company provides notice of such rescission, non-payment or termination to Holders of the Debentures. The Company shall provide notice to the Holders of the Debentures of any declaration or payment that satisfies the requirements of this Section 11.01(f).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) At any time commencing on July 1, 2028, until the close of business on the second Scheduled Trading Day immediately preceding September 30, 2028.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) At any time commencing on July 1, 2053, until the close of business on the second Scheduled Trading Day immediately preceding the Stated Maturity of the Debentures.

The number of Reference Shares attributable to each Debenture shall initially be 9.5320 shares of Live Nation Stock, subject to adjustment as a result of any Reference Share Proportionate Reduction or any other adjustment contemplated by the definition of "Reference Shares."

Section 11.02 *Consideration for Exchange of Debentures*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the provisions of Section 11.05(b), upon exchange of a Debenture the holder thereof will be entitled to receive from the Company, at the Company's election, the Reference Shares attributable to such Debenture or cash or a combination of Reference Shares and cash having a value equal to the Current Market Price of the Reference Shares attributable to such Debenture. If the Company elects to satisfy its exchange obligations in whole or in part through the delivery of Reference Shares, the Company shall deliver the number of Reference Shares attributable to the Debenture, as specified in the Consideration Notice.

If the Company elects to satisfy its exchange obligations in whole or in part in cash, the Company shall pay an amount of cash per Debenture equal to the number of Reference Shares attributable to such Debenture (or portion thereof to be satisfied in cash, as specified in the Consideration Notice) multiplied by the applicable Current Market Price (determined based on the applicable "valuation period" specified in Section 11.04) of such Reference Shares.

In the event (1) at the time of exchange of a Debenture the Reference Shares attributable to a Debenture are composed of Reference Shares of more than one Reference Company or of different series or classes of the same Reference Company and (2) the Company elects to deliver a combination of cash and Reference Shares, then the Company shall deliver, in respect of each Debenture exchanged, the same percentage of the number of Reference Shares of each Reference Company, class or series attributable to a Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Exchanging Holders shall be entitled to the economic value of the Reference Shares attributable to the Debentures in all circumstances. Accordingly, the following provisions shall apply when a Holder exchanges Debentures and an Extraordinary Distribution has or will become payable on the Reference Shares. If a Reference Company (or successor Reference Company) pays or makes an Extraordinary Distribution on its Reference Shares (or is deemed to do so), or a record date (or where any portion of the exchange obligation will be settled in cash, an ex-dividend date) therefor occurs with respect to the Reference Shares (an "**Extraordinary Distribution Adjustment Event**"), at or after the close of business on the Exchange Date for a Debenture and (i) if the Company elects to satisfy its exchange obligation solely through the delivery of Reference Shares, on or prior to the day preceding the date of such delivery or (ii) if the Company elects to satisfy any portion of its exchange obligation in cash, on and including the last Trading Day of the applicable valuation period (each such period ending on the date specified in clause (i) or (ii), an "**Observation Period**"), the Company shall make adjustments to the consideration to be paid by the Company in connection with such exchange as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) If the Company has elected to satisfy any portion of its exchange obligation in cash, the following provisions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) If on any Trading Day during the valuation period in which the Current Market Price of the Reference Shares is being determined the VWAP does not include the value of the Extraordinary Distribution resulting in the Extraordinary Distribution Adjustment Event, then such value will be added to the VWAP for such Reference Shares on such Trading Day as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) If the Extraordinary Distribution was (or will be) paid in cash, the amount of such cash in respect of one Reference Share will be added to the VWAP of the applicable Reference Shares for such Trading Day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) If the Extraordinary Distribution consists of Publicly Traded Common Equity Securities, an amount equal to the VWAP of such Publicly Traded Common Equity Securities on such Trading Day multiplied by the number of such Publicly Traded Common Equity Securities receivable by a holder of one Reference Share will be added to the VWAP of the applicable Reference Shares for such Trading Day; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) If the Extraordinary Distribution consists of assets or property other than cash or Publicly Traded Common Equity Securities, an amount equal to the fair market value thereof (determined as provided in Section 2.05(e)) distributed (or distributable) in respect of one Reference Share will be added to the VWAP of the applicable Reference Shares for such Trading Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If, and to the extent, an exchanging Holder is entitled to receive an Additional Distribution on the Debentures resulting from an Extraordinary Distribution that also resulted in an Extraordinary Distribution Adjustment Event during the Observation Period in respect of the Reference Shares, and the value of the Extraordinary Distribution resulting in such Extraordinary Distribution Adjustment Event is also included in the Current Market Price (whether by virtue of the foregoing provisions or otherwise) of the applicable Reference Shares, in whole or in part, on a pre-distribution basis, then the amount of such Additional Distribution payable by the Company shall be reduced by the value of such distribution which the exchanging Holder shall realize through the payment by the Company of the consideration the Company pays in respect of the Reference Shares.

If any portion of the consideration the Company is obligated to pay in connection with an exchange includes the value of an Extraordinary Distribution that has not yet been paid by the relevant Reference Company, then the Company may deduct such value from the consideration it pays so long as it makes adequate provision for such exchanging Holder to receive an amount equal to the related Additional Distribution not later than the date such Additional Distribution is, or would be, paid to record Holders of the Debentures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II) If the Company has elected to satisfy any portion of its exchange obligation with Reference Shares, the following provisions will apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) If an Extraordinary Distribution Adjustment Event occurs during the Observation Period and the exchanging Holder is not and will not be a record holder of the Reference Shares for purposes of receipt of the related Extraordinary Distribution, and such holder will also not be a Holder of the Debentures for purposes of the related Additional Distribution, then the Company shall make adequate provision for such exchanging Holder to receive an amount equal to the related Additional Distribution with respect to the Reference Shares to be delivered by the Company in satisfaction of its exchange obligation, not later than the date such Additional Distribution is, or would be, paid to record Holders of the Debentures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If an Extraordinary Distribution Adjustment Event occurs during the Observation Period and at the time of delivery of the Reference Shares the exchanging Holder is or will be a record holder of the Reference Shares for purposes of receiving the related Extraordinary Distribution and such holder will also be a Holder of the Debentures for purposes of the related Additional Distribution, then the Company shall be entitled to subtract from the Additional Distribution otherwise payable to such exchanging Holder the Extraordinary Distribution that such Holder has or shall receive by virtue of being the owner of record of the Reference Shares for purposes of such Extraordinary Distribution.

Section 11.03 *Limitation.* Notwithstanding anything to the contrary in Section 11.01, no holder of a Debenture may exchange such Debenture (i) following such holder's irrevocable election pursuant to Article XII to tender such Debenture for purchase by the Company or (ii) after the close of business on the second Scheduled Trading Day immediately prior to the date of Stated Maturity of the Debentures.

Section 11.04 *Valuation Period*. For purposes of this Section 11.04 and the determination of the Current Market Price of the Reference Shares, the applicable "valuation period" for any Debenture submitted for exchange means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) With respect to an Exchange Date that occurs during the period commencing July 1, 2053 and ending on the second Scheduled Trading Day prior to the date of Stated Maturity of the Debentures, the 30 Trading Days commencing on the fourth Trading Day following the date of Stated Maturity of the Debentures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With respect to an Exchange Date that occurs during the period commencing July 1, 2028 and ending on the second Scheduled Trading Day prior to September 30, 2028, the 30 Trading Days commencing on the fourth Trading Day following September 30, 2028;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) With respect to an Exchange Date that occurs during the period commencing on the Effective Date of a Fundamental Change or Make-Whole Fundamental Change and ending on the Business Day immediately prior to the related Fundamental Change Repurchase Date, or, if there is no Fundamental Change Repurchase Date, ending on the 35th Trading Day following the Effective Date of such transaction, the 30 Trading Days commencing on the fourth Trading Day following the last date on which Debentures may be surrendered for exchange during such period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) With respect to an Exchange Date that occurs during the period commencing on the ex-dividend date or effective date, as the case may be, of a Permitted Transaction in which the Company elects to transfer its obligations under the Debentures and this Indenture to a Non-Live QSE and the Company does not provide a Qualifying Guarantee, the 30 Trading Days commencing on the fourth Trading Day following the last date on which Debentures may be surrendered for exchange during such period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) With respect to an Exchange Date that occurs during the period commencing on the date the Company provides a Notice of Redemption and ending on the second Scheduled Trading Day prior to the related Redemption Date, the 30 Trading Days commencing on the fourth Trading Day following such Redemption Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In all other instances, the 30 Trading Days commencing on the fourth Trading Day following the Exchange Date;

*provided, however*, that if more than one valuation period may be applicable to an Exchange Date, then the applicable valuation period shall be determined from the following order of priority: clause (a), clause (b), clause (e), clause (c), clause (d), and clause (f), in each case, of this Section 11.04.

Section 11.05 *Satisfaction of Exchange Obligation*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Company satisfies its exchange obligation solely in Reference Shares, then the Company shall deliver the Reference Shares attributable to the Debentures exchanged within three Trading Days after the Exchange Date. If the Company elects to satisfy any portion of its exchange obligation in cash, then the Company shall deliver the consideration due within three Trading Days (or as soon as practicable thereafter) after the date of determination of the Current Market Price of the Reference Shares attributable to the Debentures being exchanged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company shall not deliver Reference Shares unless the Company is able to deliver (or cause to be delivered) Reference Shares that either (i) are freely transferable by the recipient of such shares (other than by an Affiliate of the Reference Company) in accordance with the Securities Act and the rules and regulations thereunder or (ii) if such References Shares include, in whole or in part, Restricted Reference Shares, such shares are registered under an effective registration statement of the applicable Reference Company and the Company is able to deliver (or cause to be delivered), concurrently with the Restricted Reference Shares, a Resale Prospectus pursuant to which recipients of such Restricted Reference Shares may sell them for a period of at least 30 calendar days (without regard to Permitted Blackout Periods that may otherwise be applicable) in a registered transaction on terms no less favorable to holders of such Restricted Reference Shares than those described in the Offering Memorandum under the caption "Description of the Debentures—Restricted Reference Shares Registration Rights" (the conditions specified in this clause (ii), the "**Restricted Reference Shares Conditions**").

Section 11.06 *Notification of Form of Consideration*. The Company shall provide, by no later than 9:30 a.m., New York City time on the second Trading Day after the Exchange Date, a written notice (the "**Consideration Notice**") to the exchanging Holder and the Paying Agent or Exchange Agent (or both, as applicable), with a copy to the Trustee, of the Company's election to deliver Reference Shares or cash or a combination of Reference Shares and cash. The Consideration Notice shall, subject to the provisions of the following paragraph, be irrevocable. Unless the form of consideration elected by the Company consists solely of Reference Shares or solely of cash, then the Consideration Notice shall also specify, as applicable: (i) if any portion of the consideration due upon exchange is to be settled by delivery of Reference Shares, the number of Reference Shares (of each Reference Company, series or class) to be delivered per Debenture; and (ii) if any portion of the consideration due upon exchange is to be settled with cash, the number of Reference Shares per Debenture in lieu of which the Company shall have elected to deliver in cash. If the Company fails to timely notify an exchanging holder of the Company's election in accordance with this Section 11.06, then the Company will be deemed to have elected to satisfy its exchange obligation solely in cash (and, for the avoidance of doubt, no Default or Event of Default under this Indenture shall be deemed to have occurred due to the Company's failure to deliver the Consideration Notice).

If the Company notifies an exchanging Holder that it will satisfy its exchange obligation by delivery of Reference Shares, and such shares include, in whole or in part, Restricted Reference Shares, and by the third Trading Day after delivery of its Consideration Notice to the exchanging Holder and the Exchange Agent the Company shall determine that it will be unable to satisfy the Restricted Reference Shares Conditions, the Company shall notify such Holder and the Exchange Agent, in writing, not later than the close of business on such third Trading Day that it is unable to deliver such Restricted Reference Shares and it will deliver cash in lieu of such Reference Shares upon exchange of the Debentures.

Section 11.07 *Exchange of Debentures*. To exchange a Debenture a Holder must (a) in the case of a Debenture held through the Depositary, surrender such Debenture for exchange through book-entry transfer into the account of the Exchange Agent, transmit an agent's message requesting such exchange and comply with such other procedures of the Depositary as may be applicable in the case of an exchange and (b) in the case of a Debenture held in certificated form, (i) complete and manually sign the Notice of Exchange in the form attached hereto as <u>Exhibit B</u> (or complete and sign a facsimile of the Notice of Exchange) and deliver such Notice of Exchange to the Exchange Agent, (ii) surrender the Debenture to be exchanged to the Exchange Agent, (iii) furnish appropriate endorsements and transfer documents, if required by the Exchange Agent, the Company or the Trustee, and (iv) pay any transfer or similar taxes, if required. An exchange shall be deemed to have been effected immediately prior to the close of business on the Exchange Date. The exchanging holder shall also tender funds to the Exchange Agent in an amount sufficient to pay any amounts due pursuant to Section 11.09 in respect of interest or Additional Distributions.

A Holder may exchange a portion of its Debentures only if the portion is $1,000 Original Principal Amount or an integral multiple of $1,000 in excess thereof. Following the Exchange Date for an exchange of Debentures, all rights of the Holder with respect to such Debentures shall cease, except for the right of such Holder to receive, at the Company's election as provided above, Reference Shares attributable to such Debentures or 100% of the Current Market Price of the Reference Shares attributable to such Debentures in cash or any combination of cash and Reference Shares as set forth herein.

Section 11.08 *Procedures for Payment*. The Exchange Agent, by 10:00 a.m., New York City time, on the Trading Day next following its receipt (i) of notification from the Depositary that it has received an agent's message from a beneficial holder electing to exercise its exchange option with respect to Debentures, and delivery of such Debentures into the Exchange Agent's account with the Depositary, or (ii) of a completed and manually signed Notice of Exchange with respect to Debentures, and receipt of such Debentures in certificated form from the Holder, shall notify the Company of the Original Principal Amount of Debentures which has been tendered for exchange. When the Current Market Price of the Reference Shares attributable to the Debentures to be exchanged has been determined (or, if the Company elects to satisfy its exchange obligation solely in Reference Shares, within three Trading Days after the Exchange Date), the Company shall deliver an Officer's Certificate to the Trustee and, if different, the Exchange Agent, setting forth the exact amount to be paid and/or the number of Reference Shares of each Reference Company, series or class to be delivered to the tendering Holder and shall deposit such cash and/or deliver such Reference Shares to the Exchange Agent. Upon receipt of such cash and/or delivery of such Reference Shares, the Exchange Agent shall, as soon as practicable (x) in the case of a Global Debenture, pay such cash and/or cause such shares to be transferred to the Depositary and (y) in the case of certificated Debentures, pay such cash or deliver such shares as directed by the tendering Holder.

Section 11.09 *Certain Interest and Additional Distribution Payments*. If an Exchange Date for any Debentures occurs during the period from (but excluding) an Interest Record Date for any Interest Payment Date to (but excluding) such Interest Payment Date, the exchanging Holder shall tender funds to the Exchange Agent on or before such Exchange Date in an amount equal to the interest and any Additional Distribution payable on such Interest Payment Date with respect to such Debentures (regardless of whether the exchanging holder was a holder of such debentures on the record date); *provided,* that no such payment need be made if the Company has specified a Redemption Date or a Fundamental Change Repurchase Date that is after an Interest Record Date for any Interest Payment Date and on or prior to the corresponding Interest Payment Date, or with respect to the Interest Payment Date coinciding with September 30, 2028 or with the date of the Stated Maturity.

Section 11.10 *Withdrawal of Notice of Exchange*. A holder of Debentures may withdraw a properly delivered Notice of Exchange by (x) providing a written notice of withdrawal to the Exchange Agent by the close of business on the Trading Day next following the date on which the Company provides such holder the Consideration Notice pursuant to Section 11.06 or (y) if the Company fails to notify the Holder of the form of consideration, the close of business on the second Trading day after the Exchange Date (or, if later, by the close of business on the Trading Day next following the date on which the Company notifies the holder of its inability to satisfy the Restricted Reference Shares Conditions and of the alternative consideration it will deliver), *provided*, *however*, that in the case of exchanges of Debentures other than exchanges in connection with a call for redemption of Debentures by the Company pursuant to Section 11.12 or Section 11.16, if the Company notifies the holder (or is deemed to have notified the holder) that it will satisfy any portion of its exchange obligation in cash, a holder may, with the consent of the Company, withdraw such Notice of Exchange by the close of business on the last trading day of the applicable valuation period for determination of the current market price of the Reference Shares attributable to the Debentures tendered for exchange, and provided, further, that with respect to any requests by holders to withdraw such Notice of Exchange with respect to tenders of Debentures for exchange that have the same exchange date, the Company will either grant consent, or deny consent, to all such holders to withdraw such Notice of Exchange. Any such notice of withdrawal must comply with the applicable procedures of the Depositary if the Debentures are in global form. In the case of Debentures held in certificated form, the Holder's withdrawal notice shall state the Original Principal Amount of the Debentures being withdrawn, the certificate numbers of the Debentures being withdrawn and the Original Principal Amount, if any, of the Debentures that remain subject to the holder's Notice of Exchange.

Section 11.11 *Cancellation of Interest, Additional Distributions and Tax Original Issue Discount*. Subject to Section 11.09 (including the proviso therein), upon an exchange of a Debenture, that portion of accrued and unpaid interest, if any, on the exchanged Debenture attributable to the period from the most recent Interest Payment Date (or, if no Interest Payment Date has occurred, from the issue date of the Debentures) through the Exchange Date, the amount of any unpaid Additional Distributions, and Tax Original Issue Discount accrued through the Exchange Date with respect to the exchanged Debenture shall not be cancelled, extinguished or forfeited, but rather shall be deemed to be paid in full to the Holder thereof through delivery of Reference Shares (together with any cash payment in lieu of fractional shares) or cash, or a combination of Reference Shares and cash, in exchange for the Debenture being exchanged pursuant to the provisions hereof, and the amount of cash, the fair market value of such Reference Shares (together with any such cash payment in lieu of fractional shares), or the amount of cash and the fair market value of such Reference Shares, as applicable, shall be treated as issued, to the extent thereof, first in exchange for accrued and unpaid interest, any unpaid Additional Distributions and Tax Original Issue Discount accrued through the Exchange Date and the balance, if any, of such amount of cash, fair market value of such Reference Shares (and any such cash payment in lieu of fractional shares), or amount of cash and fair market value of such Reference Shares, as applicable, shall be treated as issued in exchange for the Adjusted Principal Amount of the Debenture being exchanged pursuant to the provisions hereof.

Section 11.12 *Make-Whole Redemption*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company may, at its option, redeem the Debentures (such redemption, a "**Make-Whole Redemption**"), in whole but not in part, prior to September 30, 2028, for an amount equal to the Redemption Price specified in the following sentence, in cash, at any time during the period commencing ten (10) Scheduled Trading Days after the initial public announcement by the Company of the execution by the Company of a Make-Whole Agreement (the "**Public Announcement Date**") and ending on the 40th Scheduled Trading Day following the consummation of the related Fundamental Change, Make-Whole Fundamental Change, transfer to a Significant Reference Company of all of the Company's Reference Shares in such Significant Reference Company or Change in Control of the Company. The "Redemption Price" in respect of each Debenture called for redemption as described in this Section 11.12(a) shall equal the sum of (i) the Adjusted Principal Amount of such Debenture, (ii) any accrued and unpaid interest on such Debenture to, but excluding, the Redemption Date, and (iii) subject to **‎**Section 13.03, any Final Period Distribution on such Debenture (the "**Make-Whole Redemption Price**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company may redeem the Debentures pursuant to this Section 11.12 on no fewer than 30 days, and not more than 60 days, prior notice provided in accordance with Section 11.19. The redemption date will be the date specified by the Company in the Notice of Redemption provided in accordance with Section 11.19 (the "**Make-Whole Redemption Date**"). The Make-Whole Redemption Date shall occur by no later than the 40th Scheduled Trading Day after consummation of the Fundamental Change, Make-Whole Fundamental Change, transfer to a Significant Reference Company of all of the Company's Reference Shares in such Significant Reference Company or Change in Control of the Company. The Company may condition any Make-Whole Redemption on the consummation of the transaction giving rise to a Make-Whole Redemption (an "**Eligible Transaction**"), or on such transaction not having been terminated prior to the Make-Whole Redemption Date. If the Make-Whole Redemption is conditioned on the consummation of an Eligible Transaction and such transaction is terminated or such condition is not satisfied, the Company may rescind its Notice of Redemption and terminate the Make-Whole Redemption at any time, in which event the Company shall not be obligated to pay the Make-Whole Redemption Price and the Debentures shall remain outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If a Holder elects to exchange its Debentures in connection with a Make-Whole Redemption, then the Company shall pay a premium to any Holder who exchanges Debentures in connection with such Make-Whole Redemption by increasing the number of Reference Shares of the Significant Reference Company as to which the Make-Whole Redemption relates attributable to each Debenture as set forth in this Section 11.12(c). An exchange of Debentures will be deemed for these purposes to be "in connection with" a Make-Whole Redemption if the Exchange Date of the Debentures occurs during the period commencing on the date that the Company provides the related Notice of Redemption to the Holders and ending at the close of business on the second Scheduled Trading Day preceding the Make-Whole Redemption Date (the "**Make-Whole Redemption Exchange Period**"). If the Company rescinds the Notice of Redemption as permitted pursuant to Section 11.12(b), the Make-Whole Redemption Exchange Period shall terminate as of the close of business on the date the Company provides notice of such rescission to holders in accordance with Section 11.12(b).

Upon an exchange of Debentures in connection with a Make-Whole Redemption, the Company shall deliver the consideration due upon such exchange based on (i) the number of Reference Shares attributable to each Debenture so exchanged before giving effect to the provisions of this ‎Section 11.12, plus (ii) an additional number of Reference Shares of the Significant Reference Company as to which the Make-Whole Redemption relates attributable to the Debenture in an amount equal to the Reference Share Adjustment as set forth in Section 11.15. In connection with an exchange of Debentures in connection with a Make-Whole Redemption, to the extent the definition of "Reference Shares" relates to reclassifications, share exchanges, mergers and consolidations pursuant to which holders of Reference Shares receive cash or assets other than non-publicly traded securities would otherwise be applicable, such provisions shall not be applicable to the Significant Reference Company as to which the Make-Whole Redemption relates and each Reference Share of such Significant Reference Company attributable to a Debenture shall be deemed to be the type and amount of consideration to be received by a holder of one Reference Share of the applicable Significant Reference Company in the transaction that results in the related Fundamental Change or Make-Whole Fundamental Change. In connection with any exchange of Debentures in connection with a Make-Whole Redemption, no change will be made to any Reference Shares attributable to a Debenture of any Reference Company other than the Significant Reference Company as to which the Fundamental Change or Make-Whole Fundamental Change relates. If a Holder elects to exchange its Debentures in connection with a Make-Whole Redemption and the Exchange Date occurs on or after the record date (or, if there is no record date, the payment date) of any Extraordinary Additional Distribution made in respect of the related Fundamental Change or Make-Whole Fundamental Change, the Company shall not be required to make any Extraordinary Additional Distribution with respect to Debentures so exchanged by such Holder or, if such Extraordinary Additional Distribution shall have been made or such Holder was not the holder of record on the record date or payment date, the Holder shall tender funds to the Company on or before the settlement date for such exchange in an amount equal to the amount of such Extraordinary Additional Distribution as noticed by the Company.

The amount, if any, by which the number of Reference Shares attributable to a Debenture will be increased to reflect the premium in connection with a Make-Whole Redemption will be determined by reference to the table in Section 11.15, based on the Effective Date and the Stock Price for such Make-Whole Redemption. For purposes of this Section 11.12(c), if the Company gives Notice of Redemption related to a Fundamental Change or Make-Whole Fundamental Change prior to the date on which the related Fundamental Change or Make-Whole Fundamental Change occurs or becomes effective, the "Effective Date" will be the date on which the Company gives the Notice of Redemption to holders and the "Stock Price" will be the Current Market Price for one Reference Share of the Significant Reference Company as to which the Fundamental Change or Make-Whole Fundamental Change relates over the 10 Scheduled Trading Day valuation period ending on, and including, the Trading Day immediately preceding the date on which the Company gives the Notice of Redemption to holders. In the case of a Make-Whole Redemption related to a Fundamental Change or Make-Whole Fundamental Change in which the Company gives Notice of Redemption on or after the date on which the Fundamental Change or Make-Whole Fundamental Change occurs or becomes effective, the "Effective Date" will be the date on which the Fundamental Change or Make-Whole Fundamental Change occurs or becomes effective and the "Stock Price" will be (x) in the case of a Fundamental Change or Make-Whole Fundamental Change described in clause (c) of the definition of Fundamental Change, the price paid (or deemed paid) per Reference Share of the applicable Significant Reference Company in the Fundamental Change or Make-Whole Fundamental Change, as the case may be; and (y) in the case of a Fundamental Change or Make-Whole Fundamental Change described in clause (a) or (b) of the definition of Fundamental Change, the Current Market Price for one Reference Share of the applicable Significant Reference Company over the 10 Scheduled Trading Day valuation period ending on, and including the Trading Day immediately preceding the date on which the Fundamental Change or Make-Whole Fundamental Change occurs or becomes effective.

In the case of a Make-Whole Redemption related to our direct or indirect transfer to a Significant Reference Company of all of our Reference Shares in that company, the "Effective Date" will be (i) if the Company gives notice of redemption prior to the closing date of the transaction that results in our direct or indirect transfer to a significant reference company of all of our reference shares in that company, the date on which the Company gives such notice to the holders of the Debentures or (ii) if the Company gives notice of redemption on or after the closing date for such transaction, such closing date (the applicable date set forth in clause (i) or (ii), the "**Transfer Pricing Date**") and the "Stock Price" shall be the Current Market Price for one reference share of the applicable Significant Reference Company over the 10 Trading Day period ending on, and including, the Trading Day immediately preceding the Transfer Pricing Date.

In the case of a Make-Whole Redemption related to a Change in Control of the Company, the "Effective Date" will be (i) if the Company gives notice of redemption prior to the closing date of the transaction that results in a Change in Control of the Company, the date on which the Company gives such notice to the holders of the Debentures or (ii) if we give notice of redemption on or after the closing date for such transaction, such closing date (the applicable date set forth in clause (i) or (ii), the "Change in Control Pricing Date") and the "Stock Price" shall be the Current Market Price for one Reference Share of the applicable Significant Reference Company over the 10 Trading Day period ending on, and including, the Trading Day immediately preceding the Change in Control Pricing Date.

In cases where the Stock Price is determined by reference to the consideration paid (or deemed paid) per Reference Share in a Fundamental Change or Make-Whole Fundamental Change and such consideration is other than cash, the Stock Price shall be the Current Market Price of such Reference Shares over the 10 Scheduled Trading Day valuation period ending on, and including, the Trading Day immediately preceding the Effective Date of such Fundamental Change, or Make-Whole Fundamental Change. Notwithstanding the foregoing, if the Reference Shares attributable to the Debentures are composed of the Reference Shares of more than one Reference Company, then the Stock Price will be the sum of the Stock Prices of each Reference Company calculated in accordance with the foregoing. For these purposes, "Current Market Price" shall be determined in the manner set forth in Section 11.04.

Section 11.13 *Make-Whole Fundamental Change*. If the Effective Date of a Fundamental Change under clause (a), (b) or (c) of the definition of Fundamental Change (as defined herein and determined after giving effect to any exceptions to or exclusions from such definition, but without regard to the proviso in clause (c) of the definition thereof) occurs with respect to any Significant Reference Company prior to September 30, 2028 (a "**Make-Whole Fundamental Change**"), and a Holder elects to exchange its Debentures in connection with such Make-Whole Fundamental Change, then the Company shall pay a premium by increasing the number of Reference Shares of the Significant Reference Company to which the Make-Whole Fundamental Change relates attributable to each Debenture for Debentures surrendered for exchange as described in this Section 11.13. An exchange of Debentures will be deemed for these purposes to be "in connection with" a Make-Whole Fundamental Change if the Exchange Date of the Debentures occurs during the period commencing on the Effective Date of the Make-Whole Fundamental Change and ending at the close of business on the Business Day immediately prior to the related Fundamental Change Repurchase Date (or, in the case of a Make-Whole Fundamental Change that would have been a Fundamental Change but for the proviso in clause (c) of the definition thereof, the 35th Scheduled Trading Day immediately following the Effective Date of such Make-Whole Fundamental Change).

Upon an exchange of Debentures in connection with a Make-Whole Fundamental Change, the Company shall deliver the consideration due upon such exchange based on (i) the number of Reference Shares attributable to such Debenture before giving effect to the provisions of this Section 11.13, *plus* (ii) an additional number of Reference Shares of the Significant Reference Company to which the Make-Whole Fundamental Change relates in an amount equal to the Reference Share Adjustment as set forth in Section 11.15. In connection with an exchange of Debentures in connection with a Make-Whole Fundamental Change, to the extent the definition of "Reference Shares" relates to reclassifications, share exchanges, mergers and consolidations pursuant to which holders of Reference Shares receive cash or assets other than non-publicly traded securities would otherwise be applicable, such provisions shall not be applicable to the Significant Reference Company that is the subject of the Make-Whole Fundamental Change and each Reference Share of such Significant Reference Company attributable to a Debenture shall be deemed to be the type and amount of consideration to be received by a holder of one Reference Share of the applicable Significant Reference Company in such transaction. The Company shall promptly as reasonably practicable notify Holders of Debentures of the Effective Date of any Fundamental Change or Make-Whole Fundamental Change relating to a Significant Reference Company. In connection with any exchange of Debentures in connection with a Make-Whole Fundamental Change, no change will be made to any Reference Shares attributable to a Debenture of any Reference Company other than the Significant Reference Company which is the subject of the Make-Whole Fundamental Change. If a Holder elects to exchange its Debentures in connection with a Make-Whole Fundamental Change and the Exchange Date occurs on or after the record date (or, if there is no record date, the payment date) of any Extraordinary Additional Distribution made in respect of the related Fundamental Change or Make-Whole Fundamental Change, the Company shall not be required to make any Extraordinary Additional Distribution with respect to Debentures so exchanged by such Holder or, if such Extraordinary Additional Distribution shall have been made or such Holder was not the holder of record on the record date or payment date, the Holder shall tender funds to the Company on or before the settlement date for such exchange in an amount equal to the amount of such Extraordinary Additional Distribution as noticed by the Company.

The amount, if any, by which the number of Reference Shares attributable to a Debenture will be increased to reflect the premium in connection with a Make-Whole Fundamental Change will be determined by reference to the table in Section 11.15, based on the Effective Date and the Stock Price for such Make-Whole Fundamental Change. For purposes of this Section 11.13, the "Effective Date" will be the date on which the Make-Whole Fundamental Change occurs or becomes effective and the "Stock Price" will be (x) in the case of a Make-Whole Fundamental Change described in clause (c) of the definition of Fundamental Change, the price paid (or deemed paid) per Reference Share of the applicable Significant Reference Company in the Make-Whole Fundamental Change; and (y) in the case of a Make-Whole Fundamental Change described in clause (a) or (b) of the definition of Fundamental Change, the Current Market Price (determined in the manner set forth in Section 11.04) for one Reference Share of the applicable Significant Reference Company over the 10 Scheduled Trading Day valuation period ending on, and including, the Trading Day immediately preceding the date on which the Make-Whole Fundamental Change occurs or becomes effective.

In cases where the Stock Price is determined by reference to the consideration paid (or deemed paid) per Reference Share in a Make-Whole Fundamental Change and such consideration is other than cash, the Stock Price shall be the Current Market Price (determined in the manner set forth in Section 11.04) of such Reference Shares over the 10 Scheduled Trading Day valuation period ending on, and including, the Trading Day immediately preceding the Effective Date of such Make-Whole Fundamental Change. Notwithstanding the foregoing, if the Reference Shares attributable to the Debentures are composed of the Reference Shares of more than one Reference Company, then the Stock Price will be the sum of the Stock Prices of each Reference Company calculated in accordance with the foregoing.

Section 11.14 *Make-Whole Transfer*.

If, on or prior to September 30, 2028, (i) the Company effects a Permitted Transfer to a Non-Live QSE, (ii) the Company does not provide a Qualifying Guarantee and (iii) the Non-Live QSE does not satisfy the Market Capitalization Condition (such Permitted Transfer, a "**Make-Whole Transfer**"), the Company shall pay a premium by increasing the number of Reference Shares of each Significant Reference Company attributable to a Debenture for Debentures surrendered for exchange as described in this Section 11.14. An exchange of Debentures will be deemed for these purposes to be "in connection with" a Make-Whole Transfer if the Exchange Date of the Debentures occurs during the period commencing on the Effective Date of the Make-Whole Transfer and ending at the close of business on the earlier of the 35th Scheduled Trading Day immediately following the Effective Date of such Make-Whole Transfer and September 30, 2028.

Upon an exchange of Debentures in connection with a Make-Whole Transfer, the Company shall deliver the consideration due upon such exchange based on (i) the number of Reference Shares attributable to such Debenture before giving effect to the provisions of this Section 11.14, *plus* (ii) an additional number of Reference Shares of the Significant Reference Company to which the Make-Whole Transfer relates in an amount equal to the Reference Share Adjustment as set forth in Section 11.15. The Company shall notify all Holders of Debentures of the Effective Date of any Make-Whole Transfer no later than 10 Business Days following such Effective Date.

The amount, if any, by which the number of Reference Shares attributable to a Debenture will be increased to reflect the premium in connection with a Make-Whole Transfer will be determined by reference to the table in Section 11.15, based on the Effective Date and the Stock Price for such Make-Whole Transfer. For purposes of this Section 11.14, the "Effective Date" will be the date on which the Make-Whole Transfer occurs or becomes effective and the "Stock Price" will be the Current Market Price (determined in the manner set forth in Section 11.04) for one Reference Share of the applicable Significant Reference Company over the 10 Scheduled Trading Day valuation period ending on, and including, the Trading Day immediately preceding the Effective Date. If the Reference Shares attributable to the Debentures are composed of the Reference Shares of more than one Significant Reference Company, then the Stock Price will be the sum of the Stock Prices of each Significant Reference Company calculated in accordance with the foregoing.

Section 11.15 *Reference Share Adjustments*.

As used herein, "**Reference Share Adjustment**" shall mean, with respect to a Make-Whole Fundamental Change, a Make-Whole Redemption or a Make-Whole Transfer and each Debenture, the number of Reference Shares set forth in the following table that corresponds to the applicable Effective Date and Stock Price, as determined by the Company.

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Effective Date** | **Stock Price** | **Stock Price** | **Stock Price** | **Stock Price** | **Stock Price** | **Stock Price** | **Stock Price** | **Stock Price** | **Stock Price** | **Stock Price** | **Stock Price** |
|  | $80.70 | $90.00 | $104.91 | $125.00 | $150.00 | $200.00 | $250.00 | $300.00 | $400.00 | $500.00 | $650.00 |
| September 14, 2023 | 2.8595 | 2.2388 | 1.5702 | 1.0363 | 0.6699 | 0.3364 | 0.1936 | 0.1179 | 0.0435 | 0.0123 | 0.0000 |
| September 30, 2024 | 2.8595 | 2.2336 | 1.5155 | 0.9602 | 0.5970 | 0.2885 | 0.1650 | 0.1009 | 0.0375 | 0.0106 | 0.0000 |
| September 30, 2025 | 2.8595 | 2.1577 | 1.3937 | 0.8295 | 0.4863 | 0.2238 | 0.1278 | 0.0788 | 0.0292 | 0.0077 | 0.0000 |
| September 30, 2026 | 2.8595 | 2.0133 | 1.1963 | 0.6377 | 0.3391 | 0.1482 | 0.0863 | 0.0542 | 0.0200 | 0.0047 | 0.0000 |
| September 30, 2027 | 2.8595 | 1.7984 | 0.8882 | 0.3650 | 0.1615 | 0.0709 | 0.0439 | 0.0283 | 0.0102 | 0.0018 | 0.0000 |
| September 30, 2028 | 2.8595 | 1.5791 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 |

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If either the exact Effective Date or Stock Price is not set forth in the table above, then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Stock Price is between two Stock Prices in the table or the Effective Date is between two Effective Dates in the table, the amount of the increase in the number of Reference Shares attributable to a Debenture will be determined by a straight-line interpolation between the amount of the Reference Share increase set forth for the higher and lower Stock Prices and the earlier and later Effective Dates, as applicable, based on a 365-day year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Stock Price is greater than $650.00 per share (subject to adjustment in the same manner as the Stock Prices set forth in the column headings of the table above, as described below), the number of Reference Shares attributable to a Debenture will not be increased; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the Stock Price is less than $80.70 per share (subject to adjustment in the same manner as the Stock Prices set forth in the column headings of the table above, as described below), the number of Reference Shares attributable to a Debenture will not be increased.

