MFT SH Family Trust sold NWS

Footnotes

Consists of 4,690,431 Class B Shares sold by each of the Reporting Persons.; As a result of certain agreements entered into by and among the Reporting Persons and certain other stockholders of the issuer, the Reporting Persons may be deemed members of a "group" for purposes of Section 13(d) of the Securities Exchange Act of 1934 and may be deemed to share beneficial ownership of the shares of class A common stock and class B common stock reported herein (the "Shares"). Each of the Reporting Persons disclaims beneficial ownership of any such Shares, except to the extent of its respective pecuniary interest therein.; Each of the Reporting Persons is a trust established by the trustee of the Mudoch Family Trust (the "MFT") for the benefit of Prudence MacLeod, Elisabeth Murdoch and James Murdoch and his or her respective descendants and charitable organizations.; On September 6, 2025, the MFT transferred (i) approximately 50% of the Class A Shares and 50% of the Class B Shares held by the MFT to the Reporting Persons and (ii) the remaining Class A Shares and Class B Shares held by the MFT to three trusts for the benefit of each of Lachlan K. Murdoch, Grace Murdoch and Chloe Murdoch and their respective descendants and charitable organizations. On September 10, 2025, the Reporting Persons sold a total of (i) 14,071,293 Class B Shares in an underwritten offering (the "Underwritten Offering") and (ii) 7,125 Class A Shares and 24,256,641 Class B Shares in a series of transactions where they were ultimately acquired by LGC Holdco, LLC (the "Purchase").; As a result of the Underwritten Offering and the Purchase, none of the Reporting Persons have any interest, directly or indirectly, in the issuer.