EXHIBIT (a)(5)(C)

Project Wing DISCUSSION MATERIALS FOR THE SPECIAL COMMITTEE DECEMBER 22, 2020 PRELIMINARY AND CONFIDENTIAL | SUBJECT TO FURTHER REVIEW AND REVISION

Preliminary and Confidential | Subject to Further Review and Revision Table of Contents 2 Page 1. Executive Summary 3 2. Preliminary Financial Analyses 8 3. Selected Public Market Observations 15 Selected Trading Information 16 Selected WSG Equity Research Observations 25 4. Appendices 30 Selected Benchmarking Information 31 Glossary 37 5. Disclaimer 39

Page 1. Executive Summary 3 2. Preliminary Financial Analyses 8 3. Selected Public Market Observations 15 4. Appendices 30 5. Disclaimer 39

Preliminary and Confidential | Subject to Further Review and Revision  Wanda Sports Group Company Limited ( NasdaqGS:WSG ) (“Wanda Sports Group”, “WSG” or the “Company”) is a publicly traded company incorporated in Hong Kong with a market capitalization of $324.2 1 million that operates as a sports events, media and marketing platform. The Company operates in three segments: ( i ) Spectator Sports, (ii) Digital, Production, Sports Solutions (“DPSS”) and (iii) Mass Participation.  On September 30, 2020, Wanda Sports Group’s board of directors (the “Board”) received a preliminary non - binding proposal letter from Wanda Sports & Media (Hong Kong) Holding Co. Limited (collectively with its affiliates, the “Buyer”), a wholly - owned subsidiary of Dalian Wanda Group Co. Ltd., to acquire all of the Class A ordinary shares of the Company (the “Class A Ordinary Shares”), including American depositary shar es representing Class A Ordinary Shares (“ADSs”, with every two ADSs representing three Class A Ordinary Shares), for $2.50 per ADS, or $1.67 per Cla ss A Ordinary Share, in cash (the “Initial Proposal ”).  The Buyer beneficially owns all Class B ordinary shares of the Company, representing approximately 70.4% of all the issued an d o utstanding shares of the Company and approximately 90.5% of the aggregate voting power of the Company.  Per the preliminary non - binding proposal letter as publicly filed, the Buyer intends to finance the Transaction with equity inve stments or loans provided by the Buyer’s affiliates or other parties.  On October 6, 2020, the Company announced that its Board had formed an independent committee comprising of the Company’s inde pen dent directors (the “Special Committee”) to consider the Initial Proposal as well as other alternatives that may be available to the Company .  On October 21, 2020 , Houlihan Lokey (China) Limited was retained by the Special Committee to render a written opinion (the “Opinion”), if requested, as to whether the consideration to be received by the unaffiliated shareholders of Wanda Sports Group is fair to them from a fin anc ial point of view.  Skadden, Arps, Slate, Meagher & Flom LLP was engaged as the U.S. Counsel to the Special Committee .  On December 11, 2020, the Buyer verbally indicated they were willing to acquire all of the Class A Ordinary Shares of the Company, including ADS representing Class A Ordinary Shares, for $2.55 per ADS, in cash (the “Transaction ”). Sources: Company management, public filings, Capital IQ . 1. As of 12/18/2020. Executive Summary Situation Overview 4

Preliminary and Confidential | Subject to Further Review and Revision Executive Summary Summary of Selected Changes from Prior Materials Dated December 4, 2020 Prior Materials dated December 4, 2020 (Market Data as of November 30, 2020) Current Materials dated December 22, 2020 ( Market Data as of December 18, 2020) Change [1] Selected Companies Analysis Selected Adjusted EBITDA Multiples CY 2021E CY 2022E CY 2021E – CY 2024E Average 6.5x – 8.5x 5.0x – 7.0x 6.0x – 8.0x 6.5x – 8.5x 5.0x – 7.0x 6.0x – 8.0x 0.00x – 0.00x 0.00x – 0.00x 0.00x – 0.00x Discounted Cash Flow Analysis Selected Discount Rate Selected Terminal Multiple 8.0% – 12.0% 6.0x – 8.0x 8.0% – 12.0% 6.0x – 8.0x 0.00% – 0.00% 0.0x – 0.0x Implied Per ADS Value Reference Ranges Selected Companies Analysis Capitalized Periods CY 2021E CY 2022E CY 2021E – CY 2024E Average $2.08 – $3.22 $2.07 – $3.54 $2.20 – $3.47 $2.13 – $3.29 $2.12 – $3.62 $2.25 – $3.55 $0.05 – $0.07 $0.05 – $0.08 $0.05 – $0.08 Discounted Cash Flow Analysis $2.29 – $3.79 $2.37 – $3.89 $0.08 – $0.10 Sources: Company management . 1. Computed as Current Discussion Materials (12/22/2020 ) less Prior Discussion Materials (12/4/2020).  Since the Prior Materials dated December 4 , 2020, the selected multiples, discount rates and terminal multiple remain unchanged.  Changes in Implied Per ADS Value Reference Ranges between the Prior Materials dated 12/4/2020 and Current Materials dated 12/22/2020 are primarily due to foreign exchange rate fluctuations between 11/30/2020 and 12/18/2020.  Company management indicated that historical capital expenditures for CY 2017 - 2019 were €8.0 million, €8.0 million and €9.3 mill ion, respectively, compared to €13.0 million, €14.2 million and €13.9 million, respectively, as shown in the Prior Materials. Comp any management indicated that the figures shown in the Prior Materials included the impact of The IRONMAN Group which was dispose d o f in July 2020.  Otherwise, Company management did not provide updated financial information since the Prior Materials dated 12/4/2020. 5

Preliminary and Confidential | Subject to Further Review and Revision  Additionally, since the Prior Materials dated December 4 , 2020, the following market changes have occurred: Sources: Public filings, Capital IQ, Bloomberg. Note: No company used in this analysis for comparative purposes is identical to the Company. 1. Computed as Current Materials dated 12/22/2020 less Prior Materials dated 12/4/2020. 2. Enterprise value equals equity market value + debt outstanding + preferred stock + minority interests – cash and cash equivalent. Executive Summary Summary of Selected Changes from Prior Materials Dated December 4, 2020 (cont.) (dollars in millions, except per share/ADS values ) 6 Prior Materials dated 12/4/2020 Current Materials dated 12/22/2020 Market Data as of 11/30/2020 Market Data as of 12/18/2020 Change [1] Enterprise Value [2] to Adjusted EBITDA Enterprise Value [2] to Adjusted EBITDA Enterprise Value [2] to Adjusted EBITDA Share/ADS Average Share/ADS Average Share/ADS Average Price CY 2021E CY 2022E 2021E - 2024E Price CY 2021E CY 2022E 2021E - 2024E Price CY 2021E CY 2022E 2021E - 2024E Cheil Worldwide Inc. $18.73 5.8x 5.4x 3.9x $19.39 5.9x 5.3x 4.3x $0.66 0.0x 0.0x 0.4x Dentsu Group Inc. $32.58 8.0x 7.6x NA $31.59 8.2x 7.3x NA ($0.99) 0.2x -0.3x NA Omnicom Group Inc. $63.00 7.8x 7.5x 7.4x $61.62 7.7x 7.4x 7.3x ($1.38) -0.1x -0.1x -0.1x Publicis Groupe S.A. $45.52 5.5x 5.3x 5.5x $50.76 5.9x 5.6x 5.9x $5.24 0.4x 0.4x 0.4x The Interpublic Group of Companies, Inc. $22.28 8.0x 7.6x 7.5x $23.94 8.5x 8.1x 8.0x $1.66 0.5x 0.5x 0.6x WPP plc $9.68 6.7x 6.3x 6.4x $10.98 7.3x 6.8x 6.8x $1.30 0.6x 0.5x 0.4x Low 5.5x 5.3x 3.9x 5.9x 5.3x 4.3x 0.3x 0.1x 0.4x High 8.0x 7.6x 7.5x 8.5x 8.1x 8.0x 0.5x 0.5x 0.6x Median 7.2x 6.9x 6.4x 7.5x 7.0x 6.8x 0.2x 0.1x 0.4x Mean 7.0x 6.6x 6.1x 7.2x 6.8x 6.5x 0.3x 0.1x 0.3x Prior Materials dated 12/4/2020 Current Materials dated 12/22/2020 Market Data as of 11/30/2020 Market Data as of 12/18/2020 Change [1] Enterprise Value [2] to Adjusted EBITDA Enterprise Value [2] to Adjusted EBITDA Enterprise Value [2] to Adjusted EBITDA Share/ADS Average Share/ADS Average Share/ADS Average Price CY 2021E CY 2022E 2021E - 2024E Price CY 2021E CY 2022E 2021E - 2024E Price CY 2021E CY 2022E 2021E - 2024E Discovery, Inc. $26.91 8.1x 7.8x 8.0x $27.80 8.5x 8.1x 8.2x $0.89 0.4x 0.3x 0.1x Fox Corporation $28.84 8.0x 7.7x 8.0x $28.16 7.8x 7.4x 7.8x ($0.68) -0.2x -0.2x -0.2x MSG Networks Inc. $12.14 6.7x NA NA $14.43 7.3x NA NA $2.29 0.6x NA NA ViacomCBS Inc. $35.28 8.0x 7.6x 7.8x $35.26 8.1x 7.7x 7.8x ($0.02) 0.0x 0.2x 0.1x Low 6.7x 7.6x 7.8x 7.3x 7.4x 7.8x 0.6x (0.1x) 0.0x High 8.1x 7.8x 8.0x 8.5x 8.1x 8.2x 0.4x 0.3x 0.1x Median 8.0x 7.7x 8.0x 7.9x 7.7x 7.8x (0.1x) 0.1x (0.1x) Mean 7.7x 7.7x 7.9x 7.9x 7.8x 7.9x 0.2x 0.1x (0.0x) Prior Materials dated 12/4/2020 Current Materials dated 12/22/2020 Market Data as of 11/30/2020 Market Data as of 12/18/2020 Change [1] Enterprise Value [2] to Adjusted EBITDA Enterprise Value [2] to Adjusted EBITDA Enterprise Value [2] to Adjusted EBITDA Share/ADS Average Share/ADS Average Share/ADS Average Price CY 2021E CY 2022E 2021E - 2024E Price CY 2021E CY 2022E 2021E - 2024E Price CY 2021E CY 2022E 2021E - 2024E ITV plc $1.26 7.3x 6.9x 7.1x $1.45 8.2x 7.3x 7.4x $0.19 0.9x 0.4x 0.3x Mediaset S.p.A. $2.36 7.6x 6.3x NA $2.56 6.6x 6.3x NA $0.20 -0.9x 0.0x NA Nexstar Media Group, Inc. $105.25 7.7x 6.6x 6.8x $101.81 7.6x 6.5x 6.7x ($3.44) -0.1x -0.1x -0.1x Sinclair Broadcast Group, Inc. $27.26 10.0x 8.3x 9.0x $28.64 10.3x 9.2x 10.1x $1.38 0.3x 0.9x 1.1x TEGNA Inc. $14.41 8.6x 6.6x NA $13.38 8.5x 6.4x NA ($1.03) -0.2x -0.2x NA Télévision Française 1 Société anonyme $7.74 3.6x 3.6x NA $8.38 3.5x 3.5x NA $0.63 0.0x -0.1x NA Low 3.6x 3.6x 6.8x 3.5x 3.5x 6.7x (0.0x) (0.1x) (0.1x) High 10.0x 8.3x 9.0x 10.3x 9.2x 10.1x 0.3x 0.9x 1.1x Median 7.6x 6.6x 7.1x 7.9x 6.4x 7.4x 0.3x (0.2x) 0.3x Mean 7.5x 6.4x 7.6x 7.4x 6.5x 8.1x (0.0x) 0.2x 0.4x WSG $2.27 3.5x 2.8x NA $2.27 3.5x 2.8x NA $0.00 0.0x 0.0x NA

