GOLDMAN SACHS & CO. LLC 4

What Happened

• The filing shows The Goldman Sachs Group, Inc. (a >10% holder) and affiliate Goldman Sachs & Co. executed market transactions in QVC Group (Series A Common Stock) on April 20, 2026. They purchased 10,006 shares in several small buys (1, 10,000, 1, and 4 shares) at prices between $0.51 and $0.55, totaling about $5,504. They also sold 9,964 shares in two disposals (3,637 and 6,327 shares) at $0.51, totaling about $5,082. Net result: a net purchase of 42 shares and a net cash outflow of roughly $422.
• These were reported by the GS entities acting as market makers (footnote indicates trades effected in the ordinary course of market-making).

Key Details

• Transaction date: April 20, 2026; Filing date: April 22, 2026 (timely within the Form 4 window).
• Purchase details: 1 @ $0.51, 10,000 @ $0.55, 1 @ $0.53, 4 @ $0.52 — total ≈10,006 shares / ~$5,504.
• Sale details: 3,637 @ $0.51 and 6,327 @ $0.51 — total 9,964 shares / ~$5,082.
• Shares owned after transaction: not specified in the reported lines; filing footnote states beneficial ownership exceeded 10% as of April 17, 2026.
• Notable footnotes: trades were effected by Goldman Sachs as a market maker (F2); the Reporting Persons disclaim beneficial ownership except for pecuniary interest (F1, F4); any short-swing (Section 16(b)) profits, if applicable, will be remitted to the issuer (F3).

Context

• These are institutional/market‑making transactions by a 10% owner and an affiliate, not necessarily indicative of executive sentiment. Market‑maker activity often reflects trading inventory/flow rather than directional investment decisions.
• The filing is informational and notes potential remediation of any Section 16(b) profits — an extra disclosure not typical for routine insider trades.