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  "notes": "The slide details the mathematical formula for the exchange ratio and the mechanics of the SplitCo acquisition.",
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      "text": "SplitCo acquires SiriusXM in stock-for-stock transaction to create New SiriusXM",
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      "text": "Each share of SplitCo becomes 1 share of New SiriusXM; Each share of SiriusXM held by minority shareholders receives 1 share of New SiriusXM",
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      "text": "Liberty separates Liberty SiriusXM Group through redemptive split-off to form “SplitCo” holding all LSXM assets and liabilities",
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      "text": "(1) LSXM Net Liabilities include SIRI Margin Loan and 2.75% SIRI Exchangeable Bonds due 2049, net of estimated corporate cash. Excludes LSXMA convertible notes. Also includes estimated other liabilities for transaction fees and expenses, financing fees, litigation related liabilities and other corporate adjustments (2) Exchange Ratio based on estimated LSXM Net Liabilities as of June 30, 2024, subject to final adjustments at close",
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      "text": "Transaction Structure",
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