Preliminary and Confidential | Subject to Further Review and Revision (USD, EUR and ADS in millions, except per ADS values) Implied Premiums to Historical Unaffected Closing ADS Trading Prices Summary of Transaction Value Executive Summary Transaction Overview (USD per ADS in actuals) Sources: Company management, public filings, Capital IQ . 1. Based on (i) 208.7 million common shares outstanding and (ii) the net dilutive impact of 5.6 million outstanding options exercisable into common shares based on the t rea sury method, per Company management. Common share to ADS conversion ratio of 3 - 2, per Company management. 2. Represents book value of Company’s investments into equity, debt and convertible debt instruments as of 9/30/2020. 3. Represents book value of investments in companies in which the Company has a significant influence but does not have control as of 9/30/2020. 4. Represents receivables due from and payables due to related parties as of 9/30/2020. 5. Represents unfunded liabilities associated with the Company’s defined benefit pension plan and termination benefits as of 9/3 0/2 020. 6. Represents book value as of 9/30/2020 of contingent consideration associated with prior acquisitions. 7. Represents book value of liabilities associated with certain legal matters, compensation related to fraudulent activities and re structuring liabilities as of 9/30/2020. 8. Per Capital IQ. Preliminary Implied Premium Unaffected Average Closing / of Per ADS Proposal Trading Period Closing Consideration over Average as of 9/29/2020 ADS Price [8] Closing / Closing ADS Price 1-Day Closing $1.80 41.7% 5-Day Average Closing $1.83 39.0% 10-Day Average Closing $1.90 34.4% 1-Month Average Closing $1.95 30.5% 3-Month Average Closing $2.04 24.9% 6-Month Average Closing $2.22 15.0% 1-Year Average Closing $2.69 (5.1%) 52-Week High - 2/19/20 Closing $4.79 (46.8%) 52-Week Low - 3/19/20 Closing $1.44 77.1% Selected Transaction Information Per ADS Transaction Consideration $2.55 ADS Equivalent Outstanding [1] 142.9 Implied Transaction Equity Value (USD) $364.3 USD to EUR Exchange Rate as of 12/18/2020 0.82 Implied Transaction Equity Value (EUR) € 297.9 Cash and Cash Equivalents as of 9/30/2020 (151.7) Investment in Debt & Equity Instruments as of 9/30/2020 [2] (9.5) Investment in Associates and Joint Ventures as of 9/30/2020 [3] (3.6) Related Party Receivables as of 9/30/2020 [4] (114.4) Total Debt as of 9/30/2020 409.5 Long Term Payroll Payables as of 9/30/2020 [5] 16.3 Contingent Consideration as of 9/30/2020 [6] 27.9 Provisions as of 9/30/2020 [7] 10.2 Related Party Liabilities as of 9/30/2020 [4] 4.4 Non-Controlling Interest as of 9/30/2020 2.3 Implied Transaction Enterprise Value (EUR) € 489.5 Implied Transaction Multiples Corresponding Implied Adjusted EBITDA Base Amount Multiple CY 2019 € 119.5 4.1x LTM Ended 9/30/2020 € 90.4 5.4x CY 2020E € 54.4 9.0x CY 2021E € 67.8 7.2x CY 2022E € 87.8 5.6x CY 2023E € 72.1 6.8x CY 2024E € 75.2 6.5x CY 2021E - CY 2024E Average € 75.7 6.5x 7

Page 1. Executive Summary 3 2. Preliminary Financial Analyses 8 3. Selected Public Market Observations 15 4. Appendices 30 5. Disclaimer 39

Preliminary and Confidential | Subject to Further Review and Revision Sources: Company management, public filings, Capital IQ, Bloomberg. Note : No particular weight was attributed to any single analysis. Note: Based on ( i ) 208.7 million common shares outstanding and (ii) the net dilutive impact of 5.6 million outstanding options exercisable into common shares based on the treasury method, per Company management. Common share to ADS conversion ratio of 3 - 2, per Company management. Financial Analyses Summary (dollars in actuals) Selected Companies Analysis CY 2021E Adjusted EBITDA 6.5x – 8.5 x CY 2022E Adjusted EBITDA 5.0x – 7.0 x Average CY 2021E – CY 2024E Adjusted EBITDA 6.0x – 8.0 x Discounted Cash Flow Analysis Discount Rate: 8.0% – 12.0% Terminal Multiple : 6.0x – 8.0x Implied Per ADS Value Reference Ranges Per ADS Transaction Consideration: $2.55 $2.37 $2.25 $2.12 $2.13 $3.89 $3.55 $3.62 $3.29 $0.00 $1.00 $2.00 $3.00 $4.00 $5.00 $6.00 9

Preliminary and Confidential | Subject to Further Review and Revision Financial Analyses Summary (USD, EUR and ADS in millions, except per ADS values) Implied Per ADS Value Reference Ranges See the following page for footnotes. Selected Companies Selected Companies Selected Companies Discounted Cash Flow Analysis Analysis Analysis Analysis CY 2021E CY 2022E CY 2021E - CY 2024E Terminal Multiple Adjusted EBITDA Adjusted EBITDA Average Adjusted EBITDA 6.0x -- 8.0x Discount Rate 8.0% -- 12.0% Capitalized Adjusted EBITDA € 67.8 € 87.8 € 75.7 Selected Multiples Range 6.5x -- 8.5x 5.0x -- 7.0x 6.0x -- 8.0x Preliminary Implied Enterprise Value Reference Range € 440.6 -- € 576.2 € 438.9 -- € 614.5 € 454.4 -- € 605.9 € 467.9 -- € 646.5 Cash and Cash Equivalents as of 9/30/2020 151.7 -- 151.7 151.7 -- 151.7 151.7 -- 151.7 151.7 -- 151.7 Investment in Debt & Equity Securities as of 9/30/2020 [1] 9.5 -- 9.5 9.5 -- 9.5 9.5 -- 9.5 9.5 -- 9.5 Investment in Associates and Joint Ventures as of 9/30/2020 [2] 3.6 -- 3.6 3.6 -- 3.6 3.6 -- 3.6 3.6 -- 3.6 Related Party Receivables as of 9/30/2020 [3] 114.4 -- 114.4 114.4 -- 114.4 114.4 -- 114.4 114.4 -- 114.4 Implied Total Enterprise Value Reference Range € 719.7 -- € 855.3 € 718.0 -- € 893.6 € 733.5 -- € 885.0 € 747.0 -- € 925.6 Total Debt as of 9/30/2020 (409.5) -- (409.5) (409.5) -- (409.5) (409.5) -- (409.5) (409.5) -- (409.5) Long Term Payroll Payables as of 9/30/2020 [4] (16.3) -- (16.3) (16.3) -- (16.3) (16.3) -- (16.3) (16.3) -- (16.3) Contingent Consideration as of 9/30/2020 [5] (27.9) -- (27.9) (27.9) -- (27.9) (27.9) -- (27.9) (27.9) -- (27.9) Provisions as of 9/30/2020 [6] (10.2) -- (10.2) (10.2) -- (10.2) (10.2) -- (10.2) (10.2) -- (10.2) Related Party Liabilities as of 9/30/2020 [3] (4.4) -- (4.4) (4.4) -- (4.4) (4.4) -- (4.4) (4.4) -- (4.4) Non-Controlling Interest as of 9/30/2020 (2.3) -- (2.3) (2.3) -- (2.3) (2.3) -- (2.3) (2.3) -- (2.3) Implied Total Equity Value Reference Range (EUR) € 249.1 -- € 384.7 € 247.4 -- € 423.0 € 262.9 -- € 414.3 € 276.3 -- € 455.0 USD to EUR Exchange Rate as of 12/18/2020 0.82 -- 0.82 0.82 -- 0.82 0.82 -- 0.82 0.82 -- 0.82 Implied Total Equity Value Reference Range (USD) $304.6 -- $470.4 $302.5 -- $517.3 $321.5 -- $506.7 $338.0 -- $556.4 ADS Equivalents Outstanding [7] 142.9 -- 142.9 142.9 -- 142.9 142.9 -- 142.9 142.9 -- 142.9 Implied Per ADS Value Reference Range $2.13 -- $3.29 $2.12 -- $3.62 $2.25 -- $3.55 $2.37 -- $3.89 Implied Adjusted EBITDA Multiples Adj. EBITDA CY 2019 € 119.5 3.7x -- 4.8x 3.7x -- 5.1x 3.8x -- 5.1x 3.9x -- 5.4x LTM (9/30/2020) € 90.4 4.9x -- 6.4x 4.9x -- 6.8x 5.0x -- 6.7x 5.2x -- 7.2x CY 2020E € 54.4 8.1x -- 10.6x 8.1x -- 11.3x 8.4x -- 11.1x 8.6x -- 11.9x CY 2021E € 67.8 6.5x -- 8.5x 6.5x -- 9.1x 6.7x -- 8.9x 6.9x -- 9.5x CY 2022E € 87.8 5.0x -- 6.6x 5.0x -- 7.0x 5.2x -- 6.9x 5.3x -- 7.4x CY 2023E € 72.1 6.1x -- 8.0x 6.1x -- 8.5x 6.3x -- 8.4x 6.5x -- 9.0x CY 2024E € 75.2 5.9x -- 7.7x 5.8x -- 8.2x 6.0x -- 8.1x 6.2x -- 8.6x CY 2021E - CY 2024E Average € 75.7 5.8x -- 7.6x 5.8x -- 8.1x 6.0x -- 8.0x 6.2x -- 8.5x 10