Notwithstanding the foregoing, in no event will the Reference Shares attributable to a Debenture exceed 12.3915 Reference Shares, subject to adjustment in the same manner and at the same time as the number of Reference Shares attributable to a Debenture are adjusted on account of an Adjustment Event.

The Stock Prices set forth in the column headings of the table above will be adjusted as of any date on which the number of Reference Shares attributable to a Debenture is adjusted on account of stock dividends, splits or combinations (each, an "**Adjustment Event**") in accordance with the definition of "Reference Share" as set forth herein. The adjusted Stock Prices will equal the Stock Prices immediately prior to such adjustment, multiplied by a fraction, the numerator of which is the number of Reference Shares attributable to a Debenture immediately prior to the adjustment giving rise to the Stock Price adjustment and the denominator of which is the number of Reference Shares attributable to a Debenture as so adjusted. The amounts by which the Reference Shares attributable to a Debenture will be increased to reflect the premium as set forth in the table above will be adjusted in the same manner and at the same time as the number of Reference Shares attributable to a Debenture are adjusted on account of an Adjustment Event.

To the extent that the number of Reference Shares attributable to a Debenture is adjusted other than due to an Adjustment Event, the Board of Directors will make such appropriate adjustments to the Stock Prices and number of Reference Shares set forth in the table above that, in its good faith determination, reflect the intended premium set forth in the table above. Additionally, the Board of Directors will make appropriate adjustments to the Stock Prices and number of Reference Shares set forth in the table above that are in its good faith determination as nearly equivalent as is possible to the adjustments set forth in the table above, in the event that the Reference Shares attributable to the Debentures become composed of Reference Shares of a different Reference Company, Reference Shares of different Reference Companies or Reference Shares of one or more different Reference Companies of a different series or class.

Section 11.16 *Redemption at Option of the Company*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Debentures will be redeemable at the option of the Company, (i) in whole or in part (provided that immediately after any partial redemption at least $100,000,000 Original Principal Amount of Debentures would remain outstanding) on or after September 30, 2028, at any time, in each case on no fewer than 30 days, but not more than 60 days, prior notice and (ii) in whole but not in part, at any time (including prior to September 30, 2028) after the Adjusted Principal Amount of the Debentures has been reduced to $0.00 on no fewer than 30 days, but not more than 60 days, prior notice (each such applicable date of Redemption, together with any Make-Whole Redemption Date, a "**Redemption Date**"). The "Redemption Price" of each Debenture, in the case of clause (i), shall be equal to the sum of (A) the Adjusted Principal Amount of such Debenture, (B) any accrued but unpaid interest on such Debenture to, but not including, the Redemption Date, and (C) subject to Section 13.03, any Final Period Distribution on such Debenture or, in the case of clause (ii) shall be equal to the sum of (A) $1.00 per $1,000 Original Principal Amount of Debentures, and (B) any Final Period Distribution that is attributable to a Regular Cash Dividend. The Company shall pay the Redemption Price in cash.

The Debentures are also subject to redemption prior to September 30, 2028 as provided in Section 11.12.

Other than as set forth above, the Debentures are not redeemable by the Company prior to September 30, 2028.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Debentures called for redemption may be surrendered for exchange in accordance with Section 11.01 until the close of business on the second Scheduled Trading Day prior to the applicable date of redemption. Any Debenture in respect of which a Notice of Exchange is submitted and subsequently withdrawn shall remain subject to redemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In case of any redemption, the Company shall deliver an Officer's Certificate to the Trustee not less than five Business Days prior to the Redemption Date which sets forth the Redemption Price to be paid for each Debenture called for redemption on such Redemption Date and the aggregate amount payable for all Debentures called for redemption on such Redemption Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) On or prior to 10:00 a.m., New York City time, on the applicable Redemption Date, the Company shall irrevocably deposit with the Trustee (as Paying Agent) sufficient funds to pay the Redemption Price for all Debentures being redeemed on the applicable Redemption Date (other than any Final Period Distribution after the Redemption Date). Any portion of any Final Period Distribution included in the Redemption Price that consists of Publicly Traded Common Equity Securities shall be payable by delivery of cash in an amount equal to the Current Market Price of such securities. The valuation period for such Current Market Price shall be the 30 Scheduled Trading Days commencing on the Scheduled Trading Day next following the date on which the relevant distribution is made by the relevant Reference Company. If there are fewer than 30 Trading Days during such 30 Scheduled Trading Day period, then the Current Market Price of such securities shall be calculated based upon the actual number of Trading Days during such period. If the Redemption Date is not a Business Day, then the Redemption Price will be payable on the next Business Day, without interest or other payment being made in respect of such delay. Additional Distributions to be made after Debentures have been called for redemption and on or before the applicable Redemption Date will be payable to the Holders as of the record date for such Additional Distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Once a Notice of Redemption has been provided and funds sufficient to pay the Redemption Price for all of the Debentures called for redemption on such Redemption Date are deposited with the Trustee (as Paying Agent), then immediately after the Redemption Date, the Debentures called for redemption will cease to be outstanding, interest on such Debentures will cease to accrue on and after the Redemption Date and all rights of the Holders of the Debentures called for redemption will cease, except for the right of Holders to receive the Redemption Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In the event that the Company improperly withholds or refuses to pay the applicable Redemption Price of the Debentures on a Redemption Date, interest on the Debentures called for redemption shall continue to accrue at an annual rate of 2.375% of the Original Principal Amount thereof from the original Redemption Date to the actual date of payment, and such actual date of payment shall be deemed to be the Redemption Date for purposes of calculating the Redemption Price, provided, however, that the amount of the Final Period Distribution shall be determined as of the original Redemption Date.

Section 11.17 *Notice to Trustee* of Election to Redeem. In case of any redemption at the election of the Company of less than all of the Debentures or all of the Debentures, the Company shall, at least 30 days prior to the Redemption Date fixed by the Company (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee of such Redemption Date and of the principal amount of Debentures to be redeemed.

Section 11.18 *Selection by Trustee of Debentures to be Redeemed*. If less than all of the Debentures are to be redeemed, the particular Debentures to be redeemed shall be selected not more than 60 days prior to the Redemption Date by the Trustee from the outstanding Debentures not previously called for redemption, on a pro rata basis to the extent practicable or by lot or by such other similar method in accordance with the procedures of the Depositary and which method may provide for the selection for redemption of portions of the principal amount of Debentures; provided, however, that no such partial redemption shall reduce the portion of the principal amount of a Debenture not redeemed to less than a minimum denomination of Original Principal Amount of $1,000.

The Trustee shall promptly notify the Company and the Debenture Registrar (if other than itself) in writing of the Debentures selected for redemption and, in the case of any Debentures selected for partial redemption, the principal amount thereof to be redeemed.

For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Debentures shall relate, in the case of any Debentures redeemed or to be redeemed only in part, to the portion of the principal of such Debentures which has been or is to be redeemed.

Unless otherwise specified in or pursuant to this Indenture or the Debentures, if any Debenture selected for partial redemption is exchanged in part before termination of the exchange rights with respect to the portion of the Debenture so selected, the exchanged portion of such Debenture shall be deemed (so far as may be) to be the portion selected for redemption. Debentures which have been exchanged during a selection of Debentures to be redeemed shall be treated by the Trustee as outstanding for the purpose of such selection.

Section 11.19 *Notice of Redemption*. A notice of redemption shall be given not less than 30 nor more than 60 days prior to the Redemption Date to the Holders of Debentures to be redeemed (a "**Notice of Redemption**"). Failure to give notice by delivery in the manner herein provided to the Holder of any Debentures designated for redemption as a whole or in part, or any defect in the notice to any such Holder, shall not affect the validity of the proceedings for the redemption of any other Debentures or portion thereof. Until and including the date that is 10 days prior to the Redemption Date, the Company may revoke, in whole, but not in part, any Notice of Redemption (other than a Notice of Redemption relating to a Make-Whole Agreement, which such Notice of Redemption may be rescinded in accordance with the provisions of Section 11.12(b)).

Any notice that is mailed to the Holder of any Debentures in the manner herein provided shall be conclusively presumed to have been duly given, whether or not such Holder receives the notice.

All Notices of Redemption shall state:

1) the Redemption Date;

2) the Redemption Price;

3) if less than all outstanding Debentures are to be redeemed, the identification (and, in the case of partial redemption, the principal amount) of the particular Debenture or Debentures to be redeemed;

4) in case any Debenture is to be redeemed in part only, the notice which relates to such Debenture shall state that on and after the Redemption Date, upon surrender of such Debenture, the Holder of such Debenture will receive, without charge, a new Debenture or Debentures of authorized denominations for the principal amount thereof remaining unredeemed;

5) that, on the Redemption Date, the Redemption Price shall become due and payable upon each such Debenture or portion thereof to be redeemed, and, if applicable, that interest thereon shall cease to accrue on and after said date;

6) the place or places where such Debentures are to be surrendered for payment of the Redemption Price and any accrued interest and Additional Distributions pertaining thereto;

7) the number of Reference Shares attributable to a Debenture, the date or dates on which the right to exchange the principal of the Debentures to be redeemed will commence or terminate and the place or places where such Debentures may be surrendered for exchange;

8) if the Notice of Redemption relates to a Make-Whole Redemption, the applicable "Effective Date" and "Stock Price" and the number of additional Reference Shares that will be deliverable upon an exchange of Debentures in connection with such Make-Whole Redemption; and

9) the CUSIP number of such Debentures.

Notice of Redemption of Debentures to be redeemed at the election of the Company shall be given by the Company or, at the Company's request, by the Trustee in the name and at the expense of the Company.

Section 11.20 *Exchange in Lieu of Exchange*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) When a holder surrenders its Debentures for exchange, the Company may, at its election (an "**Exchange Election**"), direct the Exchange Agent in writing to deliver, on or prior to the second Trading Day immediately following the Exchange Date, such Debentures to one or more financial institutions designated by the Company, in writing to the Exchange Agent (each, a "**Designated Financial Institution**"), for exchange in lieu of exchange. In order to accept any Debentures surrendered for exchange, the Designated Financial Institution(s) must agree to timely pay and/or deliver, as the case may be, in exchange for such Debentures, the cash, shares of Reference Shares or combination thereof that would otherwise be due upon exchange pursuant to Section 11.02 or such other amount agreed to by the holder and the Designated Financial Institution(s) (the "**Exchange Consideration**"). If the Company makes an Exchange Election, the Company shall, by the close of business on the second Trading Day following the relevant Exchange Date, notify in writing the Trustee, the Exchange Agent (if other than the Trustee) and the holder surrendering Debenture for exchange that the Company has made the Exchange Election, and the Company shall promptly notify the Designated Financial Institution(s) of the relevant deadline for delivery of the Exchange Consideration and the type of Exchange Consideration to be paid and/or delivered, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any Debentures delivered to the Designated Financial Institution(s) shall remain outstanding, subject to the applicable procedures of the Depositary. If the Designated Financial Institution(s) agree(s) to accept any Debentures for exchange but does not timely pay and/or deliver, as the case may be, the related Exchange Consideration, or if such Designated Financial Institution(s) does not accept the Debentures for exchange, the Company shall pay and/or deliver, as the case may be, the relevant Exchange Consideration, as, and at the time, required pursuant to this Indenture as if the Company had not made the Exchange Election.

The Company's designation of any Designated Financial Institution(s) to which the Debentures may be submitted for exchange does not require such Designated Financial Institution(s) to accept any Debentures.

Article XII<br> PURCHASE OF DEBENTURES

Section 12.01 *Purchase of Debentures at Option of Holders on the Purchase Date*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Debentures shall be purchased by the Company on September 30, 2028 (the "**Purchase Date**"), for a purchase price per Debenture equal to the sum of (1) the Adjusted Principal Amount of the Debenture, (2) any accrued and unpaid interest on such Debenture to, but excluding, the Purchase Date and (3) subject to Section 13.03, any Final Period Distribution on such Debenture (the "**Put Purchase Price**"), at the option of the Holder thereof, upon:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) delivery to the Paying Agent, by the Holder, of a written notice of purchase (a "**Purchase Notice**"), which shall be irrevocable, at any time from the opening of business on the date that is 40 Scheduled Trading Days prior to the Purchase Date until the close of business on the second Scheduled Trading Day immediately preceding such Purchase Date stating:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the certificate numbers of the Holder's Debentures (if the Debentures are in certificated form) to be delivered for purchase;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the percentage of the Original Principal Amount of the Debentures to be purchased, which must be in minimum denominations of $1,000 original principal amount and integral multiples of $1,000 in excess thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) that the Debentures are to be purchased by the Company pursuant to the applicable provisions of the Debentures and this Indenture; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) delivery of such Debentures to the Paying Agent at any time following delivery by the Holder of the Purchase Notice (together with all necessary endorsements) at the offices of the Paying Agent, such delivery being a condition to receipt by the Holder of the Put Purchase Price therefor; provided, however, that such Put Purchase Price shall be so paid pursuant to this Article XII only if the Debentures so delivered to the Paying Agent shall conform in all respects to the description thereof in the related Purchase Notice, as determined by the Company.

The Company shall purchase from the Holder thereof, pursuant to this Article XII, a portion of a Debenture if the Original Principal Amount of such portion is $1,000 or any integral multiple of $1,000. Provisions of this Indenture that apply to the purchase of all of a Debenture also apply to the purchase of such portion of a Debenture.

Any purchase by the Company contemplated pursuant to the provisions of this Article XII shall be consummated by the delivery of the Put Purchase Price to be received by the Holder promptly following the later of the Purchase Date and the time of delivery of the Debentures to be purchased.

Notwithstanding the foregoing, if the Debentures are evidenced by a Global Debenture, the Purchase Notice and the method of the delivery of the Debentures to be purchased may instead be in such form and pursuant to such method as may be permitted under the rules and regulations of the Depositary.

The Paying Agent shall promptly notify the Company of the receipt by it of any Purchase Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the provisions of Section 13.04, the Put Purchase Price of the Debentures to be purchased pursuant to Section 12.01(a) may be paid for, at the election of the Company, through the delivery of Reference Shares or in cash or in a combination of Reference Shares and cash having a value equal to the Put Purchase Price. For any purchase pursuant to this Section 12.01, the Company shall designate, in the Put Notice delivered pursuant to Section 12.01(e), whether the Company will purchase the Debentures for cash or Reference Shares or, if a combination thereof, the percentages or amount of the Put Purchase Price of the Debentures in respect of which the Company will pay cash and Reference Shares; provided that the Company will pay cash for fractional interests in Reference Shares. All Holders whose Debentures are purchased on the Purchase Date pursuant to this Section 12.01 shall receive the same percentage of cash and Reference Shares paid by the Company on the Purchase Date in payment of the Put Purchase Price for such Debentures, except with regard to the payment of cash in lieu of fractional shares of Reference Shares. The Company may not change its election with respect to the consideration (or components or percentages of components thereof) to be paid once the Company has given its Put Notice to Holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) On the Purchase Date, at the option of the Company, the Put Purchase Price of Debentures in respect of which a Purchase Notice pursuant to Section 12.01(a)(i) has been given shall be paid, at the Company's election, through delivery of Reference Shares or in cash, or a combination of Reference Shares and cash having a value equal to the Put Purchase Price, as specified in the Put Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) On the Purchase Date, if so elected by the Company in the related Purchase Notice, the Company may pay the entire Put Purchase Price or portion thereof designated in the Purchase Notice provided pursuant to Section 12.01(a)(i) through the delivery of Reference Shares or cash. The number of Reference Shares that the Company shall deliver in lieu of cash shall equal the number obtained by dividing the Put Purchase Price or such specified percentage thereof, as the case may be, by the Current Market Price of a Reference Share. For this purpose, the Current Market Price of a Reference Share shall be calculated by the Company using the 30 Trading Day period commencing on the 33<sup>rd</sup> Scheduled Trading Day preceding the Purchase Date as the valuation period. If the Company does not specify whether it will pay the Put Purchase Price of the Debentures delivered to it for purchase pursuant to this Section in cash or Reference Shares or in a combination thereof on or prior to the 40th Scheduled Trading Day prior to the Purchase Date, the Company will be deemed to have elected to pay the Put Purchase Price of the Debentures solely in cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Company shall provide notice (the "**Put Notice**") of the Purchase Date not less than 40 Scheduled Trading Days prior to the Purchase Date. The Put Notice shall specify whether the Company has elected to pay all or any portion of the Put Purchase Price through delivery of Reference Shares. The Put Notice shall be sent to the Holders at their addresses as shall appear in the Debenture Register.

The Put Notice shall include a form of Purchase Notice to be completed by a Holder and shall state:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Put Purchase Price per Debenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the name and address of the Paying Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) that Debentures must be surrendered to the Paying Agent to collect payment of the Put Purchase Price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) whether the Company will pay the Put Purchase Price of the Debentures in cash or Reference Shares or in a combination thereof and, if and as applicable, the dollar amount or percentage of the Put Purchase Price of the Debentures in respect of which the Company will pay cash and Reference Shares; and shall further state that the Company will pay cash for fractional interests in Reference Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) that the Put Purchase Price for any Debenture as to which a Purchase Notice has been given, will be paid promptly following the later of the Purchase Date and the time of surrender of such Debenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the procedures the Holder must follow to exercise rights under Section 12.01 and a brief description of those rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) that the tender of a Purchase Notice to the Company shall be irrevocable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) that, unless the Company defaults in making payment of such Put Purchase Price, Debentures surrendered for purchase will cease to accrue interest on and after the Purchase Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **[**Reserved**]**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Prior to 10:00 a.m. New York City time on the Purchase Date, the Company shall deposit with the Paying Agent cash or Reference Shares or a combination thereof, as applicable, sufficient to pay the aggregate Put Purchase Price of all Debentures to be purchased on the Purchase Date pursuant to this Section 12.01, provided that the Company shall act as its own Paying Agent to the extent that the Reference Shares are in certificated form. As soon as practicable after the Purchase Date, the Company shall deliver to each Holder entitled to receive Reference Shares, through the Paying Agent, a certificate (or other evidence of ownership) for the number of full shares of Reference Shares issuable in payment of the Put Purchase Price. The person in whose name the certificate (or other evidence of ownership) is registered shall be treated as a holder of record of the shares represented thereby on the Business Day following the Purchase Date. If the Paying Agent holds cash or Reference Shares or a combination thereof, as applicable, sufficient to pay the Put Purchase Price of the Debentures on the Purchase Date, then, immediately after the Purchase Date, the Debentures shall cease to be outstanding and interest on such Debentures shall cease to accrue, whether or not such Debentures are delivered to the Paying Agent. After the Debentures cease to be outstanding, all other rights of the Holders of the Debentures shall terminate, other than the right to receive the Put Purchase Price upon delivery of the Debentures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) There shall be no purchase of any Debentures pursuant to this Section 12.01 if there has occurred (prior to, on or after, as the case may be, the giving, by the Holders of such Debentures, of the required Purchase Notice) and is continuing an Event of Default on the Purchase Date (other than a default in the payment of the Put Purchase Price). The Paying Agent will promptly return to the respective Holders thereof any Debentures held by it during the continuance of an Event of Default (other than a default in the payment of the Put Purchase Price) in which case, upon such return, the Purchase Notice with respect thereto shall be deemed to have never been given.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In connection with any offer to purchase or purchase of Debentures under this Article XII (provided that such offer or purchase constitutes an "issuer tender offer" for purposes of Rule 13e-4 (which term, as used herein, includes any successor provision thereto) under the Exchange Act at the time of such offer or purchase), the Company shall comply with Rule 13e-4 and Rule 14e-1 under the Exchange Act and any other then applicable tender offer rules and otherwise, if required, comply with all federal and state securities laws so as to permit the rights and obligations under this Article XII to be exercised in the time and in the manner specified in this Article XII.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) If the Company notifies the Holders that it will satisfy any portion of the Put Purchase Price by delivery of Reference Shares and shall later determine that it will be unable to delivery such shares in compliance with the terms of the Debentures, the Company shall promptly notify such Holders of such determination and, in lieu thereof, deliver cash on the Purchase Date.

Section 12.02 *Purchase of Debentures at Option of Holders on the Fundamental Change Repurchase Date*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If a Fundamental Change occurs at any time prior to September 30, 2028 with respect to a Significant Reference Company, Holders shall have the right, at their option, to require the Company to purchase all of their Debentures, or any portion of the principal thereof that is equal to $1,000 Original Principal Amount or an integral multiple of $1,000 in excess thereof. The "**Fundamental Change Repurchase Date**" will be a date specified by the Company that is not less than 35 nor more than 40 Scheduled Trading Days following the date on which the Company shall provide a Fundamental Change Notice as set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The price at which the Company shall be required to purchase the Debentures (the "**Fundamental Change Repurchase Price**") shall, with respect to each Debenture, be equal to the sum of (1) the Adjusted Principal Amount of the Debenture, (2) any accrued and unpaid interest on such Debenture to, but excluding, the Fundamental Change Repurchase Date, and (3) subject to Section 13.03, any Final Period Distribution on such Debenture; *provided, however*, if the Fundamental Change Repurchase Date is after an Interest Record Date and on or prior to the related Interest Payment Date for the Debentures, all accrued but unpaid interest on, and any Additional Distributions as a result of a Reference Share Distribution that is a Regular Cash Dividend payable pursuant to Section 2.05(b) with respect to, the Debentures on such Interest Payment Date shall be paid on the related Interest Payment Date to the holders of the Debentures as of the close of business on the immediately preceding Interest Record Date rather than as part of the Fundamental Change Repurchase Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to the provisions of Section 13.04, the Fundamental Change Repurchase Price of the Debentures to be purchased pursuant to Section 12.01(a) may be paid for, at the election of the Company as set forth in the Fundamental Change Purchase Notice, through the delivery of Reference Shares or in cash or in a combination of Reference Shares and cash having a value equal to the Fundamental Change Repurchase Price; provided, that the Company will pay cash for fractional interests in Reference Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The number of Reference Shares that the Company shall deliver in lieu of cash shall equal the number obtained by dividing the Fundamental Change Repurchase Price, or the specified percentage thereof set forth in the Fundamental Change Purchase Notice, by the Current Market Price of a Reference Share. For this purpose, the Current Market Price of a Reference Share shall be calculated by the Company using the 30 Scheduled Trading Day period ending on the fourth Scheduled Trading Day preceding the Fundamental Change Purchase Date as the valuation period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) On or before the 10th day after the occurrence of a Fundamental Change with respect to a Significant Reference Company (to the extent such Fundamental Change is publicly disclosed by such Significant Reference Company), the Company shall send to all Holders (with a copy to the Trustee), at their addresses as shall appear in the Debenture Register (and to beneficial owners of the Debentures as required by applicable law), a notice of the occurrence of the Fundamental Change and of the resulting repurchase right (a "**Fundamental Change Notice**"). Such notice shall state, among other things (including those items specified in Section 12.01(e) with respect to a Put Notice that would be applicable with respect to the Company's repurchase of the Debentures upon the occurrence of a Fundamental Change):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the events causing the Fundamental Change;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the effective date of the Fundamental Change;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the last date on which a Holder may exercise the repurchase right;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Fundamental Change Repurchase Price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Fundamental Change Repurchase Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) whether the Company will pay the Fundamental Change Repurchase Price in Reference Shares or cash or in a combination thereof and, if applicable, the dollar amount or percentage of the Fundamental Change Repurchase Price that will be payable in Reference Shares and cash;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) if applicable, the Reference Shares attributable to a Debenture and any adjustments to the number of such Reference Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the procedures that Holders must follow to require the Company to repurchase their Debentures.

If the Company notifies the Holders that it will satisfy any portion of the Fundamental Change Repurchase Price by delivery of Reference Shares and shall later determine that it will be unable to deliver such shares in compliance with the terms of the Debentures, the Company shall promptly notify such Holders of such determination and, in lieu thereof, deliver cash on the Fundamental Change Repurchase Date.

To exercise the repurchase right pursuant to this Section 12.02, the Holder must follow the procedures set forth in Section 12.01 with respect to the repurchase of Debentures on the Purchase Date as though the Fundamental Change Repurchase Date were the Purchase Date. The other provisions of Section 12.01 shall apply to the repurchase of Debentures in connection with a Fundamental Change as though such repurchase were pursuant to Section 12.01, to the extent not inconsistent with this Section 12.02.

Article XIII<br> MISCELLANEOUS PROVISIONS

Section 13.01 *Special Provisions Relating to Payment in Reference Shares.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company will not deliver a fractional Reference Share. Instead, the Company will pay cash in an amount equal to the Current Market Price or Closing Price of any fractional Reference Share as follows. In the case of delivery of Reference Shares upon purchase or exchange of the Debentures, the Current Market Price of the applicable fraction of a Reference Share shall be determined by multiplying such fraction by the Current Market Price of the Reference Share, determined for purposes of calculating the number of such shares to be delivered in respect of the applicable payment by the Company for such Debentures or the amount of cash to be delivered upon exchange of the Debentures, as the case may be, and, in each case, rounding the product to the nearest whole cent. In the case of delivery by the Company of solely Reference Shares in satisfaction of its exchange obligation, the Closing Price of the applicable fraction of a Reference Share shall be determined by multiplying such fraction by the Closing Price of the Reference Shares on the Trading Day immediately preceding the applicable Exchange Date and rounding the product to the nearest whole cent. It is understood that if more than one Debenture is to be exchanged or purchased pursuant to Article XI or Article XII in Reference Shares, the number of Reference Shares shall be based on the aggregate amount of Debentures to be exchanged or purchased.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Prior to the time the Company delivers Reference Shares that are not subject to restrictions on transfer in accordance with the Securities Act and applicable rules and regulations thereunder (other than any restrictions imposed on a Holder which is an Affiliate of the issuer) in payment of any amount pursuant to the Debentures, the Company shall deliver to the Trustee an Officer's Certificate which certifies that such shares deliverable by the Company hereunder may be so delivered without registration under federal or state securities laws and will be freely transferable without registration under federal or state securities laws, subject to any restrictions imposed on a Holder which is an Affiliate of the issuer of such shares.

Section 13.02 *Delivery of Reference Shares.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company will pay any and all documentary, stamp, transfer or similar taxes that may be payable in respect of the transfer and delivery of Reference Shares; *provided, however*, that the Company shall not be required to pay any such tax which may be payable in respect of any transfer involved in delivery of such property to a name other than that in which the Debentures were registered, and no such transfer or delivery shall be made unless and until the Person requesting such transfer has paid to the Company the amount of any such tax, or has established, to the satisfaction of the Company, that such tax has been paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company hereby warrants that upon delivery of any Reference Shares pursuant to this Indenture, the Holder shall receive such securities free and clear of any and all liens, claims, charges and encumbrances, other than any liens, claims, charges and encumbrances which may have been placed thereon by the prior owner thereof prior to the time acquired by the Company or restrictions or limitations under applicable securities laws.

Section 13.03 *Final Period Distribution Payment.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If any portion of a Final Period Distribution within the meaning of clause (b) of the definition of "Final Period Distribution" payable in accordance with Section 2.03(a), Section 11.12, Section 11.16, Section 12.01 or Section 12.02 includes any Extraordinary Distributions consisting of Publicly Traded Common Equity Securities, such portion will be payable in cash in an amount equal to the Current Market Price of such Publicly Traded Common Equity Security. The valuation period for purposes of determining such Current Market Price shall be the 30 Trading Days commencing on the Trading Day next following the date on which the relevant Extraordinary Distribution is made by the relevant Reference Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the case of a Final Period Distribution within the meaning of clause (b) of the definition of "Final Period Distribution" payable in accordance with Section 2.03(a), Section 11.12, Section 11.16, Section 12.01 or Section 12.02, the Company shall pay such Final Period Distribution to the holders of Debentures repaid, redeemed or repurchased on the fifth Trading Day after the date of payment of the relevant Extraordinary Distribution by the applicable Reference Company to its stockholders or, if later, the third Trading Day after the amount of such Final Period Distribution is determined (including the Current Market Price of any Marketable Securities). The Company shall give notice regarding such payment to the Trustee in the manner provided in Section 2.05(f).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the case of a Final Period Distribution within the meaning of clause (a) of the definition of "Final Period Distribution" payable in accordance with Section 2.03(a), Section 11.12, Section 11.16, Section 12.01 or Section 12.02, the Company shall pay such Final Period Distribution to the holders of Debentures repaid, redeemed or repurchased (as the case may be) on or before the fifth Business Day following the payment of the Regular Cash Dividend by the applicable Reference Company to its stockholders. The Company shall give notice regarding such payment to the Trustee in the manner provided in Section 2.05(f).

Section 13.04 *Certain Provisions Relating to the Delivery of Restricted Reference Shares Upon Exchange or Purchase of the Debentures; Liquidated Damages*. The provisions of Section 11.05(b) shall in all cases be applicable to any delivery of Reference Shares upon exchange or purchase of the Debentures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Section 13.04(b), the Company may deliver Restricted Reference Shares of a Reference Company upon exchange or purchase of Debentures only if: (1) the Company has in place at the time of delivery of such Restricted Reference Shares a Registration Rights Agreement with such Reference Company, and (2) the Restricted Reference Shares Conditions are met.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Company delivers Restricted Reference Shares upon exchange or purchase of a Debenture and a Resale Prospectus is not provided to the recipients of such Restricted Reference Shares within 10 Business Days of the date on which the Company so delivers such Restricted Reference Shares, or if a Resale Prospectus is provided but does not remain continuously available for use for a period of at least 30 days (in each case subject to and as extended by Permitted Blackout Periods lasting no more than 30 consecutive days) (a "**Registration Default**"), the Company shall pay liquidated damages ("**Liquidated Damages**") to Eligible Holders in the form of additional Reference Shares (which may be Restricted Reference Shares) or cash or a combination thereof in an amount equal to the value of five percent of the number of Restricted Reference Shares initially delivered to such Eligible Holder upon exchange or purchase of its Debentures and that have not been sold pursuant to a Resale Prospectus at the time of the Registration Default. The Company may deliver Restricted Reference Shares in payment of Liquidated Damages without compliance with Section 4.04(a). The Company will not deliver fractional shares as payment of Liquidated Damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company may pay Liquidated Damages, at its election, in cash (using the applicable Current Market Price for the applicable Reference Shares) or a combination of cash and Restricted Reference Shares. The valuation period for purposes of the Current Market Price and determining the amount of cash or additional Reference Shares to be delivered to Eligible Holders following a Registration Default will consist of the 10 Scheduled Trading Days commencing on the fourth Trading Day following the date on which the related Registration Default first occurred. If there are fewer than 10 Trading Days during such 10 Scheduled Trading Day period, then the Current Market Price shall be calculated by the Company based upon the actual number of Trading Days during such period. The Company shall provide notice to Eligible Holders no later than the second Scheduled Trading Day following the relevant date on which the Registration Default first occurred as to whether it will deliver cash in lieu of all or a portion of the additional Reference Shares. If the Company does not provide such notice on a timely basis, the Company will be deemed to have elected to deliver cash in lieu of all additional Reference Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Liquidated Damages shall be payable solely to Eligible Holders. The Company shall deliver a notice of a Registration Default to Eligible Holders promptly after the occurrence of a Registration Default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If the Restricted Reference Shares attributable to the Debentures are composed of Restricted Reference Shares of more than one Reference Company, following a Registration Default, Liquidated Damages shall be calculated and payable only in respect of the unsold Restricted Reference Shares which are the subject of such Registration Default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The delivery by the Company of additional Restricted Reference Shares, cash or a combination thereof to Eligible Holders following a Registration Default as described in this Section 13.04 shall be considered liquidated damages and shall be the sole and exclusive remedy available to such Eligible Holders due to a Registration Default. Upon payment by the Company of Liquidated Damages as described in this Section 13.04, the Company shall be relieved of any obligation relating to the registration of the Restricted Reference Shares as to which such Liquidated Damages were paid and the holders of such Restricted Reference Shares shall have no further rights to cause the Restricted Reference Shares to be registered for resale under a Registration Rights Agreement between the Company and the applicable Reference Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Company may deliver Reference Shares upon purchase of Debentures only if the Current Market Price of the Reference Shares to be delivered at the time of delivery equals or exceeds $88.77 per share (as adjusted for stock splits and combination and similar events), which is approximately 110% of the last reported sales price of the Reference Shares on the date of the Offering Memorandum on the New York Stock Exchange.

Section 13.05 *Calculation of Tax Original Issue Discount.* The Company agrees, and each Holder and any beneficial owner of a Debenture by its purchase thereof shall be deemed to agree, to treat, for United States federal income tax purposes, the Debentures as debt instruments that are subject to U.S. Treasury Regulation Section 1.1275-4(b). For United States federal income tax purposes, the Company agrees, and each Holder and any beneficial owner of a Debenture by its purchase thereof shall be deemed to agree, to treat the fair market value of any Reference Shares (together with any cash payment in lieu of fractional shares) or cash, or a combination of cash and Reference Shares, received upon an exchange of a Debenture or upon a purchase of a Debenture at the Holder's option as a payment on the Debenture for purposes of U.S. Treasury Regulation Section 1.1275-4(b) and to accrue interest with respect to outstanding Debentures as original issue discount for United States federal income tax purposes (i.e., Tax Original Issue Discount) according to the "noncontingent bond method," set forth in Section 1.1275-4(b) of the U.S. Treasury Regulations, using the comparable yield set forth in <u>Exhibit A</u> to this Indenture compounded quarterly and the projected payment schedule set forth in <u>Exhibit A</u> to this Indenture.

The Company acknowledges and agrees, and each Holder and any beneficial owner of a Debenture by its purchase thereof shall be deemed to acknowledge and agree, that (i) the comparable yield means the yield the Company would pay, as of the issue date, on a fixed-rate debt security with no exchange right or other contingent payments but with terms and conditions otherwise comparable to those of the Debentures, (ii) the schedule of projected payments is not determined for any purpose other than for the determination of interest accruals and adjustments thereof in respect of the Debentures for United States federal income tax purposes and (iii) the comparable yield and the schedule of projected payments do not constitute a projection or representation regarding the actual amounts payable on the Debentures or the actual yield on the Debentures.

Section 13.06 *Provisions Binding on Company's Successors*. All the covenants, stipulations, promises and agreements of the Company contained in this Indenture shall bind its successors and assigns whether so expressed or not.

Section 13.07 *Official Acts by Successor Corporation*. Any act or proceeding authorized or required to be done or performed pursuant to any provision of this Indenture by any board, committee or officer of the Company shall and may be done and performed with like force and effect by the like board, committee or officer of any corporation or other entity that shall at the time be the lawful successor of the Company.

Section 13.08 *Addresses for Notices, Etc..* Any notice or demand that by any provision of this Indenture is required or permitted to be given or served by the Trustee or by the Holders on the Company shall be deemed to have been sufficiently given or made, for all purposes, if given or served by being deposited postage prepaid by registered or certified mail in a post office letter box addressed (until another address is filed by the Company with the Trustee) to Liberty Media Corporation, 12300 Liberty Boulevard, Englewood, Colorado 80112, Attention: Investor Relations, with a copies (which shall not constitute notice) to: Liberty Media Corporation, 12300 Liberty Boulevard, Englewood, Colorado 80112, Attention: Chief Legal Officer and O'Melveny & Meyers LLP, 7 Times Square, New York, NY 10036, Attention: Robert Wann. Any notice, direction, request or demand hereunder to or upon the Trustee shall be deemed to have been sufficiently given or made, for all purposes, if given or served by being deposited postage prepaid by registered or certified mail in a post office letter box addressed to the Corporate Trust Office or sent electronically in PDF format to the following e-mail address: Christopher.grell@usbank.com.

The Trustee, by notice to the Company (including by electronic transmission), may designate additional or different addresses for subsequent notices or communications.

Any notice or communication mailed to a Holder shall be mailed to it by first class mail, postage prepaid, at its address as it appears on the Debenture Register and shall be sufficiently given to it if so mailed within the time prescribed.

Failure to mail a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. If a notice or communication is mailed in the manner provided above, it is duly given, whether or not the addressee receives it.

In case by reason of the suspension of regular mail service or by reason of any other cause it shall be impracticable to give such notice to Holders by mail, then such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder.

Notwithstanding any other provision of this Indenture or any Debenture, where this Indenture or any Debenture provides for notice of any event to a holder of a beneficial interest in a Global Debenture (whether by mail or otherwise), such notice shall be sufficiently given if given to the Depositary for such Debenture (or its designee), pursuant to customary procedures of such Depositary.

In addition to the foregoing, the Trustee agrees to accept and act upon notice, instructions or directions pursuant to this Indenture sent by unsecured e-mail, PDF, facsimile transmission or other similar unsecured electronic methods. If the party elects to give the Trustee e-mail or facsimile instructions (or instructions by a similar electronic method) and the Trustee in its discretion elects to act upon such instructions, the Trustee's understanding of such instructions shall be deemed controlling. The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee's reliance upon and compliance with such instructions notwithstanding such instructions conflict or are inconsistent with a written instruction; provided the Trustee's reliance upon and compliance with such instructions was not made by the Trustee with gross negligence, bad faith or willful misconduct. The party providing electronic instructions agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Trustee, including without limitation the risk of interception and misuse by third parties.

