LION · Lionsgate Studios Corp. · Insider Trading

Director fees paid in common shares.

Amount includes the following restricted share units granted by the Issuer, payable upon vesting in an equal number of common shares of the Issuer: (i) 20,107 restricted share units that are scheduled to vest on November 28, 2026; and (ii) 13,405 restricted share units that are scheduled to vest on September 15, 2027.

Annual director equity award.

Amount includes the following restricted share units granted by the Issuer, payable upon vesting in an equal number of common shares of the Issuer: (i) 20,107 restricted share units that are scheduled to vest on November 28, 2026; and (ii) 13,405 restricted share units that are scheduled to vest on September 15, 2027.

These are restricted share units granted by the Issuer, payable upon vesting in an equal number of Common Shares, which are scheduled to vest in one annual installment on September 15, 2027.

Annual director equity award.

Amount includes the following restricted share units granted by the Issuer, payable upon vesting in an equal number of common shares of the Issuer: (i) 20,107 restricted share units that are scheduled to vest on November 28, 2026; and (ii) 13,405 restricted share units that are scheduled to vest on September 15, 2027.

Annual director equity award.

Amount includes the following restricted share units granted by the Issuer, payable upon vesting in an equal number of common shares of the Issuer: (i) 20,107 restricted share units that are scheduled to vest on November 28, 2026; and (ii) 13,405 restricted share units that are scheduled to vest on September 15, 2027.

Director fees paid in common shares.

Amount includes the following restricted share units granted by the Issuer, payable upon vesting in an equal number of common shares of the Issuer: (i) 20,107 restricted share units that are scheduled to vest on November 28, 2026; and (ii) 13,405 restricted share units that are scheduled to vest on September 15, 2027.

Director fees paid in common shares.

Amount includes the following restricted share units granted by the Issuer, payable upon vesting in an equal number of common shares of the Issuer: (i) 20,107 restricted share units that are scheduled to vest on November 28, 2026; and (ii) 13,405 restricted share units that are scheduled to vest on September 15, 2027.

These are restricted share units granted by the Issuer, payable upon vesting in an equal number of Common Shares, which are scheduled to vest in one annual installment on September 15, 2027

Director fees paid in common shares.

Amount includes the following restricted share units granted by the Issuer, payable upon vesting in an equal number of common shares of the Issuer: (i) 20,107 restricted share units that are scheduled to vest on November 28, 2026; and (ii) 13,405 restricted share units that are scheduled to vest on September 15, 2027.

Annual director equity award.

Amount includes the following restricted share units granted by the Issuer, payable upon vesting in an equal number of common shares of the Issuer: (i) 20,107 restricted share units that are scheduled to vest on November 28, 2026; and (ii) 13,405 restricted share units that are scheduled to vest on September 15, 2027.

Annual director equity award.

Amount includes the following restricted share units granted by the Issuer, payable upon vesting in an equal number of common shares of the Issuer: (i) 20,107 restricted share units that are scheduled to vest on November 28, 2026; and (ii) 13,405 restricted share units that are scheduled to vest on September 15, 2027.

Annual director equity award.

Amount includes the following restricted share units granted by the Issuer, payable upon vesting in an equal number of common shares of the Issuer: (i) 20,107 restricted share units that are scheduled to vest on November 28, 2026; and (ii) 13,405 restricted share units that are scheduled to vest on September 15, 2027.

Director fees granted in Common Shares of the Issuer.

Director fees granted in Common Shares of the Issuer.

Director fees paid in common shares.

Amount includes the following restricted share units granted by the Issuer, payable upon vesting in an equal number of common shares of the Issuer: (i) 20,107 restricted share units that are scheduled to vest on November 28, 2026; and (ii) 13,405 restricted share units that are scheduled to vest on September 15, 2027.

In connection with the CV Transaction, Institutional Partners IIA contributed the Common Shares held for its account to Sun IIA and LION Holdco B, in exchange for limited partnership interests in Sun IIA and limited partnership interests and certain other interests in LION Holdco B.

The Common Shares reported as owned on this Form 4 do not include the Common Shares, which the reporting persons may be deemed to beneficially own as a result of that certain Voting and Standstill Agreement, by and among the Issuer, Liberty Global Ventures Limited, a limited company organized under the laws of England and Wales, Liberty Global Ltd., Bermuda exempted company limited by shares, Discovery Lightning Investments Ltd., a limited company organized under the laws of England and Wales, Warner Bros. Discovery, Inc., a Delaware corporation, Master Account, Capital Partners (100), Institutional Partners II, Institutional Partners IIA, Institutional Partners III, Institutional Partners IV and Fund Management, but as to which they have no pecuniary interest.

The Common Shares reported as owned on this Form 4 do not include the Common Shares, which the reporting persons may be deemed to beneficially own as a result of that certain Governance, Standstill and Voting Agreement, by and among Fund Management and certain of its affiliates and Liberty 77 Capital L.P., a Delaware limited partnership, Liberty 77 Fund L.P., a Cayman Islands exempted limited partnership and Liberty 77 Fund International L.P., a Cayman Islands exempted limited partnership, but as to which they have no pecuniary interest.

These Common Shares are held for the account of MHR Sun IIA LP, a Delaware limited partnership ("Sun IIA"). Institutional Advisors II is the general partner of Sun IIA. MHRC II is the managing member of Institutional Advisors II. Dr. Rachesky is the managing member of MHRC II. Fund Management has an investment management agreement with Sun IIA pursuant to which it has the power to vote or direct the vote and to dispose or to direct the disposition of the Common Shares held for the account of Sun IIA. MHR Holdings is the managing member of Fund Management. (Continued to footnote 16)

Accordingly, Institutional Advisors II, MHRC II, Fund Management, MHR Holdings and Dr. Rachesky may be deemed to beneficially own the Common Shares held for the account of Sun IIA. Each of Institutional Advisors II, MHRC II, Fund Management, MHR Holdings and Dr. Rachesky disclaims beneficial ownership of such Common Shares except to the extent of their pecuniary interest therein.

