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%

-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 December 21, 2009 - $330 million. A New, Focused Strategy

 Differentiate our offerings with a dynamic programming blend

 Provide our core affiliates and customers with desirable products

 Develop opportunities in new markets Scaling Original Programming Supply

 Provide value for customers and distributors with 50-60 hours per year

 Build brand identity

 Portfolio manage shows and genres

 Deliver multiple monetization paths  E.g. Home entertainment, international distribution

 Minimize financial exposure utilizing creative financing structures 2011 Original Programming Plan Theatrical Content

 Secured exclusive output

 Disney  2015 theatrical releases

 Sony  2016 theatrical releases

 Sourced robust library content from all major studios

 Achieved flexible rights

 3D, digital, mobile

 Supporting the value of theatrical content A Holistic Service Offering

Consistency Among Brands and Affiliates

= = ONLINE

= = Online = = Online

Achieve Broadest Distribution The Premium Tier Opportunity for Starz

 Use increasingly broad content offering to benefit core distributors

Non-Starz Multi-Pay Total Non-Starz Opportunity: Single Pay

0 5 10 15 ~15MM HHs MM Non-Starz Pay HHs

Source: STE Analysis of Nielsen Universe Estimates, 2010

 Target non-Starz single and multi-pay HHs Authenticated and Non-Authenticated Distribution

 Some guiding tenets in a brave new world  Consistent wholesale pricing across distributors  Holistic view and flexible approach  Balance needs of core and potential new distributors via diverse product offerings Priorities for the Next 18 Months

 Scale original programming volume to more robust level  Expand broad-based distribution through core distributors  Evaluate distribution with new potential partners Please Don‟t Stop the Music LCAP – Value Drivers

 Continued growth at SIRIUS XM  Increased subscribers, ARPU  Improved content, OEM deals  Efficiently rationalize non-core assets  Opportunistic investments  Equity shrink  Reduce discount to net asset value SIRI Investment Performance

SIRI Stock Performance  Attractive returns  Repaid original amounts loaned for annualized returns 2/11/09 – 9/29/10 of over 25%, +$60m 2250%  38% total return bond investments (including interest), 2000% +$141m 1750%  $3.0b market value of equity stake at $1.18 / share 1500% (1)  SIRI 2010 guidance 1250%  Pro forma revenue: $2.8b (2) 1000%  Pro forma Adj. EBITDA : $575m (3)  Pro forma free cash flow : $150m+ 750% 500% 250% 0%

1) SIRIUS XM provides financial information and guidance on a pro forma basis as if the merger of SIRIUS and XM had occurred on January 1, 2007. 2) SIRIUS XM defines Adj. EBITDA as Income (loss) from operations, excluding, if applicable: goodwill impairment; restructuring, impairments and related costs; depreciation and amortization; purchase price accounting adjustments and share-based payment expense. 3) SIRIUS XM defines free cash flow as net cash from operating activities plus additions to property and equipment, merger related costs and restricted and other investment activity. Equity Shrink

LCAP Share Repurchases  Since July „09 since 3/31/08(2)  Repurchased $431m of stock at < $500 140 $42.50 $450 (1) 120  Accretive to SOP > $3 / share $400  Shrunk total o/s by 11% $350 100 $300  Since March „08 80  Repurchased $914m of stock < $250 60 $21.00 $200 (1)  Accretive to SOP > $27 / share $150 40  Shrunk total o/s by 34% $100 20 $50 Stock repo $ (millions)repoStock

$0 0 shares outstanding (millions) Total 3/31/08 YE-08 YE-09 Q1-10 Q2-10

1) Based on following “Missing LCAP Value” slide #23. Stock repo cost Shares outstanding 2) As reported per Liberty‟s quarterly earnings releases. Missing LCAP Value

$ in billions, except per share amounts  SIRI equity $ 3.0 Pre-tax SIRI debt securities 0.4  $36 / LCAP share SIRI(1) $ 3.4 (1)  $3.2b missing value Public assets 2.6 Private assets(2) 1.0  After-tax Net cash (3) 0.8  $22 / LCAP share NAV (pre-tax) 7.8 Deferred tax liability(4) (1.3)  $1.9b missing value NAV (after-tax) $ 6.5 Less: LCAP market cap(1) (4.6) Per share Missing Value (after-tax) $ 1.9 > $22 Missing Value (pre-tax) $ 3.2 > $36

1) Information as of June 30, 2010, stock prices as of September 29, 2010. Represents Liberty‟s other public holdings less liabilities associated with borrowed shares. 2) Analyst consensus. 3) Includes $205 million of short-term marketable securities and $476 million of restricted cash which is reflected in other current assets in Liberty‟s condensed consolidated balance sheet. Also includes $2,014 million carrying value of debt, all as of June 30, 2010. 4) Deferred tax liability as reported in Liberty‟s June 30, 2010 10-Q. Deferred tax liability on the SIRI investment only represents the book and tax basis differences based on the GAAP carrying value of the investment, as the SIRI investment is not recorded at fair value. Closing the Discount

Progress, but opportunity persists… LCAP SOP Discount(1) 140% 60%

120% 50% 100% 40% 80% 30% 60% 20% 40% 10% 20% % discount SOP LCAP

0% 0% Stock price appreciationpriceStock %

SIRI LCAP SOP discount % 1) Based on previous “Missing LCAP Value” slide #23. Liberty Media Investor Meeting Mel Karmazin, CEO October 1, 2010 Disclaimer on forward-looking statements

The guidance contained herein are based upon a number of assumptions and estimates that, while considered reasonable by us when taken as a whole, are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, the guidance is based upon specific assumptions with respect to future business conditions, some or all of which will change. The guidance, like any forecast, is necessarily speculative in nature and it can be expected that the assumptions upon which the guidance is based will not prove to be valid or will vary from actual results. Actual results will vary from the guidance and the variations may be material. Consequently, the guidance should not be regarded as a representation by us or any other person that the subscribers, synergies, revenue, and adjusted EBITDA will actually be achieved. You are cautioned not to place undue reliance on this information.