Section 13.09 *Governing Law*. THIS INDENTURE AND EACH DEBENTURE SHALL BE DEEMED TO BE A CONTRACT MADE UNDER THE LAWS OF NEW YORK, AND FOR ALL PURPOSES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS ENTERED INTO AND TO BE PERFORMED IN SUCH STATE.

Section 13.10 *Evidence of Compliance with Conditions Precedent; Certificates and Opinions of Counsel to Trustee*. (a) Upon any request or application by the Company to the Trustee to take any action under this Indenture (other than with respect to the authentication and delivery of the initial issuance of Debentures under this Indenture), the Company shall furnish to the Trustee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an Officer's Certificate stating that, in the opinion of the signers, all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent have been complied with.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a statement that each person signing such certificate or opinion has read such covenant or condition and the definitions herein relating thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a brief statement as to the nature and scope of the examination or investigation upon which the statement or opinion contained in such certificate or opinion is based;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a statement that, in the opinion of each such person, the person has made such examination or investigation as is necessary to enable the person to express an informed opinion as to whether or not such covenant or condition has been complied with; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a statement as to whether or not, in the opinion of each such person, such condition or covenant has been complied with; *provided*, *however*, that, with respect to matters of fact, an Opinion of Counsel may rely on an Officer's Certificate or certificates of public officials.

Section 13.11 *Legal Holidays.* If the date specified herein for the taking of any action (including any payment, distribution or giving of notice) is not a Business Day, then any action to be taken on such date need not be taken on such date, but may be taken on the next succeeding Business Day with the same force and effect as if taken on such date, and no interest or other amount shall accrue for the period from and after such specified date.

Section 13.12 *No Security Interest Created*. Nothing in this Indenture or in the Debentures, expressed or implied, shall be construed to constitute a security interest under the Uniform Commercial Code or similar legislation, as now or hereafter enacted and in effect, in any jurisdiction.

Section 13.13 *Benefits of Indenture*. Nothing in this Indenture or in the Debentures, expressed or implied, shall give to any Person, other than the parties hereto, any Paying Agent, any Exchange Agent, any authenticating agent, any Debenture Registrar and their successors hereunder or the Holders, any benefit or any legal or equitable right, remedy or claim under this Indenture.

Section 13.14 *Table of Contents, Headings, Etc..* The table of contents and the titles and headings of the articles and sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof.

Section 13.15 *Authenticating Agent*. The Trustee may appoint an authenticating agent that shall be authorized to act on its behalf and subject to its direction in the authentication and delivery of Debentures in connection with the original issuance thereof and transfers and exchanges of Debentures hereunder, including under Section 2.05, Section 2.06, Section 2.07, Section 2.08, Section 2.09, Section 6.12, Section 8.04, Section 9.02 and Section 13.08 as fully to all intents and purposes as though the authenticating agent had been expressly authorized by this Indenture and those Sections to authenticate and deliver Debentures. For all purposes of this Indenture, the authentication and delivery of Debentures by the authenticating agent shall be deemed to be authentication and delivery of such Debentures "by the Trustee" and a certificate of authentication executed on behalf of the Trustee by an authenticating agent shall be deemed to satisfy any requirement hereunder or in the Debentures for the Trustee's certificate of authentication. Such authenticating agent shall at all times be a Person eligible to serve as trustee hereunder pursuant to Section 6.09.

Any corporation or other entity into which any authenticating agent may be merged or converted or with which it may be consolidated, or any corporation or other entity resulting from any merger, consolidation or conversion to which any authenticating agent shall be a party, or any corporation or other entity succeeding to the corporate trust business of any authenticating agent, shall be the successor of the authenticating agent hereunder, if such successor corporation or other entity is otherwise eligible under this Section, without the execution or filing of any paper or any further act on the part of the parties hereto or the authenticating agent or such successor corporation or other entity.

Any authenticating agent may at any time resign by giving written notice of resignation to the Trustee and to the Company. The Trustee may at any time terminate the agency of any authenticating agent by giving written notice of termination to such authenticating agent and to the Company. Upon receiving such a notice of resignation or upon such a termination, or in case at any time any authenticating agent shall cease to be eligible under this Section, the Trustee may appoint a successor authenticating agent (which may be the Trustee), shall give written notice of such appointment to the Company and shall mail notice of such appointment to all Holders as the names and addresses of such holders appear on the Debenture Register.

The Company agrees to pay to the authenticating agent from time to time reasonable compensation for its services although the Company may terminate the authenticating agent, if it determines such agent's fees to be unreasonable.

The provisions of Section 6.02, Section 6.03, Section 6.04, Section 7.03 and this Section 13.15 shall be applicable to any authenticating agent.

If an authenticating agent is appointed pursuant to this Section, the Debentures may have endorsed thereon, in addition to the Trustee's certificate of authentication, an alternative certificate of authentication in the following form:

__________________________,<br> as Authenticating Agent, certifies that this is one of the Debentures described<br> in the within-named Indenture.

By:   <br> Authorized Officer

Section 13.16 *Execution in Counterparts*. This Indenture and each Debenture may be executed in any number of counterparts, each of which shall be an original, but such counterparts shall together constitute but one and the same instrument. This Indenture, each Debenture, Officer's Certificate and any other notice, instruction or direction shall be valid, binding, and enforceable against a party only when executed and delivered by an authorized individual on behalf of the party by means of (a) any electronic signature permitted by the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law (collectively, "Signature Law"); (b) an original manual signature; or (c) a faxed, scanned, or photocopied manual signature. Each electronic signature or faxed, scanned, or photocopied manual signature shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original manual signature. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any faxed, scanned, or photocopied manual signature, or other electronic signature, of any party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof. For avoidance of doubt, original manual signatures shall be used for execution or indorsement of writings and authentication of certificates when required under any Signature Law due to the character or intended character of the writings.

Section 13.17 *Severability*. In the event any provision of this Indenture or in the Debentures shall be invalid, illegal or unenforceable, then (to the extent permitted by law) the validity, legality or enforceability of the remaining provisions shall not in any way be affected or impaired.

Section 13.18 *Waiver of Jury Trial*. EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE DEBENTURES OR THE TRANSACTIONS CONTEMPLATED HEREBY.

Section 13.19 *Force Majeure*. In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts that are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances.

Section 13.20 *Calculations*. Except as otherwise provided herein, the Company will be responsible for monitoring and making all calculations called for under this Indenture and the Debentures. The Company will make all these calculations in good faith and, absent manifest error, its calculations will be final and binding on Holders. The Company will provide a schedule of its calculations to each of the Trustee and the Exchange Agent, and each of the Trustee and the Exchange Agent is entitled to conclusively rely upon the accuracy of the Company's calculations without independent verification. The Trustee will forward the Company's calculations to any Holder upon the written request of that Holder.

Whenever any provision of this Indenture or the Debentures requires the Company to calculate the Current Market Price or Closing Price of the Reference Shares or any other security over a period of multiple Trading Days (including during any period over which amounts owing upon exchange or upon repayment or redemption are to be determined), the Board of Directors shall make such adjustments as it determines to be necessary or appropriate to account for any changes in the Reference Shares or other security that occur at any time during such period to avoid unjust or inequitable results.

IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed as of the date first written above.

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| |
|:---|
| **LIBERTY MEDIA CORPORATION** |
| By: |
| Name: |
| Title: |
| **U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, as Trustee** |
| By: |
| Name: |
| Title: |

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[Exchangeable Debentures Indenture]

**EXHIBIT A**

**[**FORM OF FACE OF DEBENTURE**]**

FOR PURPOSES OF SECTIONS 1272, 1273 AND 1275 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, THIS DEBENTURE IS BEING ISSUED WITH ORIGINAL ISSUE DISCOUNT AND THE ISSUE DATE OF THIS DEBENTURE IS SEPTEMBER 14, 2023. IN ADDITION, THIS DEBENTURE IS SUBJECT TO UNITED STATES FEDERAL INCOME TAX REGULATIONS GOVERNING CONTINGENT PAYMENT DEBT INSTRUMENTS. FOR PURPOSES OF SECTIONS 1272, 1273 AND 1275 OF THE INTERNAL REVENUE CODE, THE ISSUE PRICE OF EACH DEBENTURE IS $1,000 AND THE COMPARABLE YIELD IS 7.22%, COMPOUNDED QUARTERLY (WHICH WILL BE TREATED AS THE YIELD TO MATURITY FOR UNITED STATES FEDERAL INCOME TAX PURPOSES). MOREOVER, THE PROJECTED PAYMENT SCHEDULE WITH RESPECT TO EACH DEBENTURE CONSISTS OF (A) A PAYMENT OF STATED INTEREST EQUAL TO $7.0590 ON THE FIRST BUSINESS DAY AFTER DECEMBER 31, 2023, (B) PAYMENTS OF STATED INTEREST EQUAL TO $5.9375 ON ALL SUBSEQUENT QUARTERLY INTEREST PAYMENT DATES (EXCLUDING THE MATURITY DATE), AND (C) A PAYMENT OF STATED INTEREST EQUAL TO $5.9375 AND A PROJECTED CONTINGENT PAYMENT EQUAL TO $6,089.9967 ON THE MATURITY DATE.

LIBERTY MEDIA CORPORATION (THE "COMPANY") AGREES, AND BY ACCEPTING A BENEFICIAL OWNERSHIP INTEREST IN THIS DEBENTURE EACH HOLDER OF THIS DEBENTURE WILL BE DEEMED TO HAVE AGREED, FOR UNITED STATES FEDERAL INCOME TAX PURPOSES (1) TO TREAT THIS DEBENTURE AS A DEBT INSTRUMENT THAT IS SUBJECT TO U.S. TREAS. REG. SEC. 1.1275-4 (THE "CONTINGENT PAYMENT REGULATIONS"), (2) TO TREAT THE FAIR MARKET VALUE OF ANY REFERENCE SHARES (TOGETHER WITH ANY CASH PAYMENT IN LIEU OF FRACTIONAL SHARES) OR CASH, OR A COMBINATION OF CASH AND REFERENCE SHARES, RECEIVED UPON AN EXCHANGE OF THIS DEBENTURE OR UPON A PURCHASE OF THIS DEBENTURE AT THE HOLDER'S OPTION AS A PAYMENT ON THE DEBENTURE FOR PURPOSES OF THE CONTINGENT PAYMENT REGULATIONS, AND (3) TO ACCRUE INTEREST WITH RESPECT TO THE DEBENTURE AS ORIGINAL ISSUE DISCOUNT FOR UNITED STATES FEDERAL INCOME TAX PURPOSES ACCORDING TO THE "NONCONTINGENT BOND METHOD," SET FORTH IN THE CONTINGENT PAYMENT REGULATIONS, AND TO BE BOUND BY THE COMPANY'S DETERMINATION OF THE "COMPARABLE YIELD" AND "PROJECTED PAYMENT SCHEDULE," WITHIN THE MEANING OF THE CONTINGENT PAYMENT REGULATIONS, WITH RESPECT TO THIS DEBENTURE.

THE SECURITIES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR OTHER SECURITIES LAWS. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE RE-OFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS THE TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. EACH PURCHASER OF THE SECURITY EVIDENCED HEREBY IS HEREBY NOTIFIED THAT THE SELLER MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER. THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF (1) REPRESENTS THAT IT IS A "QUALIFIED INSTITUTIONAL BUYER" (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT), (2) AGREES THAT IT WILL NOT OFFER, SELL OR OTHERWISE TRANSFER THIS SECURITY EXCEPT (A) TO THE COMPANY, (B) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, OR (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, TO A PERSON IT REASONABLY BELIEVES IS A "QUALIFIED INSTITUTIONAL BUYER" (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, AND (3) AGREES THAT IT WILL GIVE TO EACH PERSON TO WHOM THIS SECURITY IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND; PROVIDED THAT THE COMPANY, THE TRUSTEE AND THE REGISTRAR SHALL HAVE THE RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER TO REQUIRE THAT A CERTIFICATION OF TRANSFER IN THE FORM APPEARING ON THE OTHER SIDE OF THIS SECURITY IS COMPLETED AND DELIVERED BY THIS TRANSFEROR TO THE TRUSTEE.

THIS GLOBAL DEBENTURE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS DEBENTURE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.07 OF THE INDENTURE, (2) THIS GLOBAL DEBENTURE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.07 OF THE INDENTURE, (3) THIS GLOBAL DEBENTURE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.10 OF THE INDENTURE AND (4) THIS GLOBAL DEBENTURE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY.

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR DEBENTURES IN DEFINITIVE FORM, THIS DEBENTURE MAY NOT BE TRANSFERRED EXCEPT TO A CUSTODIAN OR A NOMINEE OF SUCH CUSTODIAN, BY A CUSTODIAN OR A NOMINEE OF SUCH CUSTODIAN TO A DEPOSITARY, OR BY SUCH CUSTODIAN OR DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR CUSTODIAN OR A NOMINEE THEREOF. ACCORDINGLY UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY ("DTC") TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

LIBERTY MEDIA CORPORATION

2.375% Exchangeable Senior Debentures due 2053

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| | |
|:---|:---|
| No. | $|

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CUSIP 531229 AR3

This Debenture is one of a duly authorized issue of securities, designated the 2.375% Exchangeable Senior Debentures due 2053 (the "**Debentures**"), of Liberty Media Corporation, a Delaware corporation (the "**Company**", which term includes any successor entity under the Indenture referred to below), issued under an Indenture between the Company and U.S. Bank Trust Company, National Association, a national banking association (the "**Trustee**"), dated as of September 14, 2023 (as such may be amended or supplemented from time to time, the "**Indenture**"), establishing the terms of the Debentures. Reference is hereby made to the Indenture and all indentures supplemental thereto for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the holders of the Debentures, and of the terms upon which the Debentures are, and are to be, authenticated and delivered. To the extent of a conflict between the terms of this Debenture and the terms of the Indenture and all indentures supplemental thereto, the terms of the Indenture and the all indentures supplemental thereto shall govern. This Debenture is initially limited (subject to exceptions provided in the Indenture) to the aggregate Original Principal Amount specified in the Indenture.

The Company, for value received, hereby promises to pay to Cede & Co., or registered assigns, the amount provided in Section 2.03 of the Indenture (such amount being referred to herein as the "**Maturity Repayment Amount**") on September 30, 2053 (the "**Maturity Date**"), and to pay interest on the Original Principal Amount of this Debenture from September 14, 2023, or from the most recent date to which interest has been paid or provided for, quarterly on March 31, June 30, September 30 and December 31 in each year (each, an "**Interest Payment Date**"), commencing December 31, 2023, at the rate of 2.375% of the Original Principal Amount hereof per annum, until the Maturity Repayment Amount is paid or made available for payment. Interest on this Debenture shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. The interest so payable and paid or provided for on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Debenture (or one or more Predecessor Debentures) is registered at the close of business on the Interest Record Date for such interest, which shall be the 15th day of the month (whether or not a Business Day) in which the Interest Payment Date occurs. Any such interest which is payable, but is not paid or provided for, on any Interest Payment Date shall forthwith cease to be payable to the registered holder hereof on the relevant Interest Record Date by virtue of having been such holder, and may be paid to the Person in whose name this Debenture (or one or more Predecessor Debentures) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Company, notice whereof shall be given to the holders of Debentures not less than 10 days prior to such Special Record Date, or may be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Debentures may be listed, and upon such notice as may be required by such exchange, all as more fully provided in such Indenture.

The Company shall distribute, or cause to be distributed, Additional Distributions to holders in accordance with Section 2.05 of the Indenture.

Payment of the Maturity Repayment Amount, any Additional Distributions and the interest on this Debenture will be made at the office or agency of the Company maintained for that purpose in The City of New York, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; *provided, however*, that payment to DTC or any successor Depositary will be made by wire transfer to the account designated by DTC or such successor Depositary in writing; and *provided, further*, that, if DTC or its nominee or any successor Depositary or the nominee of such successor Depositary is not the holder of this Debenture, payment of any Additional Interest and interest due on this Debenture on any Interest Payment Date, other than the Maturity Date, will be made to the Person entitled thereto by wire transfer of immediately available funds, or if appropriate wire transfer instructions are not received by the Trustee at least 15 calendar days prior to the applicable Interest Payment Date, by check mailed to the address of such Person, as such address shall appear in the Debenture Register.

The Debentures are exchangeable at the option of the holders thereof on the terms set forth in Article XI of the Indenture.

The Debentures are subject to purchase by the Company at the option of the holders thereof on the terms set forth in Article XII of the Indenture. The Debentures are subject to redemption at the option of the Company on the terms set forth in Article XI of the Indenture.

If an Event of Default (as defined in the Indenture) with respect to the Debentures shall occur and be continuing, the principal of the Debentures (being the Original Principal Amount or the Adjusted Principal Amount, as the case may be) may be declared due and payable in the manner and with the effect provided in the Indenture.

The Company agrees, and each holder and any beneficial owner of a Debenture by its purchase thereof shall be deemed to agree, to treat, for United States federal income tax purposes, the fair market value of any Reference Shares (together with any cash payment in lieu of fractional shares) or cash, or a combination of cash and Reference Shares, received upon an exchange of a Debenture or upon a purchase of a Debenture at the holder's option as a payment on the Debenture for purposes of U.S. Treasury Regulation Section 1.1275-4(b).

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the holders of the Debentures at any time by the Company and the Trustee with the consent of the holders of not less than a majority in aggregate Original Principal Amount of the Debentures at the time outstanding. The Indenture also contains provisions permitting the holders of specified percentages in aggregate Original Principal Amount of the Debentures, to waive compliance by the Company with certain provisions of the Indenture and certain defaults or events of default under the Indenture and their consequences. Any such consent or waiver by the holder of this Debenture shall be conclusive and binding upon such holder and upon all future holders of this Debenture and of any Debentures issued upon the registration of transfer hereof or in exchange therefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Debenture or such Debentures.

No reference herein to the Indenture and no provision of this Debenture or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay or deliver, as the case may be, the Maturity Repayment Amount, the Put Purchase Price, the Make-Whole Redemption Price, the Fundamental Change Repurchase Price, the Redemption Price, the amounts due upon exchange, Additional Distributions, Liquidated Damages and interest on this Debenture, at the times, place and rate, and in the coin or currency or other form of consideration, herein and in the Indenture prescribed.

As provided in the Indenture and subject to certain limitations set forth therein and in this Debenture, the transfer of this Debenture may be registered on the Security Register upon surrender of this Debenture for registration of transfer at the office or agency of the Company maintained for the purpose in any place where the Maturity Repayment Amount, Additional Distributions, Liquidated Damages, amounts due on exchange, Put Purchase Price, Fundamental Change Repurchase Price, Redemption Price and interest on this Debenture are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Debenture Registrar duly executed by, the holder hereof or by his attorney duly authorized in writing, and thereupon one or more new Debentures of like tenor, of authorized denominations and for the same aggregate Original Principal Amount, will be issued to the designated transferee or transferees.

The Debentures are issuable only in registered form without coupons in the denominations specified in the Indenture establishing the terms of the Debentures, all as more fully provided in the Indenture. As provided in the Indenture, and subject to certain limitations set forth in the Indenture and in this Debenture, the Debentures are exchangeable for a like aggregate Original Principal Amount of Debentures in different authorized denominations, as requested by the holders surrendering the same.

No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith, other than in certain cases provided in the Indenture.

Prior to due presentment of this Debenture for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Debenture is registered as the owner hereof for all purposes, whether or not this Debenture be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.

This Debenture shall be governed by and construed in accordance with the laws of the State of New York.

All terms used in this Debenture which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

Unless the certificate of authentication hereon has been executed by or on behalf of the Trustee under the Indenture by the manual signature of one of its authorized signatories, this Debenture shall not be entitled to any benefits under the Indenture or be valid or obligatory for any purpose.

**[**Remainder of page intentionally left blank**]**

IN WITNESS WHEREOF, the Company has caused this Debenture to be duly executed.

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| | |
|:---|:---|
| LIBERTY MEDIA CORPORATION | LIBERTY MEDIA CORPORATION |
| By: |  |
|  | Name: |
|  | Title: |

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| | |
|:---|:---|
| Dated: | Dated: |
| TRUSTEE'S CERTIFICATE OF AUTHENTICATION | TRUSTEE'S CERTIFICATE OF AUTHENTICATION |
| U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION | U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION |
| as Trustee, certifies that this is one of the Debentures described | as Trustee, certifies that this is one of the Debentures described |
| in the within-named Indenture. | in the within-named Indenture. |
| By: |  |
|  | Authorized Officer |

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ABBREVIATIONS

The following abbreviations, when used in the inscription of the face of this Debenture, shall be construed as though they were written out in full according to applicable laws or regulations:

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| | | |
|:---|:---|:---|
| TEN COM - as tenants in common | UNIF GIFT MIN ACT | UNIF GIFT MIN ACT |
|  | | Custodian |
|  | (Cust) |  |

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| | | |
|:---|:---|:---|
| TEN ENT - as tenants by the entireties |  |  |
|  | (Minor) |  |
| JT TEN - as joint tenants with right of survivorship and not as tenants in common | Uniform Gifts to Minors Act |  |
|  | | (State) |

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Additional abbreviations may also be used<br> though not in the above list.

SCHEDULE OF INCREASES AND DECREASES IN GLOBAL DEBENTURE\*

LIBERTY MEDIA CORPORATION<br> 2.375% Exchangeable Senior Debentures due 2053

The initial Original Principal Amount of this Global Debenture is $. The following increases or decreases in this Global Debenture have been made:

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| | | | | |
|:---|:---|:---|:---|:---|
| Date | Amount of decrease in<br> Original Principal Amount <br> of this Global Debenture | Amount of increase in<br> Original Principal Amount of <br> this Global Debenture | Adjusted Principal Amount of <br> this Global Debenture<br> following such decrease or<br> increase | Signature of<br> authorized signatory of<br> Trustee or<br> Custodian |

---

\* For Global Debentures only

**[**CERTIFICATE OF TRANSFER**]**

To transfer or assign this Debenture, fill in the form below:

I or we transfer and assign this Debenture to

  <br> (Insert assignee's tax I.D. number)

(Print or type assignee's name, address and zip code)

and irrevocably appoint __________________ agent to transfer this Debenture on the books of the Company. The agent may substitute another to act for him.

Dated:   Your signature:  

**EXHIBIT B**

**FORM OF NOTICE OF EXCHANGE**

U.S. Bank Trust Company, National Association, as Trustee and Exchange Agent<br> 100 Wall Street, Suite 600<br> New York, New York 10005<br> Attn: Corporate Trust Department, Christopher J. Grell, Vice President

Re: 2.375% Exchangeable Senior Debentures due 2053 (the "**Debentures**")

Ladies and Gentlemen:

The undersigned holder of Debentures hereby gives notice of its intention to exchange $_______________ aggregate Original Principal Amount of Debentures.

If Reference Shares are to be delivered as part of this exchange, they should be delivered to:

(Print or type name, address and zip code)

If cash is to be paid as part of this exchange, it should be sent to:

(Print or type name, address and zip code)

Any communication to the holder in connection with this exchange should be directed to:

(Print or type name, address and zip code)

In the case of certificated Debentures, the certificate numbers of the Debentures to be exchanged are as set forth below:

Dated:

**[**REMAINDER OF PAGE INTENTIONALLY BLANK**]**

---

| |
|:---|
| Very truly yours, |
| Signature(s) |
| Signature Guarantee |
| Signature(s) must be guaranteed by an eligible Guarantor Institution (banks, stock brokers, savings and loan associations and credit unions) with membership in an approved signature guarantee medallion program pursuant to Securities and Exchange Commission Rule 17Ad-15, if Debentures are to be delivered other than to and in the name of the registered holder. |

---

## Exhibit 4.7

**Exhibit 4.7**

**[**FORM OF FACE OF DEBENTURE**]**

FOR PURPOSES OF SECTIONS 1272, 1273 AND 1275 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, THIS DEBENTURE IS BEING ISSUED WITH ORIGINAL ISSUE DISCOUNT AND THE ISSUE DATE OF THIS DEBENTURE IS SEPTEMBER 14, 2023. IN ADDITION, THIS DEBENTURE IS SUBJECT TO UNITED STATES FEDERAL INCOME TAX REGULATIONS GOVERNING CONTINGENT PAYMENT DEBT INSTRUMENTS. FOR PURPOSES OF SECTIONS 1272, 1273 AND 1275 OF THE INTERNAL REVENUE CODE, THE ISSUE PRICE OF EACH DEBENTURE IS $1,000 AND THE COMPARABLE YIELD IS 7.22%, COMPOUNDED QUARTERLY (WHICH WILL BE TREATED AS THE YIELD TO MATURITY FOR UNITED STATES FEDERAL INCOME TAX PURPOSES). MOREOVER, THE PROJECTED PAYMENT SCHEDULE WITH RESPECT TO EACH DEBENTURE CONSISTS OF (A) A PAYMENT OF STATED INTEREST EQUAL TO $7.0590 ON THE FIRST BUSINESS DAY AFTER DECEMBER 31, 2023, (B) PAYMENTS OF STATED INTEREST EQUAL TO $5.9375 ON ALL SUBSEQUENT QUARTERLY INTEREST PAYMENT DATES (EXCLUDING THE MATURITY DATE), AND (C) A PAYMENT OF STATED INTEREST EQUAL TO $5.9375 AND A PROJECTED CONTINGENT PAYMENT EQUAL TO $6,089.9967 ON THE MATURITY DATE.

LIBERTY MEDIA CORPORATION (THE "COMPANY") AGREES, AND BY ACCEPTING A BENEFICIAL OWNERSHIP INTEREST IN THIS DEBENTURE EACH HOLDER OF THIS DEBENTURE WILL BE DEEMED TO HAVE AGREED, FOR UNITED STATES FEDERAL INCOME TAX PURPOSES (1) TO TREAT THIS DEBENTURE AS A DEBT INSTRUMENT THAT IS SUBJECT TO U.S. TREAS. REG. SEC. 1.1275-4 (THE "CONTINGENT PAYMENT REGULATIONS"), (2) TO TREAT THE FAIR MARKET VALUE OF ANY REFERENCE SHARES (TOGETHER WITH ANY CASH PAYMENT IN LIEU OF FRACTIONAL SHARES) OR CASH, OR A COMBINATION OF CASH AND REFERENCE SHARES, RECEIVED UPON AN EXCHANGE OF THIS DEBENTURE OR UPON A PURCHASE OF THIS DEBENTURE AT THE HOLDER'S OPTION AS A PAYMENT ON THE DEBENTURE FOR PURPOSES OF THE CONTINGENT PAYMENT REGULATIONS, AND (3) TO ACCRUE INTEREST WITH RESPECT TO THE DEBENTURE AS ORIGINAL ISSUE DISCOUNT FOR UNITED STATES FEDERAL INCOME TAX PURPOSES ACCORDING TO THE "NONCONTINGENT BOND METHOD," SET FORTH IN THE CONTINGENT PAYMENT REGULATIONS, AND TO BE BOUND BY THE COMPANY'S DETERMINATION OF THE "COMPARABLE YIELD" AND "PROJECTED PAYMENT SCHEDULE," WITHIN THE MEANING OF THE CONTINGENT PAYMENT REGULATIONS, WITH RESPECT TO THIS DEBENTURE.

THE SECURITIES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR OTHER SECURITIES LAWS. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE RE-OFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS THE TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. EACH PURCHASER OF THE SECURITY EVIDENCED HEREBY IS HEREBY NOTIFIED THAT THE SELLER MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER. THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF (1) REPRESENTS THAT IT IS A "QUALIFIED INSTITUTIONAL BUYER" (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT), (2) AGREES THAT IT WILL NOT OFFER, SELL OR OTHERWISE TRANSFER THIS SECURITY EXCEPT (A) TO THE COMPANY, (B) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, OR (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, TO A PERSON IT REASONABLY BELIEVES IS A "QUALIFIED INSTITUTIONAL BUYER" (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, AND (3) AGREES THAT IT WILL GIVE TO EACH PERSON TO WHOM THIS SECURITY IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND; PROVIDED THAT THE COMPANY, THE TRUSTEE AND THE REGISTRAR SHALL HAVE THE RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER TO REQUIRE THAT A CERTIFICATION OF TRANSFER IN THE FORM APPEARING ON THE OTHER SIDE OF THIS SECURITY IS COMPLETED AND DELIVERED BY THIS TRANSFEROR TO THE TRUSTEE.

THIS GLOBAL DEBENTURE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS DEBENTURE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.07 OF THE INDENTURE, (2) THIS GLOBAL DEBENTURE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.07 OF THE INDENTURE, (3) THIS GLOBAL DEBENTURE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.10 OF THE INDENTURE AND (4) THIS GLOBAL DEBENTURE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY.

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR DEBENTURES IN DEFINITIVE FORM, THIS DEBENTURE MAY NOT BE TRANSFERRED EXCEPT TO A CUSTODIAN OR A NOMINEE OF SUCH CUSTODIAN, BY A CUSTODIAN OR A NOMINEE OF SUCH CUSTODIAN TO A DEPOSITARY, OR BY SUCH CUSTODIAN OR DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR CUSTODIAN OR A NOMINEE THEREOF. ACCORDINGLY UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY ("DTC") TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

LIBERTY MEDIA CORPORATION

2.375% Exchangeable Senior Debentures due 2053

---

| | |
|:---|:---|
| No. | $|

---

CUSIP 531229 AR3

This Debenture is one of a duly authorized issue of securities, designated the 2.375% Exchangeable Senior Debentures due 2053 (the "**Debentures**"), of Liberty Media Corporation, a Delaware corporation (the "**Company**", which term includes any successor entity under the Indenture referred to below), issued under an Indenture between the Company and U.S. Bank Trust Company, National Association, a national banking association (the "**Trustee**"), dated as of September 14, 2023 (as such may be amended or supplemented from time to time, the "**Indenture**"), establishing the terms of the Debentures. Reference is hereby made to the Indenture and all indentures supplemental thereto for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the holders of the Debentures, and of the terms upon which the Debentures are, and are to be, authenticated and delivered. To the extent of a conflict between the terms of this Debenture and the terms of the Indenture and all indentures supplemental thereto, the terms of the Indenture and the all indentures supplemental thereto shall govern. This Debenture is initially limited (subject to exceptions provided in the Indenture) to the aggregate Original Principal Amount specified in the Indenture.

The Company, for value received, hereby promises to pay to Cede & Co., or registered assigns, the amount provided in Section 2.03 of the Indenture (such amount being referred to herein as the "**Maturity Repayment Amount**") on September 30, 2053 (the "**Maturity Date**"), and to pay interest on the Original Principal Amount of this Debenture from September 14, 2023, or from the most recent date to which interest has been paid or provided for, quarterly on March 31, June 30, September 30 and December 31 in each year (each, an "**Interest Payment Date**"), commencing December 31, 2023, at the rate of 2.375% of the Original Principal Amount hereof per annum, until the Maturity Repayment Amount is paid or made available for payment. Interest on this Debenture shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. The interest so payable and paid or provided for on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Debenture (or one or more Predecessor Debentures) is registered at the close of business on the Interest Record Date for such interest, which shall be the 15th day of the month (whether or not a Business Day) in which the Interest Payment Date occurs. Any such interest which is payable, but is not paid or provided for, on any Interest Payment Date shall forthwith cease to be payable to the registered holder hereof on the relevant Interest Record Date by virtue of having been such holder, and may be paid to the Person in whose name this Debenture (or one or more Predecessor Debentures) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Company, notice whereof shall be given to the holders of Debentures not less than 10 days prior to such Special Record Date, or may be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Debentures may be listed, and upon such notice as may be required by such exchange, all as more fully provided in such Indenture.

The Company shall distribute, or cause to be distributed, Additional Distributions to holders in accordance with Section 2.05 of the Indenture.

Payment of the Maturity Repayment Amount, any Additional Distributions and the interest on this Debenture will be made at the office or agency of the Company maintained for that purpose in The City of New York, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; *provided, however*, that payment to DTC or any successor Depositary will be made by wire transfer to the account designated by DTC or such successor Depositary in writing; and *provided, further*, that, if DTC or its nominee or any successor Depositary or the nominee of such successor Depositary is not the holder of this Debenture, payment of any Additional Interest and interest due on this Debenture on any Interest Payment Date, other than the Maturity Date, will be made to the Person entitled thereto by wire transfer of immediately available funds, or if appropriate wire transfer instructions are not received by the Trustee at least 15 calendar days prior to the applicable Interest Payment Date, by check mailed to the address of such Person, as such address shall appear in the Debenture Register.

The Debentures are exchangeable at the option of the holders thereof on the terms set forth in Article XI of the Indenture.

The Debentures are subject to purchase by the Company at the option of the holders thereof on the terms set forth in Article XII of the Indenture. The Debentures are subject to redemption at the option of the Company on the terms set forth in Article XI of the Indenture.

If an Event of Default (as defined in the Indenture) with respect to the Debentures shall occur and be continuing, the principal of the Debentures (being the Original Principal Amount or the Adjusted Principal Amount, as the case may be) may be declared due and payable in the manner and with the effect provided in the Indenture.

The Company agrees, and each holder and any beneficial owner of a Debenture by its purchase thereof shall be deemed to agree, to treat, for United States federal income tax purposes, the fair market value of any Reference Shares (together with any cash payment in lieu of fractional shares) or cash, or a combination of cash and Reference Shares, received upon an exchange of a Debenture or upon a purchase of a Debenture at the holder's option as a payment on the Debenture for purposes of U.S. Treasury Regulation Section 1.1275-4(b).

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the holders of the Debentures at any time by the Company and the Trustee with the consent of the holders of not less than a majority in aggregate Original Principal Amount of the Debentures at the time outstanding. The Indenture also contains provisions permitting the holders of specified percentages in aggregate Original Principal Amount of the Debentures, to waive compliance by the Company with certain provisions of the Indenture and certain defaults or events of default under the Indenture and their consequences. Any such consent or waiver by the holder of this Debenture shall be conclusive and binding upon such holder and upon all future holders of this Debenture and of any Debentures issued upon the registration of transfer hereof or in exchange therefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Debenture or such Debentures.

No reference herein to the Indenture and no provision of this Debenture or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay or deliver, as the case may be, the Maturity Repayment Amount, the Put Purchase Price, the Make-Whole Redemption Price, the Fundamental Change Repurchase Price, the Redemption Price, the amounts due upon exchange, Additional Distributions, Liquidated Damages and interest on this Debenture, at the times, place and rate, and in the coin or currency or other form of consideration, herein and in the Indenture prescribed.

As provided in the Indenture and subject to certain limitations set forth therein and in this Debenture, the transfer of this Debenture may be registered on the Security Register upon surrender of this Debenture for registration of transfer at the office or agency of the Company maintained for the purpose in any place where the Maturity Repayment Amount, Additional Distributions, Liquidated Damages, amounts due on exchange, Put Purchase Price, Fundamental Change Repurchase Price, Redemption Price and interest on this Debenture are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Debenture Registrar duly executed by, the holder hereof or by his attorney duly authorized in writing, and thereupon one or more new Debentures of like tenor, of authorized denominations and for the same aggregate Original Principal Amount, will be issued to the designated transferee or transferees.

The Debentures are issuable only in registered form without coupons in the denominations specified in the Indenture establishing the terms of the Debentures, all as more fully provided in the Indenture. As provided in the Indenture, and subject to certain limitations set forth in the Indenture and in this Debenture, the Debentures are exchangeable for a like aggregate Original Principal Amount of Debentures in different authorized denominations, as requested by the holders surrendering the same.

No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith, other than in certain cases provided in the Indenture.

Prior to due presentment of this Debenture for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Debenture is registered as the owner hereof for all purposes, whether or not this Debenture be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.

This Debenture shall be governed by and construed in accordance with the laws of the State of New York.

All terms used in this Debenture which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

Unless the certificate of authentication hereon has been executed by or on behalf of the Trustee under the Indenture by the manual signature of one of its authorized signatories, this Debenture shall not be entitled to any benefits under the Indenture or be valid or obligatory for any purpose.

**[**Remainder of page intentionally left blank**]**

IN WITNESS WHEREOF, the Company has caused this Debenture to be duly executed.

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| | |
|:---|:---|
| LIBERTY MEDIA CORPORATION | LIBERTY MEDIA CORPORATION |
| By: |  |
|  | Name: |
|  | Title: |

---

Dated:

TRUSTEE'S CERTIFICATE OF AUTHENTICATION<br> U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION<br> as Trustee, certifies that this is one of the Debentures described<br> in the within-named Indenture.

