Good liquidity through equity investment in publicly traded media companies; and Strong operating assets in QVC Inc. Significant tax liabilities likely with asset sales; Significant deferred taxes related to exchangeable debt securities; Investment value fluctuates with public company stakes; and Fluid management strategy. Standard&Poor's Ratings Services' corporate credit rating on Liberty Interactive Corp. is based on management's shareholder-favoring policy, including a history of split-offs and debt-financed share repurchases. Prior to the split-off of Liberty Starz and Liberty Capital, Liberty Interactive spun off Liberty Entertainment in November 2009, which included its majority interest in DIRECTV Inc., and its stake in Discovery Communications Inc. in 2005. We believe share repurchases will be an ongoing use of cash, and we believe