Preliminary and Confidential | Subject to Further Review and Revision Financial Analyses Summary (cont.) Sources: Company management, public filings, Capital IQ, Bloomberg. Note: No particular weight was attributed to any analysis. 1. Represents book value of Company’s investments into equity, debt and convertible debt instruments as of 9/30/2020. 2. Represents book value of investments in companies in which the Company has a significant influence but does not have control as of 9/30/2020. 3. Represents receivables due from and payables due to related parties as of 9/30/2020. 4. Represents unfunded liabilities associated with the Company’s defined benefit pension plan and termination benefits as of 9/3 0/2 020. 5. Represents book value as of 9/30/2020 of contingent consideration associated with prior acquisitions. 6. Represents book value of liabilities associated with certain legal matters, compensation related to fraudulent activities and re structuring liabilities as of 9/30/2020. 7. Based on ( i ) 208.7 million common shares outstanding and (ii) the net dilutive impact of 5.6 million outstanding options exercisable int o c ommon shares based on the treasury method, per Company management. Common share to ADS conversion ratio of 3 - 2, per Company management . 11

Preliminary and Confidential | Subject to Further Review and Revision Selected Historical & Projected Financial Information Sources: Company management, public filings. Note: Historical financial information is unaudited pro forma and excludes The IRONMAN Group which was disposed of in July 20 20. Note: Historical and Projected Adjusted EBITDA excludes impact of income from associates and joint ventures. Note: In November 2020 it was reported that Italy’s Serie A soccer leagues’s board unanimously approved a deal in which CVC Capital Partners, Advent International and Italy’s FSI fund would pay €1.7 billion for a 10% interest in a new media unit created by Serie A, which will manage the league’s TV rights. As such, the Company is expected to lose a material amount of its existing business with Serie A. The projected financials have not been adjusted to exclude the expected loss in revenue contribution and associated expenses from the loss of Serie A business. 1. Figures primarily relate to rental income, bad debt expense, insurance refunds, among other items. 2. Total Adjustments: 3. Represents other one - time expenses, including acquisition - related expenses, extraordinary customer termination costs and re - meas urement of contingent consideration, among other items. (EUR in millions) 12 Fiscal Year Ended December 31, LTM Ended Fiscal Year Ending December 31, 2017 2018 2019 9/30/2020 2020E 2021E 2022E 2023E 2024E Revenues, Net € 725.8 € 885.4 € 769.4 € 489.2 € 477.1 € 738.2 € 891.0 € 777.2 € 758.8 Growth % 22.0% -13.1% -38.0% 54.8% 20.7% -12.8% -2.4% Cost of Sales (476.5) (605.4) (517.1) (287.1) (316.7) (499.3) (625.0) (529.8) (502.0) Gross Profit € 249.4 € 279.9 € 252.3 € 202.1 € 160.4 € 238.9 € 266.0 € 247.3 € 256.7 Margin % 34.4% 31.6% 32.8% 41.3% 33.6% 32.4% 29.8% 31.8% 33.8% Personnel Expenses (100.1) (110.5) (125.4) (112.1) (94.7) (129.2) (136.1) (131.4) (136.2) Selling, Office & Administrative Expenses (33.8) (34.8) (45.1) (37.4) (36.6) (42.8) (42.8) (44.5) (46.0) Other Operating Income / (Expenses), Net [1] 5.3 (25.4) 4.4 18.6 17.1 0.8 0.8 0.8 0.7 Total Adjustments [2] 11.1 35.7 33.4 19.2 8.2 0.0 0.0 0.0 0.0 Total Operating Expenses (€ 117.5) (€ 135.0) (€ 132.8) (€ 111.7) (€ 106.0) (€ 171.2) (€ 178.2) (€ 175.2) (€ 181.5) Adjusted EBITDA € 131.9 € 144.9 € 119.5 € 90.4 € 54.4 € 67.8 € 87.8 € 72.1 € 75.2 Margin % 18.2% 16.4% 15.5% 18.5% 11.4% 9.2% 9.9% 9.3% 9.9% Growth % 9.9% -17.5% -54.5% 24.7% 29.5% -17.8% 4.2% Depreciation & Amortization (13.5) (22.4) (24.2) (26.4) (22.7) (22.6) (23.2) (22.6) (21.2) Adjusted EBIT € 118.4 € 122.6 € 95.3 € 64.1 € 31.7 € 45.2 € 64.6 € 49.5 € 54.0 Margin % 16.3% 13.8% 12.4% 13.1% 6.6% 6.1% 7.2% 6.4% 7.1% Additional Financial Information Capital Expenditures € 8.0 € 8.0 € 9.3 € 6.7 € 8.7 € 13.3 € 7.6 € 7.8 € 7.9 Income From Associates and Joint Ventures € 0.5 € 5.6 € 1.8 € 1.2 (€ 0.1) (€ 0.1) € 0.1 € 0.2 (€ 0.1) Share-Based Compensation € 6.9 € 3.0 € 13.9 € 7.3 € 3.6 NA NA NA NA Bad Debt Expenses Related to Specific Customer -- 27.1 -- -- -- -- -- -- -- Estimated Compensation Related to Fraudulent Activities -- -- 12.4 4.1 -- -- -- -- -- Expenses Related to IPO and Financings 0.3 2.6 4.6 1.4 0.3 -- -- -- -- Restructure and Disposal of Investments / Subsidiaries 3.4 0.0 2.5 6.4 3.9 -- -- -- -- Other Adjustments [3] 0.5 2.9 (0.0) (0.1) 0.4 -- -- -- -- Total Adjustments € 11.1 € 35.7 € 33.4 € 19.2 € 8.2 € 0.0 € 0.0 € 0.0 € 0.0

Preliminary and Confidential | Subject to Further Review and Revision Selected Companies Analysis Sources: Bloomberg, Capital IQ, public filings and Wall Street research . 1. Enterprise Value equals equity market value + debt outstanding + preferred stock + minority interests – cash and cash equivalents . 2. Based on closing prices as of 12/18/2020. 3. Based on diluted shares. 4. Multiples based on forward looking financial information may have been calendarized to the Company’s fiscal year end of December 31st . 5. Represents the last full trading day prior to receipt and announcement of the Initial Proposal on 9/30/2020 . (dollars in millions, except per share/ADS values ) 13 Enterprise Value [1] to Adjusted EBITDA Share / ADS Equity Market Enterprise Average Accepted Range Advertising Agency Selected Companies Country Exchange Price [2] Value [2,3] Value [2,3] CY 2021E [4] CY 2022E [4] 2021E - 2024E [4] Cheil Worldwide Inc. South Korea KOSE $19.39 $1,964.0 $1,471.5 5.9x 5.3x 4.3x Dentsu Group Inc. Japan TSE 31.59 8,886.8 13,013.1 8.2x 7.3x NA NA Omnicom Group Inc. United States NYSE 61.62 13,271.3 16,471.4 7.7x 7.4x 7.3x Publicis Groupe S.A. France ENXTPA 50.76 12,441.3 15,820.3 5.9x 5.6x 5.9x The Interpublic Group of Companies, Inc. United States NYSE 23.94 9,440.4 11,967.4 8.5x 8.1x 8.0x WPP plc United Kingdom LSE 10.98 13,593.7 17,768.5 7.3x 6.8x 6.8x Low 5.9x 5.3x 4.3x High 8.5x 8.1x 8.0x Median 7.5x 7.0x 6.8x Mean 7.2x 6.8x 6.5x TV Network Selected Companies Discovery, Inc. United States NasdaqGS $27.80 $18,292.5 $33,669.5 8.5x 8.1x 8.2x Fox Corporation United States NasdaqGS 28.16 16,765.7 19,976.7 7.8x 7.4x 7.8x MSG Networks Inc. United States NYSE 14.43 826.4 1,646.5 7.3x NA NA NA NA ViacomCBS Inc. United States NasdaqGS 35.26 21,834.6 39,354.6 8.1x 7.7x 7.8x Low 7.3x 7.4x 7.8x High 8.5x 8.1x 8.2x Median 7.9x 7.7x 7.8x Mean 7.9x 7.8x 7.9x TV Broadcasting Selected Companies ITV plc United Kingdom LSE $1.45 $5,853.0 $6,784.0 8.2x 7.3x 7.4x Mediaset S.p.A. Italy BIT 2.56 2,911.3 4,737.2 6.6x 6.3x NA NA Nexstar Media Group, Inc. United States NasdaqGS 101.81 4,765.0 12,257.7 7.6x 6.5x 6.7x Sinclair Broadcast Group, Inc. United States NasdaqGS 28.64 2,131.3 14,216.3 10.3x 9.2x 10.1x TEGNA Inc. United States NYSE 13.38 2,938.8 6,695.0 8.5x 6.4x NA NA Télévision Française 1 Société anonyme France ENXTPA 8.38 1,762.5 1,850.7 3.5x 3.5x NA NA Low 3.5x 3.5x 6.7x High 10.3x 9.2x 10.1x Median 7.9x 6.4x 7.4x Mean 7.4x 6.5x 8.1x WSG (Current as of 12/18/2020) China NasdaqGS $2.27 $324.3 $564.0 3.5x 2.8x NA WSG (Unaffected as of 9/29/2020) [5] China NasdaqGS $1.80 $257.0 $487.7 3.1x 2.5x NA