In connection with the CV Transaction, immediately following the contribution of Common Shares from Institutional Partners IIA and Institutional Partners III, LION Holdco B, as the sole limited partner of LION SubHoldco B, contributed certain of the Common Shares held for its account to LION SubHoldco B.

The Common Shares reported as owned on this Form 4 do not include the Common Shares, which the reporting persons may be deemed to beneficially own as a result of that certain Voting and Standstill Agreement, by and among the Issuer, Liberty Global Ventures Limited, a limited company organized under the laws of England and Wales, Liberty Global Ltd., Bermuda exempted company limited by shares, Discovery Lightning Investments Ltd., a limited company organized under the laws of England and Wales, Warner Bros. Discovery, Inc., a Delaware corporation, Master Account, Capital Partners (100), Institutional Partners II, Institutional Partners IIA, Institutional Partners III, Institutional Partners IV and Fund Management, but as to which they have no pecuniary interest.

The Common Shares reported as owned on this Form 4 do not include the Common Shares, which the reporting persons may be deemed to beneficially own as a result of that certain Governance, Standstill and Voting Agreement, by and among Fund Management and certain of its affiliates and Liberty 77 Capital L.P., a Delaware limited partnership, Liberty 77 Fund L.P., a Cayman Islands exempted limited partnership and Liberty 77 Fund International L.P., a Cayman Islands exempted limited partnership, but as to which they have no pecuniary interest.

These Common Shares are held for the account of MHR LION Holdco B LP, a Delaware limited partnership ("LION Holdco B"). MHR Sun GP is the general partner of LION Holdco B. The Trust is the managing member of MHR Sun GP. Dr. Rachesky is the sole trustee of the Trust. Fund Management has an investment management agreement with LION Holdco B pursuant to which it has the power to vote or direct the vote and to dispose or to direct the disposition of the Common Shares held for the account of LION Holdco B. MHR Holdings is the managing member of Fund Management. (Continued to footnote 24)

Accordingly, MHR Sun GP, the Trust, Fund Management, MHR Holdings and Dr. Rachesky may be deemed to beneficially own the Common Shares held for the account of LION Holdco B. Each of MHR Sun GP, the Trust, Fund Management, MHR Holdings and Dr. Rachesky disclaims beneficial ownership of such Common Shares except to the extent of their pecuniary interest therein.

In connection with that certain continuation fund transaction, as further described in Amendment No. 2 to Schedule 13D filed by the certain of the reporting persons on July 9, 2026 (the "CV Transaction"), Institutional Partners II contributed the Common Shares held for its account to Sun II and LION Holdco A, in exchange for limited partnership interests in Sun II and limited partnership interests and certain other interests in LION Holdco A. Dr. Rachesky's indirect pecuniary interest in the Common Shares may be deemed to have increased as a result of the transactions described in footnotes (27), (28) and (29) due to Dr. Rachesky and certain of his affiliated entities being investors in an entity that is a limited partner in LION Holdco A and LION Holdco B.

The Common Shares reported as owned on this Form 4 do not include the Common Shares, which the reporting persons may be deemed to beneficially own as a result of that certain Voting and Standstill Agreement, by and among the Issuer, Liberty Global Ventures Limited, a limited company organized under the laws of England and Wales, Liberty Global Ltd., Bermuda exempted company limited by shares, Discovery Lightning Investments Ltd., a limited company organized under the laws of England and Wales, Warner Bros. Discovery, Inc., a Delaware corporation, Master Account, Capital Partners (100), Institutional Partners II, Institutional Partners IIA, Institutional Partners III, Institutional Partners IV and Fund Management, but as to which they have no pecuniary interest.

The Common Shares reported as owned on this Form 4 do not include the Common Shares, which the reporting persons may be deemed to beneficially own as a result of that certain Governance, Standstill and Voting Agreement, by and among Fund Management and certain of its affiliates and Liberty 77 Capital L.P., a Delaware limited partnership, Liberty 77 Fund L.P., a Cayman Islands exempted limited partnership and Liberty 77 Fund International L.P., a Cayman Islands exempted limited partnership, but as to which they have no pecuniary interest.

These Common Shares are held for the account of MHR Institutional Partners II LP, a Delaware limited partnership ("Institutional Partners II"). MHR Institutional Advisors II LLC, a Delaware limited liability company ("Institutional Advisors II"), is the general partner of Institutional Partners II. MHRC II LLC, a Delaware limited liability company ("MHRC II"), is the managing member of Institutional Advisors II. Dr. Rachesky is the managing member of MHRC II. Fund Management has an investment management agreement with Institutional Partners II pursuant to which it has the power to vote or direct the vote and to dispose or to direct the disposition of the Common Shares held for the account of Institutional Partners II. MHR Holdings is the managing member of Fund Management. (Continued to footnote 8)

Accordingly, Institutional Advisors II, MHRC II, Fund Management, MHR Holdings and Dr. Rachesky may be deemed to beneficially own the Common Shares held for the account of Institutional Partners II. Each of Institutional Advisors II, MHRC II, Fund Management, MHR Holdings and Dr. Rachesky disclaims beneficial ownership of such Common Shares except to the extent of their pecuniary interest therein.

In further connection with the CV Transaction, immediately following the contribution of Common Shares from Institutional Partners II, LION Holdco A, as the sole limited partner of LION SubHoldco A, contributed certain of the Common Shares held for its account to LION SubHoldco A.

The Common Shares reported as owned on this Form 4 do not include the Common Shares, which the reporting persons may be deemed to beneficially own as a result of that certain Voting and Standstill Agreement, by and among the Issuer, Liberty Global Ventures Limited, a limited company organized under the laws of England and Wales, Liberty Global Ltd., Bermuda exempted company limited by shares, Discovery Lightning Investments Ltd., a limited company organized under the laws of England and Wales, Warner Bros. Discovery, Inc., a Delaware corporation, Master Account, Capital Partners (100), Institutional Partners II, Institutional Partners IIA, Institutional Partners III, Institutional Partners IV and Fund Management, but as to which they have no pecuniary interest.