By:   <br> Authorized Officer

ABBREVIATIONS

The following abbreviations, when used in the inscription of the face of this Debenture, shall be construed as though they were written out in full according to applicable laws or regulations:

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| | | |
|:---|:---|:---|
| TEN COM - as tenants in common | UNIF GIFT MIN ACT | UNIF GIFT MIN ACT |
|  | | Custodian |
|  | (Cust) |  |

---

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| | | |
|:---|:---|:---|
| TEN ENT - as tenants by the entireties |  |  |
|  | (Minor) |  |
| JT TEN - as joint tenants with right of<br> survivorship and not as tenants in common | Uniform Gifts to Minors Act |  |
|  | | (State) |

---

Additional abbreviations may also be used<br> though not in the above list.

SCHEDULE OF INCREASES AND DECREASES IN GLOBAL DEBENTURE\*

LIBERTY MEDIA CORPORATION<br> 2.375% Exchangeable Senior Debentures due 2053

The initial Original Principal Amount of this Global Debenture is $. The following increases or decreases in this Global Debenture have been made:

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| | | | | |
|:---|:---|:---|:---|:---|
| Date | Amount of decrease in<br> Original Principal Amount <br> of this Global Debenture | Amount of increase in<br> Original Principal Amount of <br> this Global Debenture | Adjusted Principal Amount of <br> this Global Debenture<br> following such decrease or<br> increase | Signature of<br> authorized signatory of <br> Trustee or<br> Custodian |

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\* For Global Debentures only

**[**CERTIFICATE OF TRANSFER**]**

To transfer or assign this Debenture, fill in the form below:

I or we transfer and assign this Debenture to

  <br> (Insert assignee's tax I.D. number)

(Print or type assignee's name, address and zip code)

and irrevocably appoint __________________ agent to transfer this Debenture on the books of the Company. The agent may substitute another to act for him.

Dated:   Your signature:

## Exhibit 10.8

**Exhibit 10.8**

***Execution***  ***Version***

FORM OF MASTER TERMS AND CONDITIONS FOR DELAYED DRAW VARIABLE SHARE FORWARD TRANSACTIONS BETWEEN [ ] AND LN HOLDINGS 1, LLC

The purpose of this Master Terms and Conditions for Delayed Draw Variable Share Forward Transactions (including the Annexes hereto, the "<u>Master Confirmation</u>"), dated as of May 28, 2025, is to set forth certain terms and conditions for one or more delayed draw variable share forward transactions that LN Holdings 1, LLC ("<u>Counterparty</u>") will enter into with [ ] ("<u>Dealer</u>") from time to time. Each such transaction (a "<u>Transaction</u>") entered into between Dealer and Counterparty that is to be subject to this Master Confirmation shall be evidenced by (i) a supplemental confirmation substantially in the form of <u>Annex A</u> hereto (a "<u>Supplemental Confirmation</u>") and (ii) if applicable, a Pricing Notice substantially in the form of <u>Annex B</u> hereto (a "<u>Pricing Notice</u>"), in each case, with such modifications thereto as to which Counterparty and Dealer mutually agree. This Master Confirmation, a Supplemental Confirmation and any related Pricing Notice together shall constitute a "Confirmation" as referred to in the Agreement specified below. The time of the transaction will be furnished upon written request of Counterparty. [ ] is not a member of the Securities Investor Protection Corporation (SIPC).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions and provisions contained in the 2002 ISDA Equity Derivatives Definitions (the "<u>Equity Definitions</u>"), as published by the International Swaps and Derivatives Association, Inc. ("<u>ISDA</u>"), are incorporated into this Master Confirmation.

This Master Confirmation, a Supplemental Confirmation and any related Pricing Notice evidence a complete binding agreement between Dealer and Counterparty as to the terms of the Transaction to which this Master Confirmation, such Supplemental Confirmation and any such Pricing Notice relate. This Master Confirmation, each Supplemental Confirmation and any related Pricing Notice form a part of, and are subject to an agreement in the form of the ISDA 2002 Master Agreement, as published by ISDA, as if Dealer and Counterparty had executed that agreement on the date hereof (without any Schedule but with the modifications and elections set forth herein, the "<u>Agreement</u>"). All provisions contained in the Agreement govern this Master Confirmation, each Supplemental Confirmation and any related Pricing Notice except as expressly modified herein or in the related Supplemental Confirmation or related Pricing Notice, as the case may be. For the avoidance of doubt, the Transactions under this Master Confirmation shall be the only transactions under the Agreement and shall not be subject to any other (existing or deemed) master agreement to which Dealer and Counterparty are parties.

THIS MASTER CONFIRMATION, each supplemental confirmation, ANY RELATED PRICING NOTICE and the agreement WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CHOICE OF LAW DOCTRINE. THE PARTIES HERETO IRREVOCABLY SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND THE UNITED STATES COURT FOR THE SOUTHERN DISTRICT OF NEW YORK IN CONNECTION WITH ALL MATTERS RELATING HERETO AND THERETO or the transactions contemplated hereby or thereby AND WAIVE ANY OBJECTION TO THE LAYING OF VENUE IN, AND ANY CLAIM OF INCONVENIENT FORUM WITH RESPECT TO, THESE COURTS. NOTHING IN THIS PROVISION SHALL PROHIBIT EITHER PARTY FROM BRINGING AN ACTION TO ENFORCE A MONEY JUDGMENT IN ANY OTHER JURISDICTION.

If, in relation to any Transaction to which this Master Confirmation, a Supplemental Confirmation and any related Pricing Notice relate, there is any inconsistency between the Agreement, this Master Confirmation, such Supplemental Confirmation, any such Pricing Notice and the Equity Definitions, the following will prevail for purposes of such Transaction in the order of precedence indicated: (i) any such Pricing Notice; (ii) such Supplemental Confirmation; (iii) this Master Confirmation; (iv) the Equity Definitions; and (v) the Agreement.

Each party will make each payment specified in this Master Confirmation, a Supplemental Confirmation or any related Pricing Notice as being payable by such party, not later than the due date for value on that date in the place of the account specified below or otherwise specified in writing, in freely transferable funds and in a manner customary for payments in the required currency.

This Master Confirmation and the Agreement, together with the Supplemental Confirmation and any related Pricing Notice relating to a Transaction, shall constitute the written agreement between Counterparty and Dealer with respect to such Transaction.

The execution of this Agreement is occurring at the offices of Counterparty in the State of Colorado.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Set forth below are the general terms and conditions related to the delayed draw variable share forward transactions which, together with the terms and conditions set forth in the Supplemental Confirmation and any related Pricing Notice (in respect of the related Transaction), shall govern such Transaction.

**<u>General Terms:</u>**

Trade Date: For each Transaction, as set forth in the related Supplemental Confirmation.

Seller: Counterparty.

Buyer: Dealer.

Shares: The common stock, par value USD 0.01 per share, of Live Nation Entertainment, Inc. (the "<u>Issuer</u>") (Exchange symbol "LYV"), or security entitlements in respect thereof.

---

| | |
|:---|:---|
| Components: | If Physical Settlement applies and/or for purposes of any prepayment of a Prepayment Amount or any repayment of a Repayment Amount, each Transaction shall be divided into individual Components equal to the Number of Components for such Transaction, each with the terms set forth in this Master Confirmation, the related Supplemental Confirmation and the related Pricing Notice, and in particular with the Number of Shares and Scheduled Valuation Dates set forth in the related Supplemental Confirmation and the related Pricing Notice. The payments and deliveries to be made upon settlement of each Transaction will be determined separately for each Component as if each Component were a separate Transaction under the Agreement. |

---

Number of Components: For each Transaction, as specified in the related Supplemental Confirmation or any related Pricing Notice; *provided* that the Number of Components shall be equal to the number of Averaging Dates.

---

| | |
|:---|:---|
| Initial Share Price: | For each Transaction with an Initial Hedging Period, as set forth in the related Pricing Notice, to be the volume-weighted average price per Share at which Dealer (or any of its affiliates or agents) establishes its initial hedge of the equity price risk undertaken by Dealer with respect to such Transaction in amounts and at times determined by Dealer (or an affiliate of Dealer) in its sole discretion. The number of Shares comprising Dealer's initial hedge is referred to herein as the "<u>Initial Hedge Position</u>". |

---

For each Transaction without an Initial Hedging Period, the price per Share as set forth in the related Supplemental Confirmation.

---

| | |
|:---|:---|
| Initial Hedging Period: | For each Transaction with an Initial Hedging Period, the period commencing on the Initial Hedging Period Start Date and ending on the earlier of the Scheduled Trading Day on which Dealer (or any of its affiliates or agents) finishes establishing the Initial Hedge Position and the Cutoff Date (such earlier date, the "<u>Hedge Completion Date</u>"). If Dealer (or any of its affiliates or agents) does not finish establishing Dealer's Initial Hedge Position in respect of Maximum Number of Shares by the close of the regular trading session on the Exchange on the Cutoff Date, Dealer shall notify Counterparty in the related Pricing Notice that the aggregate Number of Shares for such Transaction shall be reduced to such number as the number of Shares for which Dealer (or any of its affiliates or agents) has established its Initial Hedge Position in respect of such Transaction, and, if Dealer so determines in its reasonable discretion, that the Number of Shares shall be adjusted. Promptly following the Hedge Completion Date, Dealer shall deliver the Pricing Notice to Counterparty and, absent any manifest error in such Pricing Notice, Counterparty shall countersign such Pricing Notice. |

---

---

| | |
|:---|:---|
|  | For each Transaction without an Initial Hedging Period, not applicable. |
| Initial Hedging Period Start Date: | For each Transaction with an Initial Hedging Period, as specified in the related Supplemental Confirmation. |
| Cutoff Date: | For each Transaction with an Initial Hedging Period, as specified in the related Supplemental Confirmation or such earlier date as may be specified by Counterparty to Dealer in writing. |
| Maximum Number of Shares: | For each Transaction with an Initial Hedging Period, as specified in the related Supplemental Confirmation. |
| Number of Shares: | For each Component of a Transaction, as set forth in the related Supplemental Confirmation or any related Pricing Notice, as the case may be. If Cash Settlement applies to a Transaction, the "Number of Shares" shall mean the aggregate Number of Shares for all Components under such Transaction; *provided* that each Component shall have the same Number of Shares. |
| Prepayment: | Applicable with respect to any Transaction or Component for which a Prepayment Request is made; *provided* that notwithstanding the foregoing, if Cash Settlement is applicable, Prepayment shall be deemed not applicable. |
| Prepayment Amount at Maturity: | For each Component, an amount equal to the product of the Number of Shares for such Component and the Forward Floor Price. |
| Prepayment Amount: | In respect of each Component to be funded on any Prepayment Date, the amount to be paid by Dealer to Counterparty on such Prepayment Date in respect of such Component, equal to the present value of the Prepayment Amount at Maturity for such Component as of such Prepayment Date, calculated using the methodology specified in <u>Schedule 1</u> hereto. |
| Counterparty's Option to Receive the Prepayment Amount: | Counterparty may from time to time, upon no less than three and no more than ten Scheduled Trading Days' prior written notice to Dealer by delivery of a written request (a "<u>Prepayment Request</u>"), designate a Currency Business Day (a "<u>Prepayment Date</u>") during the Funding Period for such Transaction and specify the number of Components to be funded by Dealer. For the avoidance of doubt, (i) each funded Component may only be funded in full and not in part, (ii) any Prepayment Request may specify more than one Component to be funded on the same Prepayment Date and may designate different Prepayment Dates for any such specified Components to be funded (it being understood that each such designated Prepayment Date shall be no less than five Scheduled Trading Days following or more than ten Scheduled Trading Days following the date the relevant Prepayment Request is delivered); *provided* that any Funded Component that has been repaid pursuant to "Counterparty's Option to Repay the Prepayment Amount" below may not be funded again (it being understood, for greater certainty, that solely for purposes of the immediately succeeding proviso, such Funded Component shall continue to be deemed Funded Component notwithstanding any such repayment); *provided further* that at any time, the aggregate number of Components in respect of which Counterparty may make a Prepayment Request shall not exceed the number of Unfunded Components at such time. |

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Promptly following Dealer's receipt of a Prepayment Request, Dealer shall deliver to Counterparty an acknowledgment of such Prepayment Request and notify Counterparty of the aggregate Prepayment Amounts in respect of the number of Components to be funded on the relevant Prepayment Date. Dealer shall pay Counterparty such aggregate Prepayment Amounts on the related Prepayment Date.

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|:---|:---|
| Funding Period: | For each Transaction with an Initial Hedging Period, the period from the latest of (i) [ ], (ii) the date falling one Settlement Cycle after the Hedge Completion Date and (iii) the first Currency Business Day on which all of the conditions specified in Section 4 are satisfied or waived by Dealer (or, if such conditions are first all satisfied or waived after 2:00 p.m., New York time, on a Currency Business Day, the next following Currency Business Day), as set forth in the relevant Pricing Notice to but excluding the 15<sup>th</sup> Scheduled Trading Day prior to the First Averaging Date with respect to such Transaction. |

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For each Transaction without an Initial Hedging Period, the period from the later of (i) October 1, 2025 and (ii) the second (2<sup>nd</sup>) Clearance System Business Day following the Trade Date, as specified in the related Supplemental Confirmation to but excluding the 10<sup>th</sup> Scheduled Trading Day prior to the First Averaging Date with respect to such Transaction.

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|:---|:---|
| Repayment Amount per Component: | In respect of each Component to be repaid on any Repayment Date, the amount to be repaid by Counterparty to Dealer on such Repayment Date in respect of such Component, equal to the present value of the Prepayment Amount at Maturity for such Component as of such Repayment Date, calculated using the methodology specified in <u>Schedule 1</u> hereto. |

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|:---|:---|
| Counterparty's Option to Repay the Prepayment Amount: | Counterparty may from time to time, upon no less than five Scheduled Trading Days' prior written notice to Dealer by delivery of a written request (a "<u>Repayment Request</u>"), designate a Currency Business Day (a "<u>Repayment Date</u>") occurring after a Prepayment Date but prior to the Settlement Method Election Date and specify the number of Components to be repaid. For the avoidance of doubt, (i) each repaid Component may only be repaid in full and not in part, (ii) any Repayment Request may specify more than one Component to be repaid on the same Repayment Date and may designate different Repayment Dates for any such specified Components to be repaid (it being understood that each such designated Repayment Date shall be no less than five Scheduled Trading Days following or more than ten Scheduled Trading Days following the date the relevant Repayment Request is delivered). |

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Promptly following Dealer's receipt of a Repayment Request, Dealer shall deliver to Counterparty an acknowledgment of such Repayment Request and notify Counterparty of the aggregate Repayment Amounts in respect of the number of Components to be repaid on the relevant Repayment Date. Counterparty shall pay Dealer such aggregate Repayment Amounts on the related Repayment Date.

Midpoint Date: For each Transaction, as specified in (i) the related Pricing Notice, for each Transaction with an Initial Hedging Period, and (ii) in the related Supplemental Confirmation, for each Transaction without an Initial Hedging Period.

Variable Obligation: Applicable.

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|:---|:---|
| Forward Floor Price: | For each Transaction, the product of the Forward Floor Percentage and the Initial Share Price, as specified in (i) the related Pricing Notice, for each Transaction with an Initial Hedging Period, and (ii) in the related Supplemental Confirmation, for each Transaction without an Initial Hedging Period. For the avoidance of doubt, each Component of a Transaction shall have the same Forward Floor Price. |

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|:---|:---|
| Forward Floor Percentage: | For each Transaction, as specified in the related Supplemental Confirmation. |

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|:---|:---|
| Forward Cap Price: | For each Transaction, the product of the Forward Cap Percentage and the Initial Share Price, as specified in (i) the related Pricing Notice, for each Transaction with an Initial Hedging Period, and (ii) in the related Supplemental Confirmation, for each Transaction without an Initial Hedging Period. For the avoidance of doubt, each Component of a Transaction shall have the same Forward Cap Price. |

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|:---|:---|
| Forward Cap Percentage: | For each Transaction, as specified in the related Supplemental Confirmation. |

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Exchange: New York Stock Exchange.

Related Exchange(s): All Exchanges.

**<u>Valuation:</u>**

Valuation Date(s): If Cash Settlement applies, then the Valuation Date shall be the final Averaging Date.

If Physical Settlement applies, then the Valuation Date in respect of a Component shall be the Scheduled Valuation Date for such Component as defined below.

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|:---|:---|
| Disrupted Valuation: | If any scheduled Valuation Date or scheduled Averaging Date is a Disrupted Day, the Valuation Date or Averaging Date, as applicable, shall be the first succeeding Scheduled Trading Day that is not a Disrupted Day and that is not and is not deemed to be a Valuation Date or Averaging Date, as applicable, in respect of such Transaction; *provided*, *however*, that, if the Valuation Date or Averaging Date, as applicable, has not occurred pursuant to the clause immediately preceding this proviso as of the Final Disruption Date, that Final Disruption Date shall be the Valuation Date or Averaging Date, as applicable (irrespective of whether such day is a Valuation Date or Averaging Date in respect of this Transaction), and the Calculation Agent shall determine the VWAP Price by using its good faith estimate of the value of the Shares as of the Valuation Time on that Final Disruption Date. |

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Notwithstanding the foregoing and anything to the contrary in the Equity Definitions, if a Market Disruption Event occurs on any Valuation Date or Averaging Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if Cash Settlement applies, the Calculation Agent shall determine whether (i) such Disrupted Day
is a Disrupted Day in full, in which case the VWAP Price for such Disrupted Day shall not be included for purposes of determining the
Settlement Price, or (ii) such Disrupted Day is a Disrupted Day only in part, in which case the Calculation Agent shall (A) determine
the VWAP Price for such Disrupted Day, (B) make adjustments to the weighting of the VWAP Price for the relevant Disrupted Days during
the Averaging Period, with such determination in (A) and adjustments in (B) based on, among other factors, the duration of any
Market Disruption Event and the historical trading patterns, volume and price of the Shares, and (C) designate one or more subsequent
Scheduled Trading Days on or before the Final Disruption Date as additional Averaging Date(s), with an adjusted weighting of the VWAP
Price for such additional Averaging Date(s); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if Physical Settlement applies, the Calculation Agent may determine that such Valuation Date is a Disrupted
Day only in part, in which case the Calculation Agent shall (A) determine the VWAP Price for such Disrupted Day, (B) make adjustments
to the number of Shares for the relevant Component for which such day shall be the Valuation Date, with such determination in (A) and
adjustments in (B) based on, among other factors, the duration of any Market Disruption Event and the historical trading patterns,
volume and price of the Shares, and (C) designate the Scheduled Trading Day, determined in the manner described in the first paragraph
of this "Disrupted Valuation Days" provision, as the Valuation Date for the remaining Shares for such Component.

Averaging Dates / Scheduled Valuation Dates: For purposes of Cash Settlement, the "Averaging Dates" shall be the 40 consecutive Scheduled Trading Days commencing on and including the First Averaging Date.

For purposes of Physical Settlement, for each Component, as set forth in the applicable Supplemental Confirmation or Pricing Notice.

First Averaging Date: For each Transaction, as set forth in the related Supplemental Confirmation or any related Pricing Notice, as the case may be.

Averaging Period: The period from and including the First Averaging Date and (without duplication) ending on and including the final Averaging Date.

Final Disruption Date: For each Transaction, as set forth in the related Supplemental Confirmation or any related Pricing Notice, as the case may be.

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|:---|:---|
| Market Disruption Event: | The definition of "Market Disruption Event" in Section 6.3(a) of the Equity Definitions is hereby amended by replacing the words "at any time during the one-hour period that ends at the relevant Valuation Time, Latest Exercise Time, Knock-in Valuation Time or Knock-out Valuation Time" with the words "at any time on any Scheduled Trading Day that otherwise would be a Valuation Date" and replacing the words "or (iii) an Early Closure" with "(iii) an Early Closure that the Calculation Agent determines is material or (iv) a Regulatory Disruption." |

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Any Scheduled Trading Day on which, as of the Trade Date, the Exchange is scheduled to close prior to its normal close of trading shall be deemed not to be a Scheduled Trading Day; if a closure of the Exchange prior to its normal close of trading on any Scheduled Trading Day is scheduled following the Trade Date, then such Scheduled Trading Day shall be deemed to be a Disrupted Day in full.

Section 6.3(d) of the Equity Definitions is hereby amended by deleting the remainder of the provision following the term "Scheduled Closing Time" in the fourth line thereof.

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|:---|:---|
| Regulatory Disruption: | Any event that Dealer, in its good faith, reasonable discretion, on the advice of counsel, determines is appropriate with regard to any legal, regulatory or self-regulatory requirements or related policies or procedures (whether or not such requirements, policies or procedures are imposed by law or have been voluntarily adopted by Dealer) adopted in good faith to address any such requirements and applied in a manner consistent with their application to similar transactions for Dealer to refrain from or decrease any market activity in which it would otherwise engage in connection with the relevant Transaction; <u>provided</u> that such requirements, policies or procedures are applicable to transactions in similar situations as the Transactions hereunder and that Dealer shall apply them to the Transactions hereunder in a non-discriminatory manner. Whenever a Regulatory Disruption occurs, Dealer shall notify Counterparty of such occurrence as soon as reasonably practicable under the circumstances and of any Valuation Date(s) affected by it. |

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**<u>Settlement Terms:</u>**

Settlement Method Election: Applicable.

Electing Party: Counterparty.

Settlement Method Election Date: For each Transaction, the date that is fifteen Scheduled Trading Days before the First Averaging Date.

Default Settlement Method: Cash Settlement.

Settlement Currency: USD (as defined in the 2006 ISDA Definitions).

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|:---|:---|
| VWAP Price: | On any Exchange Business Day, the volume-weighted average price per Share on such Exchange Business Day, as reported by Bloomberg on such Exchange Business Day, on Bloomberg Page "LYV.US AQR " (or any successor page thereto) for the period of time from 9:30 a.m. New York time to 4:00 p.m. New York time; <u>provided</u> that, if such price is not so reported for any reason or is, in the Calculation Agent's good faith and commercially reasonable discretion, erroneous, such Settlement Price determined by the Calculation Agent in good faith and in a commercially reasonable manner. |

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|:---|:---|
| Excess Dividend Amount: | For the avoidance of doubt, all references to the Excess Dividend Amount shall be deleted from Section 8.4(b) and Section 9.2(a)(iii) of the Equity Definitions. |

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<u>Cash Settlement Terms:</u>

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|:---|:---|
| Gradual Repayment: | If Cash Settlement is applicable, Counterparty shall pay to Dealer a Gradual Repayment Amount (as calculated in accordance with <u>Schedule 2</u> hereto) on each Gradual Repayment Date; *provided* that the Calculation Agent shall notify Counterparty of the Gradual Repayment Amount by (i) for the first Gradual Repayment Date, the 4th Currency Business Day prior to the first Gradual Repayment Date and (ii) for each subsequent Gradual Repayment Date, the Currency Business Day immediately prior to such Gradual Repayment Date. If Counterparty fails to make the foregoing payment when due, Dealer shall be entitled to deem that Counterparty has elected Physical Settlement notwithstanding Counterparty's election or deemed election of Cash Settlement. |

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|:---|:---|
| Averaging Period Interest Refund: | On any Gradual Repayment Date, if such Averaging Period Interest Refund (as calculated in accordance with <u>Schedule 3</u> hereto) is a positive number, Dealer shall pay to Counterparty an amount equal to such number and if such Averaging Period Interest Refund is a negative number, Counterparty shall pay to Dealer an amount equal to the absolute value of such negative number; *provided* that if on any Gradual Repayment Date Dealer shall owe one or more Averaging Period Interest Refunds to Counterparty and Counterparty shall owe one or more Averaging Period Interest Refunds or Gradual Repayment Amounts to Dealer, such amounts shall be netted and the net amount shall be paid by the applicable party to the other party. |

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|:---|:---|
| Initial Cash Settlement Payment: | If Cash Settlement is applicable, Counterparty shall pay Dealer the Initial Cash Settlement Amount on the First Averaging Date. If Counterparty fails to make the foregoing payment when due, Dealer shall be entitled to deem that the Counterparty has elected Physical Settlement notwithstanding Counterparty's election of Cash Settlement. |

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|:---|:---|
| Initial Cash Settlement Amount: | If Cash Settlement is applicable, an amount in USD equal to (a) the Number of Shares (determined without regard to rounding) *multiplied by* (b) (x) if the Settlement Price is greater than the Forward Cap Price, the Settlement Price *minus* the Forward Cap Price or (y) if the Settlement Price is less than or equal to the Forward Cap Price, zero (where, only for the purposes of the Initial Cash Settlement Amount, the Settlement Price used for the calculation (including of the Number of Shares to be Delivered) shall be equal to the closing price of the Shares on the Exchange on the Exchange Business Day immediately preceding the date the Initial Cash Settlement Payment is due (or, if no such Settlement Price is available on such day, such Settlement Price shall be a price determined by the Calculation Agent). |

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|:---|:---|
| Daily True-Up Amount Payment: | If Cash Settlement is applicable, Counterparty shall pay Dealer the Daily True-Up Amount (if any) relating to an Averaging Date on the second Currency Business Day following such Averaging Date. If Counterparty fails to make the foregoing payment when due, Dealer shall be entitled to deem that the Counterparty has elected Physical Settlement notwithstanding Counterparty's election of Cash Settlement. |

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|:---|:---|
| Daily True-Up Amount: | If Cash Settlement is applicable, (x) in respect of any Daily True-Up Amount due on the second Averaging Date, the Daily Cash Settlement Amount *minus* the Initial Cash Settlement Amount and (y) in respect of any Daily True-Up Amount due on the third and each subsequent Averaging Date, the Daily Cash Settlement Amount as of such Averaging Date *minus* the Daily Cash Settlement Amount as of the immediately preceding Averaging Date; *provided*, in each case, that if the Daily True-Up Amount is negative, it shall be deemed zero (0); *provided*, further, in each case, that the Daily True-Up Amount relating to each Averaging Date shall be capped by an amount equal to the greater of (i) the Daily Cash Settlement Amount *minus* the sum of (a) the Initial Cash Settlement Amount and (b) the aggregate amount of all Daily True-Up Amounts relating to prior Averaging Dates and (ii) zero (0). |

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|:---|:---|
| Daily Cash Settlement Amount: | If Cash Settlement is applicable, an amount in USD equal to (a) the Number of Shares (determined without regard to rounding) *multiplied by* (b) (x) if the Settlement Price is greater than the Forward Cap Price, the Settlement Price *minus* the Forward Cap Price or (y) if the Settlement Price is less than or equal to the Forward Cap Price, zero (where, only for the purposes of the Daily Cash Settlement Amount, the Settlement Price used for the calculation (including of the Number of Shares to be Delivered) shall be equal to the arithmetic average of the VWAP Price(s) of the Included Averaging Date(s)). |

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Included Averaging Dates: On any date, each Averaging Date that has occurred prior to such date.

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|:---|:---|
| Cash Settlement: | If Cash Settlement is applicable to any Transaction, the Calculation Agent shall calculate an amount in USD (which may be positive or negative) equal to (a) the Forward Cash Settlement Amount (as determined under Section 8.5 of the Equity Definitions) for such Transaction *minus* (b) the sum of (x) the Initial Cash Settlement Amount and (y) any and all Daily True-Up Amount(s) (such difference, the "<u>Cash Settlement Amount</u>"). |

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In lieu of Section 8.4(b) of the Equity Definitions, if the Cash Settlement Amount is a positive number, then Counterparty shall pay to Dealer the Cash Settlement Amount on the relevant Cash Settlement Payment Date; if the Cash Settlement Amount is a negative number, then Dealer shall pay to Counterparty the absolute value of the Cash Settlement Amount on the relevant Cash Settlement Payment Date; if the Forward Cash Settlement Amount is zero, no payments shall occur.

Settlement Price: Subject to "Disrupted Valuation" above, the arithmetic average of the VWAP Prices on each Averaging Date.

Cash Settlement Payment Date: The date that is one Settlement Cycle immediately following the final Averaging Date (or, if such date is not a Currency Business Day, the immediately following Currency Business Day).

<u>Physical Settlement Terms:</u>

*In respect of any Component:*

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|:---|:---|
| Allocation of Funding: | If Physical Settlement is applicable to any Transaction, the Calculation Agent shall determine the number of Components that remain funded and not repaid (each such Component, a "<u>Funded Component</u>"). |
|  | If the number of Funded Components is an odd number, then one Funded Component shall be allocated first to the Component that has the Scheduled Valuation Date on the Midpoint Date (the "<u>Midpoint Component</u>"), the first half of the remaining Funded Components shall be allocated to the Components immediately preceding the Midpoint Component and the second half of the remaining Components shall be allocated to the Components immediately following the Midpoint Component. |
|  | If the number of Funded Components is an even number, then the first half of such Funded Components shall be allocated first to the Components immediately preceding the Midpoint Component, one Funded Component shall be allocated to the Midpoint Component and the remaining Funded Components shall be allocated to the Components immediately following the Midpoint Component. |
|  | The Calculation Agent shall notify Counterparty and Dealer such allocation of Funded Components. |
| Unfunded Component: | For any Transaction, each Component of such Transaction that is not a Funded Component. |
| Physical Settlement for Funded Components: | As set forth in Article 9 of the Equity Definitions. |
| Physical Settlement for Unfunded Components: | For each Unfunded Component of a Transaction to which Physical Settlement is applicable, notwithstanding anything to the contrary in the Equity Definitions, on the relevant Settlement Date, (a) if the Settlement Price is greater than the Forward Cap Price, Dealer shall pay to Counterparty the Forward Cap Price *multiplied by* the Number of Shares for such Component, and Counterparty shall deliver to Dealer a number of Shares equal to the Number of Shares for such Component; or (b) if the Settlement Price is less than the Forward Floor Price, Counterparty shall deliver to Dealer a number of Shares equal to the Number of Shares for such Component, and Dealer shall pay to Counterparty the Forward Floor Price *multiplied by* the Number of Shares for such Component. If the Settlement Price is equal to or greater than the Forward Floor Price and less than or equal to the Forward Cap Price, no payment or delivery of Shares shall be made by either party. |

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Settlement Price: Subject to "Disrupted Valuation" above, the VWAP Price on the Valuation Date for such Component.

Settlement Date: The date that is one Settlement Cycle immediately following the Valuation Date for such Component (or, if such date is not a Clearance System Business Day, the next following Clearance System Business Day).

**<u>Share Adjustments; Dividend Payments:</u>**

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|:---|:---|
| Potential Adjustment Events: | If an event occurs that constitutes both a Potential Adjustment Event under Section 11.2(e)(ii)(C) of the Equity Definitions and a Spin-off as described below, it shall be treated hereunder as a Spin-off and not as a Potential Adjustment Event. If the Issuer distributes to all holders of the Shares on a pro rata basis a new series of its common stock that is publicly quoted, traded or listed on any of the New York Stock Exchange, The NASDAQ Global Select Market, The NASDAQ Global Market or The NASDAQ Capital Market (or their respective successors) (the "publicly traded securities") with (x) no voting rights or (y) a lower number of votes per share than that of the Shares, then, as part of its adjustment pursuant to the Method of Adjustment, the Calculation Agent shall adjust the Transaction in accordance with the "Fission Method" provision below; <u>provided</u> that "Spin-off Shares" shall refer to the shares of such new series of common stock and "Original Shares" shall refer to the Shares. |

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|:---|:---|
| Method of Adjustment: | Calculation Agent Adjustment; <u>provided</u> that the Equity Definitions shall be amended by (i) replacing the words "diluting or concentrative" in Sections 11.2(a), 11.2(c) (in two instances) and 11.2(e)(vii) with the words "a material economic", (ii) by adding the words "or the Transaction" after the words "theoretical value of the relevant Shares" in Sections 11.2(a), 11.2(c) and 11.2(e)(vii) and (iii) by deleting Section 11.2(e)(iii); <u>provided</u>, <u>further</u>, that adjustments may be made to account for changes in volatility, expected dividends, stock loan rate and liquidity relative to the relevant Share or the Transaction; <u>provided</u>, <u>further</u>, that the parties hereto agree that any Share repurchases by the Issuer that are not Tender Offers, including those pursuant to Rule 10b-18 of the Exchange Act, Rule 10b5-1 of the Exchange Act or pursuant to forward contracts or accelerated stock repurchase contracts or similar derivatives transactions on customary terms, at prevailing market prices, volume average weighted prices and discounts thereto (all such repurchased Shares, the "<u>Repurchased Shares</u>") shall not be considered Potential Adjustment Events; <u>provided</u>, <u>further</u>, that the issuance of stock options, restricted stock or restricted stock units in the ordinary course pursuant to Issuer's employee incentive plans and the issuance of stock under Issuer's direct stock purchase and dividend reinvestment plans shall not constitute a Potential Adjustment Event. For the avoidance of doubt, in no event shall any adjustment hereunder result in a Share Basket Transaction. |

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Notwithstanding the foregoing, it shall constitute a Potential Adjustment Event if, at any time, the Free Float goes below [ ] (for the avoidance of doubt, subject to any adjustment as a result of any stock split, reverse stock split or any similar corporate event). "<u>Free Float</u>" means total number of outstanding Shares *minus* the total number of issued and outstanding Shares directly or indirectly owned by Insiders (as defined below) (including Shares underlying any synthetic long positions via cash- or physically-settled derivative contracts). "<u>Insider</u>" means (1) the Issuer, (2) any person or entity who holds a seat on the Issuer's board of directors, (3) Counterparty and its affiliates, (4) any other holder of more than 10% of the outstanding Shares that is neither a registered investment company under the Investment Company Act of 1940, as amended (the "<u>Investment Company Act</u>"), nor engaged primarily in the business of making investments in securities, or (5) any person or entity that has evidenced an intention to take any of the actions referenced in clauses (b) through (j) of Item 4 of Schedule 13D.

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|:---|:---|
| Spin-off: | If there occurs a distribution of New Shares (the "<u>Spin-off Shares</u>") of an issuer other than the Issuer (the "<u>Spin-off Issuer</u>") to holders of the Shares (the "<u>Original Shares</u>"), then the Calculation Agent shall adjust the Transaction in accordance with the "Fission Method" provision below. Solely for purposes of this paragraph, "<u>New Shares</u>" means shares of the Spin-off Issuer that are, or that as of the ex-dividend date of such Spin-off are, publicly quoted, traded or listed on either the New York Stock Exchange, The NASDAQ Global Select Market, The NASDAQ Global Market or The NASDAQ Capital Market (or their respective successors). |

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|:---|:---|
| Fission Method: | The Calculation Agent shall adjust the terms of the Transaction such that, as of the ex-dividend date for such Spin-off, the Transaction shall be considered two separate Transactions, each with terms identical to the original Transaction (the "<u>Original Transaction</u>"), except that: (i) the "Shares" for the Original Transaction (the "<u>Original Shares Transaction</u>") shall be the Original Shares and the "Shares" for the other transaction (the "<u>Spin-off Shares Transaction</u>") shall be the Spin-off Shares, (ii) the Number of Shares for the Original Shares Transaction shall remain unchanged from the Number of Shares for the Original Transaction, (iii) the Number of Shares for the Spin-off Shares Transaction shall equal the product of (A) the Number of Shares for the Original Transaction (as in effect immediately prior to the ex-dividend date for such Spin-off) and (B) the number of Spinoff Shares that a holder of one share of Original Shares would have owned or been entitled to receive in connection with such Spin-Off, and (iv) the Forward Floor Price and the Forward Cap Price for each of the Original Shares Transaction and the Spin-off Shares Transaction shall be adjusted by the Calculation Agent to reflect the relative market values per share and dividend practices of the Original Shares and the Spin-off Shares immediately following the ex-dividend date for such Spin-off, as determined by the Calculation Agent such that the sum of the Forward Floor Prices and Forward Cap Prices, respectively, of the Original Shares Transaction and the Spin-off Shares Transaction will equal the Forward Floor Price and Forward Cap Price, respectively, of the Original Transaction; <u>provided</u>, however, that the Calculation Agent may (i) make additional adjustments to the Forward Floor Price and the Forward Cap Price for each of the Original Shares Transaction and the Spin-off Shares Transaction to account for changes in the theoretical fair value of the Transaction as if Calculation Agent Adjustment for Share Adjustments (as modified under this Confirmation) applied (including, without limitation, adjustments to account for changes in volatility, expected dividends, stock loan rate or liquidity relevant to the Original Shares, the Spin-off Shares, the Original Shares Transaction or to the Spin-off Shares Transaction) and (ii) proportionally allocate the aggregate Prepayment Amounts under the Original Transaction to each of the Original Shares Transaction and the Spin-off Shares Transaction (taking into account the respective Forward Floor Price and the Number of Shares thereunder). Following the application of this Fission Method provision, this Confirmation shall apply in all respects (except as provided above) to both the Original Shares Transaction and the Spin-off Shares Transaction as if each were a separate Transaction under the Agreement. |

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|:---|:---|
| Ordinary Cash Dividend Payments: | If at any time during the period from, but excluding, the Trade Date to, and including, the Valuation Date, an ex-dividend date for a cash dividend or distribution that the Calculation Agent determines is an ordinary cash dividend (an "<u>Ordinary Cash Dividend</u>") occurs with respect to the Shares, Counterparty will make a cash payment to Dealer, on the date such Ordinary Cash Dividend is paid by the Issuer to holders of Shares (whether or not before the final Settlement Date or Cash Settlement Payment Date, as applicable), of an amount of cash equal to the product of (i) the amount of such Ordinary Cash Dividend, and (ii) the Hedge Ratio as of the close of the regular trading session on the Exchange on the Exchange Business Day immediately preceding the ex-dividend date for such Ordinary Cash Dividend (each such amount, a "<u>Ordinary Cash Dividend Payment</u>"). |

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Hedge Ratio: The number of Shares that Dealer and/or its affiliates, as applicable, theoretically would be short in order to hedge the equity price risk of the relevant Transaction.

