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Immediately following split-off, SplitCo acquires SiriusXM in all stock transaction to form New SiriusXM with one class of common stock. LSXM shareholders receive 1 share of New SiriusXM for each share of SiriusXM previously held at LSXM, adjusted for LSXM net liabilities. Results in estimated Exchange Ratio of 8.4(1) shares of New SiriusXM per share of LSXM held. SiriusXM minority shareholders receive 1 share of New SiriusXM for each share of SiriusXM held. Subject to required approvals, including majority vote of LSXM shareholders, receipt of tax opinions, required regulatory approvals and customary closing conditions. 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