The Common Shares reported as owned on this Form 4 do not include the Common Shares, which the reporting persons may be deemed to beneficially own as a result of that certain Governance, Standstill and Voting Agreement, by and among Fund Management and certain of its affiliates and Liberty 77 Capital L.P., a Delaware limited partnership, Liberty 77 Fund L.P., a Cayman Islands exempted limited partnership and Liberty 77 Fund International L.P., a Cayman Islands exempted limited partnership, but as to which they have no pecuniary interest.

These Common Shares are held for the account of MHR LION SubHoldco A LP, a Delaware limited partnership ("LION SubHoldco A"). MHR Sun GP is the general partner of LION SubHoldco A. The Trust is the managing member of MHR Sun GP. Dr. Rachesky is the sole trustee of the Trust. Fund Management has an investment management agreement with LION SubHoldco A pursuant to which it has the power to vote or direct the vote and to dispose or to direct the disposition of the Common Shares held for the account of LION SubHoldco A. MHR Holdings is the managing member of Fund Management. (Continued to footnote 22)

Accordingly, MHR Sun GP, the Trust, Fund Management, MHR Holdings and Dr. Rachesky may be deemed to beneficially own the Common Shares held for the account of LION SubHoldco A. Each of MHR Sun GP, the Trust, Fund Management, MHR Holdings and Dr. Rachesky disclaims beneficial ownership of such Common Shares except to the extent of their pecuniary interest therein.

In connection with the CV Transaction, Institutional Partners IIA contributed the Common Shares held for its account to Sun IIA and LION Holdco B, in exchange for limited partnership interests in Sun IIA and limited partnership interests and certain other interests in LION Holdco B.

In connection with the CV Transaction, Institutional Partners III contributed the Common Shares held for its account to Sun III and LION Holdco B, in exchange for limited partnership interests in Sun III and limited partnership interests and certain other interests in LION Holdco B.

The Common Shares reported as owned on this Form 4 do not include the Common Shares, which the reporting persons may be deemed to beneficially own as a result of that certain Voting and Standstill Agreement, by and among the Issuer, Liberty Global Ventures Limited, a limited company organized under the laws of England and Wales, Liberty Global Ltd., Bermuda exempted company limited by shares, Discovery Lightning Investments Ltd., a limited company organized under the laws of England and Wales, Warner Bros. Discovery, Inc., a Delaware corporation, Master Account, Capital Partners (100), Institutional Partners II, Institutional Partners IIA, Institutional Partners III, Institutional Partners IV and Fund Management, but as to which they have no pecuniary interest.

The Common Shares reported as owned on this Form 4 do not include the Common Shares, which the reporting persons may be deemed to beneficially own as a result of that certain Governance, Standstill and Voting Agreement, by and among Fund Management and certain of its affiliates and Liberty 77 Capital L.P., a Delaware limited partnership, Liberty 77 Fund L.P., a Cayman Islands exempted limited partnership and Liberty 77 Fund International L.P., a Cayman Islands exempted limited partnership, but as to which they have no pecuniary interest.

These Common Shares are held for the account of MHR LION Holdco B LP, a Delaware limited partnership ("LION Holdco B"). MHR Sun GP is the general partner of LION Holdco B. The Trust is the managing member of MHR Sun GP. Dr. Rachesky is the sole trustee of the Trust. Fund Management has an investment management agreement with LION Holdco B pursuant to which it has the power to vote or direct the vote and to dispose or to direct the disposition of the Common Shares held for the account of LION Holdco B. MHR Holdings is the managing member of Fund Management. (Continued to footnote 24)

Accordingly, MHR Sun GP, the Trust, Fund Management, MHR Holdings and Dr. Rachesky may be deemed to beneficially own the Common Shares held for the account of LION Holdco B. Each of MHR Sun GP, the Trust, Fund Management, MHR Holdings and Dr. Rachesky disclaims beneficial ownership of such Common Shares except to the extent of their pecuniary interest therein.

In connection with the CV Transaction, Institutional Partners III contributed the Common Shares held for its account to Sun III and LION Holdco B, in exchange for limited partnership interests in Sun III and limited partnership interests and certain other interests in LION Holdco B.

The Common Shares reported as owned on this Form 4 do not include the Common Shares, which the reporting persons may be deemed to beneficially own as a result of that certain Voting and Standstill Agreement, by and among the Issuer, Liberty Global Ventures Limited, a limited company organized under the laws of England and Wales, Liberty Global Ltd., Bermuda exempted company limited by shares, Discovery Lightning Investments Ltd., a limited company organized under the laws of England and Wales, Warner Bros. Discovery, Inc., a Delaware corporation, Master Account, Capital Partners (100), Institutional Partners II, Institutional Partners IIA, Institutional Partners III, Institutional Partners IV and Fund Management, but as to which they have no pecuniary interest.

The Common Shares reported as owned on this Form 4 do not include the Common Shares, which the reporting persons may be deemed to beneficially own as a result of that certain Governance, Standstill and Voting Agreement, by and among Fund Management and certain of its affiliates and Liberty 77 Capital L.P., a Delaware limited partnership, Liberty 77 Fund L.P., a Cayman Islands exempted limited partnership and Liberty 77 Fund International L.P., a Cayman Islands exempted limited partnership, but as to which they have no pecuniary interest.

These Common Shares are held for the account of MHR Institutional Partners III LP, a Delaware limited partnership ("Institutional Partners III"). MHR Institutional Advisors III LLC, a Delaware limited liability company ("Institutional Advisors III"), is the general partner of Institutional Partners III. Dr. Rachesky is the managing member of Institutional Advisors III. Fund Management has an investment management agreement with Institutional Partners III pursuant to which it has the power to vote or direct the vote and to dispose or to direct the disposition of the Common Shares held for the account of Institutional Partners III. MHR Holdings is the managing member of Fund Management. (Continued to footnote 12)

Accordingly, Institutional Advisors III, Fund Management, MHR Holdings and Dr. Rachesky may be deemed to beneficially own the Common Shares held for the account of Institutional Partners III. Each of Institutional Advisors III, Fund Management, MHR Holdings and Dr. Rachesky disclaims beneficial ownership of such Common Shares except to the extent of their pecuniary interest therein.

