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Liberty Investor Day 10.01.10 Forward-Looking Statements

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Liberty Investor Day 10.01.10 Forward-Looking Statements Liberty Investor Day 10.01.10 Forward-Looking Statements This presentation includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about financial guidance, business strategies, market potential, future financial performance, potential uses of cash on hand, new service and product launches, the pending split-off of our Capital and Starz tracking stock groups and other matters that are not historical facts. These forward-looking statements involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, including, without limitation, possible changes in market acceptance of new products or services, competitive issues, regulatory issues, market performance of our tracking stocks, continued access to capital on terms acceptable to Liberty, and the satisfaction of the conditions to the proposed split-off. These forward looking statements speak only as of the date of this presentation, and Liberty expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in Liberty’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Please refer to the publicly filed documents of Liberty, including the most recent Forms 10-Q and 10-K, for additional information about Liberty and about the risks and uncertainties related to Liberty’s business which may affect the statements made in this presentation. At today’s meeting we will discuss certain non-GAAP financial measures including adjusted OIBDA and adjusted OIBDA margin. Please refer to the Appendix at the end of this presentation for definitions of adjusted OIBDA as well as applicable GAAP reconciliations. The Appendix will be available on our website www.libertymedia.com throughout this meeting. Additional Information Nothing in this presentation shall constitute a solicitation to buy or an offer to sell shares of the split-off entity or any of Liberty's tracking stocks. The offer and sale of shares in the proposed split-off will only be made pursuant to an effective registration statement. Liberty stockholders and other investors are urged to read the registration statement to be filed with the SEC, including the proxy statement/prospectus to be contained therein, because they will contain important information about the split-off. Copies of the registration statements and the proxy statement/prospectuses will be available free of charge at the SEC’s website (http://www.sec.gov). Copies of the filings together with the materials incorporated by reference therein will also be available, without charge, by directing a request to Liberty Media Corporation, 12300 Liberty Boulevard, Englewood, Colorado 80112, Attention: Investor Relations, Telephone: (720) 875-5408. Participants in a Solicitation The directors and executive officers of Liberty and other persons may be deemed to be participants in the solicitation of proxies in respect of proposals to approve the split-off. Information regarding the directors and executive officers of each of Liberty and the split-off entity and other participants in the proxy solicitation and a description of their respective direct and indirect interests, by security holdings or otherwise, will be available in the proxy materials filed with the SEC. Today’s Agenda 9:00 - 9:05 Welcome Courtnee Ulrich 9:05 - 9:25 Liberty Media Greg Maffei Liberty Starz 9:25 – 9:55 Starz Chris Albrecht 9.55 – 10:00 Liberty Capital Greg Maffei 10:00 -10:25 SIRIUS XM Mel Karmazin 10:25 -10:40 Live Nation Entertainment Irving Azoff 10:40 - 11:10 Experience Liberty 11:10 - 11:20 Liberty Interactive Greg Maffei 11:20 – 11:55 QVC Mike George 11:55 – 12:25 eCommerce Panel Ryan DeLuca Dan Haight Jill Layfield Kathy Savitt Bill Strauss 12:25 – 1:00 Conclusion and Q&A John Malone Greg Maffei Playing Our Hand Gregory B. Maffei President and CEO Since We Met Last October… Split-off majority of Liberty Entertainment and merged with DIRECTV Introduced Liberty Starz tracking stock and new CEO of Starz Repurchased $431m worth of LCAPA shares 10.6% of shares outstanding as of 7/31/09 Changed attribution of debt, assets, cash between LINT and LCAP Better aligned capital structures with operations Announced plan to split-off Liberty Capital and Liberty Starz Results in asset-backed Liberty Interactive Continued refinement of LINT debt Reduced debt, lowered cost and extended maturities Attributed Starz Media to Liberty Starz How We’ve Done: Long Term Liberty has outperformed peers since our initial tracker announcement… 80% Liberty vs. peers 60% 40% 20% 0% -20% -40% -60% -80% L (since Trackers) NWSA DIS