This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about future financial and operating results, the combined company’s plans, objectives, expectations and intentions with respect to future operations, products and services; and other statements identified by words such as “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimated,” “intend,” “plan,” “projection,” “outlook” or words of similar meaning. Such forward-looking statements are based upon the current beliefs and expectations of SIRIUS XM’s management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond the control of SIRIUS and XM. Actual results may differ materially from the results anticipated in these forward-looking statements.

The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statement: our dependence upon automakers and other third parties, the substantial indebtedness of SIRIUS and XM; the useful life of our satellites; and our competitive position versus other forms of audio and video entertainment. Additional factors that could cause SIRIUS’ and XM’s results to differ materially from those described in the forward- looking statements can be found in SIRIUS’ Annual Report on Form 10-K for the year ended December 31, 2009 and its Quarterly Report on Form 10-Q for the period ending June 30, 2010 and XM’s Annual Report on Form 10-K for the year ended December 31, 2009 and its Quarterly Report on Form 10-Q for the period ending June 30, 2010, which are filed with the Securities and Exchange Commission (the "SEC") and available at the SEC’s Internet site (http://www.sec.gov). The information set forth herein speaks only as of the date hereof, and SIRIUS and XM disclaim any intention or obligation to update any forward looking statements as a result of developments occurring after the date of this communication. Tremendous Growth Since Our 2001 Launch Despite New Competition

• 1994 – Internet radio streaming • 2001 – Satellite radio begins service • 2001 – Apple iPods introduced • 2003 – HD radio broadcasts begin • 2005 – MP3 connectivity in vehicles SIRIUS XM Highlights

• Expected YE subscribers of ~20.1 million • Adj. Revenue to approach $2.8 billion in 2010 • Adj. EBITDA approx. $575 million in 2010 • Adj. EBITDA increase of over $1.1 billion from 2007 to 2010E Competitive Advantages

• Satellite delivery system with 99.9% continental U.S. coverage • Over 130 channels of curated content • Long term OEM agreements • Approximately $8 billion of NOL’s • Subscription model • Focused, pure-play satellite radio company Growth Statistics and Improvements

1H09 1H10 CHANGE

Penetration rate 55% 60% +500 bp

Conversion rate 44.5% 45.9% +140 bp

Churn rate 2.1% 1.9% -20 bp

Subscribers 18.4 mm 19.5 mm +6%

Adj. ARPU $10.57 $11.65 +10%

Source: Company reports Service Changes and Fees Continue to Drive Revenue

• Best of SIRIUS/XM, October 2008 • $4 premium upgrade • $8.99 multi-receiver pricing, March 2009 • $2.99 streaming, March 2009 • U.S. Music Royalty Fee, August 2009 • Infotainment services Launched iPhone, BlackBerry and Android-Powered Smartphone Apps Growth Opportunity in Services

• Multiple infotainment services offered and planned: • Traffic, weather, sports tracking, fuel listings, movie listings, airport and flight conditions, red light cameras • Other new services and audio features in development Coming in 2011: Satellite Radio 2.0

• Anticipated availability in retail stores in the fourth quarter 2011

• Satellite Radio 2.0 expected to provide more channels and increased functionality

• Positive OEM reaction SIRIUS XM’s Superior Content is a Significant Competitive Advantage

Over 69 Channels of Commercial-Free Music

Live Coverage of Every Major Sport

The Best in News, Talk and Entertainment Programming: Cost Savings and Continued Innovation

RENEWALS: • NBA, Oprah Radio, Martha Stewart, expanded Book Radio and expanded season of Metropolitan Opera NEW PROGRAMMING: • Rosie Radio, Glenn Beck, Fantasy Sports, John Madden, Cooking with Emeril and MSNBC • Pop-Up Channels including Michael Jackson Tribute, Woodstock and The Who Penetration Gains at Automakers

OEM penetration as a percentage of U.S. auto sales

55% ~60% 44% 32% 21%

2006 2007 2008 2009 2010E

Source: Total US light vehicle sales per Global Insight and company estimates of SIRIUS XM enabled sales; Represents factory and port installs only First Half 2010: Auto Sales Improve and SIRIUS XM OEM Gross Adds Outperform

+49%

+14%

Auto Sales OEM Gross Adds

Source: Company data and industry sources OEM Sales and SIRIUS XM OEM Gross Adds

OEM Sales (mm) SIRIUS XM OEM Gross Adds

Source: Company data and industry sources Factory-Enabled Vehicles in Operation to Increase Dramatically (mm)

80 70 60 50 40 30 20 10 0 2009 2010E 2011E 2012E 2013E 2014E 2015E

Source: Company estimates based on external industry estimates of 2010-15 automotive sales Certified Preowned Program (CPO)

• Launched with Acura, Audi, BMW, Honda, General Motors, Mercedes-Benz, Porsche, Volkswagen, Volvo and Ford

• Additional programs expected to be launched

• OEM revenue sharing creates strong arrangements Continuing Growth Delivers Record Number of Subscribers

~20.1 19.0 18.8 17.3 13.7 9.2

4.4 1.6

Ending Subscribers 2003-2010E (mm)

Source: Company filings Focus on Subscriber Retention Yields Results

4-5% 4.0%

1.5% 1.8% 1.8%

DTV 1 DISH SIRIUS Netflix XM HBO/ Showtime/ Starz 2Q10 Comparative Monthly Churn Rates

Source: Public filings and industry estimates 1 DTV churn shown for DTV US only Among Largest U.S. Subscription Media Businesses 23.2 18.8 19.5 12.7 14.3 15.0