Preliminary and Confidential | Subject to Further Review and Revision Discounted Cash Flow Analysis (EUR in millions) For purposes of calculating terminal value, 2024E Adjusted EBITDA is adjusted to capture event - driven cyclicality of certain of the Company’s segments . Source: Company management. Note: Present values as of 12/18/2020; mid - year convention applied. Note: At the direction of Company management, forecasted change in net working capital in each projection period is assumed t o b e €0. 1. Represents projected remaining 2020E results based on YTD results as of September 30, 2020. 2. Figures primarily relate to rental income, bad debt expense, insurance refunds, among other items. 3. Tax rate at 26.0%, per Company management. 4. Certain segments and expenses are not cyclical in nature and expected 2024E performance as a representative level. 5. Financial performance largely impacted by FIS Ski World Championships that are held every other year. As such, two - year average performance is a representative level. 6. Financial performance largely impacted by ( i ) EHF European Championships held in even years, (ii) FIBA Basketball World Cup held every four years (latest in 2019), and ( iii ) CEV European Volleyball Championships held in odd years. As such, four - year average performance is a representative level. 7. DPSS “base” revenue and gross profit is expected to grow over the projection period mainly due to growth in the Company’s dig ita l service business, per Company management. Additionally, DPSS performance spikes every four years due to the World Cup, with an estimated gross margin impact of ~€10 million. 2024E cyclicality Adjusted DPSS Gross Profit calculated as ( i ) 2024E gross profit which reflects the “base” DPSS segment plus (ii) ~ € 10 million impact of World Cup multiplied by 25.0% to account for occurrence every four years. 8. Two - year average used to account for variation in Personnel Expenses in the projection period. Projected Fiscal Year Ending December 31, 2020E [1] 2021E 2022E 2023E 2024E 2024E Cyclicality-Adjusted EBITDA Assumptions Revenues, Net € 170.4 € 738.2 € 891.0 € 777.2 € 758.8 2024E Football Gross Profit [4] € 43.6 Growth % 54.8% 20.7% -12.8% -2.4% 2023E - 2024E Average Winter Sports Gross Profit [5] 69.7 2021E - 2024E Average Summer Sports Gross Profit [6] 49.3 Cost of Sales (141.9) (499.3) (625.0) (529.8) (502.0) Cyclicality-Adjusted Spectator Sports Gross Profit € 162.6 Personnel Expenses (19.6) (129.2) (136.1) (131.4) (136.2) 2024E Mass Participation Gross Profit [4] 31.3 Selling, Office & Administrative Expenses (14.9) (42.8) (42.8) (44.5) (46.0) 2024E Cyclicality-Adjusted DPSS Gross Profit [7] 65.7 Other Operating Income / (Expenses), Net [2] 3.3 0.8 0.8 0.8 0.7 2024E Cyclicality-Adjusted Gross Profit € 259.5 Adjusted EBITDA (€ 2.8) € 67.8 € 87.8 € 72.1 € 75.2 2023E - 2024E Average Personnel Expenses [8] (133.8) Depreciation & Amortization (5.6) (22.6) (23.2) (22.6) (21.2) 2024E Selling, Office & Administrative Expenses [4] (46.0) Adjusted EBIT (€ 8.3) € 45.2 € 64.6 € 49.5 € 54.0 2024E Other Operating Income / (Expenses), Net [4] 0.7 Taxes [3] 2.2 (11.8) (16.8) (12.9) (14.0) 2024E Cyclicality-Adjusted EBITDA € 80.4 Unlevered Earnings (€ 6.2) € 33.5 € 47.8 € 36.6 € 40.0 Capital Expenditures (4.6) (13.3) (7.6) (7.8) (7.9) Depreciation & Amortization 5.6 22.6 23.2 22.6 21.2 Unlevered Free Cash Flows (€ 5.2) € 42.7 € 63.4 € 51.5 € 53.3 Present Value PV of Terminal Value of Cash Flows as a Multiple of Implied Enterprise Value Discount Rate (2020E - 2024E) 2024E Cyclicality-Adjusted EBITDA Discount Rate 6.0x 7.0x 8.0x 6.0x 7.0x 8.0x 6.0x 7.0x 8.0x 8.0% € 175.0 € 353.6 € 412.5 € 471.5 € 528.6 € 587.6 € 646.5 8.0% 66.9% 70.2% 72.9% 9.0% € 171.7 € 340.7 € 397.5 € 454.3 € 512.4 € 569.2 € 626.0 9.0% 66.5% 69.8% 72.6% 10.0% € 168.6 + € 328.4 € 383.1 € 437.8 = € 496.9 € 551.7 € 606.4 10.0% 66.1% 69.4% 72.2% 11.0% € 165.5 € 316.6 € 369.4 € 422.1 € 482.1 € 534.9 € 587.6 11.0% 65.7% 69.1% 71.8% 12.0% € 162.5 € 305.3 € 356.2 € 407.1 € 467.9 € 518.8 € 569.7 12.0% 65.3% 68.7% 71.5% PV of Terminal Value as a % of Enterprise Value 14

Page 1. Executive Summary 3 2. Preliminary Financial Analyses 8 3. Selected Public Market Observations 15 Selected Trading Information 16 Selected WSG Equity Research Observations 25 4. Appendices 30 5. Disclaimer 39

Page 1. Executive Summary 3 2. Preliminary Financial Analyses 8 3. Selected Public Market Observations 15 Selected Trading Information 16 Selected WSG Equity Research Observations 25 4. Appendices 30 5. Disclaimer 39

Preliminary and Confidential | Subject to Further Review and Revision -80.0% -70.0% -60.0% -50.0% -40.0% -30.0% -20.0% -10.0% 0.0% 10.0% 20.0% Jul-19 Oct-19 Jan-20 Mar-20 Jun-20 Aug-20 Nov-20 Relative Share Price Return Wanda Sports Group Advertising Agency Companies Index TV Network Companies Index TV Broadcasting Companies Index MSCI World Index COVID-19 "Recovery" Wanda Sports Group (62.4%) Advertising Agency Companies Index (26.0%) Pre COVID-19 Peak TV Network Companies Index (29.8%) to TV Broadcasting Companies Index (33.6%) Proposal (9/29/2020) MSCI World Index (3.1%) Wanda Sports Group (69.9%) Initial COVID-19 Advertising Agency Companies Index (46.9%) Impact to Share Price TV Network Companies Index (46.8%) (Peak to Trough) TV Broadcasting Companies Index (47.3%) MSCI World Index (34.2%) Since Initial Proposal (9/30/2020 – 12/18/2020) 12.6% Sources: Capital IQ, public filings. Note: Advertising Agency Companies Index is equally weighted and includes Cheil Worldwide Inc., Dentsu Group Inc ., Omnicom Group Inc., Publicis Groupe S.A ., The Interpublic Group of Companies, Inc. and WPP plc. Note: TV Network Companies Index is equally weighted and includes Discovery , Inc., Fox Corporation, MSG Networks Inc., and ViacomCBS Inc. Note: TV Broadcasting Companies Index is equally weighted and includes ITV plc, Mediaset S.p.A., Nexstar Media Group, Inc., Sinclair Broadcast Group, Inc., TEGNA Inc., and Television Francaise 1 SA. Relative Total Shareholder Return Since Wanda Sports Group IPO 2.2% 28.5% 24.0% Wanda Sports Group confirms preliminary discussions on potential IRONMAN sale 31.9% Share Price Performance Prior to Proposal 7/26/2019 - 9/29/2020 Wanda Sports Group (65.1%) Advertising Agency Companies Index (29.0%) TV Network Companies Index (37.3%) TV Broadcasting Companies Index (35.0%) MSCI World Index 6.5% 17