In connection with the CV Transaction, immediately following the contribution of Common Shares from Institutional Partners IIA and Institutional Partners III, LION Holdco B, as the sole limited partner of LION SubHoldco B, contributed certain of the Common Shares held for its account to LION SubHoldco B.

The Common Shares reported as owned on this Form 4 do not include the Common Shares, which the reporting persons may be deemed to beneficially own as a result of that certain Voting and Standstill Agreement, by and among the Issuer, Liberty Global Ventures Limited, a limited company organized under the laws of England and Wales, Liberty Global Ltd., Bermuda exempted company limited by shares, Discovery Lightning Investments Ltd., a limited company organized under the laws of England and Wales, Warner Bros. Discovery, Inc., a Delaware corporation, Master Account, Capital Partners (100), Institutional Partners II, Institutional Partners IIA, Institutional Partners III, Institutional Partners IV and Fund Management, but as to which they have no pecuniary interest.

The Common Shares reported as owned on this Form 4 do not include the Common Shares, which the reporting persons may be deemed to beneficially own as a result of that certain Governance, Standstill and Voting Agreement, by and among Fund Management and certain of its affiliates and Liberty 77 Capital L.P., a Delaware limited partnership, Liberty 77 Fund L.P., a Cayman Islands exempted limited partnership and Liberty 77 Fund International L.P., a Cayman Islands exempted limited partnership, but as to which they have no pecuniary interest.

These Common Shares are held for the account of MHR LION SubHoldco B LP, a Delaware limited partnership ("LION SubHoldco B"). MHR Sun GP is the general partner of LION SubHoldco B. The Trust is the managing mamber of MHR Sun GP. Dr. Rachesky is the sole trustee of the Trust. Fund Management has an investment management agreement with LION SubHoldco B pursuant to which it has the power to vote or direct the vote and to dispose or to direct the disposition of the Common Shares held for the account of LION SubHoldco B. MHR Holdings is the managing member of Fund Management. (Continued to footnote 26)

Accordingly, MHR Sun GP, the Trust, Fund Management, MHR Holdings and Dr. Rachesky may be deemed to beneficially own the Common Shares held for the account of LION SubHoldco B. Each of MHR Sun GP, the Trust, Fund Management, MHR Holdings and Dr. Rachesky disclaims beneficial ownership of such Common Shares except to the extent of their pecuniary interest therein.

In connection with the CV Transaction, Institutional Partners IIA contributed the Common Shares held for its account to Sun IIA and LION Holdco B, in exchange for limited partnership interests in Sun IIA and limited partnership interests and certain other interests in LION Holdco B.

The Common Shares reported as owned on this Form 4 do not include the Common Shares, which the reporting persons may be deemed to beneficially own as a result of that certain Voting and Standstill Agreement, by and among the Issuer, Liberty Global Ventures Limited, a limited company organized under the laws of England and Wales, Liberty Global Ltd., Bermuda exempted company limited by shares, Discovery Lightning Investments Ltd., a limited company organized under the laws of England and Wales, Warner Bros. Discovery, Inc., a Delaware corporation, Master Account, Capital Partners (100), Institutional Partners II, Institutional Partners IIA, Institutional Partners III, Institutional Partners IV and Fund Management, but as to which they have no pecuniary interest.

The Common Shares reported as owned on this Form 4 do not include the Common Shares, which the reporting persons may be deemed to beneficially own as a result of that certain Governance, Standstill and Voting Agreement, by and among Fund Management and certain of its affiliates and Liberty 77 Capital L.P., a Delaware limited partnership, Liberty 77 Fund L.P., a Cayman Islands exempted limited partnership and Liberty 77 Fund International L.P., a Cayman Islands exempted limited partnership, but as to which they have no pecuniary interest.

These Common Shares are held for the account of MHR Institutional Partners IIA LP, a Delaware limited partnership ("Institutional Partners IIA"). Institutional Advisors II is the general partner of Institutional Partners IIA. MHRC II is the managing member of Institutional Advisors II. Dr. Rachesky is the managing member of MHRC II. Fund Management has an investment management agreement with Institutional Partners IIA pursuant to which it has the power to vote or direct the vote and to dispose or to direct the disposition of the Common Shares held for the account of Institutional Partners IIA. MHR Holdings is the managing member of Fund Management. (Continued to footnote 10)

Accordingly, Institutional Advisors II, MHRC II, Fund Management, MHR Holdings and Dr. Rachesky may be deemed to beneficially own the Common Shares held for the account of Institutional Partners IIA. Each of Institutional Advisors II, MHRC II, Fund Management, MHR Holdings and Dr. Rachesky disclaims beneficial ownership of such Common Shares except to the extent of their pecuniary interest therein.

In connection with that certain continuation fund transaction, as further described in Amendment No. 2 to Schedule 13D filed by the certain of the reporting persons on July 9, 2026 (the "CV Transaction"), Institutional Partners II contributed the Common Shares held for its account to Sun II and LION Holdco A, in exchange for limited partnership interests in Sun II and limited partnership interests and certain other interests in LION Holdco A. Dr. Rachesky's indirect pecuniary interest in the Common Shares may be deemed to have increased as a result of the transactions described in footnotes (27), (28) and (29) due to Dr. Rachesky and certain of his affiliated entities being investors in an entity that is a limited partner in LION Holdco A and LION Holdco B.

The Common Shares reported as owned on this Form 4 do not include the Common Shares, which the reporting persons may be deemed to beneficially own as a result of that certain Voting and Standstill Agreement, by and among the Issuer, Liberty Global Ventures Limited, a limited company organized under the laws of England and Wales, Liberty Global Ltd., Bermuda exempted company limited by shares, Discovery Lightning Investments Ltd., a limited company organized under the laws of England and Wales, Warner Bros. Discovery, Inc., a Delaware corporation, Master Account, Capital Partners (100), Institutional Partners II, Institutional Partners IIA, Institutional Partners III, Institutional Partners IV and Fund Management, but as to which they have no pecuniary interest.