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|:---|:---|
| Extraordinary Dividends: | If there occurs an Extraordinary Dividend, then Counterparty shall make a payment or delivery, as the case may be, to Dealer on the date such Extraordinary Dividend is paid or delivered by the Issuer to holders of Shares, of an amount of the same type of cash or other property so paid or delivered by the Issuer equal to the product of (i) the Hedge Ratio as of the close of the regular trading session on the Exchange on the Exchange Business Day immediately preceding the ex-dividend date for such Extraordinary Dividend and (ii) the amount of such cash or property that would be received by a holder of one Share in such Extraordinary Dividend, as determined by the Calculation Agent. For the avoidance of doubt, the parties acknowledge and agree that in addition to the payment or delivery by Counterparty to Dealer in respect of an Extraordinary Dividend, the Calculation Agent shall adjust the Transaction pursuant to the Method of Adjustment for Share Adjustments (as modified under this Confirmation) to preserve the theoretical value of the Transaction to the parties, but in so doing shall take into account the foregoing payment or delivery. |

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| | |
|:---|:---|
| Extraordinary Dividend: | Any Relevant Dividend that is not of a type described in clause (i) or subclause (A) or (B) of clause (ii) of Section 11.2(e) of the Equity Definitions, is not a distribution of Spin-off Shares (as defined above) and that is not, in the determination of the Calculation Agent, an Ordinary Cash Dividend, including without limitation any Relevant Dividend that is (i) a payment or distribution by the Issuer to holders of Shares that the Issuer announces will be an "extraordinary" or "special" dividend or distribution, (ii) a payment by the Issuer to holders of Shares out of the Issuer's capital and surplus or (iii) any other "special" dividend or distribution on the Shares that is, by its terms or declared intent, outside the normal course of operations or normal dividend policies or practices of the Issuer. |

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Relevant Dividend: Any dividend or distribution on the Shares for which the ex-dividend date occurs from and including the Trade Date to and including the final Valuation Date.

**<u>Extraordinary Events:</u>**

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|:---|:---|
| New Shares: | In the definition of New Shares in Section 12.1(i) of the Equity Definitions, (i) the text in clause (i) thereof shall be deleted in its entirety and replaced with "publicly quoted, traded or listed on any of the New York Stock Exchange, The NASDAQ Global Select Market, The NASDAQ Global Market or The NASDAQ Capital Market (or their respective successors)," and (ii) the following phrase shall be inserted at the end thereof: "and (iii) in the case of a Merger Event, of an entity or person that is a corporation organized under the laws of the United States, any State thereof or the District of Columbia". |

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|:---|:---|
| Announcement Event: | If (i) an Announcement Date occurs in respect of any event or transaction that would, if consummated, lead to a Merger Event (for purposes of this and related provisions, the definition of Merger Event shall be read with the references therein to "100%" being replaced by "30%" and references to "50%" being replaced by "75%" and without reference to the clause beginning immediately following the definition of Reverse Merger therein to the end of such definition), a Tender Offer, or other acquisition or disposition by Issuer and/or its subsidiaries where the aggregate consideration or value exceeds 30% of the market capitalization of Issuer as of the Announcement Date (such other acquisition or disposition, a "<u>Significant Transaction</u>"), (ii) there is a public announcement or statement, in each case, by Issuer of an intention to solicit or enter into, or to explore strategic alternatives or other similar undertakings that may include, a Merger Event, Tender Offer or Significant Transaction, or (iii) there is any subsequent announcement or statement of a change to a transaction or intention that is subject of an announcement of the type described in clause (i) or (ii) of this sentence (including, without limitation, a new announcement, whether or not by the same party, relating to such a transaction or intention or the announcement of a withdrawal from, or the abandonment or discontinuation of, such a transaction or intention), as determined by the Calculation Agent, then the "Consequences of Announcement Event" set forth below shall apply in respect of such Announcement Event. For purposes of any Transaction, a Significant Transaction shall be an Extraordinary Event. |

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|:---|:---|
| Announcement Date: | The definition of "Announcement Date" in Section 12.1(l) of the Equity Definitions is hereby amended by (i) adding the words "or a Significant Transaction" immediately following the words "Merger Event" in the second and third lines thereof, (ii) replacing the words "leads to the" with the words "would, if consummated, lead to a" in the third and the fifth lines thereof, (iii) adding after the words "voting shares" in the fifth line thereof the words ", voting power or Shares", (iv) inserting the words "by the Issuer, any Valid Third-Party Entity and/or any of their respective affiliates or agents, or any subsequent public announcement of a change to such transaction or intention (including, without limitation, a new announcement, whether or not by the same party, relating to such a transaction or intention or the announcement of a withdrawal from, or the abandonment or discontinuance of, such a transaction or intention)" at the end of each of clauses (i) and (ii) thereof. |

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| | |
|:---|:---|
| Valid Third-Party Entity: | In respect of any transaction or event, any third party that has a bona fide intent to enter into or consummate such transaction or event (it being understood and agreed that in determining whether such third party has such a bona fide intent, the Calculation Agent may take into consideration the effect of the relevant announcement by such third party on the Shares and/or exchange listed options relating to the Shares). |

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|:---|:---|
| Consequences of Announcement Event: | With respect to any Announcement Event, the Calculation Agent shall determine the economic effect of such Announcement Event on the theoretical value of each Transaction (including without limitation any change in volatility, expected dividends, stock loan rate or liquidity relevant to the Shares or to the Transaction) (i) on or after the relevant Announcement Date or other date of announcement and (ii) on the Valuation Date or any earlier date of termination or cancellation for such Transaction and if, in the case of clause (i) or (ii), such economic effect is material, (x) the Calculation Agent shall adjust the terms of such Transaction to reflect such economic effect and the cumulative economic effect of prior announcements related to the Announcement Event that are made by any person or entity as it determines appropriate, in good faith and in a commercially reasonable manner, and determine the effective date of such adjustment or (y) if the Calculation Agent determines, on or after the Announcement Date or other date of announcement, that no adjustment it could make under clause (x) above is likely to produce a commercially reasonable result, the Calculation Agent may notify the parties that such Transaction will be terminated, in which case the amount payable upon such termination will be determined by Dealer pursuant to the terms of this Master Confirmation as if such Announcement Event were an Extraordinary Event to which Cancellation and Payment were applicable. For the avoidance of doubt, any such adjustment shall be without prejudice to the application of the provisions set forth in the preceding sentence, "Consequences of Merger Events" and/or "Consequences of Tender Offers" with respect to any other Announcement Date in respect of the same event or transaction, or, if the related Merger Date or Tender Offer Date occurs on or prior to the Valuation Date or earlier date of termination or cancellation for such Transaction, with respect to the related Merger Event or Tender Offer; <u>provided</u> that any such adjustment shall be taken into account by the Calculation Agent or the Determining Party, as the case may be, in determining any subsequent adjustment to the terms of the Transaction, or in subsequently determining any Cancellation Amount or Early Termination Amount, as the case may be, on account of any related Announcement Date, Merger Event or Tender Offer; <u>provided</u>, that no adjustment by the Calculation Agent pursuant to any provision in this Master Confirmation shall be duplicative of any prior adjustment in respect of the same transaction or event made pursuant to any provision of this Master Confirmation. |
| Consequences of Merger Events: | Consequences of Merger Events: |
| (a) Share-for-Share: | Modified Calculation Agent Adjustment. |
| (b) Share-for-Other: | Cancellation and Payment. |
| (c) Share-for-Combined: | Component Adjustment. |
| Tender Offer: | Applicable; <u>provided</u>, <u>however</u>, that Section 12.1(d) of the Equity Definitions shall be amended by replacing the definitions of "Tender Offer" and "Tender Offer Date" in Section 12.1 of the Equity Definitions shall be amended by adding after the words "voting shares" the words ", voting power or Shares". |

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| | |
|:---|:---|
| Consequences of Tender Offers: |  |
| (a) Share-for-Share: | Modified Calculation Agent Adjustment. |
| (b) Share-for-Other: | Modified Calculation Agent Adjustment. |
| (c) Share-for-Combined: | Modified Calculation Agent Adjustment. |
| Composition of Combined Consideration: | Not Applicable; <u>provided</u> that, notwithstanding Sections 12.1 and 12.5(b) of the Equity Definitions, to the extent that the composition of the consideration for the relevant Shares pursuant to a Tender Offer or Merger Event could be determined by a holder of the Shares, the Calculation Agent will determine such composition. |
| Nationalization, Insolvency or Delisting: | Cancellation and Payment; <u>provided</u> that, in addition to the provisions of Section 12.6(a)(iii) of the Equity Definitions, it shall also constitute a Delisting if the Exchange is located in the United States and the Shares are not immediately re-listed, re-traded or re-quoted on any of the New York Stock Exchange, The NASDAQ Global Select Market, The NASDAQ Global Market or The NASDAQ Capital Market (or their respective successors); if the Shares are immediately re-listed, re-traded or re-quoted on any such exchange or quotation system, such exchange or quotation system shall thereafter be deemed to be the Exchange and the Calculation Agent shall make any adjustments it deems necessary to the terms of the Transaction, as if Modified Calculation Agent Adjustment were applicable to such event. |
| **<u>Additional Disruption Events:</u>** | **<u>Additional Disruption Events:</u>** |
| Change in Law: | Applicable; <u>provided</u> that Section 12.9(a)(ii) of the Equity Definitions is hereby amended by (i) replacing the phrase "the interpretation" in the third line thereof with the phrase "or announcement or statement of the formal or informal interpretation", (ii) replacing the word "Shares" with "Hedge Positions" in the sixth line thereof, (iii) immediately following the word "Transaction" in clause (X) thereof, adding the phrase "in the manner contemplated by the Hedging Party on the Trade Date", (iv) deleting the words "it" and "its" in the seventh line thereof and replacing them with the words "either party" and "such party's", respectively, and (v) adding the words ", or holding, acquiring or disposing of Shares or any Hedge Positions relating to," after the word "under" in clause (Y) thereof; <u>provided</u>, <u>further</u>, that any determination as to whether (i) the adoption of or any change in any applicable law or regulation (including, for the avoidance of doubt and without limitation, (A) any tax law or (B) adoption or promulgation of new regulations authorized or mandated by existing statute) or (ii) the promulgation of or any change in the interpretation by any court, tribunal or regulatory authority with competent jurisdiction of any applicable law or regulation (including any action taken by a taxing authority), in each case, constitutes a "Change in Law" shall be made without regard to Section 739 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 or any similar legal certainty provision in any legislation enacted, or rule or regulation promulgated, on or after the Trade Date. |
| Insolvency Filing: | Applicable. |

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|:---|:---|
| Hedging Disruption: | Applicable; <u>provided</u> that:<br>(a) "Hedging Disruption" shall be amended in its entirety to mean that a Hedging Party is unable, after using commercially reasonable efforts, due to external circumstances generally applicable to any participants in the relevant market or any relevant segment of the market in which the Hedging Party operates, to (A) acquire, establish, re-establish, substitute, maintain, unwind or dispose of any transaction(s) or asset(s) it deems necessary to hedge the equity price risk of entering into and performing its obligations with respect to the Transaction in the manner contemplated by the Hedging Party on the Trade Date, or (B) realize, recover or remit the proceeds of any such transaction(s) or asset(s), <u>provided</u> that any such inability that (1) is incurred solely due to the deterioration of the creditworthiness of the Hedging Party, or (2) arises as a result of a failure of a system within the control of the Hedging Party, shall not be deemed a Hedging Disruption. For the avoidance of doubt, the term "equity price risk" shall be deemed to include, but shall not be limited to, stock price and volatility risk. And, for the further avoidance of doubt, any such transactions or assets referred to in phrases (A) or (B) above must be available on commercially reasonable pricing and other terms; and (b) Section 12.9(b)(iii) of the Equity Definitions is hereby amended by inserting in the third line thereof, after the words "to terminate the Transaction", the words "or a portion of the Transaction affected by such Hedging Disruption." |

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|:---|:---|
| Increased Cost of Hedging: | Applicable; <u>provided</u> that:<br>(a) "Increased Cost of Hedging" shall be amended in its entirety to mean that the Hedging Party, due to external circumstances generally applicable to any participants in the relevant market or any relevant segment of the market in which the Hedging Party operates, would incur a materially increased (as compared with the circumstances that existed on the Trade Date) amount of tax, duty, expense or fee (other than brokerage commissions) to (A) acquire, establish, re-establish, substitute, maintain, unwind or dispose of any transaction(s) or asset(s) it deems necessary to hedge the equity price risk (including, for the avoidance of doubt and without limitation, stock price risk and volatility risk) of entering into and performing its obligations with respect to the Transaction, or (B) realize, recover or remit the proceeds of any such transaction(s) or asset(s), provided that any such materially increased amount that (1) is incurred solely due to the deterioration of the creditworthiness of the Hedging Party, (2) could be avoided by the Hedging Party, acting in a commercially reasonable manner based on prevailing circumstances applicable to the Hedging Party (it being understood that the Hedging Party shall only be required to take an action meeting the Avoidance Criteria), or (3) arises as a result of a failure of a system within the control of the Hedging Party, shall not be deemed an Increased Cost of Hedging; and (b) Section 12.9(b)(vi) of the Equity Definitions is hereby amended by inserting the following words immediately following the word "Transaction" in clause (C) thereof: "or, at the option of the Hedging Party, the portion of the Transaction affected by such Increased Cost of Hedging." |

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|:---|:---|
| Avoidance Criteria: | With respect to an action, as determined by Dealer in good faith, that the condition that (i) such action would not cause the Hedging Party to breach any legal, regulatory or self-regulatory requirements or related policies and procedures (whether or not such requirements, policies or procedures are imposed by law or have been voluntarily adopted by the Hedging Party, provided that any such voluntarily adopted requirements, policies or procedures shall have been adopted prior to the occurrence of the relevant Additional Disruption Event and are applied to the relevant Transaction and transactions that are similar thereof in a non-discriminatory manner) and (y) such action would not impose any administrative or operational burden or any increased cost to the Hedging Party, in each case, that is more than de minimis as compared to the circumstances existing on the Trade Date (taking into account any previous costs that have been paid or reflected in any adjustment to the relevant Transaction in accordance with Section 12.9(b) of the Equity Definitions). |

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|:---|:---|
| Loss of Stock Borrow: | Applicable. |
| Maximum Stock Loan Rate: | 200 basis points <u>per annum</u> |
| Increased Cost of Stock Borrow: | Applicable. |
| Initial Stock Loan Rate: | 25 basis points <u>per annum</u>; <u>provided</u>, <u>however</u>, the provisions of "Excess Borrow Payments" below shall apply in lieu of the provisions set forth in Section 12.9(b)(v) of the Equity Definitions. |
| Hedging Party: | For all applicable Additional Disruption Events, Dealer, acting in good faith and in a commercially reasonable manner; <u>provided</u> that, when making any election, determination or calculation, the Hedging Party shall be bound by the same obligations applicable to the Calculation Agent hereunder as if the Hedging Party were the Calculation Agent. |

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|:---|:---|
| Determining Party: | For all applicable Extraordinary Events, Dealer, acting in good faith and in a commercially reasonable manner; <u>provided</u> that, when making any election, determination or calculation, the Determining Party shall be bound by the same obligations applicable to the Calculation Agent hereunder as if the Determining Party were the Calculation Agent. |

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Non-Reliance: Applicable.

Agreements and Acknowledgments Regarding Hedging Activities: Applicable.

Additional Acknowledgments: Applicable.

**<u>Excess Borrow Payments:</u>**

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|:---|:---|
| Excess Borrow Payment: | Counterparty shall pay Dealer the Excess Borrow Amount on each Excess Borrow Payment Date. |

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Excess Borrow Payment Calculation Dates: The last Scheduled Trading Day of each calendar month occurring prior to the final Valuation Date and the final Settlement Date or the Cash Settlement Payment Date, as applicable.

Excess Borrow Payment Dates: The Currency Business Day following each Excess Borrow Payment Calculation Date.

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|:---|:---|
| Excess Borrow Amount: | An amount, if any, equal to the sum of the Daily Excess Borrow Amounts determined with respect to each day during the relevant Excess Borrow Amount Determination Period. |

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|:---|:---|
| Daily Excess Borrow Amount: | With respect to each day during an Excess Borrow Amount Determination Period, an amount, if any, equal to the quotient of (a) the product of (i) the Hedge Ratio, (ii) the Closing Price, and (iii) the Excess Borrow Cost, in each case (in respect of (i) through (iii)) determined as of such day divided by (b) 360. |

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Closing Price: The closing price per Share on the Exchange on the relevant day, as determined by the Calculation Agent; provided, however, that, if such price is not so reported on such day for any reason, as determined by the Calculation Agent.

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|:---|:---|
| Excess Borrow Amount Determination Period: | The period from, and including, the immediately preceding Excess Borrow Payment Calculation Date (or, if none, the Trade Date) to, but excluding, the relevant Excess Borrow Payment Calculation Date. |

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|:---|:---|
| Excess Borrow Cost: | With respect to each day during the Excess Borrow Amount Determination Period, the greater of (a) the Actual Rate minus the Threshold Rate, and (b) zero. |

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Actual Rate: On any day, the aggregate cost directly incurred by Dealer and/or its affiliates to borrow the Shares to establish and maintain the Hedge Ratio on such day, as determined by Dealer in its sole discretion, expressed as a fixed rate per annum.

Threshold Rate: 25 basis points <u>per annum</u>.

3. **<u>Calculation Agent:</u>**

Dealer; <u>provided</u> that, following the occurrence of an Event of Default under Section 5(a)(vii) of the Agreement with respect to which Dealer is the Defaulting Party, Counterparty shall have the right to designate a nationally recognized third-party dealer in over-the-counter corporate equity derivatives to act, during the period commencing on the date such Event of Default occurred and ending on the Early Termination Date with respect to such Event of Default, as the Calculation Agent with respect to the Transaction. Whenever the Calculation Agent is required to act or to exercise judgment in any way with respect to any Transaction hereunder, it will do so in good faith and in a commercially reasonable manner. Following any determination, adjustment or calculation by the Calculation Agent, the Calculation Agent will, upon request by Counterparty, promptly, but in no event later than the 5<sup>th</sup> Exchange Business Day following such request, provide to Counterparty a report (in a commonly used file format for the storage and manipulation of financial data but without disclosing Dealer's confidential or proprietary models or other information that may be confidential, proprietary or subject to contractual, legal or regulatory obligations to not disclose such information) displaying in reasonable detail the basis for such determination, adjustment or calculation, as the case may be.

4. **<u>Conditions</u>**  **<u>Precedent:</u>** With respect to each Transaction, Dealer's obligations under such Transaction are subject to the satisfaction or waiver (such waiver to be in writing) by Dealer of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The representations and warranties of Counterparty contained herein, in the Agreement (including as may be modified herein) and in each Credit Support Document shall be true and correct as of the Trade Date as if made on the Trade Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Counterparty shall have performed all of the covenants and obligations to be performed by Counterparty on or prior to the Trade Date hereunder, under the Agreement (including as may be modified herein) and under each Credit Support Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Counterparty shall have executed the related Supplemental Confirmation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Counterparty shall have delivered to Dealer or the Custodian on or prior to the second Exchange Business Day immediately following the Trade Date a number of Shares equal to, for each Transaction without an Initial Hedging Period, the aggregate Number of Shares for the Transaction, or for each Transaction with an Initial Hedging Period, the Maximum Number of Shares, as applicable (the "<u>Collateral Shares</u>"), in the manner specified in the Pledge and Security Annex hereto contained in Annex B;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Counterparty shall have executed an Account Control Agreement, dated as of the date of this Master Confirmation, among Counterparty, Dealer and U.S. Bank National Association (the "<u>Custodian</u>") (the "<u>Control Agreement</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Counterparty shall have delivered to Dealer a copy of the constitutive or organizational documents in respect of Counterparty in effect as of the date hereof (the "<u>Organizational Documents</u>"); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Dealer has received such other executed documents customary for a variable forward transaction in compliance with the Interpretive Letters (as defined below).

5. **<u>Additional Representations and Warranties:</u>** In connection with this Master Confirmation, each Supplemental Confirmation, any related Pricing Notice and each Transaction hereunder, each party represents and warrants to the other party on the Trade Date of each Transaction that such party is an "accredited investor" as defined in Section 2(a)(15)(ii) of the Securities Act of 1933, as amended (the "<u>Securities Act</u>"), and an "eligible contract participant" as such term is defined in the Commodity Exchange Act, as amended, by virtue of being a corporation, partnership, proprietorship, organization, trust or other entity that has total assets exceeding $10,000,000.

6. **<u>Counterparty Representations, Warranties and Agreements:</u>** Counterparty hereby represents and warrants to, and agrees with, Dealer on the Trade Date for each Transaction and any day on which it makes an election of a Settlement Method, unless another date or dates are specified below, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Counterparty is not entering into any Transaction hereunder or taking any action (including any election or deemed election) hereunder or in connection herewith "on the basis of" (as defined in Rule 10b5-1(b) under the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>")) any material nonpublic information concerning the Shares or the business, operations or prospects of the Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Counterparty is not entering into any Transaction or making any election hereunder to create actual or apparent trading activity in the Shares (or any security convertible into or exchangeable for Shares) or to raise or depress or otherwise manipulate the price of the Shares (or any security convertible into or exchangeable for Shares) or otherwise in violation of applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Counterparty understands and will comply with Counterparty's responsibilities under applicable securities laws in connection with each Transaction hereunder including, but not limited to, the provisions of Section 13 and Section 16 of the Exchange Act, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Counterparty (A) (and any person who would be considered to be the same "person" as Counterparty or "acting in concert" with Counterparty) has not, during the preceding three months, except as forth in any Form 144 or other notice delivered to Dealer prior to the Trade Date, sold any Shares (or security entitlements in respect thereof); and (B) agrees that Counterparty shall not, without the prior written consent of Dealer, sell any Shares (or security entitlements in respect thereof) during the Initial Hedging Period. For the purposes of (A) and (B) hereof; (i) Shares shall be deemed to include securities convertible into or exchangeable or exercisable for Shares; (ii) sales shall include hedges (through swaps, options, short sales or otherwise) of any long position in the Shares (or security entitlements in respect thereof) and (iii) sales and hedges by Counterparty shall include those by any person attributable to or aggregated with Counterparty for purposes of Rule 144 under the Securities Act ("<u>Rule 144</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If Counterparty were to sell on the Trade Date a number of Shares equal to the Number of Shares for the Transaction, such sales would comply with the volume limitations set forth in paragraph (e) of Rule 144.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Counterparty does not know or have any reason to believe that the Issuer has not complied with the reporting requirements contained in paragraph (c)(1) of Rule 144.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Counterparty has transmitted for filing with the Securities and Exchange Commission (the "<u>SEC</u>") a Form 144 with respect to the Transaction in accordance with the requirements of Rule 144, and has filed, or will file, any amendments thereto necessary pursuant to Rule 144 or any related interpretation of the SEC. Counterparty will promptly provide Dealer with a copy of all such filings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Counterparty understands no obligations of Dealer to Counterparty hereunder will be entitled to the benefit of deposit insurance and that such obligations will not be guaranteed by any affiliate of Dealer or any governmental agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Counterparty understands Counterparty's investments in and liabilities in respect of a Transaction hereunder are not readily marketable, and Counterparty is able to bear any loss in connection with such Transaction, including the loss of Counterparty's entire investment in such Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) COUNTERPARTY UNDERSTANDS THAT ANY TRANSACTION HEREUNDER IS SUBJECT TO COMPLEX RISKS WHICH MAY ARISE WITHOUT WARNING AND MAY AT TIMES BE VOLATILE AND THAT LOSSES MAY OCCUR QUICKLY AND IN UNANTICIPATED MAGNITUDE AND IS WILLING TO ACCEPT SUCH TERMS AND CONDITIONS AND ASSUME (FINANCIALLY AND OTHERWISE) SUCH RISKS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Counterparty is entering into each Transaction hereunder for Counterparty's own account and not with a view to transfer, resale or distribution and understands that such Transaction may involve the purchase or sale of a security as defined in the Securities Act and the securities laws of certain states and other jurisdictions, that any such security has not been registered under the Securities Act or the securities laws of any state or other jurisdiction and, therefore, (except for any pledge to Dealer or its affiliates) may not be sold, pledged, hypothecated, transferred or otherwise disposed of unless such security is registered under the Securities Act and any applicable state or other jurisdiction's securities law, or an exemption from registration is available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Counterparty is aware and acknowledges that Dealer, its affiliates or any entity with which Dealer hedges any Transaction hereunder may from time to time take positions in instruments that are identical or economically related to such Transaction or the Shares or have an investment banking or other commercial relationship with the Issuer. In addition, Counterparty acknowledges that the proprietary trading and other activities and transactions of Dealer, its affiliates or any entity with which Dealer hedges any Transaction hereunder, including purchases and sales of the Shares in connection with, or in anticipation of, such Transaction, may affect the trading price of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) For the avoidance of doubt, and without limiting any representation contained in Section 3(a)(iii) of the Agreement, Counterparty represents that the execution, delivery and performance of this Master Confirmation, each Supplemental Confirmation, any related Pricing Notice, each Credit Support Document and any other documentation relating to the Agreement to which Counterparty or any of its Affiliates is a party do not violate or conflict with, and will not violate or conflict with, any of the terms or provisions of any stockholders' agreement, investment agreement, lock-up agreement, standstill agreement, registration rights agreement, confidentiality agreement or other agreement binding on Counterparty or its Affiliates or affecting Counterparty, its Affiliates or any of their respective assets (including its Shares).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Counterparty will promptly notify Dealer of the occurrence of an Event of Default under the Agreement where Counterparty is the Defaulting Party, or the occurrence of any event that with the giving of notice, the lapse of time or both would be such an Event of Default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Counterparty was not and will not be insolvent at the time any Transaction hereunder was consummated, and was not and will not be rendered insolvent as a result thereof. At the time of any payment to or for the benefit of Dealer, Counterparty did not intend and will not intend to incur, and did not incur and will not incur, debts that were beyond the ability of Counterparty to pay as they mature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Counterparty is not and, after giving effect to any Transaction contemplated hereby, will not be required to register as an "investment company" as such term is defined in the Investment Company Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) The assets used in connection with the execution, delivery and performance of the Agreement and the Transactions entered into hereunder are not and will not be the assets of (A) an "employee benefit plan" (with the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended ("<u>ERISA</u>")) subject to Title I of ERISA, (B) a plan described in Section 4975 of the Internal Revenue Code of 1986, as amended (the "Code") to which Section 4975 of the Code applies or (C) an entity whose underlying assets include "plan assets" by reason of Department of Labor regulation section 2510.3-101 (as modified by Section 3(42) of ERISA) or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) Counterparty agrees to abide in all material respects with the single purpose, separateness and bankruptcy remote provisions contained in the Organizational Documents (such provisions, the "<u>SPE Provisions</u>").

7. **<u>Acknowledgments:</u>** The parties hereto agree and acknowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Dealer is a "financial institution," "swap participant" and "financial participant" within the meaning of Sections 101(22), 101(53C) and 101(22A) of the Bankruptcy Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Master Confirmation, each Supplemental Confirmation, any related Pricing Notice and each Credit Support Document is (i) a "securities contract," as such term is defined in Section 741(7) of the Bankruptcy Code, with respect to which each payment and delivery hereunder, thereunder or in connection herewith or therewith is a "termination value," "payment amount" or "other transfer obligation" within the meaning of Section 362 of the Bankruptcy Code and a "settlement payment" and "transfer" within the meaning of Section 546 of the Bankruptcy Code, and any cash, securities or other property provided as performance assurance, credit support or collateral with respect to each Transaction is a "margin payment" and "transfer" within the meaning of Section 546 of the Bankruptcy Code, (ii) a "swap agreement," as such term is defined in Section 101(53B) of the Bankruptcy Code, with respect to which each payment and delivery hereunder, thereunder or in connection herewith or therewith is a "termination value," "payment amount" or "other transfer obligation" within the meaning of Section 362 of the Bankruptcy Code and a "transfer," as such term is defined in Section 101(54) of the Bankruptcy Code and a "payment or other transfer of property" within the meaning of Sections 362 and 546 of the Bankruptcy Code and constitute "settlement payments" as defined in Section 741(8) of the Bankruptcy Code and (iii) a "master netting agreement" and each of the parties thereto is a "master netting agreement participant", each as defined in the Bankruptcy Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The rights given to Dealer under this Master Confirmation, under each Supplemental Confirmation, under any related Pricing Notice, the Agreement and each Credit Support Document upon the occurrence of an Event of Default with respect to the other party constitute a "contractual right" to cause the liquidation, termination or acceleration of, and to offset or net out termination values, payment amounts and other transfer obligations under or in connection with a "securities contract" and a "swap agreement" and a "contractual right" under a security agreement or arrangement forming a part of or related to a "securities contract" and a "swap agreement," as such terms are used in Sections 555, 560, 561, 362(b)(6) and 362(b)(17) of the Bankruptcy Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Dealer is entitled to the protections afforded by, among other sections, Sections 362(b)(6), 362(b)(17), 362(b)(27), 362(o), 546(e), 546(g), 546(j), 548(d)(2), 555, 560 and 561 of the Bankruptcy Code.