Preliminary and Confidential | Subject to Further Review and Revision Market Trading Overview (USD, EUR and ADS in millions, except per share values and where otherwise noted ) Sources: Capital IQ, public filings, Wall Street Research, Company management. 1. Current ADS Price as of 12/18/2020 based on ( i ) 208.7 million common shares outstanding and (ii) the net dilutive impact of 5.6 million outstanding options exercisable int o c ommon shares based on the treasury method. Unaffected ADS Price as of 9/29/2020 b ased on ( i ) 205.0 million common shares outstanding and (ii) the net dilutive impact of 9.3 million outstanding options exercisable into common shares based on the treasury method, per Form 20 - F for year ended 12/31/2019 . Common share to ADS conversion ratio of 3 - 2, per public filings. 2. Per Capital IQ. 3. Current ADS Price as of 12/18/2020 as of 9/30/2020 and Unaffected ADS Price as of 9/29/2020 as of 7/31/2020, per public filin gs. 4. Per Form 20 - F for year ended 12/31/2019. 5. Current ADS Price as of 12/18/2020 as of 9/30/2020 and Unaffected ADS Price as of 9/29/2020 as of 6/30/2020, per public filings. 6. Represents average estimate per Citigroup, Deutsche Bank and Loop Capital Markets equity research reports. 7. Represents ADS equivalents held by shareholders other than the Buyer per Company management. Based on 208.7 million common shares outsta ndi ng or an equivalent of 139.1 million ADS, per Company management. 18 Public Market Enterprise Value Selected Trading Information [2] Current Unaffected Current Unaffected ADS Price ADS Price as of as of as of 12/18/2020 as of 9/29/2020 as of 12/18/2020 as of 9/29/2020 Closing ADS Price $2.27 $1.80 10-Day Average $2.26 $1.90 ADS Equivalents Outstanding [1] 142.9 142.8 1-Month Average $2.23 $1.95 Market Value of Equity (USD) $324.3 $257.0 3-Month Average $2.19 $2.04 USD to EUR Exchange Rate [2] 0.82 0.85 6-Month Average $2.13 $2.22 Market Value of Equity (EUR) € 265.2 € 219.0 52-Week High Closing Price $4.79 $4.79 52-Week Low Closing Price $1.44 $1.44 Cash and Cash Equivalents [3] (151.7) (208.7) Investment in Debt & Equity Instruments as of 12/31/2019 [4] (22.9) (22.9) Investment in Associates and Joint Ventures [5] (3.6) (3.7) Related Party Receivables as of 12/31/2019 [4] (112.8) (112.8) Total Debt [3] 409.5 472.5 Long Term Payroll Payables [5] 16.3 16.0 Contingent Consideration as of 12/31/2019 [4] 36.8 36.8 Provisions [5] 10.2 4.3 Share-Based Payment Liabilities as of 12/31/2019 [4] 11.9 11.9 Non-Controlling Interest [5] 2.3 3.0 Public Market Enterprise Value (EUR) € 461.2 € 415.4 Selected Implied Trading Multiples Other Market Information Current Unaffected Current Unaffected ADS Price ADS Price as of as of as of 12/18/2020 as of 9/29/2020 as of 12/18/2020 as of 9/29/2020 Enterprise Value / Adjusted EBITDA 90-Day Average Daily Trading Value [2] $0.3 $0.2 CY 2020E [6] € 86.7 5.3x 4.8x % of Market Value of Equity 0.09% 0.09% CY 2021E [6] € 133.0 3.5x 3.1x 90-Day Average Daily Trading Volume (in thousands) [2] 129.3 107.8 CY 2022E [6] € 165.2 2.8x 2.5x % of Total ADS Outstanding 0.09% 0.08% % of Total Public Float 0.31% 0.26% Total Public Float [7] 41.2 % of Total ADS Outstanding [7] 29.6%

Preliminary and Confidential | Subject to Further Review and Revision 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 $0.00 $1.00 $2.00 $3.00 $4.00 $5.00 $6.00 7/26/2019 9/26/2019 11/26/2019 1/26/2020 3/26/2020 5/26/2020 7/26/2020 9/26/2020 11/26/2020 Volume (mm) Daily Trading Volume Closing ADS Price (USD) Transaction Price Unaffected Closing ADS Price on 9/29/2020 Closing Price (Per ADS) Event Date Comments A 7/26/2019 C ompleted a smaller than expected U.S. IPO, raising $190.4 million. Initiated trading under the WSG ticker on the Nasdaq Global Select Market. B 11/27/2019 F iled a shelf registration in the amount of $31.1 million in conjunction with an employee equity incentive plan. C 2/19/2020 Following media reports that the Company is considering a sale of its IRONMAN triathlon business for about $1 billion, the Company c onfirmed preliminary discussions regarding potential IRONMAN divestiture. D 3/26/2020 Entered into a definitive stock purchase agreement with Advance Publications, Inc., a family - owned business, to sell The IRONMAN Group in an all cash transaction at an enterprise value. Timeline and ADS Trading History S elected Events Sources: Capital IQ, public filings. Event Date Comments E 6/9/2020 Reported Q1 2020 revenue of $180.3 million, representing a 25.6% decrease from the previous year. F 7/20/2020 Completed the previously announced sale of The IRONMAN Group and announced that Mr. Maojun (John) Zeng was appointed as Chairman of the Company, succeeding Mr. Lin Zhang. G 9/1/2020 Reported Q2 2020 revenue of $58.2 million, representing a 75.3% decrease from the previous year, primarily due to postponement or cancellation of events as a result of COVID - 19. H 9/30/2020 Announced receipt of a preliminary non - binding proposal from Wanda Sports & Media (Hong Kong) Holding Co. Limited to acquire all of the outstanding ADS representing Class A Ordinary Shares of the Company for $2.50 per ADS. Transaction Price : $ 2.55 C E F G H D A B Unaffected Closing ADS Price on 9/29/20: $1.80 19

Preliminary and Confidential | Subject to Further Review and Revision ADS Trading Activity Since Initial Proposal Closing ADS Price Since Receipt of Initial Proposal (9/29/2020) 9/30/20 Initial Proposal 1 announced at $2.50/ADS. ADS closed at $2.32/ADS 10/6/20 Announced formation of Independent Board Committee. ADS closed at $2.26/ADS 10/23/20 Filed a 6 - K announcing the Financial Advisor and Legal Council to the Independent Board Committee. ADS closed at $2.25/ADS Transaction: $2.55 per ADS (per ADS values in actuals, ADS in millions) 12/18/20 ADS closed at $2.27/ADS Source: Capital IQ as of 12/18/2020 1. Represents preliminary non - binding proposal letter received from Wanda Sports & Media (Hong Kong) Holding Co. Limited, a wholly - owned subsi diary of Dalian Wanda Group Co., Ltd. on 9/30/2020. 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 $0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 9/29/2020 10/9/2020 10/19/2020 10/29/2020 11/8/2020 11/18/2020 11/28/2020 12/8/2020 12/18/2020 Volume (in millions) Company Closing ADS Price 20

Preliminary and Confidential | Subject to Further Review and Revision - 1,844 3,827 - - - - - $1.00- $1.49 $1.50- $1.99 $2.00- $2.49 $2.50- $2.99 $3.00- $3.49 $3.50- $3.99 $4.00- $4.49 $4.50- $4.99 - 1,844 8,627 3,271 - - - - $1.00- $1.49 $1.50- $1.99 $2.00- $2.49 $2.50- $2.99 $3.00- $3.49 $3.50- $3.99 $4.00- $4.49 $4.50- $4.99 1,002 4,310 10,336 16,529 6,476 2,838 5,722 3,248 $1.00- $1.49 $1.50- $1.99 $2.00- $2.49 $2.50- $2.99 $3.00- $3.49 $3.50- $3.99 $4.00- $4.49 $4.50- $4.99 2.0% 8.5% 20.5% 32.8% 12.8% 5.6% 11.3% 6.4% Twelve Months Prior to Initial Proposal ( 9/29/2020 1 ) Nine Months Prior to Initial Proposal ( 9/29/2020 1 ) Six Months Prior to Initial Proposal ( 9/29/2020 1 ) Three Months Prior to Initial Proposal ( 9/29/2020 1 ) Selected ADS Trading Activity Prior to Initial Proposal Volume: 50.5 million VWAP 1 : $ 2.91 Volume: 5.7 million VWAP 1 : $ 2.04 Volume: 13.7 million VWAP 1 : $ 2.28 Volume: 39.5 million VWAP 1 : $ 2.87 1 - Day 10 - Day 20 - Day 30 - Day 3 - Month 6 - Month 9 - Month 12 - Month $1.84 $1.89 $2.01 $2.04 $2.06 $2.28 $2.87 $2.91 (dollars per share) Historical VWAP Prior to Initial Proposal (9/29/2020 1 ) ( v olume in thousands) ( v olume in thousands) ( v olume in thousands) ( v olume in thousands) 2.5% 10.9% 26.2% 25.7% 10.7% 2.9% 12.8% 8.2% 0.0% 13.4% 62.8% 23.8% 0.0% 0.0% 0.0% 0.0% 0.0% 32.5% 67.5% 0.0% 0.0% 0.0% 0.0% 0.0% 1,002 4,310 10,336 10,136 4,233 1,146 5,043 3,248 $1.00- $1.49 $1.50- $1.99 $2.00- $2.49 $2.50- $2.99 $3.00- $3.49 $3.50- $3.99 $4.00- $4.49 $4.50- $4.99 % of Total % of Total % of Total % of Total Source: Bloomberg. Note: Based on VWAP over specified period (last twelve months, last nine months, last six months or last three months). Reference to “Mon th” is based on Calendar months. VWAP in dollars. 1. Represents the last full trading day prior to receipt and announcement of the Initial Proposal on 9/30/2020. 21

