Good liquidity through nonstrategic investment in publicly traded media companies Strong operating asset in QVC Inc. Limited commitment to certain equity affiliates and subsidiaries Uncertainty concerning quick liquidation of privately held equity stakes and asset values Significant tax liabilities likely with asset sales Significant deferred taxes related to exchangeable debt securities Investment values fluctuate with public-company stakes Fluid management strategy The ratings on Liberty Media Corp., including the 'BB+' corporate credit rating, remain on CreditWatch with negative implications, where they were originally placed on Dec. 15. 2008. The CreditWatch listing reflects the company's plan to distribute a majority of its Liberty Entertainment tracking stock assets to existing Liberty Entertainment tracking stockholders through the split-off of a newly formed subsidiary, Liberty
