FORM OF NOTICE OF GUARANTEED DELIVERY
RELATING TO SHARES SUBSCRIBED FOR PURSUANT
TO THE BASIC SUBSCRIPTION AND OVERSUBSCRIPTION PRIVILEGE

As set forth in Liberty Media Corporation's (the "Company") prospectus, dated May 14, 2020, which forms a part of the Company's Registration Statement on Form S-3, under "The Rights Offering—Delivery of Subscription Materials and Payment," this form (or one substantially equivalent hereto) may be used as a means of effecting the subscription and payment for shares of Series C Liberty SiriusXM common stock, par value $0.01 per share, of the Company subscribed for pursuant to the basic subscription privilege and the oversubscription privilege. Such form may be delivered or sent by overnight delivery or first class mail to the Subscription Agent and must be received prior to 5:00 p.m., New York City time, on June 5, 2020, unless extended by the Company in its sole discretion (as it may be extended, the "Expiration Time").

DELIVERY OF THIS INSTRUMENT TO AN ADDRESS OTHER THAN AS SET FORTH ABOVE DOES NOT CONSTITUTE A VALID DELIVERY.

The Eligible Guarantor Institution (as that term is defined in Rule 17Ad-15 of the Securities Exchange Act of 1934, as amended), which may include (i) a commercial bank or trust company, (ii) a member firm of a domestic stock exchange or (iii) a savings bank or credit union, that completes this form must communicate the guarantee and the number of shares of Series C Liberty SiriusXM common stock subscribed for pursuant to both the basic subscription privilege and the oversubscription privilege to the Subscription Agent and the Subscription Agent must receive this Notice of Guaranteed Delivery and full payment for all shares of Series C Liberty SiriusXM common stock subscribed for pursuant to the basic subscription privilege and the oversubscription privilege at or prior to the Expiration Time, guaranteeing delivery to the Subscription Agent of a properly completed and duly executed Series C Liberty SiriusXM Rights Certificate. The Series C Liberty SiriusXM Rights Certificate must be received by the Subscription Agent at or prior to 5:00 p.m., New York City time, on the second business day after the date this Notice of Guaranteed Delivery is delivered to the Subscription Agent. Failure to timely and properly deliver this Notice of Guaranteed Delivery or to make the delivery guaranteed herein will result in a forfeiture of the rights.

This Notice of Guaranteed Delivery shall not be used to guarantee signatures. If a signature on the Series C Liberty SiriusXM Rights Certificate is required to be guaranteed by an Eligible Guarantor Institution (as that term is defined in Rule 17Ad-15 of the Securities Exchange Act of 1934, as amended) under the instructions to the Series C Liberty SiriusXM Rights Certificate, the signature guarantee must appear in the applicable space provided in the signature box on the Series C Liberty SiriusXM Rights Certificate.

The undersigned, an Eligible Guarantor Institution (as that term is defined in Rule 17Ad-15 of the Securities Exchange Act of 1934, as amended) guarantees delivery to the Subscription Agent at or prior to 5:00 p.m., New York City time, on the second business day after the date this Notice of Guaranteed Delivery is delivered to the Subscription Agent of a properly completed and duly executed Series C Liberty SiriusXM Rights Certificate.


1. Basic Subscription	Number of Series C Liberty SiriusXM Rights exercised:	rights
	Number of Series C Liberty SiriusXM common stock shares subscribed for pursuant to the basic subscription privilege for which you are guaranteeing delivery of the Series C Liberty SiriusXM Rights Certificate and full payment:	shares
	Total payment to be made or previously made in connection with basic subscription:	$ (Shares × $25.47, the subscription price)
2. Oversubscription Privilege	Number of Series C Liberty SiriusXM common stock shares subscribed for pursuant to the oversubscription privilege for which you are guaranteeing delivery of the Series C Liberty SiriusXM Rights Certificate and full payment:	shares
	Total payment to be made or previously made in connection with oversubscription privilege:	$ (Shares × $25.47, the subscription price)
3.Totals	Total number of Series C Liberty SiriusXM Rights exercised:	rights
	Total number of Series C Liberty SiriusXM common stock shares subscribed for pursuant to the basic subscription privilege and oversubscription privilege for which you are guaranteeing delivery on the Series C Liberty SiriusXM Rights Certificate:	shares
	Total payment to be made or previously made:	$
4. Method of Delivery (Check one)

Please assign above a unique control number for each guarantee submitted. This number needs to be referenced on any direct delivery or any delivery through DTC.



Name of Firm

Authorized Signature

Name (Please print or type)

Title:

DTC Participant Number

Contact Name

Address

City State Zip Code

Phone Number

Date


By First Class Mail Only (No Overnight/Express Mail): Broadridge, Inc. Attn: BCIS Re-Organization Dept. P.O. Box 1317 Brentwood, NY 11717-0718		By Registered, Certified or Express Mail, or Overnight Courier: Broadridge, Inc. Attn: BCIS IWS 51 Mercedes Way Edgewood, NY 11717