2.4 3.1 4.7

2Q10 Total Basic Subscribers (in mm)

Source: Public filings Significant Revenue and EBITDA Growth

Adj. Revenue ($ mm) Approaching Adj. EBITDA ($ mm) $2,800 $2,437 $2,527 $2,059 $1,571

$463 ~$575

($136) ($679) ($565) 2006 2007 2008 2009 2010E

Source: Company reports Arbitron Study Reveals More than 40 Million Listeners

7% 5% 17% SIRIUS XM AM/FM SIRIUS XM 71% CDs Mobile Devices

SIRIUS XM is the preferred choice in the car1

1 Study conducted in October and November 2009. Based on a typical 2.75 hr. listening average among subscribers in their cars; excludes music channels Radio Revenue

2001 2010E Terrestrial Radio: CCU, CBS, Citadel, $18 b (100%) $15 b (80%) ETM, CMLS, etc.

IP Radio: Last .fm, Slacker, Pandora, Rhapsody, nil < $1 b (5%) etc., etc.

Satellite Radio: SIRIUS XM nil $2.8 b (15%) TOTAL $18.0 b $18.8 b

Source: analyst estimates and industry reports 2010E Subscription Radio Revenue

TOTAL: $3.1 billion

Satellite Radio: $2.8 billion Internet Radio: ~$0.3 billion

SIRIUS XM’s share of pay radio: 90%

Source: analyst estimates and industry reports SIRIUS XM’s Superior Revenue Model

SIRIUS XM $136 / Subscriber SIRIUS XM $72 Internet Terrestrial / Listener Radio Radio ~$1.25 $10-$20 / User / Listener

2009E Annual Revenue

Source: Public filings and industry estimates Investment Thesis: Improved Operating Performance Lowers Borrowing Costs

• February 2009: 15% secured • June 2009: 12.875% secured • August 2009: 10.375% secured • March 2010: 8.75% unsecured

Note: February 2009 transaction also included restructuring fees and equity issuance Investment Thesis: Operational Leverage Drives EBITDA

• Contribution margin exceeds 70% • EBITDA margin improves dramatically as we scale subscribers and revenue

Adjusted EBITDA Margins At 2008 2009 2010E Maturity (6%) 18% 21% 35%+

Source: Company reports Solid Balance Sheet and Strong Liquidity Position

• Year end 2010 cash balance should approach $430 million based on FCF guidance • Leverage ratio currently at approximately 4.6x, a historic low for our company, and will improve • No significant maturities until 2013 Investment Thesis: Completion of Satellite Build Translates to More FCF

SIRIUS SIRIUS 5 6 XM XM XM 3 4 5

2005 • 2006 • 2007 • 2008 • 2009 • 2010 • 2011 • 2012 • 2013 • 2014 • 2015 • 2016 • 2017 LAUNCH DATE Investment Thesis: Free Cash Flow

Higher Adjusted EBITDA

+ Lower Interest Expense

+ Lower Capital Expenditures

+ Cash Savings from NOL Use

= Free Cash Flow Growth Management Priorities

• Grow subscribers • Continue to innovate • Grow revenue • Manage churn • Continue cost reductions • Manage balance sheet • Cash flow growth Everything worth listening to is on INVESTOR PRESENTATION

OCTOBER 1, 2010 Forward Looking Statements

Certain statements in this presentation may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. We wish to caution you that there are some known and unknown factors that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements, including but not limited to operational challenges in achieving strategic objectives and executing on our plans, the risk that our markets do not evolve as anticipated, the potential impact of any general economic slowdown, competition in the industry and challenges associated with the integration of Live Nation and Ticketmaster.

We refer you to the documents that we file from time to time with the SEC, specifically the section titled “Risk Factors” of our most recent Annual Report filed on Form 10-K and Quarterly Reports on Form 10-Q, which contain and identify other important factors that could cause actual results to differ materially from those contained in our projections or forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. All subsequent written and oral forward-looking statements by or concerning Live Nation Entertainment are expressly qualified in their entirety by the cautionary statements above. We do not undertake any obligation to publicly update or revise any forward-looking statements because of new information, future events or otherwise. Strategic Priorities

A: Optimize the Engine

. Improve the profitability of our existing operations by improving NAC operations, modernizing ticketing technology and further reducing TICKETING fixed costs

Three key B: Realize the Vision

strategic . Leverage our strong presence across the value chain to drive pillars: new sources of growth (e.g., monetizing web traffic, leveraging and selling data and up-selling fans)

C: Grow Internationally

. Expand our presence in select international markets (primarily Europe, Mexico and South America) via organic growth, JVs or acquisitions of leading players Monetizing Our Unique Asset of 200 Million Highly-Engaged Consumers

THE ENGINE THE ASSET THE GROWTH

Concerts & Ticketing Live Nation Consumers eCommerce Retailing

. 64% of fans are 18-44 . Up-sell product expansion Artist Management . Loyalty programs . 52M onsite attendance . Increase conversion

. 61M swipes per year Concert Promotion . 35M buyers per year

. 5.3B page views Venue Operations Advertising & Sponsorships . 27.6M unique monthly visitors . Venue sponsorships . National sponsorships Ticketing . 80M opt-in emails . Hybrid sponsorships . Online content to drive fan usage and advertising base LNE Global Footprint

Top 10 Global Concert Markets

1. North America 2. Japan 3. Germany 4. UK 5. France 6. Australia 7. Italy 8. Switzerland 9. Netherlands 10. Ireland

Live Nation Entertainment Currently Operates in 28 Global Markets

Source: Top 10 Global Concert Markets – IDKV; The GfK Group; PRS; Tixdaq; CNCVA; LPA; SMPA; Live Nation estimates Ticketmaster.com: #3 eCommerce Site in the World