8. **<u>Miscellaneous:</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Transfer</u>. Notwithstanding any provision of the Agreement to the contrary, (i) Counterparty shall be entitled to pledge all of its rights and interest in any Transaction hereunder to Dealer, (ii) Counterparty shall be entitled to assign its rights and obligation hereunder and under any Credit Support Document to make or receive cash payments or deliveries and other related rights to any Person that is (or will be), at the time of such assignment, directly or indirectly owned or controlled by a Permitted Holder (the "<u>Designated Transferee</u>") and Dealer shall use commercially reasonable efforts to effect such transfer, so long as (1) [*Reserved*]; (2) Dealer shall have received all reasonable information and reasonable documentation in respect of such Designated Transferee reasonably necessary to satisfy its usual and customary know-your-customer and anti-money laundering requirements; (3) such transfer shall be effected on terms reasonably satisfactory to Dealer and Designated Transferee, including not exposing Dealer to any new material risks as a result of the assignment or transfer and any reasonable undertakings by such Designated Transferee (including, but not limited to, an undertaking with respect to compliance with applicable securities laws in a manner that, in the reasonable judgment of Dealer, will not expose Dealer to material risks under applicable securities laws); (4) Dealer is reasonably satisfied, based on advice of counsel, that such transfer complies with applicable legal, regulatory or self-regulatory requirements or related policies and procedures (whether or not such requirements, policies or procedures are imposed by law or have been voluntarily adopted by Dealer, but so long as such policies and procedures are related to legal, regulatory or self-regulatory issues and are generally applicable in similar situations and applied to similar transactions in a non-discriminatory manner), including, without limitation, the Interpretive Letters; (5) such Designated Transferee shall have provided Dealer, prior to such transfer, with a complete and accurate U.S. Internal Revenue Service Form W-9 (certifying that such Designated Transferee (or, if such Designated Transferee is disregarded as an entity separate from its regarded owner for U.S. federal income tax purposes, such regarded owner) is not subject to U.S. federal backup withholding), and provide such other tax documentation as may be reasonably requested by Dealer; (6) Dealer shall not, as a result of such transfer, be required to pay the Designated Transferee on any payment date an amount under Section 2(d)(i)(4) of the Agreement greater than an amount that Dealer would have been required to pay to Counterparty in the absence of such transfer, (7) Dealer shall not, as a result of such transfer, receive from such Designated Transferee on any payment date any amount less than it would have been entitled to receive in the absence of such transfer, (8) no Potential Event of Default, Event of Default or Termination Event has occurred and is continuing with respect to Counterparty or shall occur as a result of the assignment or transfer and (9) such Designated Transferee's operating agreement shall include provisions equivalent to the SPE Provisions, and (iii) Dealer shall be entitled to assign its rights and obligations hereunder and under any Credit Support Document to make or receive cash payments or deliveries and other related rights to one or more entities that are wholly-owned, directly or indirectly, by Dealer's ultimate parent ("<u>Dealer Parent</u>"), or any successor thereto, and that (a) has a rating for its long term, unsecured and unsubordinated indebtedness that is equal to or better than the credit rating of Dealer Parent at the time of such transfer or assignment, or (b) whose obligations hereunder will be guaranteed, pursuant to the terms of a customary guarantee in a form used by Dealer generally for similar transactions, by Dealer or Dealer Parent (each, a "<u>Dealer Affiliate</u>"); <u>provided</u> that, with respect to an assignment or transfer under clause (iii) above, (1) at the time of such assignment or transfer, Counterparty will not, and, as a result of such assignment or transfer, would not reasonably be expected at any time to, be required to pay to the Dealer Affiliate an amount in respect of an Indemnifiable Tax greater than the amount in respect of which Counterparty would have been required to pay to Dealer had such assignment or transfer not occurred; (2) at the time of such assignment or transfer, Counterparty will not, and, as a result of such assignment or transfer, would not reasonably be expected at any time to, receive any payment from which an amount is required to be withheld or deducted for or on account of a Tax that would result in Counterparty receiving an amount (taking into account any additional amounts paid under Section 2(d)(i)(4) of the Agreement) that is less than the amount that Counterparty would have received from Dealer in the absence of such transfer or assignment; (3) such assignment or transfer will not cause a taxable event for Counterparty (or any of its affiliates or owners or any group including Counterparty or any of the foregoing) and the Dealer Affiliate (I) provides to Counterparty on or before the effective time of such assignment or transfer a valid, correct, completed and signed United States Internal Revenue Service Form W-9 or W-8ECI (or, in either case, successor form thereto) reasonably satisfactory to Counterparty and agrees to update such form (x) prior to the date upon which the form provided becomes invalid; (y) promptly upon the reasonable request of Counterparty; and (z) promptly upon learning that any such form previously provided has become obsolete, incorrect or invalid, and (II) provides updated Payee Representations to Counterparty reasonably satisfactory to Counterparty; (4) neither an Event of Default with respect to which Dealer is the Defaulting Party nor a Termination Event with respect to which Dealer is an Affected Party has occurred and is continuing at the time of the assignment or transfer, and neither an Event of Default nor a Termination Event shall occur as a result of the assignment or transfer; (5) it will not become, and, as a result of such assignment or transfer, would not reasonably be expected at any time to become, unlawful for either party to perform any obligation under the Transaction as a result of such assignment or transfer; (6) Counterparty would not, at the time and as a result of such assignment or transfer, reasonably be expected to be required to become subject to any registration or other qualification requirement, or to become subject to additional regulatory requirements under applicable law or regulation to which it would not otherwise have been subject absent such assignment or transfer, and (7) Dealer provides to Counterparty written notice of such assignment or transfer reasonably promptly after such assignment or transfer specifying the date of such assignment or transfer. Unless Counterparty is notified in writing to the contrary, from and after such date specified for an assignment or transfer that complies with the foregoing, Counterparty will treat the Dealer Affiliate as Dealer for all purposes; <u>provided</u>, <u>further</u>, that Counterparty shall have recourse to Dealer in the event of the failure by a Dealer Affiliate to perform any of such obligations hereunder. Notwithstanding the foregoing, recourse to Dealer shall be limited to recoupment of Counterparty's monetary damages and Counterparty hereby waives any right to seek specific performance by Dealer of its obligations hereunder. Such failure after any applicable grace period shall be an Additional Termination Event with the Transaction to which the failure relates as the sole Affected Transaction and Dealer as the sole Affected Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Consent to Recording</u>. Each party (i) consents to the recording of the telephone conversations of trading and marketing personnel of the parties and their affiliates in connection with the Agreement, this Master Confirmation, each Supplemental Confirmation and any related Pricing Notice and (ii) agrees to obtain any necessary consent of, and give notice of such recording to, such personnel of such party and such party's affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Severability; Illegality</u>. If compliance by either party with any provision of a Transaction would be unenforceable or illegal, (i) the parties shall negotiate in good faith to resolve such unenforceability or illegality in a manner that preserves the economic benefits of the transactions contemplated hereby and (ii) the other provisions of such Transaction shall not be invalidated, but shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Waiver of Trial by Jury</u>. EACH OF COUNTERPARTY AND DEALER HEREBY IRREVOCABLY WAIVES (ON SUCH PARTY'S OWN BEHALF AND, TO THE EXTENT PERMITTED BY APPLICABLE LAW, ON BEHALF OF SUCH PARTY'S STOCKHOLDERS OR OTHER EQUITY HOLDERS) ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO the Agreement, this Master Confirmation, aNY Supplemental Confirmation, ANY RELATED PRICING NOTICE or the transactions contemplated hereby OR THEREBY OR THE ACTIONS OF DEALER OR ITS AFFILIATES IN THE NEGOTIATION, PERFORMANCE OR ENFORCEMENT HEREOF or THEREOF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Confidentiality</u>. Dealer and Counterparty agree that (i) Counterparty is not obligated to Dealer to keep confidential from any and all persons or otherwise limit the use of any element of Dealer's descriptions relating to tax aspects of the Transactions contemplated hereby and any part of the structure necessary to understand those tax aspects, and (ii) Dealer does not assert any claim of proprietary ownership in respect of such descriptions contained herein of the use of any entities, plans or arrangements to give rise to significant U.S. federal income tax benefits for Counterparty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Limit on Beneficial Ownership</u>. Notwithstanding anything to the contrary in the Agreement, this Master Confirmation, any Supplemental Confirmation or any related Pricing Notice, in no event shall Dealer be entitled to receive, or shall be deemed to receive, any Shares in connection with a Transaction if, immediately upon giving effect to such receipt of such Shares, (i) Dealer's Beneficial Ownership would be equal to or greater than 4.5 % of the outstanding Shares, (ii) Dealer, or any "affiliate" or "associate" of Dealer, would be an "interested stockholder" of Issuer, as all such terms are defined in Section 203 of the Delaware General Corporation Law or (iii) Dealer, Dealer Group (as defined below) or any person whose ownership position would be aggregated with that of Dealer or Dealer Group (Dealer, Dealer Group or any such person, a "<u>Dealer Person</u>") under any federal, state or local laws, regulations, regulatory orders or organizational documents or contracts of Issuer that are, in each case, applicable to ownership of Shares ("<u>Applicable Restrictions</u>"), owns, beneficially owns, constructively owns, controls, holds the power to vote or otherwise meets a relevant definition of ownership in excess of a number of Shares equal to (x) the number of Shares that would give rise to reporting or registration obligations or other requirements (including obtaining prior approval by a state or federal regulator) of a Dealer Person, or could result in an adverse effect on a Dealer Person, under Applicable Restrictions, as determined by Dealer in its reasonable discretion, and with respect to which such requirements have not been met or the relevant approval has not been received or that would give rise to any consequences under the constitutive documents of Issuer or any contract or agreement to which Issuer is a party, in each case *minus* (y) 1% of the number of Shares outstanding on the date of determination (each of clause (i), (ii) and (iii) above, an "<u>Ownership Limitation</u>"). If any delivery owed to Dealer hereunder is not made, in whole or in part, as a result of an Ownership Limitation, Dealer's right to receive such delivery shall not be extinguished and Counterparty shall make such delivery as promptly as practicable after, but in no event later than one Scheduled Trading Day after, Dealer gives notice to Counterparty that such delivery would not result in any of such Ownership Limitations being breached. "<u>Dealer's Beneficial Ownership</u>" means the "beneficial ownership" (within the meaning of Section 13 of the Exchange Act and the rules promulgated thereunder (collectively, "<u>Section 13</u>")) of Shares, without duplication, by Dealer, together with any of its affiliates or other person subject to aggregation with Dealer under Section 13 for purposes of "beneficial ownership", or by any "group" (within the meaning of Section 13) of which Dealer is or may be deemed to be a part (Dealer and any such affiliates, persons and groups, collectively, "<u>Dealer Group</u>") (or, to the extent that, as a result of a change in law, regulation or interpretation after the date hereof, the equivalent calculation under, if applicable, Section 16 of the Exchange Act and the rules and regulations thereunder results in a higher number, such number). Notwithstanding anything in the Agreement, this Master Confirmation, any Supplemental Confirmation or any related Pricing Notice to the contrary, Dealer (or the Dealer Affiliate designated by Dealer pursuant to Section 8(a) above) shall not become the record or beneficial owner, or otherwise have any rights as a holder, of any Shares that Dealer (or such affiliate) is not entitled to receive at any time pursuant to this Section 8(f), until such time as such Shares are delivered pursuant to this Section 8(f).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Designation by Dealer</u>. Notwithstanding any other provision in this Master Confirmation to the contrary requiring or allowing Dealer to purchase, sell, receive or deliver any Shares or other securities, or make or receive any payment in cash, to or from Counterparty, Dealer may designate any of its affiliates to purchase, sell, receive or deliver such Shares or other securities, or make or receive such payment in cash, and otherwise to perform Dealer's obligations in respect of any Transaction hereunder and any such designee may assume such obligations; provided that clauses (1) through (3) and (7) of the first proviso under Section 8(a)(iii) of this Master Confirmation (Miscellaneous: Transfer) are satisfied with respect to such designation (solely for this purpose, treating such designee as a Dealer Affiliate and such designation as an assignment or transfer). Dealer shall be discharged of its obligations to Counterparty to the extent of any such performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Interpretive Letters</u>. The parties intend that this Master Confirmation and each Supplemental Confirmation hereunder constitute "binding commitments" (with respect to each Transaction without an Initial Hedging Period) and "Contracts" as described in the letter dated December 14, 1999 submitted by Robert W. Reeder and Alan L. Beller to Michael Hyatte of the staff of the SEC (the "<u>Staff</u>") to which the Staff responded in an interpretive letter dated December 20, 1999 (the "<u>1999 Interpretive Letter</u>") or "contracts" as described in the letter dated November 30, 2011 submitted by Robert T. Plesnarski and Glen A. Rae to Thomas Kim of the Staff to which the Staff responded in an interpretive letter dated December 1, 2011 (the "<u>2011 Interpretive Letter</u>" and, together with the 1999 Interpretive Letter, the "<u>Interpretive Letters</u>"). Dealer agrees that it (or any of its affiliates or agents) will introduce into the public markets a number of Shares equal to the full Number of Shares in a manner consistent with the manner-of-sale requirements described in Rule 144(f).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Voting Rights in Collateral.</u> Unless an Early Termination Date has occurred with respect to Counterparty or been designated as a result of an Event of Default with respect to Counterparty, Counterparty shall be entitled to exercise any and all voting and other consensual rights pertaining to the Collateral or any part thereof. For the avoidance of doubt, Counterparty shall be entitled to exercise any and all voting and other consensual rights pertaining to a number of Shares equal to the Number of Shares in respect of each Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Agreements regarding the Pricing Notice</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Counterparty accepts and agrees to be bound by the contractual terms and conditions as set forth in the Pricing Notice for each Transaction, absent manifest error. Upon receipt of a Pricing Notice, Counterparty shall promptly execute and return such Pricing Notice to Dealer; <u>provided</u> that Counterparty's failure to so execute and return a Pricing Notice shall not affect the binding nature of such Pricing Notice, and the terms set forth therein shall be binding on Counterparty to the same extent, and with the same force and effect, as if Counterparty had executed a written version of such Pricing Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Counterparty and Dealer agree and acknowledge that (A) the transactions contemplated by this Master Confirmation and each Supplemental Confirmation will be entered into in reliance on the fact that this Master Confirmation, the relevant Supplemental Confirmation and the related Pricing Notice form a single agreement between Counterparty and Dealer, and Dealer would not otherwise enter into such transactions; (B) this Master Confirmation as supplemented by the relevant Supplemental Confirmation is a "qualified financial contract", as such term is defined in Section 5-701(b)(2) of the General Obligations Law of New York (the "<u>General Obligations Law</u>"); (C) the relevant Pricing Notice, regardless of whether such Pricing Notice is transmitted electronically or otherwise, constitutes a "confirmation in writing sufficient to indicate that a contract has been made between the parties" hereto, as set forth in Section 5-701(b)(3)(b) of the General Obligations Law; and (D) this Master Confirmation as supplemented by the relevant Supplemental Confirmation constitutes a prior "written contract", as set forth in Section 5-701(b)(1)(b) of the General Obligations Law, and each party hereto intends and agrees to be bound by this Master Confirmation as supplemented by the relevant Supplemental Confirmation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Counterparty and Dealer further agree and acknowledge that this Master Confirmation, as supplemented by the relevant Supplemental Confirmation, constitutes a contract "for the sale or purchase of a security", as set forth in Section 8-113 of the Uniform Commercial Code of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>FINRA 2111 Representation</u>. It (i) is capable of evaluating investment risks independently, both in general and with regard to all transactions and investment strategies involving a security or securities; (ii) will exercise independent judgment in evaluating the recommendations of any broker-dealer or its associated persons, unless it has otherwise notified the broker-dealer in writing; and (iii) has total assets of at least USD 50 million as of the date hereof and each Trade Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>EMIR Portfolio Reconciliation, Dispute Resolution and Disclosure Protocol</u>. Subject to the below, the parties hereby agree that the definitions contained in Section 4 of, and the provisions set out in the Attachment to, the ISDA 2013 EMIR Portfolio Reconciliation and Dispute Resolution and Disclosure Protocol as published by ISDA on 19 July 2013 available on the ISDA website (www.isda.org) (the "<u>EMIR Protocol</u>") shall be incorporated by reference to the Agreement, mutadis mutandis, as though such provisions and definitions were set out in full herein, with any such conforming changes as are necessary to deal with what would otherwise be inappropriate or incorrect cross-references:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **References:** 

References therein to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the "Adherence Letter" shall be deemed to be to this section of this Confirmation (and references
to "such party's Adherence Letter" and "its Adherence Letter" shall be read accordingly);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. references to "adheres to the Protocol" shall be deemed to be "enters into the Agreement";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. the "Implementation Date" shall be deemed to be references to the date of this Confirmation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. the "Protocol Covered Agreement" shall be deemed to be the Agreement (and each "Protocol
Covered Agreement" shall be read accordingly); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. the "Protocol" shall be deleted.

&nbsp;&nbsp;&nbsp;&nbsp;2. **Portfolio reconciliation process status:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. [ ] confirms that it is a Portfolio
Data Sending Entity, subject to Part I.2(a) of the Attachment to the EMIR Protocol.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. LN Holdings 1, LLC confirms
that it is a Portfolio Data Receiving Entity, subject to Part I.2(a) of the Attachment to the EMIR Protocol.

&nbsp;&nbsp;&nbsp;&nbsp;3. **Local Business Days:** The definition of "Local Business Day" in Section 14 of the
Agreement is amended by replacing the last "and" with a comma and inserting the following before the full stop at the end
of the definition:

", and (f) in relation to the portfolio reconciliation and dispute resolution procedures pursuant to the EMIR Protocol, unless otherwise agreed between the parties in writing, a day in which commercial banks and foreign exchange markets settle payments and are open for general business in, in respect of [ ], Madrid, Spain; and in respect of LN Holdings 1, LLC, Colorado, USA";

&nbsp;&nbsp;&nbsp;&nbsp;4. **Contact details for Portfolio Data, Discrepancy Notices and Dispute Notices:** 

The following items may be delivered to [ ] at the contact details shown below:

---

| | |
|:---|:---|
| Portfolio Data: | [ ]; [ ] |
| Notice of a discrepancy: | [ ]; [ ] |
| Dispute Notice: | [ ]; [ ] |

---

The following items may be delivered to LN Holdings 1, LLC at the contact details shown below:

---

| | |
|:---|:---|
| Portfolio Data: | [Separately provided] |
| Notice of a discrepancy: | [Separately provided] |
| Dispute Notice: | [Separately provided] |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Use of an agent or third party service provider</u>. [ ] and/or LN Holdings 1, LLC may appoint a third party as its agent and/or third party service provider for the purposes of performing all or part of the actions required by the Portfolio Reconciliation Risk Mitigation Techniques.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>NFC Representation</u>. Counterparty represents and warrants to Dealer (which representation and warranty will be deemed to be made under the Agreement and repeated at all times while any "Transaction" under any Confirmation under the Agreement remains outstanding, unless the Counterparty notifies the Dealer promptly otherwise of any change in its status from that represented) that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it is an entity established outside the European Union and the United Kingdom of Great Britain and Northern Ireland (the "<u>UK</u>") that would constitute (a) a non-financial counterparty (as such term is defined in Regulation (EU) No 648/2012 of the European Parliament and of the Council on OTC derivatives, central counterparties and trade repositories dated 4 July 2012 ("<u>EMIR</u>")) if it were established in the European Union, and (b) a non-financial counterparty (as defined in EMIR as it forms part of 'retained EU law' (as defined in the European Union (Withdrawal) Act 2018 (as amended from time to time)) ("<u>UK EMIR</u>")) if it were established in the United Kingdom; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) as at the date of the trade, the entity would not have executed a sufficient amount of derivative activity such that the month-end average notional during the previous 12 months from the date hereof would classify the entity as exceeding any of the clearing thresholds and would therefore not be subject to the clearing obligation pursuant to EMIR, as established by EMIR or UK EMIR, as relevant, if the entity were established in the European Union or the United Kingdom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If the representations in subparagraphs (i) and (ii) above prove to be incorrect or misleading in any material respect at any time on or after made (or deemed repeated) by the entity, the entity will use all reasonable efforts to immediately duly notify Dealer in writing of any such incorrection or misleading aspect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Article 55</u>. The terms of the ISDA 2016 Bail-in Article 55 BRRD Protocol (Dutch/French/German/Irish/Italian/Luxembourg/Spanish/UK entity-in-resolution version) is incorporated into and form part of the Agreement. For the purposes of the Protocol, (i) the Agreement shall be deemed to be a Covered ISDA Master Agreement; (ii) each of the parties shall be deemed to be an Adhering Party; and (iii) the Implementation Date shall be the date of this Confirmation. In the event of any inconsistencies between the Agreement and the Protocol, the Protocol will prevail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>BRRD II Omnibus Jurisdictional Module</u>**.** The terms of paragraph 2 of the ISDA BRRD II Omnibus Jurisdictional Module are incorporated into and form a part of the Agreement, and the Agreement shall be deemed a Covered Agreement for purposes thereof. For purposes of incorporating the ISDA BRRD II Omnibus Jurisdictional Module, [ ] shall be deemed to be a Regulated Entity, LN Holdings 1, LLC shall be deemed to be a Module Adhering Party, and Spain shall be deemed to be a Covered Member State. In the event of any inconsistences between the Agreement and paragraph 2 of the ISDA BRRD II Omnibus Jurisdictional Module, the ISDA BRRD II Omnibus Jurisdictional Module will prevail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) <u>Incorporation of the ISDA Benchmarks Supplement</u>. The parties agree that, unless otherwise specified in the relevant Confirmation, the 2002 Equity Definitions Benchmarks Annex, which forms part of the ISDA Benchmarks Supplement as published by the International Swaps and Derivatives Association, Inc. on 19 September 2018, is hereby incorporated and supplements the relevant Definitions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) <u>Role of Agent</u>. Each of Dealer and Counterparty acknowledges to and agrees with the other party hereto and to and with [ ] (the "Agent") that (i) the Agent is acting as agent for Dealer within the meaning of Rule 15a-6 under the Exchange Act in connection with each "Transaction" entered into under any Confirmation forming part of the Agreement, (ii) the Agent is not a principal or party to such Transaction, and may transfer its rights and obligations with respect to such Transaction, (iii) the Agent shall have no responsibility, obligation or liability, by way of issuance, guaranty, endorsement or otherwise in any manner with respect to the performance of either party under such Transaction, (iv) Dealer and the Agent have not given, and Counterparty is not relying (for purposes of making any investment decision or otherwise) upon, any statements, opinions or representations (whether written or oral) of Dealer or the Agent, other than the representations expressly set forth in a Confirmation under the Agreement or the Agreement, and (v) Dealer and Counterparty each agrees to proceed solely against the other, and not the Agent, to collect or recover any money or securities owed to it in connection with such Transaction. Counterparty acknowledges that the Agent is an affiliate of Dealer. Dealer will be acting for its own account in respect of any Confirmation under the Agreement and the Transaction contemplated thereunder. Dealer is not a member of the Securities Investor Protection Corporation (SIPC).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) <u>Information Exchange within [ ]</u>. Counterparty hereby acknowledges the disclosure by Dealer to any of its affiliated companies of the information provided in the context of the due diligence process or "Know Your Customer", along with any relevant transactions-related information, to the extent necessary to allow such companies to comply with (i) the [ ]'s Financial Crime Compliance internal policies, (ii) their legal obligations relating to the anti-money laundering and counter terrorism financing regulations and (iii) their regulatory reporting to the supervisory authorities. In this regard, Counterparty hereby guarantees that the data subjects of the personal data that may be included in the referred information have been duly informed of, and when required by applicable data protection regulation, have expressly consented to, the disclosure of their personal data to that effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) <u>Adjustments</u>. Notwithstanding anything to the contrary hereunder, when making adjustments or determinations pursuant to provisions under the headings "Share Adjustments; Dividend Payments", "Extraordinary Events" or otherwise, the Calculation Agent shall use its commercially reasonable efforts to make adjustments to the relevant terms of the Transaction other than the Forward Floor Price or the Prepayment Amount at Maturity and in a manner that that would result in the Number of Shares for each Component being equal; <u>provided</u> that this provision shall not apply to adjustments pursuant to "Fission Method", "Consequences of Non Pro-Rata Spin-off" and "Consequences of Merger Events" so long as the aggregate sum of all Prepayment Amounts at Maturity for all Components and Transactions (including, for the avoidance of doubt, any Spin-off Shares Transaction) is equal to the aggregate sum of all Prepayment Amounts at Maturity of the Original Transaction.

9. **<u>Schedule Provisions:</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Credit Support Document</u><u>s and Credit Support Provider</u>. The provisions of the Pledge and Security Annex contained in Annex B are incorporated by reference herein, and each of the Pledge and Security Annex and the Control Agreement shall constitute a Credit Support Document with respect to Counterparty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Set-Off</u>. Section 6(f) of the Agreement is amended by replacing "payable by the Payee to the Payer" with "payable by the Payee or its Affiliates to the Payer or its Affiliates".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Automatic Early Termination</u>. Automatic Early Termination will apply to Counterparty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Additional Termination Events. The following events shall constitute Additional Termination Events with respect to which the Transactions hereunder shall be the sole Affected Transactions, Counterparty shall be the sole Affected Party and Dealer shall be the party entitled to designate an Early Termination Date pursuant to Section 6 of the Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. [ *Reserved* ];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. one or more final judgments or orders for the payment of money in excess of USD 5,000,000 in the aggregate
is rendered against Counterparty and such final judgments or orders shall continue unsatisfied and unstayed for a period of 60 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. the Organization Documents ,
including without limitation, the SPE Provisions or similar provisions thereunder are amended at any time on or after the date hereof
without prior written notice to Dealer and, in the reasonable determination of Dealer, such amendment would materially adversely impact
Counterparty's rights or obligations under the Agreement or this Master Confirmation; or Counterparty fails to comply with the Organizational
Documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Counterparty is or after giving effect to application of any Prepayment Amount will be, required to register
as an "investment company" as such term is defined in the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Additional Schedule Provisions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "Specified Entity" means (i) in relation to Counterparty for purposes of Sections 5(a)(v), 5(a)(vi), 5(a)(vii) and 5(b)(v), none, and (ii) in relation to Dealer for purposes of Sections 5(a)(v), 5(a)(vi), 5(a)(vii) and 5(b)(v), none.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The "Cross-Default" provisions of Section 5(a)(vi) will apply to Counterparty and Dealer. "Threshold Amount" means, with respect to Counterparty, USD 1,000,000 (or its equivalent in another currency), and, with respect to Dealer, 3% of the shareholders' equity of Dealer Parent; <u>provided</u> that, in each case, the text ", or becoming capable at such time of being declared," shall be deleted from Section 5(a)(vi)(1) of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The "Credit Event Upon Merger" provisions of Section 5(b)(v) will apply to Counterparty and Dealer; provided that the provisions of Section 5(b)(v) shall not apply to Counterparty and any applicable Specified Entity of Counterparty (x) if the Permitted Holders continue to directly or indirectly own or Control Counterparty or any applicable Specified Entity of Counterparty or (y) if the application of any provision of Section 5(b)(v) is due to any transaction or series of transactions (including any contract or agreement) made in connection with the Liberty Split-Off. As used herein: (1) "Person" means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity; (2) "Liberty Split-Off" means the redemptive split-off of Liberty Live Holdings, Inc., a Nevada corporation, from Liberty Media Corporation including the distribution of common stock of Liberty Live Holdings, Inc. to certain shareholders of Liberty Media Corporation; (3) "Permitted Holder" means any one or more of (a) John C. Malone, (b) each of the Affiliated Persons of the Person referred to in clause (a), (c) any Transferee Parent, (d) any publicly traded Person in which any of the Persons referred to in clauses (a) and (b) (whether individually or together with the other Persons in clauses (a) and (b)) is the largest beneficial owner of (x) the equity interests of such Person or (y) the aggregate voting power of all the outstanding classes or series of the equity interests of such Person then outstanding and normally entitled (without regard to the occurrence of any contingency) to vote in the election of directors, (e) any Person a majority of the aggregate voting power of all the outstanding classes or series of the equity interests of which are beneficially owned by any one or more of the Persons referred to in clauses (a), (b), (c) or (d), (f) any group consisting solely of persons described in clauses (a) through (e) and (g) any employee stock purchase plans or other benefit or retirement plans for directors, management, employees or consultants of the Parent or any of its Subsidiaries; (4) "Affiliated Persons" means, with respect to any specified Person, (a) such specified Person's parents, spouse, siblings, descendants (including adoptees), step children, step grandchildren, nieces and nephews and their respective spouses, (b) the estate, legatees and devisees of such specified Person and each of the Persons referred to in clause (a) of this definition, and in the event of the incompetence or death of any of the persons described in clause (a), such person's executor, administrator, committee or other personal representative or similar fiduciary, (c) any trusts or private foundations created primarily for the benefit of, or controlled at the time of creation by, any of the persons described in the above clause (a) or (b) of this definition, or any trusts or private foundations created primarily for the benefit of any such trust or private foundation or for charitable purposes, and (d) any company, partnership, or other entity or investment vehicle Controlled by any of the Persons referred to in clause (a), (b) or (c) of this definition or the holdings of which are for the primary benefit of any of such Persons; (5) "Transferee Parent" means, in the event of any transaction or series of related transactions involving the direct or indirect transfer (or relinquishment of control) by any parent company of the Counterparty of a Person or Persons (a "Transferred Person") that holds, directly or indirectly, the Shares that underlie any Transaction hereunder, such Transferred Person or its successor in such transaction or any ultimate parent entity of such Transferred Person or its successor if immediately after giving effect to such transaction or the last transaction in such series, voting securities representing at least a majority of the voting power of the outstanding voting securities of such Transferred Person, successor or ultimate parent entity are beneficially owned by any combination of any parent company of the Counterparty, Persons who prior to such transaction were beneficial owners of a majority of, or a majority of the voting power of, the outstanding voting securities of any parent company of the Counterparty (or of any publicly traded class or series of voting securities of any parent company of the Counterparty designed to track the economic performance of a specified group of assets or businesses) or Persons who are Control Persons as of the date of such transaction or the last transaction in such series; (6) "Control Person" for this purpose means each of (a) the Chairman of the Board of any parent company of the Counterparty, (b) the President, Chief Executive Officer, Principal Financial Officer and Chief Legal Officer of any parent company of the Counterparty, (c) any Executive Vice President or Senior Vice President of any parent company of the Counterparty, (d) each of the directors of any parent company of the Counterparty and (e) the respective Affiliated Persons of the Persons referred to in clauses (a) through (d); and (7) "Governmental Authority" means the government of the United States of America, any other nation or any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank). For purposes of the definition of "Permitted Holders", "Person" and "group" have the meanings given to them for purposes of Section 13(d) and 14(d) of the Securities Exchange Act of 1934 or any successor provisions, and the term "group" includes any group acting for the purpose of acquiring, holding or disposing of securities within the meaning of Rule 13d-5(b)(1) under the Securities Exchange Act of 1934, or any successor provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) "Multiple Transaction Payment Netting" will apply for the purpose of Section 2(c) of the Agreement to all Transactions starting from the date of this Master Confirmation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Agreement to Deliver Documents</u>. Counterparty agrees to deliver the following documents, as applicable:

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| | | | |
|:---|:---|:---|:---|
| **Party<br> required to<br> deliver** | **Form/Document/Certificate** | **Date by which to be delivered** | **Covered by<br> Section 3(d)<br> Representation** |
| Counterparty | Evidence of authority and specimen signatures of signatories of Counterparty and any Credit Support Provider | Upon or promptly following execution of this Master Confirmation | Yes |
| Counterparty | Resolutions or other documents evidencing authority of Counterparty and any Credit Support Provider to enter into this Master Confirmation, each Supplemental Confirmation, any related Pricing Notice and Transaction hereunder and any Credit Support Document | Upon or promptly following execution of this Master Confirmation | Yes |
| Counterparty | Copies of all organizational documents of Counterparty and, if applicable, any Credit Support Provider | Upon or promptly following execution of this Master Confirmation | Yes |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Tax Documents</u>. Section 4(a)(iii) of the Agreement is hereby amended by adding prior to the existing text: "upon the earlier of learning that any such form or document is required or". For the purpose of Section 4(a)(i) of the Agreement, the documents to be delivered are:

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| | | | |
|:---|:---|:---|:---|
| **Party<br> required to<br> deliver** | **Form/Document/Certificate** | **Date by which to be delivered** | **Covered by<br> Section 3(d)<br> Representation** |
| Dealer | A properly completed and executed valid IRS Form W-8ECI (or any successor form thereto), reasonably acceptable to Counterparty. | (i) Upon execution and delivery of this Master Confirmation, (ii) promptly upon reasonable demand by Counterparty, and (iii) promptly upon learning that any such tax Form previously provided by Dealer has become obsolete, invalid or incorrect. | No |
| Counterparty | A properly completed and executed valid U.S. Internal Revenue Service Form W-9 (or any successor form thereto), reasonably acceptable to Dealer. | (i) Upon execution and delivery of this Master Confirmation, (ii) promptly upon reasonable demand by Dealer, and (iii) promptly upon learning that any such tax Form previously provided by Counterparty has become obsolete, invalid or incorrect. | No |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Change of Account</u>. Section 2(b) of the Agreement is hereby amended by the addition of the following after the first occurrence of the word "delivery" therein: "to another account in the same legal and tax jurisdiction".

10. **<u>Tax Provisions:</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Payer Representations</u>: For the purpose of Section 3(e) of the Agreement, Dealer and Counterparty each hereby make the following representation:

It is not required by any applicable law, as modified by the practice of any relevant governmental revenue authority, of any Relevant Jurisdiction to make any deduction or withholding for or on account of any Tax from any payment (other than interest under Section 9(h) of the Agreement) to be made by it to the other party under the Agreement. In making this representation, it may rely on (i) the accuracy of any representations made by the other party pursuant to Section 3(f) of the Agreement, (ii) the satisfaction of the agreement contained in Section 4(a)(i) or 4(a)(iii) of the Agreement and the accuracy and effectiveness of any document provided by the other party pursuant to Section 4(a)(i) or 4(a)(iii) of the Agreement and (iii) the satisfaction of the agreement of the other party contained in Section 4(d) of the Agreement, except that it will not be a breach of this representation where reliance is placed on clause (ii) above and the other party does not deliver a form or document under Section 4(a)(iii) of the Agreement by reason of material prejudice to its legal or commercial position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Payee Representations</u>. For the purpose of Section 3(f) of the Agreement, Dealer and Counterparty each make the representation in Section 3(g) of the Agreement and in addition make the representations as specified below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Dealer makes the following representations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) It is a bank duly organized under the laws of the Kingdom of Spain;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) It is a "foreign person" (as that term is used in Section 1.6041-4(a)(4) of the United States Treasury Regulations) for U.S. federal income tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Each payment received or to be received by it (or deemed to be received by it for U.S. federal income tax purposes) in connection with the Agreement will be effectively connected with its conduct of a trade or business in the United States carried on by it through a permanent establishment in the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Counterparty makes the following representations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Counterparty is disregarded as an entity separate from its regarded owner (the " <u>Regarded Owner</u> ")
for U.S. federal income tax purposes. The Regarded Owner is a corporation organized under the laws of the State of Nevada and its U.S.
taxpayer identification number is [ ]. The Regarded Owner is an "exempt recipient" within the meaning of section 1.6049-4(c)(1) of
the Regulations and is classified as a corporation for U.S. federal income tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) The Regarded Owner is a "U.S. person" as that term is used in section 1.1441-4(a)(3)(ii) of
the Regulations for U.S. federal income tax purposes, and no payment received or to be received by the Regarded Owner in connection with
the Agreement or this Master Confirmation will be received by a "foreign person" within the meaning of section 1.1441-1(c)(2) of
the Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Foreign Account Tax Compliance Act</u>. "Tax" as used in Section 10(a) of this Master Confirmation (Payer Representations) and "Indemnifiable Tax" as defined in Section 14 of the Agreement shall not include any U.S. federal withholding Tax imposed or collected pursuant to Sections 1471 through 1474 of the Code and any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections ("<u>FATCA Withholding Tax</u>"). For the avoidance of doubt, a FATCA Withholding Tax is a Tax the deduction or withholding of which is required by applicable law for purposes of Section 2(d) of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>HIRE Act Protocol</u>. The parties agree that the definitions and provisions contained in the ISDA 2015 Section 871(m) Protocol as published by the International Swaps and Derivatives Association, Inc. on November 2, 2015 including without limitation the Attachment thereto (the "<u>871(m) Protocol</u>"), are incorporated into and apply to the Agreement and this Master Confirmation as if set forth in full herein as if the parties had adhered to the 871(m) Protocol, with any such conforming changes as are necessary to deal with what would otherwise be incorrect cross references. The parties further agree that, for this purpose, the Implementation Date (as such term is defined in the 871(m) Protocol) shall be the date of execution of this Master Confirmation, the Agreement shall be a Covered Master Agreement (as such term is defined in the 871(m) Protocol), and the reference in the 871(m) Protocol to "Part 2(a)(i) of the Schedule" shall be deemed to be a reference to Section 10(a) of this Master Confirmation.

11. **<u>U.S. QFC Mandatory Contractual Requirements</u>**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Limitation on Exercise of Certain Default Rights Related to a Dealer Affiliate's Entry Into Insolvency Proceedings**. Notwithstanding anything to the contrary in this Master Confirmation or any other agreement, the parties hereto expressly
acknowledge and agree that subject to Section 11(b), Counterparty shall not be permitted to exercise any Default Right against Dealer
with respect to this Master Confirmation or any other Relevant Agreement that is related, directly or indirectly, to a Dealer Affiliate
becoming subject to an Insolvency Proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **General Creditor Protections**. Nothing in Section 11(a) shall restrict the exercise by
Counterparty of any Default Right against Dealer with respect to this Master Confirmation or any other Relevant Agreement that arises
as a result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Dealer becoming subject to an Insolvency Proceeding; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Dealer not satisfying a payment or delivery obligation pursuant to (x) this Master Confirmation or
any other Relevant Agreement, or (y) another contract between Dealer and Counterparty that gives rise to a Default Right under this
Master Confirmation or any other Relevant Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Burden of Proof**. After a Dealer Affiliate has become subject to an Insolvency Proceeding, if Counterparty
seeks to exercise any Default Right with respect to this Master Confirmation or any other Relevant Agreement, Counterparty shall have
the burden of proof, by clear and convincing evidence, that the exercise of such Default Right is permitted hereunder or thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **General Conditions**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Effective Date</u>. The provisions set forth in this Section 11 will come into effect on the later
of the Applicable Compliance Date and the date of this Master Confirmation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Prior Adherence to the U.S. Protocol</u>. If Dealer and Counterparty have adhered to the ISDA U.S.
Protocol prior to the date of this Master Confirmation, the terms of the ISDA U.S. Protocol shall be incorporated into and form a part
of this Master Confirmation and shall replace the terms of this Section 11. For purposes of incorporating the ISDA U.S. Protocol,
Dealer shall be deemed to be a Regulated Entity, Counterparty shall be deemed to be an Adhering Party and the Agreement shall be deemed
to be a Protocol Covered Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Subsequent Adherence to the U.S. Protocol</u>. If, after the date of this Master Confirmation, both
Dealer and Counterparty shall have become adhering parties to the ISDA U.S. Protocol, the terms of the ISDA U.S. Protocol will supersede
and replace this Section 11.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Definitions**. For
the purposes of this Section 11, the following definitions apply:

"<u>Applicable Compliance Date</u>" with respect to this Master Confirmation shall be determined as follows: (a) if Counterparty is an entity subject to the requirements of the QFC Stay Rules, January 1, 2019, (b) if Counterparty is a Financial Counterparty (other than a Small Financial Institution) that is not an entity subject to the requirements of the QFC Stay Rules, July 1, 2019 and (c) if Counterparty is not described in clause (a) or (b), January 1, 2020.

"<u>BHC Affiliate</u>" has the same meaning as the term "affiliate" as defined in, and shall be interpreted in accordance with, 12 U.S.C. 1813(w) and 12 U.S.C. 1841(k).

"<u>Dealer Affiliate</u>" means, with respect to Dealer, a BHC Affiliate of that party.

"<u>Credit Enhancement</u>" means, with respect to this Master Confirmation or any other Relevant Agreement, any credit enhancement or other credit support arrangement in support of the obligations of (i) Dealer or Counterparty hereunder or thereunder or with respect hereto or thereto, including any guarantee or collateral arrangement (including any pledge, charge, mortgage or other security interest in collateral or title transfer arrangement), trust or similar arrangement, letter of credit, transfer of margin or any similar arrangement.

"<u>Default Right</u>" means, with respect to this Master Confirmation (including each Transaction) or any other Relevant Agreement, any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) right of a party, whether contractual or otherwise (including, without limitation, rights incorporated by reference to any other contract, agreement, or document, and rights afforded by statute, civil code, regulation, and common law), to liquidate, terminate, cancel, rescind, or accelerate such agreement or transactions thereunder, set off or net amounts owing in respect thereto (except rights related to same-day payment netting), exercise remedies in respect of collateral or other credit support or property related thereto (including the purchase and sale of property), demand payment or delivery thereunder or in respect thereof (other than a right or operation of a contractual provision arising solely from a change in the value of collateral or margin or a change in the amount of an economic exposure), suspend, delay, or defer payment or performance thereunder, or modify the obligations of a party thereunder, or any similar rights; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) right or contractual provision that alters the amount of collateral or margin that must be provided with respect to an exposure thereunder, including by altering any initial amount, threshold amount, variation margin, minimum transfer amount, the margin value of collateral, or any similar amount, that entitles a party to demand the return of any collateral or margin transferred by it to the other party or a custodian or that modifies a transferee's right to reuse collateral or margin (if such right previously existed), or any similar rights, in each case, other than a right or operation of a contractual provision arising solely from a change in the value of collateral or margin or a change in the amount of an economic exposure; but

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) solely with respect to Section 11, does not include any right under a contract that allows a party to terminate the contract on demand or at its option at a specified time, or from time to time, without the need to show cause.

"<u>Financial Counterpart</u>y" has the meaning given to such term in, and shall be interpreted in accordance with, 12 C.F.R. 252.81, 12 C.F.R. 382.1 and 12 C.F.R. 47.2.

"<u>Insolvency Proceeding</u>" means a receivership, insolvency, liquidation, resolution, or similar proceeding.

"<u>ISDA U.S. Protocol</u>" means the ISDA 2018 U.S. Resolution Stay Protocol, as published by ISDA on July 31, 2018.

"<u>QFC Stay Rules</u>" means the regulations codified at 12 C.F.R. 252.81–8 (the "<u>Federal Reserve Rule</u>"), 12 C.F.R. 382.1-7 (the "<u>FDIC Rule</u>") and 12 C.F.R. 47.1-8 (the "<u>OCC Rule</u>"), respectively. All references herein to the specific provisions of the Federal Reserve Rule, the FDIC Rule and the OCC Rule shall be construed, with respect to Dealer, to the particular QFC Stay Rule(s) applicable to it.

"<u>Relevant Agreement</u>" means this Master Confirmation (including each Transaction), each Supplemental Confirmation, any related Pricing Notice and any Credit Enhancement relating hereto or thereto.

"<u>Small Financial Institution</u>" has the meaning given to such term in, and shall be interpreted in accordance with, 12 C.F.R. 252.81, 12 C.F.R. 382.1 and 12 C.F.R. 47.2.