Preliminary and Confidential | Subject to Further Review and Revision Trading Volume and Float Data Public Float / Shares Outstanding 90 - Day Average Daily Volume / Public Float Source: Capital IQ as of 12/18/2020. Advertising Agency Selected Companies TV Network Selected Companies TV Broadcasting Selected Companies Advertising Agency Selected Companies TV Network Selected Companies TV Broadcasting Selected Companies 67.5% 72.3% 99.3% 90.4% 99.3% 99.9% 67.0% 76.2% 72.9% 89.3% 98.9% 21.2% 96.2% 48.9% 91.8% 48.4% 77.5% 82.7% 29.6% A030000 4324 OMC PUB IPG WPP DISC.A FOXA MSGN VIAC ITV MS NXST SBGI TGNA TFI Mean Median Wanda Sports Group 0.55% 0.49% 1.17% 0.50% 1.07% 0.33% 1.14% 1.09% 1.14% 2.00% 0.51% 0.83% 0.96% 3.44% 0.83% 0.38% 1.03% 0.89% 0.31% A030000 4324 OMC PUB IPG WPP DISC.A FOXA MSGN VIAC ITV MS NXST SBGI TGNA TFI Mean Median Wanda Sports Group 22

Preliminary and Confidential | Subject to Further Review and Revision Trading Volume and Float Data (cont.) 90 - Day Average Daily Volume / Shares Outstanding 90 - Day Average Daily Trading Value Source: Capital IQ as of 12/18/2020. Advertising Agency Selected Companies TV Network Selected Companies TV Broadcasting Selected Companies Advertising Agency Selected Companies TV Network Selected Companies TV Broadcasting Selected Companies $7.1 $30.7 $138.5 $44.8 $83.3 $36.3 $127.1 $137.5 $5.3 $347.9 $23.5 $4.6 $38.8 $28.0 $22.3 $2.7 $67.4 $33.5 $0.3 A030000 4324 OMC PUB IPG WPP DISC.A FOXA MSGN VIAC ITV MS NXST SBGI TGNA TFI Mean Median Wanda Sports Group 0.37% 0.35% 1.16% 0.45% 1.06% 0.33% 0.77% 0.83% 0.83% 1.78% 0.51% 0.18% 0.92% 1.68% 0.76% 0.19% 0.76% 0.76% 0.09% A030000 4324 OMC PUB IPG WPP DISC.A FOXA MSGN VIAC ITV MS NXST SBGI TGNA TFI Mean Median Wanda Sports Group 23

Preliminary and Confidential | Subject to Further Review and Revision Wanda Sports Group Ownership Summary (ADS and shares in millions) Source: Company management. 1. Class B shares are convertible 1:1 to Class A shares; as such, economic ownership % is calculated based on total shares held. 2. Class B shares are entitled to four votes and Class A shares are entitled to one vote. 3. Two ADS represents three ordinary shares, per Company management and public filings. 4. Represents pre - IPO Investors in the Company. Class A Class B Total ADS Economic Voting Shares + Shares [1][2] = Shares Equiv [3] Ownership [1] Ownership [2] Buyer Wanda Sports & Media (Hong Kong) Holding Co. Limited 0.0 147.0 147.0 98.0 70.4% 90.5% Total Buyer Holdings 0.0 147.0 147.0 98.0 70.4% 90.5% Public Holdings Co-Investors [4] 18.5 0.0 18.5 12.4 8.9% 2.9% Other Public Shareholders 43.2 0.0 43.2 28.8 20.7% 6.7% Total Ordinary Shares/ADS 61.7 147.0 208.7 139.1 100.0% 100.0% 24

Page 1. Executive Summary 3 2. Preliminary Financial Analyses 8 3. Selected Public Market Observations 15 Selected Trading Information 16 Selected WSG Equity Research Observations 25 4. Appendices 30 5. Disclaimer 39

Preliminary and Confidential | Subject to Further Review and Revision Selected Equity Research Analyst Recommendations Summary of Analyst Recommendations and Price Targets  Average ADS price target for the Company from three Wall Street analysts reflected a ( i ) ~127.6% premium to the Company’s closing ADS price of $2.27 per ADS on 12/18/2020, (ii) ~187.0% premium to the Company’s unaffected ADS price of $1.80 per ADS on 9/29/2020 and ( iII ) ~102.6% premium to the Transaction price of $2.55 per ADS. Sources: Wall Street research, Capital IQ, public filings. Recommendation Summary ADS Price Target Summary Recommendation No. of Brokers Selected Brokers Buy / Outperform / Overweight / Positive 2 Deutsche Bank Citibank Hold / Equal W eight / Neutral / Market Perform 1 Loop Capital Markets Sell / Underperform / Underweight 0 (per ADS values in actuals) ADS Price Date of Broker Target Report Deutsche Bank $7.00 9/2/2020 Citibank $5.50 9/2/2020 Loop Capital Markets $3.00 9/1/2020 Average $5.17 Implied Premium / (Discount) of Average Analyst ADS Price Targets to Selected ADS Prices ADS Price Premium / (Discount) Current Closing ADS Price as of 12/18/2020 $2.27 127.6% Unaffected Closing ADS Price as of 9/29/2020 $1.80 187.0% Transaction $2.55 102.6% 26

Preliminary and Confidential | Subject to Further Review and Revision Selected Equity Research Analyst Commentary Brokerage Date of Report Target Price ADS Price Recommendation Commentary D eutsche Bank 9/2/2020 $7 .00 $2.07 Buy “We believe Wanda Sports Group should start to benefit more meaningfully from the return of live sports, such as football, and continue to benefit from the strength in digital services, esports, and virtualized events; although we're not forecasting a return to full earnings power until 2022. We were encouraged by the new business wins and contract extensions in the quarter, despite the current challenging environment, which gives us confidence that the business continues to largely be on track for the long - term. The company showed its ability to reduce costs during the business slowdown, and we are encouraged by the continued cost - saving measures Wanda will be taking.” “We r emain positive on Wanda Sports Group as we believe the business has bottomed from the pandemic and is beginning to recover with the return of spectator sports; we lower our PT to $7, from $8 (in June 2020), due to a smaller reduction in net debt from the IRONMAN Group sale than we had previously estimated.” Citibank 9/2/2020 $5.50 $2.07 Buy “The firm operates in an attractive part of the media ecosystem. And, we believe that WSG’s valuation is compelling at current levels… We are slightly increasing estimates following a better - than - expected 2Q” “As more video content moves to the cloud, demand for live content – including sports and news, should remain a durable component of the linear TV ecosystem… experiential events – like concerts, theme parks, and sporting events, should remain immune to digital disruption.” Loop Capital Markets 9/1/2020 $3.00 $2.11 Hold “ WSG reported 2Q numbers that were severely impacted by the postponement and cancellation of sporting events, but were better than expected. More importantly, the company closed the sale of its Ironman division after the quarter which reduces net debt to €264 million, or less than three times our 2021 Adjusted EBITDA estimate.” “Our target 8.0x multiple on our 2021 Adjusted EBITDA estimate assumes a resumption of sports next year and considers the company’s short tenure as a public company.” “The company had a number of media rights renewals and expanded contracts. The three major upcoming renewals that are the most critical are the Lega Serie A contract through 2021, FIFA production contract through 2022 and FIFA Asian media rights also running through 2022.” Source: Wall Street research . Note: ADS price represents the closing price per ADS of Wanda Sports Group on the date of the report. 27

Preliminary and Confidential | Subject to Further Review and Revision € 458.3 € 598.3 € 352.0 Deutsche Bank Citibank Loop Capital Markets Wall Street Estimates Company Management Estimate € 1,117.7 € 1,177.2 NA Deutsche Bank Citibank Loop Capital Markets Wall Street Estimates Company Management Estimates € 894.2 € 1,008.9 € 720.0 Deutsche Bank Citibank Loop Capital Markets Wall Street Estimates Company Management Estimate Selected Equity Research Analysts’ Projections Revenue (EUR in millions) CY 2020E Revenue CY 2021E Revenue CY 2022E Revenue (EUR in millions) (EUR in millions) €477.1 €738.2 €891.0 Source: Wall Street research, Company management. Note: All Wall Street estimates are sourced from research reports published in September 2020. CY 2021E Revenue Estimate Company Management Estimate € 738.2 Average Wall Street Estimate € 874.4 CY 2022E Revenue Estimate Company Management Estimate € 891.0 Average Wall Street Estimate € 1,147.5 CY 2020E Revenue Estimate Company Management Estimate € 477.1 Average Wall Street Estimate € 469.5 28

Preliminary and Confidential | Subject to Further Review and Revision € 95.4 € 123.6 € 41.0 Deutsche Bank Citibank Loop Capital Markets Wall Street Estimates Company Management Estimate € 145.1 € 185.3 NA Deutsche Bank Citibank Loop Capital Markets Wall Street Estimates Company Management Estimate € 153.3 € 150.8 € 95.0 Deutsche Bank Citibank Loop Capital Markets Wall Street Estimates Company Management Estimate Selected Equity Research Analysts’ Projections Adjusted EBITDA CY 2020E Adjusted EBITDA CY 2021E Adjusted EBITDA CY 2022E Adjusted EBITDA €54.4 11.4% Margin: 20.8% Margin: 17.1% Margin: 13.0% Margin: 20.7% Margin: 14.9% Margin: 15.7% Margin: 11.6% Margin: 13.2% Source: Wall Street research, Company management. Note: All Wall Street estimates are sourced from research reports published in September 2020. (EUR in millions) (EUR in millions) (EUR in millions) €67.8 9.2% €87.8 9.9% CY 2022E Adjusted EBITDA Estimate Company Management Estimate € 87.8 Average Wall Street Estimate € 165.2 CY 2021E Adjusted EBITDA Estimate Company Management Estimate € 67.8 Average Wall Street Estimate € 133.0 CY 2020E Adjusted EBITDA Estimate Company Management Estimate € 54.4 Average Wall Street Estimate € 86.7 29