Tickets Sold on Ticketmaster.com

Core Assets

99 101 97 86 ► 5.3B Page Views 74 54 ► 2.6B Marketing and Transaction Emails

(In Millions) (In ► 22.1MM Retail Outlet Impressions

2004 2005 2006 2007 2008 2009 ► 21.4MM Sales and Service Phone % Web 56% 62% 67% 70% 73% 77% Calls Strong Fan Interest in Related Products

COLDPLAY EXAMPLE Interest in Buying Merchandise with Tickets (%)

43 24 15 18

Very Somewhat Somewhat Very Interested Interested Uninterested Uninterested 200 MILLION HIGHLY- CD or Album 93 ENGAGED Download Music Track(s) 60 DVD of a Live Event 55 CONSUMERS T-Shirt 53 Ringtones 25 Download Live Concert Footage 21 Posters or Photographs 17 Novelty Items 16 Books or Magazines 11 Hat/Cap or Bandanna 10 Concerts: #1 Concert Promoter in the World

Top 10 Promoters Worldwide

0 10,000,000 20,000,000 30,000,000 40,000,000

Live Nation* 38,610,967

AEG Live** 12,578,933 Core Metrics

OCESA / CIE (Mexico) 2,389,160  Live Nation – Exclusive Latin America Partnership

T4 - Time For Fun (South America) 2,152,812  Live Nation – Exclusive Latin America Partnership ► 2009 – 52 Million Fans and

Feld Entertainment 2,116,501 22,000 Shows

Marek Lieberberg (Germany) 2,035,395 ► Global Venue Platform MCD Productions (Ireland) 1,875,430  51 Amphitheaters C3 Presents 1,407,757  64 Clubs and Theaters Broadway Across America 1,385,278  12 House of Blues Clubs MSG Entertainment 1,351,404  305 Arenas (Third-Party)  30 Festivals

Source: 2009 financials; Pollstar 2009 Year-End Figures (ranked by tickets sold worldwide from 1/1/09 to 12/31/09) *Represents the combined totals of Live Nation, House of Blues and Live Nation Global Touring. **Represents the combined totals of AEG Live, Concerts West, TMG, Goldenvoice and Moore Entertainment. Sponsorship: #1 Music Sponsorship Company in the World

 >700 Sponsors  >100 Advertisers  Online Reach Onsite Reach >150 Sellers ($ in Millions) (2009 Attendance in Millions)

123.8 73.4 112.1 103.8 26.7 16.6 52.1 89.0 13.9 13.6 71.6 21.5 10.7 21.4 97.1 89.9 95.5 75.4 17.1 60.9 13.5

Broadway 12.0 2005 2006 2007 2008 2009

Sponsorship Online

Source: Onsite Reach – Live Nation 10-K; ESPN.com (MLB, NHL, NBA and NFL); WorldFootball.net (Premier League); The Broadway League (Broadway) Front Line: #1 Music Management Company in the World

front line management group

► Artist Management  24 Operating Units Key Select Clients  250 Artists  95 Managers The Eagles, Christina Aguilera, Miley Cyrus, Neil Diamond, ► Artist Services Including: Jimmy Buffett, John Mayer,  Merchandise Smashing Pumpkins,  Website and Fan Clubs Journey and Kenny Chesney  VIP Fan Experiences  Brand Marketing

► 2009 AOI – $64.2 Million ► Artist Management CAGR AOI – 22.2% ► Artist Management AOI Margin – 49% LNE Business Line Overview

front line management group

Concerts Sponsorship Ticketing E-Commerce Artist Mgmt 2009 15% 21% 44% 8% 11%

 Financials ($MM)

Revenue $3,704.3 $162.5 $1,261.3 $93.9 $458.9

AOI $99.8 $97.1 $229.2 $40.8 $64.2

Margin 2% NA 60% 18% 44% 49% Artist Mgmt 6% Intl 5% Artist Services

 Activity 22,000 Concerts 600 Sponsors 12,000 Clients 2.6B Transactions 200 Artists 52MM Tickets 140MM Tickets

 Health INTL  GLOBAL  INTL  GLOBAL  MARKET  NA  NA  SERVICES  Today’s Agenda

10:40 - 11:10 Experience Liberty

 Continued growth at QVC  Performance relative to peers  International expansion, e.g., QVC Italy  Continued growth at eCommerce companies  Accretive debt reduction  Public asset growth / efficient rationalization  Elimination of tracking stock structure  Multiple expansion Strengthened Balance Sheet

 LINT gross leverage 4.1x as of 6/30, overstates leverage given:  $3.1b public equity portfolio(1) and cash balance  Long-term, low cost, tax advantaged debt  Refinanced QVC bank facility with $2b revolver  Decreased interest cost  Increased flexibility, reduced security and improved terms  Extended maturity – entire facility matures in 2015  QVC issued senior secured notes - $2b with 2017, 2019 and 2020 maturities  QVC reduced total debt by $1.4b and reduced leverage ratio from 9/30/08 to 6/30/10  QVC revolver paid-down $750m during Q3-10

1) As of September 29, 2010 LINT – Debt Overhaul

$ in millions $5,500 Debt Maturities(1) $5,000 $4,500 $4,000 $3,500 $3,000

$2,500 2008 $2,000 2010 $1,500 $1,000 $500 $0

1) Based on face values as of June 30, 2010, pro forma for QVC bank facility refinancing on September 2, 2010 and QVC revolver reduction of $750 million during Q3-10. QVC Operational Strength

(1)  Strong revenue growth and Adj. OIBDA Margins relative to peers  Adj. OIBDA Margins among highest in industry

