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Director and Committee Independence

• 12 of 13 directors are independent
• Board Committees - Audit, Compensation, Nominating and Corporate Governance - fully independent
• Independent directors meet at least twice a year in executive session

Board Accountability and Leadership

• Annual election of directors
• Independent Board Chair
• Annual Board and Committee evaluation process

Board Refreshment

• Balance of new and experienced directors, with tenure of independent directors, including our director nominee, averaging 4 years (as of June 2, 2025)
• Added 11 new independent directors since 2022

Stockholder Rights

• Single class of common stock with one vote per share
• No stockholder rights plan or “poison pill”
• No Supermajority provisions
• Stockholders have the right to call a special meeting

Risk Mitigation

• Comprehensive Clawback Policy for cash and equity incentives triggered by financial statement restatements resulting from fraud or intentional misconduct
• Robust stock ownership guidelines for directors and executive officers
• Insider Trading Policy covers directors, officers and all employees

Political Contributions and Expenditures

WBD does not contribute corporate funds to federal candidates.  Any contribution by a WBD officer, director, or employee to such candidates must be made solely in a personal capacity and will not be reimbursed by WBD or anyone else.

Where legally permitted, WBD may contribute corporate funds to "527 organizations" and to state and local candidates, political parties, committees, and ballot measures. Such contributions must receive prior written approval of the Executive Vice President of Public Policy and Corporate/Government Affairs. Any single contribution above $1,000 must also receive prior written approval from the Chief Legal Officer.

All corporate contributions are made based on corporate objectives and public policy priorities and not on the basis of the partisan affiliation of the candidate or organization. Information on the Company's corporate political contribution activity for the period from January 1, 2024 through December 31, 2024 is available .

WBD currently does not use corporate funds to sponsor direct independent expenditures or other advertisements related to candidates, political parties, and ballot measures.

Political Action Committee

In accordance with regulations of the U.S. Federal Election Commission (“FEC”), we maintain a federal political action committee called the Discovery Communications, LLC PAC (the “WBD PAC”), that accepts voluntary contributions from eligible employees and, in turn, makes contributions to federal candidates and committees.  Outgoing contributions made by the WBD PAC are generally split approximately evenly between the two major political parties over the course of an election cycle and are otherwise allocated based on our Company’s objectives and policy priorities.

Details on contributions made by the WBD PAC can be found on the .

Trade Associations

WBD belongs to a number of U.S. trade associations for various business-related reasons, such as networking with peer firms and helping develop industry best practices. While the Company pays membership dues, we do not control how such dues are spent, and we may not agree with the position or decision a trade association takes on a given matter. Information on our 2024 trade association memberships is available .

Lobbying Activity

The Company may employ and/or retain lobbyists to address issues of interest to the Company. These lobbying activities are conducted in compliance with all legal requirements. We report our lobbying activity related to the federal government of the United States, as required by law, to the Secretary of the Senate and to the Office of the Clerk of the House of Representatives. These reports are available on the websites of those entities. We also disclose state-and local-level lobbying activities to the relevant agencies.

Related Policies

The Company operates under several other policies, which may be related to or applied to political activity in certain circumstances. These include our Code of Ethics, Anti-Bribery Anti-Corruption Policy, Travel and Business Expense Policy, Gifts and Entertainment Policy, among others.