The Common Shares reported as owned on this Form 4 do not include the Common Shares, which the reporting persons may be deemed to beneficially own as a result of that certain Governance, Standstill and Voting Agreement, by and among Fund Management and certain of its affiliates and Liberty 77 Capital L.P., a Delaware limited partnership, Liberty 77 Fund L.P., a Cayman Islands exempted limited partnership and Liberty 77 Fund International L.P., a Cayman Islands exempted limited partnership, but as to which they have no pecuniary interest.

These Common Shares are held for the account of MHR Sun II LP, a Delaware limited partnership ("Sun II"). MHR Institutional Advisors II LLC, a Delaware limited liability company ("Institutional Advisors II"), is the general partner of Sun II. MHRC II is the managing member of Institutional Advisors II. Dr. Rachesky is the managing member of MHRC II. Fund Management has an investment management agreement with Sun II pursuant to which it has the power to vote or direct the vote and to dispose or to direct the disposition of the Common Shares held for the account of Sun II. MHR Holdings is the managing member of Fund Management. (Continued to footnote 14)

Accordingly, Institutional Advisors II, MHRC II, Fund Management, MHR Holdings and Dr. Rachesky may be deemed to beneficially own the Common Shares held for the account of Sun II. Each of Institutional Advisors II, MHRC II, Fund Management, MHR Holdings and Dr. Rachesky disclaims beneficial ownership of such Common Shares except to the extent of their pecuniary interest therein.

In further connection with the CV Transaction, immediately following the contribution of Common Shares from Institutional Partners II, LION Holdco A, as the sole limited partner of LION SubHoldco A, contributed certain of the Common Shares held for its account to LION SubHoldco A.

The Common Shares reported as owned on this Form 4 do not include the Common Shares, which the reporting persons may be deemed to beneficially own as a result of that certain Voting and Standstill Agreement, by and among the Issuer, Liberty Global Ventures Limited, a limited company organized under the laws of England and Wales, Liberty Global Ltd., Bermuda exempted company limited by shares, Discovery Lightning Investments Ltd., a limited company organized under the laws of England and Wales, Warner Bros. Discovery, Inc., a Delaware corporation, Master Account, Capital Partners (100), Institutional Partners II, Institutional Partners IIA, Institutional Partners III, Institutional Partners IV and Fund Management, but as to which they have no pecuniary interest.

The Common Shares reported as owned on this Form 4 do not include the Common Shares, which the reporting persons may be deemed to beneficially own as a result of that certain Governance, Standstill and Voting Agreement, by and among Fund Management and certain of its affiliates and Liberty 77 Capital L.P., a Delaware limited partnership, Liberty 77 Fund L.P., a Cayman Islands exempted limited partnership and Liberty 77 Fund International L.P., a Cayman Islands exempted limited partnership, but as to which they have no pecuniary interest.

These Common Shares are held for the account of MHR LION Holdco A LP, a Delaware limited partnership ("LION Holdco A"). MHR Sun GP LLC, a Delaware limited liability company ("MHR Sun GP"), is the general partner of LION Holdco A. The Rachesky Revocable Trust (the "Trust") is the managing member of MHR Sun GP. Dr. Rachesky is the sole trustee of the Trust. Fund Management has an investment management agreement with LION Holdco A pursuant to which it has the power to vote or direct the vote and to dispose or to direct the disposition of the Common Shares held for the account of LION Holdco A. MHR Holdings is the managing member of Fund Management. (Continued to footnote 20)

Accordingly, MHR Sun GP, the Trust, Fund Management, MHR Holdings and Dr. Rachesky may be deemed to beneficially own the Common Shares held for the account of LION Holdco A. Each of MHR Sun GP, the Trust, Fund Management, MHR Holdings and Dr. Rachesky disclaims beneficial ownership of such Common Shares except to the extent of their pecuniary interest therein.

In connection with that certain continuation fund transaction, as further described in Amendment No. 2 to Schedule 13D filed by the certain of the reporting persons on July 9, 2026 (the "CV Transaction"), Institutional Partners II contributed the Common Shares held for its account to Sun II and LION Holdco A, in exchange for limited partnership interests in Sun II and limited partnership interests and certain other interests in LION Holdco A. Dr. Rachesky's indirect pecuniary interest in the Common Shares may be deemed to have increased as a result of the transactions described in footnotes (27), (28) and (29) due to Dr. Rachesky and certain of his affiliated entities being investors in an entity that is a limited partner in LION Holdco A and LION Holdco B.

The Common Shares reported as owned on this Form 4 do not include the Common Shares, which the reporting persons may be deemed to beneficially own as a result of that certain Voting and Standstill Agreement, by and among the Issuer, Liberty Global Ventures Limited, a limited company organized under the laws of England and Wales, Liberty Global Ltd., Bermuda exempted company limited by shares, Discovery Lightning Investments Ltd., a limited company organized under the laws of England and Wales, Warner Bros. Discovery, Inc., a Delaware corporation, Master Account, Capital Partners (100), Institutional Partners II, Institutional Partners IIA, Institutional Partners III, Institutional Partners IV and Fund Management, but as to which they have no pecuniary interest.

The Common Shares reported as owned on this Form 4 do not include the Common Shares, which the reporting persons may be deemed to beneficially own as a result of that certain Governance, Standstill and Voting Agreement, by and among Fund Management and certain of its affiliates and Liberty 77 Capital L.P., a Delaware limited partnership, Liberty 77 Fund L.P., a Cayman Islands exempted limited partnership and Liberty 77 Fund International L.P., a Cayman Islands exempted limited partnership, but as to which they have no pecuniary interest.

These Common Shares are held for the account of MHR LION Holdco A LP, a Delaware limited partnership ("LION Holdco A"). MHR Sun GP LLC, a Delaware limited liability company ("MHR Sun GP"), is the general partner of LION Holdco A. The Rachesky Revocable Trust (the "Trust") is the managing member of MHR Sun GP. Dr. Rachesky is the sole trustee of the Trust. Fund Management has an investment management agreement with LION Holdco A pursuant to which it has the power to vote or direct the vote and to dispose or to direct the disposition of the Common Shares held for the account of LION Holdco A. MHR Holdings is the managing member of Fund Management. (Continued to footnote 20)

Accordingly, MHR Sun GP, the Trust, Fund Management, MHR Holdings and Dr. Rachesky may be deemed to beneficially own the Common Shares held for the account of LION Holdco A. Each of MHR Sun GP, the Trust, Fund Management, MHR Holdings and Dr. Rachesky disclaims beneficial ownership of such Common Shares except to the extent of their pecuniary interest therein.