TTM Adj. TTM TTM Adj. Adj. OIBDA - 2009 % Profitability Statistics Revenue OIBDA OIBDA CAPEX / Revenue (2) 25% #DIV/0!GR% GR% Margin Revenue#DIV/0! eCom Costco 5.6% 11.6% 3.7% 2.3% 2.0% 20% JC Penney -1.7% -4.4% 7.1% 4.1% 9.0% Nordstrom 11.1% 37.4% 14.0% 10.2% 9.0% 15% Macy's 1.9% 15.7% 12.0% 10.7% 5.0% 10% Kohls 8.4% 19.2% 13.8% 9.6% 3.0% HSN 4.9% 78.8% 8.3% 6.9% 30.3% 5%

WAVG (EV) 5.4% 17.4% 9.3% 6.9% 5.1% 0% Adj. OIBDA Margin TTM Adj. OIBDA - CAPEX Yield(5) QVC(3) 7.9% 16.6% 21.5% 18.6% 29.0%

1) Adj. OIBDA / revenue. Retail Peers(4) QVC 2) Company reports and the Internet Retailer – 2010 Top 500 Guide. 3) For a discussion of TTM operating income, see the Schedule 2 to our Appendix. 4) Retail peers include Costco, JC Penney, Nordstrom, Macy’s, Kohls and HSN. Weighted average calculated based on relative enterprise values. 5) (TTM Adj. OIBDA – Capex) / Market cap. Source: Bloomberg and company reports. LINTA Trading Discount

 LINTA trading at discount to retail peers  Strong % and growing eCommerce revenues should merit premium multiple 12x Trading Multiples(1) 10x

0x EV / TTM Adj. OIBDA EV / TTM Adj. OIBDA - CAPEX(3)

Retail Peers(2) HSN LINTA

1) Market values as of September 29, 2010. 2) Retail peers include Costco, JC Penney, Nordstrom, Macy’s and Kohls. Weighted average calculated based on relative enterprise values. 3) LINT enterprise value adjusted for Qcard deposit and public portfolio (pre-tax). Source: Bloomberg and company reports. Major Player in eCommerce

Top Public eCommerce Companies by Revenue $4,500 $4,000 $3,500 $3,000 $2,500 $2,000 $1,500 TTM Revenue ($m) TTMRevenue $1,000 $500 $-

As of 6/30/10

Source: Capital IQ and company reports 1) Amazon and Ebay revenues reduced to scale, actuals $28.6b and $9.0b respectively. 2) QVC.com / Liberty eCommerce results include QVC.com (US), Backcountry.com, Bodybuilding.com, BUYSEASONS, and Provide Commerce. eCommerce Milestones

 ProFlowers’ successful Sunday delivery on Valentine’s Day  Exclusive arrangement with FedEx  First time shipper worked with an individual company to deliver on Sunday  Backcountry continues to leverage dedicated gear community to improve user generated content and increase organic search  SEO increased 41% over prior year  18% of Backcountry.com’s revenue  Conversion rate at Bodybuilding.com exceeded 10%  Bodybuilding’s YTD international revenue growth vs. prior year at 75%  Last Halloween, BuyCostumes ranked #1 in Apparel Category for most visited web sites, doubling audience vs. prior year(1)  Launch of eCommerce at Lockerz

1) Source: comScore eCommerce Companies vs. Industry

eCommerce Companies Revenue Growth vs. Industry 35% Performance 29.3% 30% 30.5%

25%

20% 17.1% 15% 10.3% 14.8%

10% 9.2% 2.5% 5% 9.5% -0.5% -1.3% 2.6% 0% -2.4%

-5% Q1-09 Q2-09 Q3-09 Q4-09 Q1-10 Q2-10

LINTA eCommerce Industry Performance

Source: comScore and Liberty SEC filings pro forma for the CommerceHub reclassification to the eCommerce group Mike George President & CEO

QVC, Inc. | Liberty Investor Day | October 1, 2010 Ongoing Priorities…

1. Drive strong operational and financial results and outperform the market

2. Build an engaging, contemporary, multiplatform shopping experience

3. Expand globally

4. Complete technology makeover to drive growth and increase productivity

QVC, Inc. | Liberty Investor Day | October 1, 2010 QVC, Inc. | Liberty Investor Day | October 1, 2010 Revenue and Adj. OIBDA Growth Rebounding

Q3 04 – Q2 07 Q3 07 – Q2 09 Q3 09 – Q2 10

Stable economy, Deteriorating economy, Gradual economic recovery full distribution recession

16% 14% 11% 8%

REVENUE GROWTH CAGR (2)% ADJ. OIBDA GROWTH CAGR (8)%

QVC, Inc. | Liberty Investor Day | October 1, 2010 Balanced Performance Across Markets

Revenue & Adj. OIBDA Growth by Market Q3 09 - Q2 10, Local Currency

Revenue Growth Adj. OIBDA Growth

U.S. 8% 18%

U.K. 5 % 17%

Germany 4 % 3%

Japan 6% 10%

QVC, Inc. | Liberty Investor Day | October 1, 2010 Gaining Share from Traditional Mid Market Players

QVC and mid market same store sales growth (U.S.)

15.0% QVC sales growth Mid market same store growth* 10.0%

5.0%

0.0% 2007 2008 2009 2010

-5.0%

-10.0%

-15.0%

*Macy’s, Nordstrom, JC Penney, Sears, Kohl’s, Dillard’s, Gap, Limited, Best Buy

QVC, Inc. | Liberty Investor Day | October 1, 2010 QVC eCommerce Growth Outpacing Industry

QVC eCommerce Growth vs. Internet Sales Index 35%

30%

25% 25%

22% 21% 20%

17% 16% 15%

10% 9% QVC U.S. eComm Growth 5% QVC Int’l eComm Growth 0% Retail Internet Growth*

-5% 2007Q1 Q2 Q3 Q4 2008Q1 Q2 Q3 Q4 2009Q1 Q2 Q3 Q4 2010Q1 Q2 2007 2007 2007 2007 2008 2008 2008 2008 2009 2009 2009 2009 2010 2010

*Source: Comscore QVC, Inc. | Liberty Investor Day | October 1, 2010 Positive Trend on Key Sales and Profit Drivers (U.S.)