12. **<u>Notices:</u>**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Addresses for notices or | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; communications to Dealer: | [ ] | [ ] |
|  | E-Mail: | [ ] |
|  |  | [ ] |
|  |  | [ ] |
|  |  | [ ] |
|  | Attention: [ ] | Attention: [ ] |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Addresses for notices or |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;communications to Counterparty: | LN Holdings 1, LLC |
|  | c/o Liberty Live Holdings, Inc., its sole member |
|  | 12300 Liberty Boulevard |
|  | Englewood, Colorado 80112 |
|  | Attention: Treasurer |
|  | E-mail: [Separately provided] |
|  | With copy to: |
|  | Attention: Chief Legal Officer |
|  | E-mail: [Separately provided] |

---

13. **<u>Account Details:</u>**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments to Dealer: | For any USD payments: |
|  | To be provided. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments to Counterparty: | To be advised. |

---

Please confirm by signing below that the foregoing correctly sets forth the terms of the agreement between Dealer and Counterparty with respect to any Transaction contemplated by this Master Confirmation and return to us.

---

| | | | |
|:---|:---|:---|:---|
|  |  | Yours sincerely, | Yours sincerely, |
|  |  | [ ] |  |
|  |  | By: | |
|  |  | By: | Name:<br>Title: Authorized Signatory |
|  |  |  | Name: |
|  |  |  | Title: Authorized Signatory |
| Confirmed as of the date first above written: | Confirmed as of the date first above written: | Confirmed as of the date first above written: |  |
| LN HOLDINGS 1, LLC | LN HOLDINGS 1, LLC | LN HOLDINGS 1, LLC |  |
| By: |  |  |  |
|  | Name: |  |  |
|  | Title: |  |  |

---

[Signature Page to Master Confirmation for

Prepaid Forward Transactions]

**<u>ANNEX A</u>**

FORM OF SUPPLEMENTAL CONFIRMATION

Date: [__________], 20[__]

To: LN Holdings 1, LLC <br> c/o Liberty Live Holdings, Inc., its sole member<br> 12300 Liberty Boulevard <br> Englewood, Colorado 80112

From: [ ]

The purpose of this Supplemental Confirmation is to confirm the terms and conditions of the Transaction entered into between [ ] ("<u>Dealer</u>") and LN Holdings 1, LLC ("<u>Counterparty</u>") on the Trade Date specified below. This Supplemental Confirmation is a binding contract between Dealer and Counterparty as of the relevant Trade Date for the Transaction referenced below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. This Supplemental Confirmation supplements, forms part of, and is subject to the Master Terms and Conditions for Delayed Draw Variable Share Forward Transactions dated as of May 28, 2025 between Dealer and Counterparty (as amended and supplemented from time to time, the "<u>Master Confirmation</u>"). All provisions contained in the Agreement (as modified and as defined in the Master Confirmation) shall govern this Supplemental Confirmation, except as expressly modified below, and capitalized terms used but not defined herein shall have the meanings specified in the Master Confirmation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The terms of the Transaction to which this Supplemental Confirmation relates are as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;Trade Date: | &nbsp;&nbsp;[_______*__*, 20__] |
| &nbsp;&nbsp;Number of Shares: | &nbsp;&nbsp;[_____] |
| &nbsp;&nbsp;[Maximum Number of Shares: | &nbsp;&nbsp;[___]]<sup>1</sup> |
| &nbsp;&nbsp;Forward Floor Percentage: | &nbsp;&nbsp;[___]% |
| &nbsp;&nbsp;Forward Cap Percentage: | &nbsp;&nbsp;[___]% |
| &nbsp;&nbsp;[Forward Floor Price: | &nbsp;&nbsp;USD [_____] |
| &nbsp;&nbsp;Forward Cap Price: | &nbsp;&nbsp;USD [_____] |
| &nbsp;&nbsp;Initial Share Price: | &nbsp;&nbsp;USD [_____] |
| &nbsp;&nbsp;First Averaging Date: | &nbsp;&nbsp;[_______*__*, 20__] |
| &nbsp;&nbsp;Midpoint Date: | &nbsp;&nbsp;[_______*__*, 20__]]<sup>2</sup> |
| &nbsp;&nbsp;[Cutoff Date: | &nbsp;&nbsp;[_______*__*, 20__] |
| &nbsp;&nbsp;Initial Hedging Period Start Date: | &nbsp;&nbsp;[_______*__*, 20__]]<sup>3</sup> |

---

<sup>1</sup> Insert if the Initial Hedging Period is applicable.

<sup>2</sup> Insert if the Initial Hedging Period is <u>not</u> applicable.

<sup>3</sup> Insert if the Initial Hedging Period is applicable.

Annex A – 1

[For each Component of the Transaction, the Number of Shares and the Scheduled Valuation Date are as set forth below.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Component Number | &nbsp;&nbsp;Number of Shares | &nbsp;&nbsp;Scheduled Valuation Date |
| &nbsp;&nbsp;1 |  | &nbsp;&nbsp;[ ] |
| &nbsp;&nbsp;2 |  | &nbsp;&nbsp;[ ] |
| &nbsp;&nbsp;3 |  | &nbsp;&nbsp;[ ] |
| &nbsp;&nbsp;4 |  | &nbsp;&nbsp;[ ] |
| &nbsp;&nbsp;5 |  | &nbsp;&nbsp;[ ] |
| &nbsp;&nbsp;6 |  | &nbsp;&nbsp;[ ] |
| &nbsp;&nbsp;7 |  | &nbsp;&nbsp;[ ] |
| &nbsp;&nbsp;8 |  | &nbsp;&nbsp;[ ] |
| &nbsp;&nbsp;9 |  | &nbsp;&nbsp;[ ] |
| &nbsp;&nbsp;10 |  | &nbsp;&nbsp;[ ] |
| &nbsp;&nbsp;11 |  | &nbsp;&nbsp;[ ] |
| &nbsp;&nbsp;12 |  | &nbsp;&nbsp;[ ] |
| &nbsp;&nbsp;13 |  | &nbsp;&nbsp;[ ] |
| &nbsp;&nbsp;14 |  | &nbsp;&nbsp;[ ] |
| &nbsp;&nbsp;15 |  | &nbsp;&nbsp;[ ] |
| &nbsp;&nbsp;… |  | &nbsp;&nbsp;[ ] |

---

]<sup>4</sup>

<sup>4</sup> Insert if the Initial Hedging Period is <u>not</u> applicable.

Annex A – 2

Counterparty hereby agrees (a) to check this Supplemental Confirmation carefully and immediately upon receipt so that errors or discrepancies can be promptly identified and rectified and (b) to confirm that the foregoing correctly sets forth the terms of the agreement between us with respect to the particular Transaction to which this Supplemental Confirmation relates by signing this Supplemental Confirmation and providing any other information requested herein or in the Master Confirmation and immediately sending a facsimile transmission of an executed copy to us.

---

| | | | |
|:---|:---|:---|:---|
|  |  | Yours sincerely, | Yours sincerely, |
|  |  | [ ] |  |
|  |  | By: | |
|  |  | By: | Name:<br>Title: Authorized Signatory |
|  |  |  | Name: |
|  |  |  | Title: Authorized Signatory |
| Confirmed as of the date first above written: | Confirmed as of the date first above written: | Confirmed as of the date first above written: |  |
| LN HOLDINGS 1, LLC | LN HOLDINGS 1, LLC | LN HOLDINGS 1, LLC |  |
| By: |  |  |  |
|  | Name: |  |  |
|  | Title: |  |  |

---

Annex A – 3

**<u>ANNEX B</u>**

FORM OF PRICING NOTICE

Date: [__________], 20[__]

To: LN Holdings 1, LLC <br> c/o Liberty Live Holdings, Inc., its sole member<br> 12300 Liberty Boulevard <br> Englewood, Colorado 80112

From: [ ]

The purpose of this Pricing Notice is to confirm the terms and conditions of the Transaction entered into between [ ] ("<u>Dealer</u>") and LN Holdings 1, LLC ("<u>Counterparty</u>") on the Trade Date specified below. This Pricing Notice is a binding contract between Dealer and Counterparty as of the relevant Trade Date for the Transaction referenced below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. This Pricing Notice supplements, forms part of, and is subject to the Master Terms and Conditions for Delayed Draw Variable Share Forward Transactions dated as of May 28, 2025 between Dealer and Counterparty (as amended and supplemented from time to time, the "<u>Master Confirmation</u>"). All provisions contained in the Agreement (as modified and as defined in the Master Confirmation) shall govern this Pricing Notice, except as expressly modified below, and capitalized terms used but not defined herein shall have the meanings specified in the Master Confirmation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The terms of the Transaction to which this Pricing Notice relates are as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;Trade Date: | &nbsp;&nbsp;[___________, 20__] |
| &nbsp;&nbsp;Hedge Completion Date: | &nbsp;&nbsp;[___________, 20__] |
| &nbsp;&nbsp;Initial Prepayment Date: | &nbsp;&nbsp;[___________, 20__] |
| &nbsp;&nbsp;Final Prepayment Date: | &nbsp;&nbsp;[___________, 20__] |
| &nbsp;&nbsp;Initial Share Price: | &nbsp;&nbsp;USD [_______] |
| &nbsp;&nbsp;Forward Floor Price: | &nbsp;&nbsp;USD [_______] |
| &nbsp;&nbsp;Forward Cap Price: | &nbsp;&nbsp;USD [_______] |
| &nbsp;&nbsp;Final Disruption Date: | &nbsp;&nbsp;[___________, 20__] |
| &nbsp;&nbsp;First Averaging Date: | &nbsp;&nbsp;[___________, 20__] |
| &nbsp;&nbsp;Midpoint Date: | &nbsp;&nbsp;[___________, 20__] |

---

Annex B – 1

For each Component of the Transaction, the Number of Shares and the Scheduled Valuation Date are as set forth below.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Component Number | &nbsp;&nbsp;Number of Shares | &nbsp;&nbsp;Scheduled Valuation Date |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;[ ] | &nbsp;&nbsp;[ ] |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;[ ] | &nbsp;&nbsp;[ ] |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;[ ] | &nbsp;&nbsp;[ ] |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;[ ] | &nbsp;&nbsp;[ ] |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;[ ] | &nbsp;&nbsp;[ ] |
| &nbsp;&nbsp;6 | &nbsp;&nbsp;[ ] | &nbsp;&nbsp;[ ] |
| &nbsp;&nbsp;7 | &nbsp;&nbsp;[ ] | &nbsp;&nbsp;[ ] |
| &nbsp;&nbsp;8 | &nbsp;&nbsp;[ ] | &nbsp;&nbsp;[ ] |
| &nbsp;&nbsp;9 | &nbsp;&nbsp;[ ] | &nbsp;&nbsp;[ ] |
| &nbsp;&nbsp;10 | &nbsp;&nbsp;[ ] | &nbsp;&nbsp;[ ] |
| &nbsp;&nbsp;11 | &nbsp;&nbsp;[ ] | &nbsp;&nbsp;[ ] |
| &nbsp;&nbsp;12 | &nbsp;&nbsp;[ ] | &nbsp;&nbsp;[ ] |
| &nbsp;&nbsp;13 | &nbsp;&nbsp;[ ] | &nbsp;&nbsp;[ ] |
| &nbsp;&nbsp;14 | &nbsp;&nbsp;[ ] | &nbsp;&nbsp;[ ] |
| &nbsp;&nbsp;15 | &nbsp;&nbsp;[ ] | &nbsp;&nbsp;[ ] |
| &nbsp;&nbsp;… | &nbsp;&nbsp;[ ] | &nbsp;&nbsp;[ ] |

---

Annex B – 2

Counterparty hereby agrees (a) to check this Pricing Notice carefully and immediately upon receipt so that errors or discrepancies can be promptly identified and rectified and (b) to confirm that the foregoing correctly sets forth the terms of the agreement between us with respect to the particular Transaction to which this Pricing Notice relates by signing this Pricing Notice and providing any other information requested herein or in the Master Confirmation and immediately sending a facsimile transmission of an executed copy to us.

---

| | | | |
|:---|:---|:---|:---|
|  |  | Yours sincerely, | Yours sincerely, |
|  |  | [ ] |  |
|  |  | By: | |
|  |  | By: | Name:<br>Title: Authorized Signatory |
|  |  |  | Name: |
|  |  |  | Title: Authorized Signatory |
| Confirmed as of the date first above written: | Confirmed as of the date first above written: | Confirmed as of the date first above written: |  |
| LN HOLDINGS 1, LLC | LN HOLDINGS 1, LLC | LN HOLDINGS 1, LLC |  |
| By: |  |  |  |
|  | Name: |  |  |
|  | Title: |  |  |

---

Annex B – 3

## Exhibit 10.9

**Exhibit 10.9**

**STOCKHOLDER AGREEMENT**

This Stockholder Agreement (this "**Agreement**"), dated as of February 10, 2009, is by and among Live Nation, Inc., a Delaware corporation (the "**Company**"), Liberty Media Corporation, a Delaware corporation (as defined below), Liberty USA Holdings, LLC, a Delaware limited liability company and wholly owned subsidiary of Liberty ("**Liberty Holdings**"), and Ticketmaster Entertainment, Inc., a Delaware corporation ("**Ticketmaster**").

WHEREAS, simultaneously with the execution of this Agreement, Live Nation and Ticketmaster are entering into an Agreement and Plan of Merger dated of even date herewith (the "**Merger Agreement**") providing for, among other matters, the merger of Ticketmaster with and into an indirect wholly owned subsidiary of Live Nation pursuant to which the shares of Common Stock, par value $0.01 per share, of Ticketmaster ("**Ticketmaster Common Stock**") will, upon the terms and subject to the conditions set forth therein, be converted into the right to receive shares of Common Stock, par value $0.01 per share, of Live Nation ("**LN Common Stock**") (capitalized terms used but not defined herein have the meanings given such terms in the Merger Agreement);

WHEREAS, Ticketmaster, Liberty, Liberty Holdings and IAC/InterActiveCorp are parties to that certain Spinco Assignment and Assumption Agreement, dated as of August 20, 2008 (the "**Spinco Agreement Assumption**"), relating to the Spinco Agreement referenced therein (the "**Spinco Agreement**") (the Spinco Agreement as and to the extent assigned to and assumed by Ticketmaster pursuant to the Spinco Agreement Assumption is herein referred to as the "**Ticketmaster Spinco Agreement**");

WHEREAS, (i) as of the date hereof Liberty Holdings is the record and beneficial owner of 16,643,957 shares (the "**Liberty Share Number**") of Ticketmaster Common Stock and (ii) Live Nation and Liberty Holdings are simultaneously with the execution of this Agreement entering into a Voting Agreement with respect to the Merger Agreement and the other transactions contemplated thereby; and

WHEREAS, the parties desire to set forth certain understandings and agreements with respect to governance arrangements and other matters following the consummation of the Merger.

NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows:

**1.** **Definitions** 

"**Affiliate**" shall have the meaning given such term in Rule 12b-2 under the Exchange Act. For purposes of this definition, (i) natural persons shall not be deemed to be Affiliates of each other and (ii) neither Ticketmaster nor Live Nation shall be deemed to be an Affiliate of Liberty or its Affiliates.

"**Applicable Percentage**" means 35%; <u>provided</u> that if after the Effective Time, any Liberty Party Transfers Beneficial Ownership of any Equity Securities (other than a Transfer to Liberty or Liberty Holdings or to another Affiliate of Liberty that, in accordance with this Agreement, becomes a Liberty Party in connection with such Transfer), (i) if such Transfer is not a Qualified Block Transfer or an Excluded Affiliate Transfer, the then-applicable Applicable Percentage shall be reduced by the Ownership Percentage so Transferred, (ii) in the case of a Qualified Block Transfer, the Applicable Percentage applicable to the Qualified Block Transferee shall be the Applicable Percentage applicable to the transferor immediately prior to such Transfer, and (iii) that upon the consummation of (x) a Qualified Block Transfer, this Agreement will be terminated pursuant to Section 9(c)(iii) as to the Person Transferring such Equity Securities, and (y) an Excluded Affiliate Transfer, the Applicable Percentage applicable to Liberty shall be 5% so long as the primary purpose for Liberty's acquisition of Equity Securities following such Excluded Affiliate Transfer is not the circumvention of limits on Ownership Percentage set forth herein.

"**Assignment and Assumption Agreement**" means a New Holder Assignment and Assumption Agreement or an Affiliate Assignment and Assumption Agreement.

"**Beneficial Ownership**" or "**Beneficially Own**" shall have the meaning given such term in Rule 13d-3 under the Exchange Act and a Person's Beneficial Ownership of securities shall be calculated in accordance with the provisions of such Rule; <u>provided</u>, <u>however</u>, that for purposes of determining any Person's Beneficial Ownership, such Person shall be deemed to be the Beneficial Owner of any Equity Securities which may be acquired by such Person (disregarding any legal impediments to such Beneficial Ownership), whether within 60 days or thereafter, upon the conversion, exchange, redemption or exercise of any warrants, options, rights (excluding the Live Nation Rights) or other securities issued by Live Nation or any subsidiary thereof. Notwithstanding anything to the contrary set forth herein, (x) (i) prior to the delivery to any counterparty of Equity Securities in final settlement of a Qualified Hedging Transaction and (ii) with respect to any Qualified Stock Lending Transactions until such time as the lending Liberty Party no longer has a right to the return of the securities lent thereunder, Liberty will be deemed to Beneficially Own all Equity Securities subject to such Qualified Hedging Transaction or Qualified Stock Lending Transaction and (y) prior to the pledgee commencing action to foreclose upon any Equity Securities pledged in any Qualified Pledge, any such pledged Equity Securities will be deemed Beneficially Owned by the pledging party.

"**Business Day**" means any day other than a Saturday, Sunday or a day on which the banks in New York, New York are authorized or required by law to remain closed.

"**Code**" means the Internal Revenue Code of 1986, as amended.

"**Distribution Transaction**" involving any Person which Beneficially Owns Equity Securities means any transaction pursuant to which the equity interests of (i) such Person or (ii) any Person that directly or indirectly owns a majority of the equity interests of such Person are distributed (whether by redemption, dividend, share distribution, merger or otherwise) (the Person the equity interests of which are being distributed in the Distribution Transaction, the "**Distributed Company**") to all the holders of one or more classes or series of the common stock of Parent Company that are registered under Section 12(b) or 12(g) of the Exchange Act (all the holders of one or more such classes or series, "**Parent Company Holders**"), on a pro rata basis with respect to each such class or series, or such equity interests of such Person are available to be acquired by Parent Company Holders (including through any rights offering, exchange offer, exercise of subscription rights or other offer made available to Parent Company Holders), on a pro rata basis with respect to each such class or series, whether voluntary or involuntary.

"**Equity Securities**" means the equity securities of Live Nation, including shares of LN Common Stock and shares of LN Common Stock or other equity securities of Live Nation issuable upon exercise, conversion, exchange or redemption of any warrants, options, rights (excluding the Live Nation Rights) or other securities issued by Live Nation or any subsidiary thereof.

"**Exchange Act**" means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Securities Exchange Commission promulgated thereunder (as in effect on the date of this Agreement).

"**Excluded Affiliate Transfer**" is defined within the definition of Qualified Block Transfer.

"**Fall-Away Date**" means the first date on which the aggregate number of shares of LN Common Stock Beneficially Owned by Liberty falls below 50% of the Initial Share Number or, if earlier, following the second anniversary of the Effective Time, the first date on which Liberty's Ownership Percentage first falls below 5%.

"**Independent Director**" means a director of Live Nation that is, as to Live Nation, "independent" within the meaning of the rules and regulations of the NYSE, or, if the LN Common Stock is not at the time of determination listed on the NYSE, the rules and regulations of such other national securities exchange on which such securities are primarily traded.

"**Initial Share Number**" means the aggregate number of shares of LN Common Stock issuable to the Liberty Parties in the Merger, but in no event greater than the product of the Liberty Share Number multiplied by the Exchange Ratio; <u>provided</u>, that the Initial Share Number (and such product) shall be appropriately adjusted to reflect any stock split, reverse stock split, stock dividend, subdivision, combination, reclassification or similar event in respect of the LN Common Stock after the date of this Agreement.

"**Liberty**" means Liberty Media Corporation, a Delaware corporation; <u>provided</u> that from and after the date of an Excluded Affiliate Transfer, the term "Liberty" will be deemed to refer to the Distributed Company Beneficially Owning shares of LN Common Stock.

"**Liberty Director**" means (x) any person designated by Liberty to serve on the Board of Directors of Live Nation who is reasonably acceptable to the Board of Directors of Ticketmaster (in the case of persons designated by Liberty to so serve effective as of the Effective Time) or (y) any person designated to serve on the Board of Directors of Live Nation by Liberty who is reasonably acceptable to a majority of those directors of Live Nation that are not Liberty Directors (in all other cases); <u>provided</u>, that any Person designated by Liberty pursuant to the Ticketmaster Spinco Agreement and serving on the Board of Ticketmaster prior to the Effective Time will be deemed reasonably acceptable to Ticketmaster.

"**Liberty Parties**" means (x) Liberty, (y) Liberty Holdings and (z) each Affiliate of Liberty that acquires record ownership of any Equity Securities, in the case of a Person described in clause (y) or (z), until such time as such Person is not an Affiliate of Liberty or ceases to have record ownership of any Equity Securities.

"**New Holder Assignment and Assumption Agreement**" means an agreement in the form of Exhibit 1 hereto, which, for the avoidance of doubt, shall not include any transfer of any right of the Liberty Parties set forth in Section 2 except in the case of an Excluded Affiliate Transfer.

"**NYSE**" means the New York Stock Exchange, Inc., or, if the LN Common Stock is not at the time of determination listed on the NYSE, the rules and regulations of such other national securities exchange on which such securities are primarily traded.

"**Ownership Percentage**" of any Person means, at any time, the ratio, expressed as a percentage, of (i) the Total Voting Power of the Equity Securities Beneficially Owned by such Person and its Affiliates to (ii) the sum of (x) the Total Voting Power of the Total Equity Securities and (y) with respect to such Person, the Total Voting Power of the shares of LN Common Stock included in clause (i) that are issuable upon conversion, exchange, redemption or exercise of Equity Securities that are not included in clause (x).

"**Parent Company**" means the publicly traded Person which Beneficially Owns, through an unbroken chain of majority-owned subsidiaries, the Person having record ownership of the Equity Securities. For purposes of this definition, the term "publicly traded" means that the Person in question (x) has a class or series of equity securities registered under Section 12(b) or 12(g) of the Exchange Act or (y) is required to file reports pursuant to Section 15(d) of the Exchange Act.

"**Person**" means any individual, partnership, joint venture, corporation, limited liability company, trust, unincorporated organization, government or department or agency of a government.

"**Qualified Block Transfer**" means a Transfer, in a single transaction of all the Equity Securities Beneficially Owned at such time by the Liberty Parties or a Qualified Block Transferee or their respective Affiliates to a Qualified Block Transferee; <u>provided</u> that in no event shall (a) the first Excluded Affiliate Transfer be deemed hereunder to be a Qualified Block Transfer or (b) more than two Transfers to Qualified Block Transferees (other than the first Transfer to a Qualified Block Transferee acquiring shares in connection with an Excluded Affiliate Transfer) be deemed hereunder to be a Qualified Block Transfer.

"**Qualified Block Transferee**" means a Person (including, for the avoidance of doubt, a Person that is, at the time of any Transfer to it, an Affiliate of Liberty which thereafter by reason of a Distribution Transaction (such Distribution Transaction, an "**Excluded Affiliate Transfer**") ceases to be an Affiliate of Liberty) (i) whose Ownership Percentage, after giving effect to such Transfer, would not exceed the Applicable Percentage and (ii) that, prior to such Transfer, shall have (along with the applicable Transferring Persons) executed and delivered to Live Nation a New Holder Assignment and Assumption Agreement.

"**Qualified Director**" means any member of the Board of Directors of Live Nation other than a director who (i) is a Liberty Director, (ii) is an officer or employee of Live Nation or (iii) was not nominated by the Nominating and/or Governance Committee of the Board of Directors of Live Nation in his or her initial election to such Board of Directors following the Effective Time and for whose election any Liberty Party voted shares. In the event that no person who would otherwise be a Qualified Director is serving on the Board of Directors of Live Nation (unless the failure to have a Qualified Director is a result of action taken by directors who are not Qualified Directors), the Board of Directors of Live Nation shall appoint a new director who qualifies as an Independent Director and such person shall be considered a Qualified Director for all purposes under this Agreement. For the avoidance of doubt, wherever this Agreement requires the approval or consent of, or other action by, a majority of the Qualified Directors with respect to any matter, no such approval, consent or other action may be obtained or taken at any such time as there are no Qualified Directors.

"**Qualified Hedging Transaction**" means any transaction involving a Liberty Party, a Qualified Block Transferee or any Affiliate thereof whereby the counterparty engages in a (i) short sale, (ii) purchase, sale or grant of any right (including any put or call option), or (iii) forward sale (whether for a fixed or variable number of shares or at a fixed or variable price) of or with respect to, or any loan secured by, any LN Common Stock or any security (other than a broad-based market basket or index) that includes, relates to or derives any significant part of its value from any LN Common Stock, and such term includes (a) the pledge by any Liberty Party, a Qualified Block Transferee or any Affiliate thereof of any LN Common Stock in connection with any of the foregoing to secure the obligations of the pledgor under a Qualified Hedging Transaction and (b) the pledge of a Qualified Hedging Transaction itself to secure any extension of credit to a party based, in whole or part, on the value thereof, provided in all cases that the counterparty to such transaction is a financial institution in the business of engaging in such transactions.

"**Qualified Pledge**" means a pledge of Equity Securities in connection with a secured borrowing transaction and not otherwise within the meaning of the definition of Qualified Hedging Transaction, the pledgee with respect to which is a financial institution in the business of engaging in secured lending and similar transactions.

"**Qualified Stock Lending Transaction**" means a transaction whereby the Liberty Parties and their Affiliates lend shares of LN Common Stock to a third party or permit a third party to sell, pledge, rehypothecate, assign, invest, use, commingle or otherwise dispose of, or otherwise use in its business, such shares of LN Common Stock, provided in all cases that the counterparty to such transaction is a financial institution in the business of engaging in such transactions.

"**Rights Offering**" means the issuance by Live Nation to existing holders of LN Common Stock of rights to buy, within a fixed time period, a proportional number of newly issued shares of LN Common Stock or other Equity Securities.

"**Second Qualified Block Transfer**" means the second Qualified Block Transfer following the Effective Time.

"**Total Equity Securities**" at any time shall mean, subject to the next sentence, the total number of Live Nation's outstanding Equity Securities. Any Equity Securities Beneficially Owned by a Person that are not outstanding Voting Securities but that, upon exercise, conversion or exchange, would become Voting Securities, shall be deemed to be outstanding for the purpose of computing Total Equity Securities and the percentage of Equity Securities owned by such Person but shall not be deemed to be outstanding for the purpose of computing Total Equity Securities and the percentage of the Equity Securities owned by any other Person.

"**Total Voting Power**" of any Equity Securities at any time shall mean, subject to the next sentence, the aggregate number of votes entitled to be cast generally in the election of directors by the holders of such securities. Any Equity Securities Beneficially Owned by a Person that are not outstanding Voting Securities but that, upon exercise, conversion or exchange, would become Voting Securities, shall be deemed to be outstanding and to have full voting power for the purpose of computing Total Voting Power of the Equity Securities Beneficially Owned by such Person but shall not be deemed to be outstanding or have such voting power for the purpose of computing Total Voting Power of the Equity Securities Beneficially Owned by any other Person or (except in calculating the Total Voting Power of a Person who Beneficially Owns Voting Securities that are not outstanding) Total Voting Power of the Total Equity Securities.

"**Transfer**" by any Person means directly or indirectly, to sell, transfer, assign, pledge, encumber, hypothecate or similarly dispose of, either voluntarily or involuntarily, or to enter into any contract, option or other arrangement or understanding with respect to the sale, transfer, assignment, pledge, encumbrance, hypothecation or similar disposition of, any Equity Securities Beneficially Owned by such Person or of any interest (including any voting interest) in any Equity Securities Beneficially Owned by such Person; <u>provided</u>, <u>however</u>, that no Transfer of Equity Securities shall be deemed to have occurred as a result of the entry into, modification of or existence of any Qualified Hedging Transaction until such time as LN Common Stock is delivered upon settlement or termination of such Qualified Hedging Transaction. For the avoidance of doubt, a transfer of control of the direct or indirect Beneficial Owner of Equity Securities is a Transfer of such Equity Securities for purposes of this Agreement.

"**Voting Securities**" shall mean at any particular time (i) the LN Common Stock, (ii) shares of any other class of capital stock of Live Nation or a subsidiary thereof then entitled to vote in the election of any directors of Live Nation generally and (iii) any securities of Live Nation or any subsidiary thereof then convertible or exchangeable into shares of any class of capital stock of Live Nation then entitled to vote in the election of any directors of Live Nation generally; provided, that with respect to clauses (ii) and (iii), any securities which would become Voting Securities upon the occurrence or non-occurrence of any event, receipt of any governmental approval or passage of time will be deemed Voting Securities for purposes of this Agreement as of the date of original issuance of such securities.

**2.** **Live Nation Board and Related Matters** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) Effective as of the Effective Time until the Fall-Away Date, Liberty shall have the right to nominate up to two (2) Liberty Directors; <u>provided</u> that one of such Liberty Directors must at all times qualify as an Independent Director (it being understood that in the event a Liberty Director qualifying as an Independent Director ceases for any reason to so qualify, Liberty shall not be deemed to be in breach of this Section 2(a)(i) so long as Liberty takes prompt action to cause such Liberty Director to resign from the Board of Directors);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Live Nation shall (w) cause each such Liberty Director to be elected or appointed to the Board of Directors of Live Nation effective as of the Effective Time (with one such Liberty Director elected or appointed to serve in the class of directors with a term expiring at the first annual meeting of stockholders of Live Nation following the Effective Time and the second such Liberty Director elected or appointed to serve in the class of directors with a term expiring at the third annual meeting of stockholders of Live Nation following the Effective Time), (x) following the Effective Time, cause each such applicable Liberty Director to be included in the slate of nominees recommended by the Board of Directors of Live Nation to Live Nation's stockholders for election as a director at each annual meeting of the stockholders of Live Nation in the event the term of any such Liberty Director shall be expiring at such annual meeting of stockholders of Live Nation, (y) from and after the Effective Time, use commercially reasonable efforts to cause the election of each such Liberty Director, including soliciting proxies in favor of the election of such persons and (z) take all action necessary to cause the entire Board of Directors of Live Nation as of the Effective Time to be comprised of fourteen (14) directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) effective as of the Effective Time until the Fall-Away Date, in the event that a vacancy is created at any time by the death, disability, retirement, resignation or removal (with or without cause) of any such Liberty Director, Liberty shall, subject to the proviso to clause (i) of this Section 2(a), have the right to designate a replacement or additional Liberty Director to fill such vacancy, and Live Nation shall use commercially reasonable efforts to cause such vacancy to be filled with the replacement or additional Liberty Director so designated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Following the Fall-Away Date, upon the written request of Live Nation, Liberty shall use its commercially reasonable efforts to cause any Liberty Director then serving on the Board of Directors of Live Nation to promptly resign from such Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Effective as of the Effective Time until the Fall-Away Date, (i) one Liberty Director serving on the Board of Directors of Live Nation will be appointed to serve on the Audit Committee of the Board of Directors of Live Nation provided that such Liberty Director (x) meets the independence requirements of the NYSE and the Sarbanes-Oxley Act of 2002 (or any applicable successor requirement) for such service and (y) is financially literate, as such qualification is interpreted by the Board of Directors of Live Nation, (ii) one Liberty Director specified by Liberty (who may be the same Liberty Director serving on the Audit Committee) will be appointed to serve on the Compensation Committee of the Board of Directors of Live Nation provided that such Liberty Director meets the independence requirements of the NYSE (or any applicable successor requirement) for such service and otherwise qualifies under applicable law (including tax laws and Section 16(b) under the Exchange Act) and (iii) only Qualified Directors shall be eligible to serve on the Nominating and/or Governance Committee of the Board of Directors of Live Nation (or such other committee of the Board of Directors of Live Nation as may be charged with recommending persons to serve on the Board of Directors).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event that following the Effective Time the Liberty Parties' Ownership Percentage exceeds the Applicable Percentage, in addition to any other remedy at equity or law that may be available, no Equity Securities Beneficially Owned by the Liberty Parties in excess of the Applicable Percentage shall be voted on any matter submitted to stockholders of Live Nation, and Live Nation shall not recognize any votes purported to be cast in respect of any such excess Equity Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In connection with an Excluded Affiliate Transfer to a Qualified Block Transferee, the rights of Liberty under this Section 2 shall automatically be assigned to such Qualified Block Transferee.

**3.** **Other Governance Matters** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Live Nation represents and warrants to Liberty that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Board of Directors of Live Nation has duly adopted a resolution prior to the date hereof, which resolution the Board of Directors of Live Nation shall not rescind or amend so long as the Merger Agreement shall not have been terminated in accordance with its terms prior to the Effective Time; providing that

"that each of the Liberty Parties (as defined in the Stockholder Agreement) and any "affiliates" or "associates" thereof (as defined in and contemplated by Section 203(c)(1) and Section 203(c)(2) of the General Corporation Law of the State of Delaware ("**GCL**")), including persons who become "affiliates" or "associates" of the Liberty Parties after the date hereof, any group composed of any of the Liberty Parties and any "affiliates" or "associates" thereof, and any Qualified Block Transferee (as defined in the Stockholder Agreement) and the "affiliates" and "associates" thereof (collectively, the "**Exempt Persons**"), be and hereby are approved as an "interested stockholder" within the meaning of Section 203 of the GCL and that any acquisition of "ownership" of "voting stock" (as defined in and contemplated by Section 203(c)(8) and Section 203(c)(9) of the GCL) of Live Nation, Inc. (or any successor thereto) by any of the Exempt Persons, either individually or as a group, as any such acquisition may occur from time to time (including in circumstances where a Liberty Party or "affiliate" or "associate" thereof ceases to be an Affiliate (as defined in the Stockholder Agreement) of Liberty Media Corporation, so long as such person meets the requirements to be a Qualified Block Transferee), be and hereby are approved for purposes of Section 203 of the GCL and the restrictions on "business combinations" contained in Section 203 of the GCL shall not apply to any of the Exempt Persons; <u>provided</u>, <u>however</u>, that such approval shall not include any acquisition of "ownership" of "voting stock" by any Exempt Persons if, after giving effect to such acquisition, the Ownership Percentage (as defined in the Stockholder Agreement) of the Exempt Persons would exceed the Applicable Percentage (as defined in the Stockholder Agreement), which shall remain subject to the prior approval of the Board of Directors or any committee thereof;" and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Live Nation shall have, effective immediately prior to the Effective Time, amended the Rights Agreement between Live Nation and The Bank of New York, as rights agent, dated December 21, 2005 (the "**LN Rights Agreement**") in substantially the form of Exhibit 3 hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Following the date hereof and prior to consummation of the Second Qualified Block Transfer, Live Nation will not (i) amend, modify or rescind the resolution specified in paragraph 3(a)(i) above, (ii) make any amendment to the LN Rights Agreement or (iii) adopt (x) a new Shareholder Rights Plan or (y) any charter or bylaw provision, in the case of each of clause (ii) and clause (iii), that would materially adversely affect the Liberty Parties' or a Qualified Block Transferee's ability in accordance with the terms hereof to acquire Equity Securities up to its Applicable Percentage or which otherwise would impose material economic burdens on the Liberty Parties' or a Qualified Block Transferee's ability to do so (an "**Anti-Takeover Provision**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Following the Effective Time and receipt by Live Nation of the written request of Liberty or a Qualified Block Transferee, as applicable, made at least 10 Business Days prior to (i) any Qualified Block Transfer occurring on or prior to the date of consummation of the Second Qualified Block Transfer, or (ii) an Excluded Affiliate Transfer, the Board of Directors of Live Nation will, as promptly as reasonably practical, exempt the Qualified Block Transferee in any Qualified Block Transfer or Excluded Affiliate Transfer from the operation of any Shareholder Rights Plan or other Anti-Takeover Provision then in effect with respect to Live Nation, such that an acquisition by it of Equity Securities up to its Applicable Percentage would not materially adversely affect such Qualified Block Transferee under the terms of any Shareholder Rights Plan or other Anti-Takeover Provision then in effect or which otherwise would impose material economic burdens on such Qualified Block Transferee's ability to do so.