In connection with the CV Transaction, Institutional Partners III contributed the Common Shares held for its account to Sun III and LION Holdco B, in exchange for limited partnership interests in Sun III and limited partnership interests and certain other interests in LION Holdco B.

The Common Shares reported as owned on this Form 4 do not include the Common Shares, which the reporting persons may be deemed to beneficially own as a result of that certain Voting and Standstill Agreement, by and among the Issuer, Liberty Global Ventures Limited, a limited company organized under the laws of England and Wales, Liberty Global Ltd., Bermuda exempted company limited by shares, Discovery Lightning Investments Ltd., a limited company organized under the laws of England and Wales, Warner Bros. Discovery, Inc., a Delaware corporation, Master Account, Capital Partners (100), Institutional Partners II, Institutional Partners IIA, Institutional Partners III, Institutional Partners IV and Fund Management, but as to which they have no pecuniary interest.

The Common Shares reported as owned on this Form 4 do not include the Common Shares, which the reporting persons may be deemed to beneficially own as a result of that certain Governance, Standstill and Voting Agreement, by and among Fund Management and certain of its affiliates and Liberty 77 Capital L.P., a Delaware limited partnership, Liberty 77 Fund L.P., a Cayman Islands exempted limited partnership and Liberty 77 Fund International L.P., a Cayman Islands exempted limited partnership, but as to which they have no pecuniary interest.

These Common Shares are held for the account of MHR Sun III LP, a Delaware limited partnership ("Sun III"). MHR Institutional Advisors III LLC, a Delaware limited liability company ("Institutional Advisors III"), is the general partner of Sun III. Dr. Rachesky is the managing member of Institutional Advisors III. Fund Management has an investment management agreement with Sun III pursuant to which it has the power to vote or direct the vote and to dispose or to direct the disposition of the Common Shares held for the account of Sun III. MHR Holdings is the managing member of Fund Management. (Continued to footnote 18)

Accordingly, Institutional Advisors III, Fund Management, MHR Holdings and Dr. Rachesky may be deemed to beneficially own the Common Shares held for the account of Sun III. Each of Institutional Advisors III, Fund Management, MHR Holdings and Dr. Rachesky disclaims beneficial ownership of such Common Shares except to the extent of their pecuniary interest therein.

This amendment is being filed to reflect that 103,669 common shares, rather than 196,902 common shares, were automatically canceled to satisfy certain of the reporting person's tax withholding obligations upon the vesting of 196,902 restricted share units ("RSUs"). The remaining line items reported herein are included solely to update the reporting person's post-transaction holdings resulting from such adjustment.

Amount includes the following RSUs granted by the Issuer, payable upon vesting in an equal number of common shares of the Issuer: (i) 175,798 RSUs scheduled to vest on July 1, 2027; (ii) 487,664 RSUs scheduled to vest in two equal annual installments on July 1, 2027 and 2028; and (iii) 632,069 RSUs scheduled to vest in three equal annual installments on July 1, 2027, 2028 and 2029.

Represents common shares withheld by the Issuer to satisfy certain tax withholding obligations upon the vesting of 68,916 performance RSUs. The grant of the units is reported herein and, pursuant to the Lionsgate Studios Corp. 2025 Performance Incentive Plan and the Issuer's policies, 35,064 common shares were automatically canceled to cover certain of the reporting person's tax obligations.

Amount includes the following RSUs granted by the Issuer, payable upon vesting in an equal number of common shares of the Issuer: (i) 61,529 RSUs scheduled to vest on July 1, 2027; (ii) 170,682 RSUs scheduled to vest in two equal annual installments on July 1, 2027 and 2028; and (iii) 221,224 RSUs scheduled to vest in three equal annual installments on July 1, 2027, 2028 and 2029.

Represents common shares issued upon the vesting of performance RSUs granted pursuant to the terms of an employment agreement.

Amount includes the following RSUs granted by the Issuer, payable upon vesting in an equal number of common shares of the Issuer: (i) 61,529 RSUs scheduled to vest on July 1, 2027; (ii) 170,682 RSUs scheduled to vest in two equal annual installments on July 1, 2027 and 2028; and (iii) 221,224 RSUs scheduled to vest in three equal annual installments on July 1, 2027, 2028 and 2029.

Represents common shares withheld by the Issuer to satisfy certain tax withholding obligations upon the vesting of 68,916 RSUs. The grant of the units was previously reported and, pursuant to the Lionsgate Studios Corp. 2025 Performance Incentive Plan and the Issuer's policies, 35,064 common shares were automatically canceled to cover certain of the reporting person's tax obligations.

Amount includes the following RSUs granted by the Issuer, payable upon vesting in an equal number of common shares of the Issuer: (i) 105,479 RSUs scheduled to vest on July 1, 2027; (ii) 24,383 RSUs scheduled to vest in two equal annual installments on July 1, 2027 and 2028; and (iii) 133,067 RSUs scheduled to vest in three equal annual installments on July 1, 2027, 2028 and 2029.

Represents common shares issued upon the vesting of performance RSUs granted pursuant to the terms of an employment agreement.

Amount includes the following RSUs granted by the Issuer, payable upon vesting in an equal number of common shares of the Issuer: (i) 105,479 RSUs scheduled to vest on July 1, 2027; (ii) 24,383 RSUs scheduled to vest in two equal annual installments on July 1, 2027 and 2028; and (iii) 133,067 RSUs scheduled to vest in three equal annual installments on July 1, 2027, 2028 and 2029.

Represents common shares withheld by the Issuer to satisfy certain tax withholding obligations upon the vesting of 68,916 RSUs. The grant of the units was previously reported and, pursuant to the Lionsgate Studios Corp. 2025 Performance Incentive Plan and the Issuer's policies, 35,064 common shares were automatically canceled to cover certain of the reporting person's tax obligations.