Q3 04-Q2 07 Q3 07-Q2 09 Q3 09-Q2 10

Net Revenue Growth 9% (4)% 8%

Existing Customer Retention Rate 88% 89% 89% Existing Customer Spend Growth (per customer) 5% 0 3%

New/Reactivated 4% 7% 27% Customer Revenue Growth

eCommerce Growth 25% 8% 23%

Adj. OIBDA Growth 11% (11)% 18%

Ending Qtr Adj. OIBDA Margin 23.9% 22.4% 22.9%

QVC, Inc. | Liberty Investor Day | October 1, 2010 Strengthened Balance Sheet

Debt Refinancing • Jun 09: Refinanced $5.25M bank debt due 2011; paid down $750M; spread balance out through 2014 • Sep 09: Issued $1B bonds due 2019, paid down bank debt • Mar 10: Issued $1B bonds due 2017, 2019, and 2020, paid down bank debt • Sept 10: Refinanced remaining bank debt with $2B revolver due 2015

QCard Renegotiation • Aug 10: Renegotiated QCard agreement with GE Money Bank – Essentially neutral economics – Would have reduced pro forma Adj. OIBDA $20-25M per year over last 3 yrs – Freed up $501M unsecured deposit at GE

Debt Pay Down • Lowered outstanding QVC debt from $5.25B in Jun 09 to approximately $3.1B in Sept 10

QVC, Inc. | Liberty Investor Day | October 1, 2010 Strong Results for Short Term and Long Term Last twelve months highlights

• Revenue growth strong, Adj. OIBDA yield up

• Balanced results across markets

• Gaining market share from traditional mid market players

• eCommerce business outpacing Internet sales index

• Strongest new customer growth in many years

• Strengthened balance sheet

QVC, Inc. | Liberty Investor Day | October 1, 2010 QVC, Inc. | Liberty Investor Day | October 1, 2010 Compelling Content

• Carefully curated assortments of premier / boutique brands and great items • Engaging programming on and off air: “Thinking like a network” • Integrated promotion and marketing; leveraging the community

QVC, Inc. | Liberty Investor Day | October 1, 2010 Fashion Julie Chaiken Janie Bryant MOD Liz Claiborne NY K-Dash Rachel Zoe Lori Goldstein Isaac Mizrahi Vera Bradley Clinton Kelly Chloe Dao Brighton K-Dash B Makowsky Bradley Bayou Marc Bouwer Tignanello Skechers Merrell George Simonton

Denim & Co . Dialogue . Susan Graver . Dooney & Bourke . Sports Savvy . Dennis Basso

2001 2010 Liz Claiborne NY QVC, Inc. | Liberty Investor Day | October 1, 2010 Beauty

Bliss Elemis Go Smile Kim Kardashian Tarina Tarantino Kiehl’s Tria NARS StriVectin Clinique Living Proof Neutrogena 100% Pure NARS Bobbi Brown Clarisonic Kate Somerville T3 Peter Thomas Roth Mally Beauty WEN Tarte Ojon Perricone

Dr. Denese . Bare Escentuals . Laura Geller . L’Occitane . Philosophy . Smashbox

Tria 2001 2010

QVC, Inc. | Liberty Investor Day | October 1, 2010 Cooking, Dining, and Food

Gordon Ramsay Harry and David Harry London Biggest Loser David Burke Godiva Lidia Bastianich Isaac Mizrahi Harry London Rachael Ray Keurig Paula Deen Lock & Lock Technique Temp-tations

Cook’s Essentials . Cuisinart . Junior’s . KitchenAid

Gordon Ramsay 2001 2010

QVC, Inc. | Liberty Investor Day | October 1, 2010 Programming: Think Like A Network

QVC, Inc. | Liberty Investor Day | October 1, 2010 Engaging Customers and Building Viewership

POWERHOUSE ANCHOR MEDIA EVENTS PARTNERSHIPS

OUR STOREFRONT

RELEVANT MESSAGING FOR EVERY SEASON

BUILDING THE DEVELOPING HOSTS COMMUNITY AS BRANDS QVC, Inc. | Liberty Investor Day | October 1, 2010 Our Storefront Engaging Seasonal Messaging

QVC, Inc. | Liberty Investor Day | October 1, 2010 Powerhouse Anchor Events

QVC, Inc. | Liberty Investor Day | October 1, 2010 Partnerships with High-Profile Media Personalities & Properties