**4.** **Certain Restrictions** 

Notwithstanding any other provisions of this Agreement to the contrary, following the Effective Time no Liberty Party shall, and Liberty shall cause its Affiliates not to, directly or indirectly, acquire (other than in an acquisition from Live Nation made pursuant to a Rights Offering or an offer that was made generally available to holders of Equity Securities as a result of their ownership of Equity Securities but subject to the last sentence of this Section 4) by means of a purchase, tender or exchange offer, business combination or in any other manner, Beneficial Ownership of any Equity Securities, including rights or options to acquire such ownership, unless after giving effect to such acquisition, Liberty's Ownership Percentage would not exceed the Applicable Percentage. Notwithstanding the foregoing, no acquisition of Beneficial Ownership of Equity Securities by Liberty which results solely from Liberty holding Equity Securities at a time when Live Nation effects any subdivision, stock split, reverse stock split, stock dividend, combination, reclassification or similar event with respect to the LN Common Stock shall be deemed to be an acquisition of Beneficial Ownership of Equity Securities for purposes of this Section 4; <u>provided</u> that such Equity Securities actually acquired shall be included in the calculation of Liberty's Ownership Percentage (after giving effect to the Equity Securities actually issued to all holders of Equity Securities upon expiration of any exercise period, if applicable). To the extent following the Effective Time that Live Nation or a subsidiary thereof effects a Rights Offering or an offer that was made generally available to holders of Equity Securities as a result of their ownership of Equity Securities, the Liberty Parties will be entitled to exercise in full all rights issued or distributed to them or exchange in full; <u>provided</u>, that to the extent such exercise results in the Liberty Parties' Beneficial Ownership of Equity Securities exceeding the Applicable Percentage, it will not constitute a breach of this Agreement provided that the Liberty Parties will not be entitled to vote any such Equity Securities representing voting power in excess of the Applicable Percentage until such time as the Liberty's Ownership Percentage does not exceed the Applicable Percentage.

**5.** **Registration Rights** 

Prior to the Effective Time, Live Nation, Liberty and Liberty Holdings shall enter into a Registration Rights Agreement in the form attached as Annex I hereto, upon whose effectiveness the Registration Rights Agreement, dated as of August 20, 2008, by and among Liberty, the Liberty Parties identified therein and Ticketmaster, shall terminate.

**6.** **Spinco Agreement** 

The parties hereto acknowledge that upon the Effective Time, the Ticketmaster Spinco Agreement will cease to be of any force and effect with respect to the Ticketmaster Common Stock or the LN Common Stock and that all of the Applicable Spinco Provisions (as defined in the Spinco Agreement Assumption) as assigned to and assumed by Ticketmaster pursuant to the Spinco Agreement Assumption (other than Section 3(b) of the Spinco Agreement) shall by their terms terminate effective as of the Effective Time, it being understood and agreed that no such termination shall relieve any party from any liability for a breach or failure to perform its obligations under the Ticketmaster Spinco Agreement prior to such termination.

**7.** **Cooperation** 

In the event that Liberty accounts for its equity interest in Live Nation using the equity method, following the Effective Time Live Nation will cooperate reasonably with Liberty to permit Liberty to timely include financial information regarding Live Nation in Liberty's periodic reports filed under the Exchange Act at no cost to Liberty.

**8.** **No Third Party Beneficiaries; Standalone Agreements; Assignment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Nothing in this Agreement, whether express or implied, shall be construed to give any Person, other than the parties hereto and their respective successors and permitted assigns, any legal or equitable right, remedy or claim under or in respect of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) If any Liberty Party shall transfer or otherwise dispose of any Equity Securities to any Affiliate of such Liberty Party, such transferee and the Transferring Liberty Party shall execute and deliver to Live Nation an agreement (an "**Affiliate Assignment and Assumption Agreement**") in the form of Exhibit 2, which, for the avoidance of doubt, shall not include any transfer of any right of any Liberty Party set forth in Section 2. Live Nation shall also execute such Affiliate Assignment and Assumption Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In the event any Liberty Party seeks to Transfer Equity Securities in a Qualified Block Transfer or an Excluded Affiliate Transfer, the transferring party and the transferee party will execute and deliver to Live Nation a New Holder Assignment and Assumption Agreement. Live Nation will also execute and deliver such a New Holder Assignment and Assumption Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except pursuant to any Assignment and Assumption Agreement, neither this Agreement nor any rights or obligations under this Agreement shall be assigned, in whole or in part, by any party without the prior written consent (i) of Liberty, in the case of an assignment by Live Nation or Ticketmaster, (ii) of Live Nation and Ticketmaster in the case of any assignment by a Liberty Party prior to the Effective Time or (iii) of Live Nation in the case of any assignment by a Liberty Party from and after the Effective Time provided in such case such consent shall be approved by a majority of the Qualified Directors. Subject to the foregoing, the provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns.

**9.** **General Provisions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Notices</u>. All notices, requests and other communications to any party hereunder shall be in writing (including telecopy) and shall be given, if to any Liberty Party, to:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liberty Media Corporation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liberty Media Corporation |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 Liberty Boulevard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 Liberty Boulevard |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Englewood, Colorado 80112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Englewood, Colorado 80112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attention: | General Counsel |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Facsimile: | (720) 875-5382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with a copy to: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with a copy to: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baker Botts L.L.P. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baker Botts L.L.P. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 Rockefeller Plaza | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 Rockefeller Plaza |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44th Floor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44th Floor |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York, New York 10112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York, New York 10112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attention: | Frederick H. McGrath |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Facsimile: | (212) 408-2501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if to Live Nation, to: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if to Live Nation, to: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Live Nation, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Live Nation, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9348 Civic Center Drive | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9348 Civic Center Drive |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beverly Hills, CA 90210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beverly Hills, CA 90210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attention: | General Counsel |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Facsimile: | (310) 867-7158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with a copy to: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with a copy to: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Latham & Watkins LLP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Latham & Watkins LLP |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355 South Grand Avenue | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355 South Grand Avenue |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Los Angeles, CA 90071-1560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Los Angeles, CA 90071-1560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attention: | Charles M. Nathan |
|  | James P. Beaubien |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Facsimile: | (213) 891-8763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if to Ticketmaster, to: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if to Ticketmaster, to: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ticketmaster Entertainment, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ticketmaster Entertainment, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8800 Sunset Blvd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8800 Sunset Blvd. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;West Hollywood, California 90069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;West Hollywood, California 90069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attention: | General Counsel |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Facsimile: | (310) 360-3373 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with a copy to: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with a copy to: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wachtell, Lipton, Rosen & Katz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wachtell, Lipton, Rosen & Katz |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 West 52nd Street | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 West 52nd Street |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York, New York 10019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York, New York 10019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attention: | Pamela S. Seymon |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Facsimile: | (212) 403-2000 |

---

or such address or facsimile number as such party may hereafter specify for the purpose by notice to the other parties hereto. Each such notice, request or other communication shall be effective when delivered personally, telegraphed, or telecopied, or, if mailed, five Business Days after the date of the mailing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Amendments; No Waivers</u>. Any provision of this Agreement may be amended or waived if, and only if, such amendment or waiver is in writing and signed, in the case of an amendment, by the party whose rights or obligations hereunder are affected by such amendment, or in the case of a waiver, by the party or parties against whom the waiver is to be effective. Any amendment or waiver following the Effective Time by Live Nation shall require the approval of a majority of the Qualified Directors.

No failure or delay by any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Termination; Effectiveness</u>. (i) This Agreement shall automatically terminate in the event the Merger Agreement is terminated in accordance with its terms prior to the Effective Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The provisions in (x) Section 2(a) and 2(c) of this Agreement shall automatically terminate upon the Fall-Away Date and (y) Sections 3(b) and 3(c) of this Agreement shall automatically terminate immediately following the consummation of the Second Qualified Block Transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) This Agreement will terminate as to Liberty or a Qualified Block Transferee, as applicable, immediately following such Person's Transfer of Equity Securities in a Qualified Block Transfer, in which case Liberty or such Qualified Block Transferee shall cease to be entitled to the benefits of the exceptions to Section 203 of the GCL and the LN Rights Plan set forth in Section 3 of this Agreement. .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Governing Law; Consent To Jurisdiction</u>. This Agreement shall be construed in accordance with and governed by the internal laws of the State of Delaware, without giving effect to the principles of conflicts of laws. Each of the parties hereto hereby irrevocably and unconditionally consents to submit to the exclusive jurisdiction of the Court of Chancery of the State of Delaware in Wilmington, Delaware or, if exclusive jurisdiction of such matter is vested in the Federal courts, any Federal court located in the State of Delaware, for any action, proceeding or investigation in any court or before any governmental authority ("**Litigation**") arising out of or relating to this Agreement and the transactions contemplated hereby and further agrees that service of any process, summons, notice or document by U.S. mail to its respective address set forth in this Agreement shall be effective service of process for any Litigation brought against it in any such court. Each of the parties hereto hereby irrevocably and unconditionally waives any objection to the laying of venue of any Litigation arising out of this Agreement or the transactions contemplated hereby in the Court of Chancery of the State of Delaware in Wilmington, Delaware or, if exclusive jurisdiction of such matter is vested in the Federal courts, any Federal court located in the State of Delaware, and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such Litigation brought in any such court has been brought in an inconvenient forum. Each of the parties irrevocably and unconditionally waives, to the fullest extent permitted by applicable law, any and all rights to trial by jury in connection with any Litigation arising out of or relating to this Agreement or the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Counterparts</u>. This Agreement may be executed in separate counterparts, each of which shall be an original and all of which taken together shall constitute one and the same agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Specific Performance; Other Limitations</u>. Each of the parties hereto acknowledges and agrees that the parties' respective remedies at law for a breach or threatened breach of any of the provisions of this Agreement would be inadequate and, in recognition of that fact, agrees that, in the event of a breach or threatened breach by any party hereto of the provisions of this Agreement, in addition to any remedies at law, the non-breaching party or parties, without posting any bond shall be entitled to obtain equitable relief in the form of specific performance, a temporary restraining order, a temporary or permanent injunction or any other equitable remedy which may then be available. No breach or threatened breach on the part of any party hereto shall relieve any other party of any of its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Severability</u>. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated, provided that the parties hereto shall negotiate in good faith to attempt to place the parties in the same position as they would have been in had such provision not been held to be invalid, void or unenforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Entire Agreement</u>. This Agreement, together with the agreements and instruments referenced herein, embodies the complete agreement and understanding among the parties hereto with respect to the subject matter hereof and supersedes any prior understanding or agreements by or among the parties, written or oral, with respect to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Interpretation</u>. References in this Agreement to Sections shall be deemed to be references to Sections of this Agreement unless the context shall otherwise require. The words "include," "includes" and "including" shall be deemed to be followed by the phrase "without limitation." The words "hereof," "herein" and "hereunder" and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of such agreement or instrument. The word "knowledge" or "know" when used in this Agreement shall refer to the actual knowledge of the Person in question without such Person being under any duty or obligation to make any inquiries. Each reference to a statute, rule or regulation herein shall be deemed to include any successor statute, rule or regulation thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Headings</u>. The headings contained in this Agreement are for convenience only and shall not be interpreted to limit or otherwise affect the provisions of this Agreement.

IN WITNESS WHEREOF, the undersigned has executed this Agreement as of the date first written above.

---

| | |
|:---|:---|
| Liberty Media Corporation, | Liberty Media Corporation, |
| a Delaware corporation | a Delaware corporation |
| /s/ Mark D. Carleton | /s/ Mark D. Carleton |
| Name: | Mark D. Carleton |
| Title: | Senior Vice President |
| Live Nation, Inc., a Delaware corporation | Live Nation, Inc., a Delaware corporation |
| /s/ Michael Rapino | /s/ Michael Rapino |
| Name: | Michael Rapino |
| Title: | President and Chief Executive Officer |
| Liberty USA Holdings, LLC <br> a Delaware limited liability company | Liberty USA Holdings, LLC <br> a Delaware limited liability company |
| By: Liberty Programming Company LLC,<br> its sole member and manager | By: Liberty Programming Company LLC,<br> its sole member and manager |
| By: LMC Capital LLC, its sole member and manager | By: LMC Capital LLC, its sole member and manager |
| /s/ Mark D. Carleton | /s/ Mark D. Carleton |
| Name: | Mark D. Carleton |
| Title: | Senior Vice President |
| Ticketmaster Entertainment, Inc., a Delaware corporation | Ticketmaster Entertainment, Inc., a Delaware corporation |
| /s/ Chris Riley | /s/ Chris Riley |
| Name: | Chris Riley |
| Title: | Senior Vice President |

---

**Annex I**

**Form of Registration Rights Agreement**

**Exhibit 1**

**Form of New Holder Assignment and Assumption Agreement**

**Exhibit 2**

**Form of Affiliate Assignment and Assumption Agreement**

**Exhibit 3**

**Form of Amendment to LN Rights Agreement**

## Exhibit 10.10

**Exhibit 10.10**

**AFFILIATE ASSIGNMENT AND ASSUMPTION AGREEMENT**

This AFFILIATE ASSIGNMENT AND ASSUMPTION AGREEMENT (this "<u>Agreement</u>"), dated as of May 28, 2025, by and among Live Nation Entertainment, Inc., a Delaware corporation ("<u>Live Nation</u>"), Liberty Media Corporation, a Delaware corporation ("<u>Liberty</u>"), Liberty Live Holdings, Inc., a Nevada corporation ("<u>Assignor</u>"), and LN Holdings 1, LLC, a Delaware limited liability company (the "<u>Assignee</u>").

<u>RECITALS</u>

WHEREAS, Live Nation, Liberty, and certain other parties are parties to that certain Stockholder Agreement, dated as of February 10, 2009, as assigned (the "<u>Stockholder Agreement</u>") (capitalized terms used and not otherwise defined herein have the meanings given such terms in the Stockholder Agreement);

WHEREAS, Liberty currently holds an aggregate of 60,674,654 shares of common stock of Live Nation and LMC LYV, LLC, a Delaware limited liability company (the "<u>Other Liberty Party</u>"), holds 8,970,379 shares of common stock of Live Nation; and

WHEREAS, in connection with a proposed Transfer of Equity Securities by Liberty to an Affiliate of a Liberty Party pursuant to the Stockholder Agreement, the parties hereto desire to enter into this Agreement, pursuant to which (i) Liberty is Transferring 10,488,960 shares of common stock of Live Nation (the "<u>First Transfer</u>") to its Affiliate, Assignor, and, immediately thereafter, (ii) Assignor is Transferring such Equity Securities (the "<u>Second Transfer</u>") to its and Liberty's Affiliate, Assignee (all such Equity Securities to be ultimately so Transferred to Assignee, the "<u>Transferred Equity Securities</u>").

NOW, THEREFORE, for good and valuable consideration (the receipt and sufficiency of which is hereby acknowledged), the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Assignment and Assumption</u>. Effective as of the date hereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) Liberty hereby transfers, assigns and conveys to the Assignor its rights, benefits, liabilities and obligations under the Stockholder Agreement with respect to the Transferred Equity Securities (such rights and benefits, collectively, the "<u>Assigned Rights</u>", and such liabilities and obligations, collectively, the "<u>Assigned Obligations</u>") for the period from and following the execution of this Agreement until the Second Transfer (the "<u>First Transfer Period</u>"), and, immediately following the First Transfer, (ii) Assignor hereby transfers, assigns and conveys to the Assignee the Assigned Rights and the Assigned Obligations with respect to the Transferred Equity Securities for the period from and following the Second Transfer (the "<u>Second Transfer Period</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) during the First Transfer Period, the Assignor accepts and assumes the Assigned Rights and Assigned Obligations and agrees to be bound by the Assigned Obligations and to perform the Assigned Obligations in accordance therewith as if the Assignor had executed and delivered the Stockholder Agreement and (ii) during the Second Transfer Period, the Assignee accepts and assumes the Assigned Rights and Assigned Obligations and agrees to be bound by the Assigned Obligations and to perform the Assigned Obligations in accordance therewith as if the Assignee had executed and delivered the Stockholder Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Live Nation acknowledges that (i) prior to the date hereof, Liberty was a Liberty Party for purposes of the Stockholder Agreement and will remain a Liberty Party for purposes of the Stockholder Agreement at all times during the First Transfer Period and the Second Transfer Period, (ii) during the First Transfer Period, Assignor will be a Liberty Party for purposes of the Stockholder Agreement and, as such, unless the context of the Stockholder Agreement otherwise requires, the Assignor is entitled to all of the Assigned Rights and will be subject to all of the Assigned Obligations, in each case, as if it had executed and delivered the Stockholder Agreement, and (iii) during the Second Transfer Period, Assignee will be a Liberty Party for purposes of the Stockholder Agreement and, as such, unless the context of the Stockholder Agreement otherwise requires, the Assignee is entitled to all of the Assigned Rights and will be subject to all of the Assigned Obligations, in each case, as if it had executed and delivered the Stockholder Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Liberty and Live Nation acknowledge and agree that the securities subject to the Transfers described in the third recital will remain subject to the terms and conditions of the Stockholder Agreement in all respects and that, for the avoidance of doubt, pursuant to the Stockholder Agreement, such Transfers will not change in any respect the Applicable Percentage. In addition, Liberty represents and warrants to Live Nation that (i) at the time of the First Transfer of the Transferred Equity Securities to the Assignor and throughout the First Transfer Period, the Assignor is a wholly-owned subsidiary of Liberty and a Liberty Party, (ii) at the time of the Second Transfer of the Transferred Equity Securities to the Assignee, the Assignee is a wholly-owned subsidiary of Assignor and a Liberty Party, (iii) following the Transfers of the Transferred Equity Securities, Liberty will continue to own 50,185,694 shares of common stock of Live Nation and the Other Liberty Party will continue to own 8,970,379 shares of common stock of Live Nation, and (iv) the Liberty Parties' Beneficial Ownership of Equity Securities does not, and after giving effect to the Transfers described in the third recital will not, exceed the Applicable Percentage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Release</u>. Effective as of the Second Transfer, (a) Live Nation hereby releases Assignor from any obligations and liabilities arising after the Second Transfer relating to the Assignee's performance after Second Transfer of the Assigned Rights and Assigned Obligations, and (b) Assignor (but, for the avoidance of doubt, neither Liberty nor Assignee) hereby releases Live Nation from any obligations with respect to the performance after the Second Transfer of its obligations under the Stockholder Agreement, in each case, solely with respect to the Transferred Equity Securities. The foregoing releases will not affect in any way any liability or obligation of any party to the Stockholder Agreement for any breach of the Stockholder Agreement occurring on or prior to the Second Transfer. No assignment by any Liberty Party hereunder to any Affiliate shall release Liberty from its obligations under the Stockholder Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Third Party Beneficiaries; Assignment.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Nothing in this Agreement, whether express or implied, shall be construed to give any Person, other than the parties hereto, any legal or equitable right, remedy or claim under or in respect of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as provided in this Section 3, in any Assignment and Assumption Agreement (other than this Agreement) or in Section 8 of the Stockholder Agreement, neither this Agreement nor any rights or obligations under this Agreement shall be assigned, in whole or in part, by Live Nation or the Liberty Parties without the prior written consent of the other. Subject to the foregoing, the provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>General Provision</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notices. All notices and other communications hereunder shall be in writing and shall be delivered in person, by electronic mail (with confirming copy sent by one of the other delivery methods specified herein), by overnight courier or sent by certified, registered or express air mail, postage prepaid, and shall be deemed given when so delivered in person, or when so received by electronic mail or courier, or, if mailed, three (3) calendar days after the date of mailing, as follows:

if to any Liberty Party, to:

Liberty Media Corporation

12300 Liberty Boulevard

Englewood, Colorado 80112

Attention: Chief Legal Officer

Email: [*Separately Provided*]

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with a copy to: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with a copy to: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O'Melveny & Myers LLP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O'Melveny & Myers LLP |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Two Embarcadero Center, 28th Floor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Two Embarcadero Center, 28th Floor |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Francisco, California 94111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Francisco, California 94111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attention: | C. Brophy Christensen |
|  | Noah Kornblith |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Email: | bchristensen@omm.com |
|  | nkornblith@omm.com |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if to Live Nation, to: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if to Live Nation, to: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9348 Civic Center Drive | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9348 Civic Center Drive |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beverly Hills, CA 90210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beverly Hills, CA 90210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attention: General Counsel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attention: General Counsel |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Email: [Separately Provided] | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Email: [Separately Provided] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with a copy to: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with a copy to: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Latham & Watkins L.L.P. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Latham & Watkins L.L.P. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10250 Constellation Blvd., Suite 1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10250 Constellation Blvd., Suite 1100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Los Angeles, CA 90067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Los Angeles, CA 90067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attention: Steven B. Stokdyk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attention: Steven B. Stokdyk |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Email: steven.stokdyk@lw.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Email: steven.stokdyk@lw.com |

---

or to such other address as the party to whom notice is given may have previously furnished to the other party in writing in the manner set forth above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Amendments; Waivers</u>. Any provision of this Agreement may be amended or waived if, and only if, such amendment or waiver is in writing and signed, in the case of an amendment, by the party whose rights or obligations hereunder are affected by such amendment, or in the case of a waiver, by the party or parties against whom the waiver is to be effective. Any amendment or waiver by Live Nation shall be authorized by a majority of the Qualified Directors of Live Nation (the execution and delivery of any such consent by Live Nation shall conclusively evidence the authorization of such consent required pursuant to this sentence).

No failure or delay by any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Governing Law; Consent To Jurisdiction</u>. This Agreement shall be construed in accordance with and governed by the internal laws of the State of Delaware, without giving effect to the principles of conflicts of laws. Each of the parties hereto hereby irrevocably and unconditionally consents to submit to the exclusive jurisdiction of the courts of the State of Delaware, for any action, proceeding or investigation in any court or before any governmental authority ("<u>Litigation</u>") arising out of or relating to this Agreement and the transactions contemplated hereby and further agrees that service of any process, summons, notice or document by U.S. mail to its respective address set forth in this Agreement shall be effective service of process for any Litigation brought against it in any such court. Each of the parties hereto hereby irrevocably and unconditionally waives any objection to the laying of venue of any Litigation arising out of this Agreement or the transactions contemplated hereby in the courts of the State of Delaware, and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such Litigation brought in any such court has been brought in an inconvenient forum. Each of the parties irrevocably and unconditionally waives, to the fullest extent permitted by applicable law, any and all rights to trial by jury in connection with any Litigation arising out of or relating to this Agreement or the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Specific Performance; Other Limitations</u>. Each of the parties hereto acknowledges and agrees that the parties' respective remedies at law for a breach or threatened breach of any of the provisions of this Agreement would be inadequate and, in recognition of that fact, agrees that, in the event of a breach or threatened breach by any party of the provisions of this Agreement, in addition to any remedies at law, the parties hereto without posting any bond, shall be entitled to obtain equitable relief in the form of specific performance, a temporary restraining order, a temporary or permanent injunction or any other equitable remedy which may then be available. No breach or threatened breach on the part of any party hereto shall relieve any other party of any of its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Severability</u>. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated, provided that the parties hereto shall negotiate in good faith to attempt to place the parties in the same position as they would have been in had such provision not been held to be invalid, void or unenforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Entire Agreement</u>. This Agreement and the Stockholder Agreement, together with the agreements and instruments referenced herein and therein, embodies the complete agreement and understanding among the parties hereto with respect to the subject matter hereof and supersedes any prior understandings or agreements by or among the parties, written or oral, with respect to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Interpretation</u>. The words "include," "includes" and "including" shall be deemed to be followed by the phrase "without limitation." The words "hereof," "herein" and "hereunder" and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of such agreement or instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Headings</u>. The headings contained in this Agreement are for convenience only and shall not be interpreted to limit or otherwise affect the provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Further Assurances</u>. Each party hereto agrees to take such further actions as may be reasonably necessary to effect the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Counterparts</u>. This Agreement may be executed in any number of counterparts with the same effect as if all parties hereto had signed the same document, and all of which counterparts together shall constitute one and the same fully executed agreement. The Agreement may be delivered by electronic mail transmission of a signed copy thereof.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

---

| | |
|:---|:---|
| **LIVE NATION:** | **LIVE NATION:** |
| Live Nation Entertainment, Inc., | Live Nation Entertainment, Inc., |
| a Delaware corporation | a Delaware corporation |
| By: | /s/ Michael Rowles |
| Name: | Michael Rowles |
| Title: | EVP and GC |
| **LIBERTY:** | **LIBERTY:** |
| Liberty Media Corporation, | Liberty Media Corporation, |
| a Delaware corporation | a Delaware corporation |
| By: | /s/ Brittany A. Uthoff |
| Name: | Brittany A. Uthoff |
| Title: | Vice President |
| **ASSIGNOR:** | **ASSIGNOR:** |
| Liberty Live Holdings, Inc., | Liberty Live Holdings, Inc., |
| a Nevada corporation | a Nevada corporation |
| By: | /s/ Brittany A. Uthoff |
| Name: | Brittany A. Uthoff |
| Title: | Vice President |
| **ASSIGNEE:** | **ASSIGNEE:** |
| LN Holdings 1, LLC, | LN Holdings 1, LLC, |
| a Delaware limited liability company | a Delaware limited liability company |
| By: | Liberty Live Holdings, Inc., its sole member |
| By: | /s/ Brittany A. Uthoff |
| Name: | Brittany A. Uthoff |
| Title: | Vice President |

---

## Exhibit 21.1

**Exhibit 21.1**

**LIBERTY LIVE HOLDINGS, INC.**

**<u>SUBSIDIARIES</u>**

A table of subsidiaries of Liberty Live Holdings, Inc. following the split-off is set forth below, indicating as to each the state or jurisdiction of organization and the names under which such subsidiaries do business. Subsidiaries not included in the table are inactive or, considered in the aggregate as a single subsidiary, would not constitute a significant subsidiary.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Entity** | &nbsp;&nbsp;**Domicile** |
| &nbsp;&nbsp;Causeway QE Blocker, Inc. | &nbsp;&nbsp;DE |
| &nbsp;&nbsp;Exclusive GP LTD. | &nbsp;&nbsp;UK |
| &nbsp;&nbsp;GHH Europe B.V. | &nbsp;&nbsp;Netherlands |
| &nbsp;&nbsp;Goldman & Goldman Enterprises LLC | &nbsp;&nbsp;TX |
| &nbsp;&nbsp;Hammerhead B.V. | &nbsp;&nbsp;Netherlands |
| &nbsp;&nbsp;Liberty QE Holdings, LLC | &nbsp;&nbsp;DE |
| &nbsp;&nbsp;LMC LYV, LLC | &nbsp;&nbsp;DE |
| &nbsp;&nbsp;LN Holdings 1, LLC | &nbsp;&nbsp;DE |
| &nbsp;&nbsp;Monaco Star Events | &nbsp;&nbsp;Monaco |
| &nbsp;&nbsp;QuintEvents Australia PTY Ltd | &nbsp;&nbsp;Australia |
| &nbsp;&nbsp;QuintEvents International LLC | &nbsp;&nbsp;DE |
| &nbsp;&nbsp;Quint Events International LLC London Ltd. | &nbsp;&nbsp;UK |
| &nbsp;&nbsp;QuintEvents, LLC | &nbsp;&nbsp;DE |
| &nbsp;&nbsp;Quint QFC LLC | &nbsp;&nbsp;Qatar |
| &nbsp;&nbsp;Sportsnet Corporation PTY Ltd. | &nbsp;&nbsp;Australia |

---

## Exhibit 23.1

**Exhibit 23.1**

Consent of Independent Registered Public Accounting Firm

We consent to the use of our reports dated February 27, 2025, with respect to the consolidated financial statements of Liberty Media Corporation, and the effectiveness of internal control over financial reporting, incorporated herein by reference, and to the reference to our firm under the heading "Experts" in the prospectus.

/s/ KPMG LLP

Denver, Colorado<br> July 25, 2025

## Exhibit 23.2

**Exhibit 23.2**

Consent of Independent Registered Public Accounting Firm

We consent to the use of our report dated July 25, 2025, with respect to the combined financial statements of Liberty Live Holdings, Inc., included herein, and to the reference to our firm under the heading "Experts" in the prospectus.

/s/ KPMG LLP

Denver, Colorado<br> July 25, 2025

## Exhibit 23.3

**Exhibit 23.3**

**Consent of Independent Registered Public Accounting Firm**

We consent to the reference to our firm under the caption "Experts" and to the use of our report dated February 20, 2025, with respect to the consolidated financial statements of Live Nation Entertainment, Inc. incorporated by reference in the Proxy Statement of Liberty Media Corporation and the Registration Statement (Form S-4) and related Prospectus of Liberty Live Holdings, Inc. for the registration of its common stock.

/s/ Ernst & Young LLP

Los Angeles, California

July 25, 2025

## Exhibit 99.1

**Exhibit 99.1**

**RULE 438 CONSENT**

In connection with the filing by Liberty Live Holdings, Inc. of the Registration Statement on Form S-4 (the "Registration Statement") with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the "Securities Act"), I hereby consent, pursuant to Rule 438 of the Securities Act, to being named as an appointee to the board of directors of Liberty Live Holdings, Inc. in the Registration Statement and any and all amendments and supplements thereto. I also consent to the filing of this consent as an exhibit to such Registration Statement and any amendments thereto.

---

| |
|:---|
| */s/ Robert R. Bennett* |
| Name: Robert R. Bennett |
| Date: July 25, 2025 |

---

## Exhibit 99.2

**Exhibit 99.2**

**RULE 438 CONSENT**

In connection with the filing by Liberty Live Holdings, Inc. of the Registration Statement on Form S-4 (the "Registration Statement") with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the "Securities Act"), I hereby consent, pursuant to Rule 438 of the Securities Act, to being named as an appointee to the board of directors of Liberty Live Holdings, Inc. in the Registration Statement and any and all amendments and supplements thereto. I also consent to the filing of this consent as an exhibit to such Registration Statement and any amendments thereto.

---

| |
|:---|
| */s/ Derek Chang* |
| Name: Derek Chang |
| Date: July 25, 2025 |

---

## Exhibit 99.3

**Exhibit 99.3**

**RULE 438 CONSENT**

In connection with the filing by Liberty Live Holdings, Inc. of the Registration Statement on Form S-4 (the "Registration Statement") with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the "Securities Act"), I hereby consent, pursuant to Rule 438 of the Securities Act, to being named as an appointee to the board of directors of Liberty Live Holdings, Inc. in the Registration Statement and any and all amendments and supplements thereto. I also consent to the filing of this consent as an exhibit to such Registration Statement and any amendments thereto.

---

| |
|:---|
| */s/ Carl E. Vogel* |
| Name: Carl E. Vogel |
| Date: July 25, 2025 |

---

## Exhibit 99.4

**Exhibit 99.4**

**RULE 438 CONSENT**

In connection with the filing by Liberty Live Holdings, Inc. of the Registration Statement on Form S-4 (the "Registration Statement") with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the "Securities Act"), I hereby consent, pursuant to Rule 438 of the Securities Act, to being named as an appointee to the board of directors of Liberty Live Holdings, Inc. in the Registration Statement and any and all amendments and supplements thereto. I also consent to the filing of this consent as an exhibit to such Registration Statement and any amendments thereto.

---

| |
|:---|
| */s/ David J.A. Flowers* |
| Name: David J.A. Flowers |
| Date: July 25, 2025 |

---

## Exhibit 99.5

**Exhibit 99.5**

**RULE 438 CONSENT**

In connection with the filing by Liberty Live Holdings, Inc. of the Registration Statement on Form S-4 (the "Registration Statement") with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the "Securities Act"), I hereby consent, pursuant to Rule 438 of the Securities Act, to being named as an appointee to the board of directors of Liberty Live Holdings, Inc. in the Registration Statement and any and all amendments and supplements thereto. I also consent to the filing of this consent as an exhibit to such Registration Statement and any amendments thereto.

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|:---|
| */s/ Bill Kurtz* |
| Name: Bill Kurtz |
| Date: July 25, 2025 |

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## Ex-Filing

**Exhibit 107**

 **Calculation of Filing Fee Tables**

**Form S-4**

(Form Type)

**Liberty Live Holdings, Inc.**

(Exact Name of Registrant as Specified in its Charter)

<u>Table 1—Newly Registered and Carry Forward Securities</u>

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Security<br> Type** | **Security Class<br> Title** | **Fee<br> Calculation<br> or Carry<br> Forward<br> Rule** | **Amount<br> Registered<sup>(1)</sup>** | **Proposed<br> Maximum<br> Offering<br> Price Per<br> Unit** | **Maximum<br> Aggregate Offering<br> Price<sup>(1)(2)</sup>** | **Fee Rate<sup>(3)</sup>** | **Amount of<br> Registration Fee** | **Carry <br> Forward <br> Form<br> Type** | **Carry <br> Forward <br> File<br> Number** | **Carry <br> Forward <br> Initial <br> effective<br> date** | **Filing Fee <br> Previously <br> Paid In <br> Connection <br> with <br> Unsold <br> Securities <br> to be <br> Carried<br> Forward** |
| **<u>Newly Registered Securities</u>** | **<u>Newly Registered Securities</u>** | **<u>Newly Registered Securities</u>** | **<u>Newly Registered Securities</u>** | **<u>Newly Registered Securities</u>** | **<u>Newly Registered Securities</u>** | **<u>Newly Registered Securities</u>** | **<u>Newly Registered Securities</u>** | **<u>Newly Registered Securities</u>** | **<u>Newly Registered Securities</u>** | **<u>Newly Registered Securities</u>** | **<u>Newly Registered Securities</u>** | **<u>Newly Registered Securities</u>** |
| Fees to Be Paid | Equity | Series A Liberty Live Group common stock, par value $0.01 per share ("New LLYVA") | 457(c) and 457(f) | 25571416 | N/A | $2049165421.16 | 0.00015310 | $313727.23 |  |  |  |  |
| Fees to Be Paid | Equity | Series B Liberty Live Group common stock, par value $0.01 per share ("New LLYVB") | 457(c) and 457(f) | 2533220 | N/A | $233056240.00 | 0.00015310 | $35680.91 |  |  |  |  |
| Fees to Be Paid | Equity | Series C Liberty Live Group common stock, par value $0.01 per share ("New LLYVK") | 457(c) and 457(f) | 65115339 | N/A | $5326434730.20 | 0.00015310 | $815477.16 |  |  |  |  |
| Fees Previously Paid |  |  |  |  |  |  |  |  |  |  |  |  |
| **<u>Carry Forward Securities</u>** | **<u>Carry Forward Securities</u>** | **<u>Carry Forward Securities</u>** | **<u>Carry Forward Securities</u>** | **<u>Carry Forward Securities</u>** | **<u>Carry Forward Securities</u>** | **<u>Carry Forward Securities</u>** | **<u>Carry Forward Securities</u>** | **<u>Carry Forward Securities</u>** | **<u>Carry Forward Securities</u>** | **<u>Carry Forward Securities</u>** | **<u>Carry Forward Securities</u>** | **<u>Carry Forward Securities</u>** |
| Carry Forward Securities |  |  |  |  |  |  |  |  |  |  |  |  |
| **Total Offering Amounts** | **Total Offering Amounts** | **Total Offering Amounts** | **Total Offering Amounts** | **Total Offering Amounts** | **Total Offering Amounts** | $7608656391.36 |  | $1164885.29 |  |  |  |  |
| **Total Fees Previously Paid** | **Total Fees Previously Paid** | **Total Fees Previously Paid** | **Total Fees Previously Paid** | **Total Fees Previously Paid** | **Total Fees Previously Paid** |  |  |  |  |  |  |  |
| **Total Fee Offsets** | **Total Fee Offsets** | **Total Fee Offsets** | **Total Fee Offsets** | **Total Fee Offsets** | **Total Fee Offsets** |  |  |  |  |  |  |  |
| **Net Fee Due** | **Net Fee Due** | **Net Fee Due** | **Net Fee Due** | **Net Fee Due** | **Net Fee Due** |  |  | $1164885.29 |  |  |  |  |

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(1) The number of shares of the Registrant's proposed New LLYVA, New LLYVB and New LLYVK (collectively, "New Liberty Live Group common stock"), respectively, to be registered will be determined based upon (i) the number of outstanding shares of the same series of Liberty Media Corporation's ("Liberty Media") current Series A Liberty Live common stock, par value $0.01 per share ("LLYVA"), Series B Liberty Live common stock, par value $0.01 per share ("LLYVB") and Series C Liberty Live common stock, par value $0.01 per share ("LLYVK"), (collectively, "Existing Liberty Live common stock"), plus (ii) the number of such shares issuable upon exercise of outstanding stock options and settlement of existing restricted stock units. The number of shares of New Liberty Live Group common stock into which each share of the corresponding series of Existing Liberty Live common stock will be exchanged is one, in accordance with the proposed split-off of Liberty Live Holdings, Inc. from Liberty Media as discussed in the Form S-4 filing to which this Filing Fee Table is attached. The Registrant had (i) outstanding as of June 30, 2025, 25,571,416 shares of LLYVA, 2,533,220 shares of LLYVB and 63,777,962 shares of LLYVK and (ii) as of June 30, 2025, 1,337,377 shares of LLYVK issuable upon exercise of outstanding stock options and settlement of existing restricted stock units.

(2) Estimated solely for the purpose of calculating the registration fee and calculated in accordance with Rule 457(f)(1) and 457(c) under the Securities Act, based on the average of (i) the high and low prices of LLYVA and LLYVK, respectively, on the Nasdaq Global Select Market on July 21, 2025 (which was $80.14 and $81.80, respectively) and (ii) the bid and ask sales price of LLYVB on the OTCQB Market on July 21, 2025 (which was $92.00 per share).

(3) Calculated on the basis of $153.10 per $1,000,000 of the proposed maximum aggregate offering price.