Amount includes the following RSUs granted by the Issuer, payable upon vesting in an equal number of common shares of the Issuer: (i) 61,529 RSUs scheduled to vest on July 1, 2027; (ii) 170,682 RSUs scheduled to vest in two equal annual installments on July 1, 2027 and 2028; and (iii) 221,224 RSUs scheduled to vest in three equal annual installments on July 1, 2027, 2028 and 2029.

Represents common shares issued upon the vesting of performance RSUs granted pursuant to the terms of an employment agreement.

Amount includes the following RSUs granted by the Issuer, payable upon vesting in an equal number of common shares of the Issuer: (i) 175,798 RSUs scheduled to vest on July 1, 2027; (ii) 487,664 RSUs scheduled to vest in two equal annual installments on July 1, 2027 and 2028; and (iii) 632,069 RSUs scheduled to vest in three equal annual installments on July 1, 2027, 2028 and 2029.

Represents common shares issued upon the vesting of performance RSUs granted pursuant to the terms of an employment agreement.

Amount includes the following RSUs granted by the Issuer, payable upon vesting in an equal number of common shares of the Issuer: (i) 22,853 RSUs scheduled to vest on July 1, 2027; (ii) 45,742 RSUs scheduled to vest in two equal annual installments on April 9, 2027 and 2028; (iii) 58,520 RSUs scheduled to vest in two equal annual installments on July 1, 2027 and 2028; and (iv) 75,848 RSUs scheduled to vest in three equal annual installments on July 1, 2027, 2028 and 2029.

Represents common shares withheld by the Issuer to satisfy certain tax withholding obligations upon the vesting of 196,902 performance RSUs. The grant of the units is reported herein and, pursuant to the Lionsgate Studios Corp. 2025 Performance Incentive Plan and the Issuer's policies, 103,669 common shares were automatically canceled to cover certain of the reporting person's tax obligations.

Amount includes the following RSUs granted by the Issuer, payable upon vesting in an equal number of common shares of the Issuer: (i) 175,798 RSUs scheduled to vest on July 1, 2027; (ii) 487,664 RSUs scheduled to vest in two equal annual installments on July 1, 2027 and 2028; and (iii) 632,069 RSUs scheduled to vest in three equal annual installments on July 1, 2027, 2028 and 2029.

Represents common shares withheld by the Issuer to satisfy certain tax withholding obligations upon the vesting of 63,993 performance RSUs. The grant of the units is reported herein and, pursuant to the Lionsgate Studios Corp. 2025 Performance Incentive Plan and the Issuer's policies, 32,560 common shares were automatically canceled to cover certain of the reporting person's tax obligations.

Amount includes the following RSUs granted by the Issuer, payable upon vesting in an equal number of common shares of the Issuer: (i) 65,924 RSUs scheduled to vest on July 1, 2027; (ii) 182,874 RSUs scheduled to vest in two equal annual installments on July 1, 2027 and 2028; and (iii) 237,026 RSUs scheduled to vest in three equal annual installments on July 1, 2027, 2028 and 2029.

Represents common shares issued upon the vesting of performance RSUs granted pursuant to the terms of an employment agreement.

Amount includes the following RSUs granted by the Issuer, payable upon vesting in an equal number of common shares of the Issuer: (i) 65,924 RSUs scheduled to vest on July 1, 2027; (ii) 182,874 RSUs scheduled to vest in two equal annual installments on July 1, 2027 and 2028; and (iii) 237,026 RSUs scheduled to vest in three equal annual installments on July 1, 2027, 2028 and 2029.

Represents common shares withheld by the Issuer to satisfy certain tax withholding obligations upon the vesting of 19,690 RSUs. The grant of the units was previously reported and, pursuant to the Lionsgate Studios Corp. 2025 Performance Incentive Plan and the Issuer's policies, 10,018 common shares were automatically canceled to cover certain of the reporting person's tax obligations.

Amount includes the following RSUs granted by the Issuer, payable upon vesting in an equal number of common shares of the Issuer: (i) 22,853 RSUs scheduled to vest on July 1, 2027; (ii) 45,742 RSUs scheduled to vest in two equal annual installments on April 9, 2027 and 2028; (iii) 58,520 RSUs scheduled to vest in two equal annual installments on July 1, 2027 and 2028; and (iv) 75,848 RSUs scheduled to vest in three equal annual installments on July 1, 2027, 2028 and 2029.

Represents common shares withheld by the Issuer to satisfy certain tax withholding obligations upon the vesting of 19,690 performance RSUs. The grant of the units is reported herein and, pursuant to the Lionsgate Studios Corp. 2025 Performance Incentive Plan and the Issuer's policies, 10,018 common shares were automatically canceled to cover certain of the reporting person's tax obligations.

Amount includes the following RSUs granted by the Issuer, payable upon vesting in an equal number of common shares of the Issuer: (i) 22,853 RSUs scheduled to vest on July 1, 2027; (ii) 45,742 RSUs scheduled to vest in two equal annual installments on April 9, 2027 and 2028; (iii) 58,520 RSUs scheduled to vest in two equal annual installments on July 1, 2027 and 2028; and (iv) 75,848 RSUs scheduled to vest in three equal annual installments on July 1, 2027, 2028 and 2029.

Represents common shares withheld by the Issuer to satisfy certain tax withholding obligations upon the vesting of 68,916 performance RSUs. The grant of the units is reported herein and, pursuant to the Lionsgate Studios Corp. 2025 Performance Incentive Plan and the Issuer's policies, 35,064 common shares were automatically canceled to cover certain of the reporting person's tax obligations.

Amount includes the following RSUs granted by the Issuer, payable upon vesting in an equal number of common shares of the Issuer: (i) 105,479 RSUs scheduled to vest on July 1, 2027; (ii) 24,383 RSUs scheduled to vest in two equal annual installments on July 1, 2027 and 2028; and (iii) 133,067 RSUs scheduled to vest in three equal annual installments on July 1, 2027, 2028 and 2029.