QVC, Inc. | Liberty Investor Day | October 1, 2010 Off-Air Programming

QVC, Inc. | Liberty Investor Day | October 1, 2010 The Monthly Programming Calendar 9/1 Finale 9/3 9/4 9/5 pow 9/2 Show 1 9/5 Kitchen Makeover 6 Color Transforms a Room wow EternaGold 9/4-6 Over X,000 free th S&H Extend Assort 17 Anv. Labor Day Event Labor Day Weekend 3 2010 NFL Training Camp 9/4-6 Over X,0009/4-6 Over free X,000 S&H free Extend S&H Extend Assort Assort Labor Labor DayDay Event Event Fall Bags 9/9 Hero 9/6 9/7 9/8 Fashion’s 9/10 9/11 9/12 & Shoes 14 hr 24 hr Night Out 1 Special Simply 3 Chloe Diamonique BE Skincare Dao 9/11-9/13 sparkle6 Fashion Day Premiere of Downtown st Oreck TSV Style with Jane Brown 21 Edition DMQ Preview at SP Fashion Week Isaac In NY- Sony PlayStation Rose of Tralee 5 Labor Day Launch of Fall Storefront Fall Shoe Spectacular 9/10-15 Jacket TSV Move TSV Leah Williams show 9/13 Rachel 9/15 9/16 9/17 9/18 9/19 9/14 15th Anv. me the Zoe TSV $ 7 Suze Orman 9/18-9/19 Melania Timepieces .com Handbag TSV Fashion Week & Fashion Jewelry Premiere: RLM Anniv QVC This Morning Perricone TSV Mally Color NFL Shop Starts Smithsonian Finale 9/15-9/16 16th Anv. @SP Support Cosmetics Joan’s 20th Philosophy Laura Geller 9/20 9/21 9/22 9/23 9/24 9/25 9/26 Prem- Anv. Beauty LCNY TSV TSV iere 9/19-20 9/21-22 Quacker Comforter 11th Vicenza Anv. Trade Fair Cindy Crawford 9/22-24 B. Mak 1st footwear Studio Meaningful Beauty Premiere of KVZ The Joy of Christmas Park Quacker Factory Premiere of Vera Footwear Collection Extended Toy assortment Kodak TSV Event by Jeanne Bice @ SP Bradley Handbags Isaac In NY special pricing Start of Chef Sundays NFL 9/27 9/28 9/29 9/30 Hoodie 9/7-10/22 remote TSV 2 Gordon Ramsey 1st TSV Premiere: ITK Bradley Bayou Evening Edition Rockatella Premiere of Angelo Home Coat TSV “MOD” Janie Bryant Premiere Handbags

QVC, Inc. | Liberty Investor Day | October 1, 2010 Integrated Promotion & Marketing

QVC, Inc. | Liberty Investor Day | October 1, 2010 Getting Social to Critical Mass

179,000 • Continued momentum • Stressing quality of engagement over quantity

2,500 JAN JUL JAN JUL 2009 2009 2010 2010 Source: Facebook QVC, Inc. | Liberty Investor Day | October 1, 2010 QVC, Inc. | Liberty Investor Day | October 1, 2010 Q Platforms

• Expanding reach / access across TV platforms

• Creating a best-in-class Internet platform

• Rapid deployment of new media extensions

• Driving tight integration across all channels – One brand, one experience – Content leverage – No preferential treatment – customer choice

QVC, Inc. | Liberty Investor Day | October 1, 2010 Expanding TV Reach and Access

• Reach approx. 200M homes worldwide

• World leader in High Def Shopping – 36M homes in U.S. since launch (represents dual SD/HD carriage; all provide second location) – 6M in Japan

• Improving channel position/increasing reach – ITV simulcast in UK – BSD NK simulcast in Japan – DTT launch in Germany

• Launching second channels – QVC Plus launched in Germany Sept 1 – UK Beauty Channel launching in October

Source: QVC CIBI QVC, Inc. | Liberty Investor Day | October 1, 2010 Global Websphere Deployment

Shop by Attribute

QVC, Inc. | Liberty Investor Day | October 1, 2010 Accelerating New Media Extensions

U.S. Japan U.K. Germany

UK Shop Shop by JN Mobile Text to UK Mobile iPhone App iPhone streaming Yahoo by Remote Pilot WAP Site Order WAP Site video App Widget Remote Desktop Text Alerts JN streaming Widget Android App T-commerce video WAP site application Mobile Blackberry App WAP Site Multiple iPAD App apps and microsites Beauty App UK iPhone & In the Kitchen App iPAD apps

Isaac App DE iPhone & iPAD apps Mobile Optimized WAP Site

JN iPhone & iPad apps

2002 2005 2006 2007 2008 2009 2010 2011

QVC, Inc. | Liberty Investor Day | October 1, 2010 QVC for Smart Phones

Isaac Mizrahi App In The Kitchen With David App • Get Program Reminders • Get Program Reminders • Watch Isaac live • Watch David live • Take a video tour of Isaac’s closet • Create the recipe of the week • Shop all Isaac categories • Search all recipes

QVC, Inc. | Liberty Investor Day | October 1, 2010 QVC for the iPad

QVC, Inc. | Liberty Investor Day | October 1, 2010 QVC Hourly Viewership (U.S.)

1,400,000 Customers Non-customers 1,200,000 675,000 AVG HOURLY 1,000,000 VIEWERS

800,000

600,000

400,000

200,000

- E! CW TLC BET A&E HSN MTV QVC CMT TWC VVH1 HGTV GOLF CNBC FOOD STYLE SPEED BRAVO TRAVEL TVGUIDE LIFETIME SUNDANCE DISCOVERY Source: November 09 DirectTV sample projected nationally QVC, Inc. | Liberty Investor Day | October 1, 2010 QVC.com Traffic (U.S.)

140 272 August Monthly Visits (millions) 120

100

40 28

estimated monthly monthly visits estimated(millions) - HP Dell HSN Etsy QVC Avon Sears Kohls Kmart Target Lowe's Costco Macy*s Staples Zappos Amazon Walmart Cabela's Old Navy Old Best Buy Best Overstock Walgreens JC Penney JC Toys'R'Us Nordstrom Sam's Club Sam's Apple Store Apple Home Depot Home Shopping.com Barnes & & Noble Barnes Victoria's Secret Victoria's

Sources: Experian/Hitwise, Coremetrics QVC, Inc. | Liberty Investor Day | October 1, 2010 All Markets Increasing eCommerce Penetration

eCommerce Sales Penetration by Market 35.0%

U.S. 32% 30.0% JP

25.0% UK DE 23%

20.0% 20%

14% 15.0% 15%

11% 13% 10.0%

Web % % totalof sales baseWeb 6% 5.0% 6%

0.0% Q1 2004 Q1 2004 Q2 2004 Q3 2004 Q4 2005 Q1 2005 Q2 2005 Q3 2005 Q4 2006 Q1 2006 Q2 2006 Q3 2006 Q4 2007 Q1 2007 Q2 2007 Q3 2007 Q4 2008 Q1 2008 Q2 2008 Q3 2008 Q4 2009 Q1 2009 Q2 2009 Q3 2009 Q4 2010 Q1 2010 Q2

Source: QVC CIBI QVC, Inc. | Liberty Investor Day | October 1, 2010 Over Half of eCommerce Sales from Off-Air Products

Q2 2010 eCommerce Sales (U.S.)