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Page 1. Executive Summary 3 2. Preliminary Financial Analyses 8 3. Selected Public Market Observations 15 4. Appendices 30 Selected Benchmarking Information 31 Glossary 37 5. Disclaimer 39

Preliminary and Confidential | Subject to Further Review and Revision 3.6x 3.3x 3.1x 3.1x 2.7x 0.1x 3.8x 3.6x 3.6x 2.6x 6.4x 5.2x 4.9x 4.0x 1.8x 0.6x 4.5x 3.3x 3.4x Dentsu Group Publicis Groupe WPP The Interpublic Group Omnicom Group Cheil Worldwide ViacomCBS Discovery MSG Networks Fox Corporation Wanda Sports Group Dentsu Group Publicis Groupe WPP The Interpublic Group Omnicom Group Cheil Worldwide ViacomCBS Discovery MSG Networks Fox Corporation Sinclair Broadcast Group Nexstar Media Group TEGNA Mediaset ITV TFI Wanda Sports Group Mean [2] Median [2] $17,768 $16,471 $15,820 $13,013 $11,967 $1,471 $39,355 $33,669 $19,977 $1,646 $14,216 $12,258 $6,695 $6,784 $4,737 $1,851 $564 $13,606 $12,635 WPP Omnicom Group Publicis Groupe Dentsu Group The Interpublic Group Cheil Worldwide ViacomCBS Discovery Fox Corporation MSG Networks Wanda Sports Group WPP Omnicom Group Publicis Groupe Dentsu Group The Interpublic Group Cheil Worldwide ViacomCBS Discovery Fox Corporation MSG Networks Sinclair Broadcast Group Nexstar Media Group TEGNA ITV Mediaset TFI Wanda Sports Group Mean [2] Median [2] Selected Benchmarking Information (USD in millions) Sources: Company management, Capital IQ, Bloomberg, public filings. Note: No company used for comparative purposes is identical to the Company. 1. Enterprise Value equals equity market value + debt outstanding + preferred stock + minority interests – cash and cash equivalent s. Based on market capitalization as of 12/18/2020. 2. Mean and Median calculations exclude Wanda Sports Group. Advertising Agency Selected Companies TV Network Selected Companies TV Broadcasting Selected Companies Enterprise Value 1 MRQ Debt to LTM Adjusted EBITDA Advertising Agency Selected Companies TV Network Selected Companies TV Broadcasting Selected Companies 32

Preliminary and Confidential | Subject to Further Review and Revision 1.6% (1.3%) (2.5%) (2.7%) (4.1%) (7.6%) 2.7% 1.5% (0.2%) (3.6%) 10.3% 3.8% (2.9%) (3.0%) (3.4%) (4.4%) (2.0%) (1.0%) (2.6%) The Interpublic Group Dentsu Group Publicis Groupe Cheil Worldwide WPP Omnicom Group Discovery Fox Corporation MSG Networks ViacomCBS Publicis Groupe The Interpublic Group Dentsu Group Cheil Worldwide Omnicom Group WPP Fox Corporation Discovery ViacomCBS MSG Networks TEGNA Nexstar Media Group TFI ITV Mediaset Sinclair Broadcast Group Wanda Sports Group [1] Mean [2] Median [2] 7.4% 6.2% 2.5% 0.7% 0.3% (1.1%) 3.3% 3.0% 3.0% 2.4% 9.9% 4.7% 2.8% (9.1%) NMF NMF 3.0% 2.6% 2.9% The Interpublic Group Dentsu Group Publicis Groupe Cheil Worldwide WPP Omnicom Group Discovery Fox Corporation MSG Networks ViacomCBS The Interpublic Group Dentsu Group Publicis Groupe Cheil Worldwide WPP Omnicom Group Discovery Fox Corporation MSG Networks ViacomCBS TEGNA TFI ITV Mediaset Sinclair Broadcast Group Nexstar Media Group Wanda Sports Group [1] Mean [2] Median [2] Selected Benchmarking Information (cont.) Sources: Company management, Capital IQ, Bloomberg, public filings. Note: No company used for comparative purposes is identical to the Company. 1. Historical financial information for Wanda Sports Group excludes The IRONMAN Group which was disposed of in July 2020. 2. Mean and Median calculations exclude Wanda Sports Group. CY 2017 to CY 2019 Revenue Growth CY 2019 to CY 2021E Revenue Growth Advertising Agency Selected Companies TV Network Selected Companies TV Broadcasting Selected Companies Advertising Agency Selected Companies TV Network Selected Companies TV Broadcasting Selected Companies 33

Preliminary and Confidential | Subject to Further Review and Revision Selected Benchmarking Information (cont.) Sources: Company management, Capital IQ, Bloomberg, public filings. Note: No company used for comparative purposes is identical to the Company. 1. Historical financial information for Wanda Sports Group excludes The IRONMAN Group which was disposed of in July 2020. 2. Mean and Median calculations exclude Wanda Sports Group. CY 2019 to CY 2023E Revenue Growth CY 2017 to CY 2019 Adjusted EBITDA Growth Advertising Agency Selected Companies TV Network Selected Companies TV Broadcasting Selected Companies Advertising Agency Selected Companies TV Network Selected Companies TV Broadcasting Selected Companies 1.2% 1.2% 1.0% 0.8% (0.6%) (0.8%) 3.6% 1.4% 0.8% (3.1%) 3.9% (0.1%) (0.9%) (1.1%) (1.2%) NMF 0.3% 0.5% 0.8% The Interpublic Group Dentsu Group Publicis Groupe Cheil Worldwide WPP Omnicom Group Discovery Fox Corporation MSG Networks ViacomCBS Cheil Worldwide Publicis Groupe The Interpublic Group Dentsu Group WPP Omnicom Group Fox Corporation Discovery ViacomCBS MSG Networks Nexstar Media Group ITV TFI Mediaset Sinclair Broadcast Group TEGNA Wanda Sports Group [1] Mean [2] Median [2] 13.0% 11.0% 5.8% (0.3%) (1.1%) (7.8%) 7.7% 6.2% (3.2%) (4.8%) 23.6% 18.6% 6.4% (4.3%) NMF NMF (4.8%) 5.1% 6.0% The Interpublic Group Dentsu Group Publicis Groupe Cheil Worldwide WPP Omnicom Group Discovery Fox Corporation MSG Networks ViacomCBS The Interpublic Group Cheil Worldwide Publicis Groupe Omnicom Group Dentsu Group WPP Discovery Fox Corporation MSG Networks ViacomCBS Mediaset TFI TEGNA ITV Nexstar Media Group Sinclair Broadcast Group Mean [2] Median [2] 34

Preliminary and Confidential | Subject to Further Review and Revision Selected Benchmarking Information (cont.) Sources: Company management, Capital IQ, Bloomberg, public filings. Note: No company used for comparative purposes is identical to the Company. 1. Historical financial information for Wanda Sports Group excludes The IRONMAN Group which was disposed of in July 2020. 2. Mean and Median calculations exclude Wanda Sports Group. CY 2019 to CY 2021E Adjusted EBITDA Growth CY 2019 to CY 2023E Adjusted EBITDA Growth Advertising Agency Selected Companies TV Network Selected Companies TV Broadcasting Selected Companies Advertising Agency Selected Companies TV Network Selected Companies TV Broadcasting Selected Companies 7.7% 4.8% 0.3% (4.6%) (5.0%) (5.7%) (2.6%) (5.6%) (7.0%) (14.5%) 14.7% 13.1% 5.9% (6.7%) (9.3%) (13.4%) (24.7%) (1.7%) (4.8%) Cheil Worldwide Publicis Groupe The Interpublic Group Omnicom Group Dentsu Group WPP Fox Corporation ViacomCBS Discovery MSG Networks Wanda Sports Group [1] Cheil Worldwide Publicis Groupe The Interpublic Group Omnicom Group Dentsu Group WPP Fox Corporation ViacomCBS Discovery MSG Networks Mediaset Nexstar Media Group TEGNA TFI ITV Sinclair Broadcast Group Wanda Sports Group [1] Mean [2] Median [2] 5.9% 2.9% 2.1% 0.8% (0.9%) NMF NA (0.8%) (1.6%) (3.0%) 8.0% (1.4%) (3.9%) (9.1%) NMF NMF (11.9%) (0.1%) (0.8%) Cheil Worldwide Publicis Groupe The Interpublic Group Omnicom Group Dentsu Group WPP Fox Corporation ViacomCBS Discovery MSG Networks Wanda Sports Group [1] Cheil Worldwide Publicis Groupe The Interpublic Group WPP Omnicom Group Dentsu Group MSG Networks Fox Corporation Discovery ViacomCBS Nexstar Media Group ITV TFI Sinclair Broadcast Group TEGNA Mediaset Wanda Sports Group [1] Mean [2] Median [2] 35