Represents common shares withheld by the Issuer to satisfy certain tax withholding obligations upon the vesting of 63,993 RSUs. The grant of the units was previously reported and, pursuant to the Lionsgate Studios Corp. 2025 Performance Incentive Plan and the Issuer's policies, 32,560 common shares were automatically canceled to cover certain of the reporting person's tax obligations.

Amount includes the following RSUs granted by the Issuer, payable upon vesting in an equal number of common shares of the Issuer: (i) 65,924 RSUs scheduled to vest on July 1, 2027; (ii) 182,874 RSUs scheduled to vest in two equal annual installments on July 1, 2027 and 2028; and (iii) 237,026 RSUs scheduled to vest in three equal annual installments on July 1, 2027, 2028 and 2029.

Represents common shares issued upon the vesting of performance RSUs granted pursuant to the terms of an employment agreement.

Amount includes the following RSUs granted by the Issuer, payable upon vesting in an equal number of common shares of the Issuer: (i) 19,690 RSUs scheduled to vest on July 3, 2026; (ii) 22,853 RSUs scheduled to vest on July 1, 2027; (iii) 45,742 RSUs scheduled to vest in two equal annual installments on April 9, 2027 and 2028; (iv) 58,520 RSUs scheduled to vest in two equal annual installments on July 1, 2027 and 2028; and (v) 75,848 RSUs scheduled to vest in three equal annual installments on July 1, 2027, 2028 and 2029.

Represents common shares withheld by the Issuer to satisfy certain tax withholding obligations upon the vesting of 91,438 performance RSUs. The grant of the units is reported herein and, pursuant to the Lionsgate Studios Corp. 2025 Performance Incentive Plan and the Issuer's policies, 46,524 common shares were automatically canceled to cover certain of the reporting person's tax obligations.

Amount includes the following RSUs granted by the Issuer, payable upon vesting in an equal number of common shares of the Issuer: (i) 63,994 scheduled to vest on July 3, 2026; (ii) 65,924 RSUs scheduled to vest on July 1, 2027; (iii) 182,874 RSUs scheduled to vest in two equal annual installments on July 1, 2027 and 2028; and (iv) 237.026 RSUs scheduled to vest in three equal annual installments on July 1, 2027, 2028 and 2029.

Represents an annual equity award at 95% of target, granted pursuant to the terms of an employment agreement with the reporting person.

Amount includes the following restricted share units ("RSUs") granted by the Issuer, payable upon vesting in an equal number of common shares of the Issuer: (i) 63,993 scheduled to vest on July 3, 2026; (ii) 131,848 RSUs scheduled to vest in two equal annual installments on July 1, 2026 and 2027; (iii) 274,312 RSUs scheduled to vest in three equal annual installments on July 1, 2026, 2027 and 2028; and (iv) 237,026 RSUs scheduled to vest in three equal annual installments on July 1, 2027, 2028 and 2029.

Represents common shares issued upon the vesting of performance RSUs granted pursuant to the terms of an employment agreement.

Amount includes the following RSUs granted by the Issuer, payable upon vesting in an equal number of common shares of the Issuer: (i) 68,916 RSUs scheduled to vest on July 3, 2026; (ii) 61,529 RSUs scheduled to vest on July 1, 2027; (iii) 170,682 RSUs scheduled to vest in two equal annual installments on July 1, 2027 and 2028; and (iv) 221,224 RSUs scheduled to vest in three equal annual installments on July 1, 2027, 2028 and 2029.

Represents an annual equity award at 95% of target, granted pursuant to the terms of an employment agreement with the reporting person.

Amount includes the following restricted share units ("RSUs") granted by the Issuer, payable upon vesting in an equal number of common shares of the Issuer: (i) 19,690 RSUs scheduled to vest on July 3, 2026; (ii) 45,707 RSUs scheduled to vest in two equal annual installments on July 1, 2026 and 2027; (iii) 45,742 RSUs scheduled to vest in two equal annual installments on April 9, 2027 and 2028; (iv) 87,780 RSUs scheduled to vest in three equal annual installments on July 1, 2026, 2027 and 2028; and (v) 75,848 RSUs scheduled to vest in three equal annual installments on July 1, 2027, 2028 and 2029.

Represents common shares withheld by the Issuer to satisfy certain tax withholding obligations upon the vesting of 12,192 performance RSUs. The grant of the units is reported herein and, pursuant to the Lionsgate Studios Corp. 2025 Performance Incentive Plan and the Issuer's policies, 6,203 common shares were automatically canceled to cover certain of the reporting person's tax obligations.

Amount includes the following RSUs granted by the Issuer, payable upon vesting in an equal number of common shares of the Issuer: (i) 68,916 RSUs scheduled to vest on July 3, 2026; (ii) 105,479 RSUs scheduled to vest on July 1, 2027; (iii) 24,383 RSUs scheduled to vest in two equal annual installments on July 1, 2027 and 2028; and (iv) 133,067 RSUs scheduled to vest in three equal annual installments on July 1, 2027, 2028 and 2029.

Represents common shares issued upon the vesting of performance RSUs granted pursuant to the terms of an employment agreement.

Amount includes the following RSUs granted by the Issuer, payable upon vesting in an equal number of common shares of the Issuer: (i) 63,994 scheduled to vest on July 3, 2026; (ii) 65,924 RSUs scheduled to vest on July 1, 2027; (iii) 182,874 RSUs scheduled to vest in two equal annual installments on July 1, 2027 and 2028; and (iv) 237.026 RSUs scheduled to vest in three equal annual installments on July 1, 2027, 2028 and 2029.

Represents common shares issued upon the vesting of performance RSUs granted pursuant to the terms of an employment agreement.

Amount includes the following RSUs granted by the Issuer, payable upon vesting in an equal number of common shares of the Issuer: (i) 63,993 scheduled to vest on July 3, 2026; (ii) 65,924 RSUs scheduled to vest on July 1, 2027; (iii) 274,312 RSUs scheduled to vest in three equal annual installments on July 1, 2026, 2027 and 2028; and (iv) 237,026 RSUs scheduled to vest in three equal annual installments on July 1, 2027, 2028 and 2029.