Nasdaq 11/8/05 – 9/29/10 TW (basket) IACI (incl. EXPE) IACI (excl. EXPE) S&P 500 How We’ve Done: More Recently and materially outperformed peers and the market this year. YTD '10 New L LCAPA LSTZA LINTA S&P 500 CBS DIS DTV IACI NWSA VIAB As of 9/29/10 Discounts to NAV Exist at all Liberty trackers Opportunity for our long term shareholders Take advantage of this through stock buybacks Liberty historical “share repurchaser”, not issuer Long term shareholders benefit from increased NAV A Year of Looking In Focused – effected structural changes Better matched capital structures with operating businesses Announced plan to eliminate tracking stock structure from LINT Attributed Starz Media to Liberty Starz Executed – improved operations in challenging economy QVC outperformed peers on top- and bottom-line SIRI continued Adj. EBITDA growth, reduced churn and increased conversion Invested – internally Strengthened balance sheet Liberty reduced total debt by $4.9b(1) from its peak of $13.9b in 9/30/08 Repurchased LCAPA shares 1) As of 6/30/2010 Looking Ahead Identify market trends and proactively plan for: Increasing media consumption Digital streaming of content (OTT) Proliferation of mobile devices Use of social media Global reach of digital media Demand for real time data and content Liberty’s Response Exit vulnerable media Focus on subscription and transaction businesses, avoid traditional ad market Embrace digital technology with proven business models Seek “protected” niches where we can be market leader Provide compelling content and products Enhance and enrich customer experience, increase emotional engagement Build culture of innovation and continuous adaptation Think global Liberty Pro Forma for Split-Off SPLITCO Asset Backed Stock Tracking Stocks Split-off Update Filed private letter ruling request with the IRS Expect to file preliminary proxy statement shortly Trial date set for late January 2011 Goal: ruling from Court that split-off does not constitute “substantially all” of the assets of Liberty Media Satisfactory resolution is condition to completion of split-off 3,2,1…..and Action LSTZ – Value Drivers Continued focus on execution Drive subscriber and revenue growth Control costs, particularly content and marketing Execute original content strategy Optimize capital structure Potential equity shrink Multiple expansion Positioned For Growth? Premium Movie Valuation # of Channels(2) 20 Comp 15 13 15 12x 10 10 10x 5 8x 0 HBO/MAX SHO/TWC STZ/ENC 6x Subscribers (millions) 60 49.2 41.0 4x 50 36.7 40 '11E Adj. OIBDA multiple OIBDA Adj. '11E 30 2x 20 10 0x 0 HBO/MAX SHO/TWC STZ/ENC HBO/MAX SHO/TWC STZ/ENC 1) 2011 Adjusted OIBDA and HBO and Showtime multiples obtained from analyst reports. Starz multiple calculated based on 9/29/10 market capitalization and analyst expectations for 2011 Adjusted OIBDA. 2) Includes linear distinctly programmed channels. Does not include all variations of SD / HD and East / West feeds. Potential Uses For Cash Investment in original programming Share repurchases Acquisitions / opportunistic investments Starz… All Together Now Starz Media attributed to Liberty Starz as of 9/30 Liberty Starz: Received ~$15m cash Assumed ~$70m of bank debt Forgave ~$60m owed by Liberty Capital Starz Media business: Overture Films (16 film library, 3 films released in 2H-10) Anchor Bay Entertainment Proprietary Productions (42 films and TV series library) Film Roman Toronto Animation Studio Going forward Financial impact not material to LSTZ Strategy evolving Chris Albrecht President & CEO Recent Accomplishments Ensured exclusive output Disney Deepening distribution Comcast Authenticated TV Everywhere services Airing and developing exciting original programming Bolstered management team Starz Media attribution Continuing strong financial performance Subscribers 31.7 31.9 18 17.7 32 30.7 30.6 17.3 16.9 17 30 16.3 16 28 27.3 15.5 (Millions) (Millions) 15 26 14 24 As reported in Liberty public filings Revenue $1,193 $1,111 First Half $1,200 $1,066 Full Year $1,000 $800 $592 $613 $519 $548 $600 ($ in millions)($ in $400 $200 $0 2007 2008 2009 2010 As reported in Liberty public filings Adjusted OIBDA $384 $400 First Half(1) $350 $301 Full Year(2) $300 $264 $250 $213 $213 $200 ($ in millions)($ in $142 $128 $150 $100 $50 $0 2007 2008 2009 2010 As reported in Liberty public filings 1) Starz Entertainment Operating Income for six months ended June 30, 2007 - $192 million, June 30, 2008 - $113 million, June 30, 2009 - $187 million, June 30, 2010 - $201 million. 2) Starz Entertainment Operating Income for years ended December 31, 2007 - $210 million, December 31, 2008 – ($975) million and
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