Preliminary and Confidential | Subject to Further Review and Revision Selected Benchmarking Information (cont.) Sources: Company management, Capital IQ, Bloomberg, public filings. Note: No company used for comparative purposes is identical to the Company. 1. Historical financial information for Wanda Sports Group excludes The IRONMAN Group which was disposed of in July 2020. 2. Mean and Median calculations exclude Wanda Sports Group. LTM Adjusted EBITDA Margin CY 2021E Adjusted EBITDA Margin Advertising Agency Selected Companies TV Network Selected Companies TV Broadcasting Selected Companies Advertising Agency Selected Companies TV Network Selected Companies TV Broadcasting Selected Companies 19.5% 18.7% 15.8% 15.7% 14.0% 7.8% 44.3% 40.0% 24.8% 20.2% 35.7% 32.1% 29.7% 21.3% 19.8% 13.4% 18.5% 23.3% 20.0% Cheil Worldwide Publicis Groupe The Interpublic Group Omnicom Group Dentsu Group WPP Fox Corporation ViacomCBS Discovery MSG Networks Wanda Sports Group [1] Publicis Groupe Dentsu Group The Interpublic Group Omnicom Group WPP Cheil Worldwide MSG Networks Discovery Fox Corporation ViacomCBS Nexstar Media Group Sinclair Broadcast Group TEGNA TFI ITV Mediaset Wanda Sports Group [1] Mean [2] Median [2] 21.6% 16.8% 16.5% 16.0% 15.6% 8.5% 34.7% 34.6% 20.5% 17.6% 37.4% 28.3% 22.0% 21.7% 19.8% 19.4% 9.2% 21.9% 20.1% Cheil Worldwide Publicis Groupe The Interpublic Group Omnicom Group Dentsu Group WPP Fox Corporation ViacomCBS Discovery MSG Networks Wanda Sports Group [1] Publicis Groupe The Interpublic Group Dentsu Group WPP Omnicom Group Cheil Worldwide Discovery MSG Networks Fox Corporation ViacomCBS Nexstar Media Group TEGNA Sinclair Broadcast Group Mediaset ITV TFI Wanda Sports Group Mean [2] Median [2] 36

Page 1. Executive Summary 3 2. Preliminary Financial Analyses 8 3. Selected Public Market Observations 15 4. Appendices 30 Selected Benchmarking Information 31 Glossary 37 5. Disclaimer 39

Preliminary and Confidential | Subject to Further Review and Revision Glossary of Terms Definition Description Adjusted EBIT Earnings Before Interest and Taxes, adjusted for certain other non - recurring items Adjusted EBITDA Earnings Before Interest, Taxes, Depreciation and Amortization, adjusted for certain other non - recurring items BIT Milan Stock Exchange ( Borsa Italiana ) CY Calendar Year E Estimated ENXTPA Euronext Paris EUR Euros EV Enterprise Value FY Fiscal Year IPO Initial Public Offering KOSE Korean Stock Exchange LTM Latest Twelve Months LSE London Stock Exchange MRQ Most Recent Quarter NA Not Available or Not Applicable NasdaqGS Nasdaq Global Select Market NMF Not Meaningful Figure NYSE New York Stock Exchange PV Present Value Q Quarter TSE Tokyo Stock Exchange USD United States Dollars VWAP Volume - Weighted Average Price YTD Year to Date 38

Page 1. Executive Summary 3 2. Preliminary Financial Analyses 8 3. Selected Public Market Observations 15 4. Appendices 30 5. Disclaimer 39

Preliminary and Confidential | Subject to Further Review and Revision This presentation, and any supplemental information (written or oral) or other documents provided in connection therewith (collect ive ly, the “materials”), are provided solely for the information of the Special Committee (the “Committee”) of the Board of Directors (the “Board ”) of Wanda Sports Group Company Limited (the “Company”) by Houlihan Lokey in connection with the Committee’s consideration of a potential transaction (the “Transaction”) involving the Company. This presentation is incomplete without reference to, and should be considered in conjunction with, any supplemental informat ion provided by and discussions with Houlihan Lokey in connection therewith. Any defined terms used herein shall have the meanings set forth her ein, even if such defined terms have been given different meanings elsewhere in the materials. The materials are for discussion purposes only. Houlihan Lokey expressly disclaims any and all liability, whether direct or indir ect , in contract or tort or otherwise, to any person in connection with the materials. The materials were prepared for specific persons familiar with the business and affairs of the Company for use in a specific context and were not prepared with a view to public disclosure or to conform with any disclosure standards under any state, federal or international securities laws or other laws, rules or regul ati ons, and none of the Committee, the Company or Houlihan Lokey takes any responsibility for the use of the materials by persons other than the Committee. The materials are provided on a confidential basis solely for the information of the Committee and may not be disclosed, summarized, reproduced, disseminated or quoted or otherwise referred to, in whole or in part, without Houlihan Lokey’s expres s p rior written consent. Notwithstanding any other provision herein, the Company (and each employee, representative or other agent of the Company) may disclose to any and all persons without limitation of any kind, the tax treatment and tax structure of any transaction and all materials of any kind (including opinions or other tax analyses, if an y) that are provided to the Company relating to such tax treatment and structure. However, any information relating to the tax treatment and tax structure shall remain confidential (and the foregoing sentenc e s hall not apply) to the extent necessary to enable any person to comply with securities laws. For this purpose, the tax treatment of a transaction is the purported or claimed U.S. income or franchise ta x t reatment of the transaction and the tax structure of a transaction is any fact that may be relevant to understanding the purported or claimed U.S. income or franchise tax treatment of the transaction. If the Company plans to disclose information pursuant to the first sentence of this paragraph, the Company shall inform those to whom it discloses any such information that they may not rely upon such information for any purpose wit hou t Houlihan Lokey’s prior written consent. Houlihan Lokey is not an expert on, and nothing contained in the materials should be construed as advice with regard to, legal, accoun tin g, regulatory, insurance, tax or other specialist matters. Houlihan Lokey’s role in reviewing any information was limited solely to performing such a review as it deemed necessary to support its own advice and analysis and was not on behalf of the Committee. The materials necessarily are based on financial, economic, market and other conditions as in effect on, and the information avai lab le to Houlihan Lokey as of, the date of the materials. As you are aware, the credit, financial and stock markets have been experiencing unusual volatility and we express no opinion or view as to the ef fects of such volatility on the Transaction or the Company and this presentation does not address or purport to address any potential changes or developments in such markets or volatility. Furthermore, as y ou are aware, there is significant uncertainty as to the potential direct and indirect business, financial, economic and market implications and consequences of the spread of the coronavirus and associat ed illnesses and the actions and measures that countries, central banks, international financing and funding organizations, stock markets, businesses and individuals may take to address the spread o f t he coronavirus and associated illnesses including, without limitation, those actions and measures pertaining to fiscal or monetary policies, legal and regulatory matters and the credit, financial and st ock markets (collectively, the “Pandemic Effects”), and the Pandemic Effects could have a material impact on our analyses and this presentation. Although subsequent developments may affect the contents of the materials, Houlihan Lokey has not undertaken, and is under no obligati on, to update, revise or reaffirm the materials, except as may be expressly contemplated by Houlihan Lokey’s engagement letter. The materials are not intended to provide the sole basis for evaluation of the Transaction and do not purport to contain all information that may be required. The materials do not address the underlying b usi ness decision of the Company or any other party to proceed with or effect the Transaction, or the relative merits of the Transaction as compared to any alternative business strategies or transactions that might be av ail able for the Company or any other party. The materials do not constitute any opinion, nor do the materials constitute a recommendation to the Board, the Committee, the Company, any security holder of the Company or any other party as to how to vote or act with respect to any matter relating to the Transaction or otherwise or whether to buy or sell any assets or securities of any comp any . Houlihan Lokey’s only opinion is the opinion, if any, that is actually delivered to the Committee. In preparing the materials Houlihan Lokey has acted as an independent contractor and nothing in the materials is intended to cre ate or shall be construed as creating a fiduciary or other relationship between Houlihan Lokey and any party. The materials may not reflect information known to other professionals in oth er business areas of Houlihan Lokey and its affiliates . Disclaimer 40

Preliminary and Confidential | Subject to Further Review and Revision The preparation of the materials was a complex process involving quantitative and qualitative judgments and determinations wi th respect to the financial, comparative and other analytic methods employed and the adaption and application of these methods to the unique facts and circumstances presented and, therefore, is not read ily susceptible to partial analysis or summary description. Furthermore, Houlihan Lokey did not attribute any particular weight to any analysis or factor considered by it, but rather made qualitativ e j udgments as to the significance and relevance of each analysis and factor. Each analytical technique has inherent strengths and weaknesses, and the nature of the available information may further affect th e v alue of particular techniques. Accordingly, the analyses contained in the materials must be considered as a whole. Selecting portions of the analyses, analytic methods and factors without considerin g a ll analyses and factors could create a misleading or incomplete view. The materials reflect judgments and assumptions with regard to industry performance, general business, economic, regulatory, mark et and financial conditions and other matters, many of which are beyond the control of the participants in the Transaction. Any estimates of value contained in the materials are not necessarily indicat ive of actual value or predictive of future results or values, which may be significantly more or less favorable. Any analyses relating to the value of assets, businesses or securities do not purport to be appraisal s o r to reflect the prices at which any assets, businesses or securities may actually be sold. The materials do not constitute a valuation opinion or credit rating. The materials do not address the consideration to be paid or received in, the terms of any arrangements, understandings, agreements or documents related to, or the form, structure or any other portion or aspect of, the Transaction or otherwise. F urt hermore, the materials do not address the fairness of any portion or aspect of the Transaction to any party. In preparing the materials, Houlihan Lokey has not conducted any physical inspection or indepen den t appraisal or evaluation of any of the assets, properties or liabilities (contingent or otherwise) of the Company or any other party and has no obligation to evaluate the solvency of the Company or any other party under any law . 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In addition, Houlihan Lokey has relied upon and assumed, without independent verification, that there has been no change in the business, assets, lia bilities, financial condition, results of operations, cash flows or prospects of the Company or any other participant in the Transaction since the respective dates of the most recent financial statements and other info rma tion, financial or otherwise, provided to, discussed with or reviewed by Houlihan Lokey that would be material to its analyses, and that the final forms of any draft documents reviewed by Houlihan Lokey will not differ in any material respect from such dra ft documents. The materials are not an offer to sell or a solicitation of an indication of interest to purchase any security, option, commodity , f uture, loan or currency. 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