Good liquidity through non-strategic equity investments in major public media companies; Additional asset coverage of debt through private company investments and derivative positions; Company gained a strong operating asset by increasing its QVC Inc. stake to 98% in 2003; Company is still pursuing a plan to repay $2 billion of debt during 2004-2005; and Liberty's rated debt benefits to some extent from a limited commitment by the holding company to equity affiliates and certain subsidiaries. Only a small portion of the company's asset portfolio generates meaningful cash flow to Liberty; Quick liquidation of private company equity stakes cannot be assured, and asset values are not immediately ascertainable; Sale of certain assets and investments would trigger significant tax liabilities; Public company