On Air Off-Air 48% 52%

QVC, Inc. | Liberty Investor Day | October 1, 2010 Over Half of New Customers Through QVC.com

% of New Customers joining through QVC.com (U.S.)

70.0% 58% 60.0% 56% 52% 50.0% 43% 41% 37% 40.0% 34% 30.0%

20.0%

10.0%

0.0% 2004 2005 2005 2007 2008 2009 Q2 2010

QVC, Inc. | Liberty Investor Day | October 1, 2010 QVC, Inc. | Liberty Investor Day | October 1, 2010 Launched QVC Italy

• Attractive Market – 7th largest economy – Fragmented competition – Carriage in 18M homes (3-5x other markets at launch)

• Strong team in place – Experienced leadership team; blend of QVC and local market talent – 340 associates onboard

• Infrastructure will support growth – HQ, Studio, Call Center – Milan – Distribution Center – Utilize German facility

• Financials – Start-up capital expenses: $80-85M – $30-40M Adj. OIBDA loss projected for 2010 – Positive Adj. OIBDA target: 24-30 months post launch

QVC, Inc. | Liberty Investor Day | October 1, 2010 Purpose Built Facility In Milan Supports Growth

QVC, Inc. | Liberty Investor Day | October 1, 2010 Strong Brand Lineup for Launch Global + Local +

QVC, Inc. | Liberty Investor Day | October 1, 2010 Best Of Italy Beach Tour July/August 2010

• Casting to find QVC program hosts and build brand awareness

• 14 stops at most exclusive beaches in Italy

• All videos posted to Facebook

QVC, Inc. | Liberty Investor Day | October 1, 2010 Vogue Fashion’s Night Out

• QVC presence @ Vogue Fashion’s Night Out in Milan with street marketing activity

• 3,800 QVC bags distributed

• Strong media coverage on web and social media

QVC, Inc. | Liberty Investor Day | October 1, 2010 QVC in a Box Tour – Oct/Nov

• A QVC branded 20 ft container dressed as a living room

• Will go on tour across Italy to display QVC shopping experience and values

• Opening party with a press conference Oct 1st

QVC, Inc. | Liberty Investor Day | October 1, 2010 Advertising Plan

• Fashion and Lifestyle magazines: 70 pages in Q4

• Dailies: Launch announcement in 5 national, 8 local, and 4 free press dailies

• TV: Launch and Christmas Campaign

• Underground Digital Screen & in-store promotion activities: Advertising on the Underground Digital Screens (3,000+ locations) and in Coin Malls (3,400 locations)

QVC, Inc. | Liberty Investor Day | October 1, 2010 Extensive Press & Media Coverage To Date

• More then 70 articles in main Italian dailies

• More than 50 articles in lifestyle and fashion magazines

• More then 70 articles on web and web magazines

QVC, Inc. | Liberty Investor Day | October 1, 2010 Market Expansion COUNTRY GDP ($B) TV HOUSEHOLDS US $14,265 115,652 • Continuing discussions Japan $4,924 48,367 in major markets China $4,401 373,043 – Including China, France, Brazil Germany $3,688 38,008 • Selectively exploring smaller France $2,866 23,841 fill-in opportunities UK $2,674 25,556 – Leveraging resources from Italy $2,314 21,843 existing markets Russia $1,677 50,310 • Range of entry options Spain $1,612 14,738 under review Brazil $1,573 56,191 – Ground up (like Italy) – Partner Canada $1,511 12,430 – Buy India $1,210 116,711 • No fixed timetable Mexico $1,088 25,601 Australia $1,011 7,664 South Korea $947 17,872

*International Monetary Fund, World Economic Outlook Database, October 2009 **SNL Kagan Global Multichannel Rankings QVC, Inc. | Liberty Investor Day | October 1, 2010 QVC, Inc. | Liberty Investor Day | October 1, 2010 Upgrading Technology Infrastructure

Transforming technology platform to service a Multibrand, Multichannel, Multigeography business

• Enabling top-line growth and improved cost ratios

• Highly competitive and difficult to duplicate

• Maximizing our capital investments across global markets

• Partnering with best-in-class service and software providers

QVC, Inc. | Liberty Investor Day | October 1, 2010 Upgrading Technology Infrastructure

Contemporary Multi-channel Shopping Experience

Personalized One to One Ç√Compelling Content Ç√ QPlatforms Ç√ Experience

Customer Relationship Management Digital Workflow Transformation 2011 - 2012 2008 - 2011 Warehouse Automation Microstrategies Global Web Platform 2009 - 2012 2010 - 2011 2011 Text Analytics 2010

Globalization

Financial & Operational Excellence

QVC, Inc. | Liberty Investor Day | October 1, 2010 The QVC Story: A Global Multimedia Shopping Community

• Unique shopping experience – Distinctive brands, items – Topical and relevant programming – Leveraged marketing – Immersive multiplatform experience – Highly engaged community; extraordinary loyalty

• A differentiated video / ecommerce story – Unique video based multichannel platform – Highly extendable

• Global, technology driven scale retailer – Expanding global footprint – Technology, proprietary processes, scaled operations drive customer experience and productivity

• Focused on shareholder value creation – Sustained revenue growth – new and existing customers; multiple countries – Expanding Adj. OIBDA yield – Debt pay down

QVC, Inc. | Liberty Investor Day | October 1, 2010 Fashion’s Night Out • Exclusive partnership • Vogue, Council of Fashion Designers of America, Mercedes Benz Fashion Week, NYC

• Rockefeller Center pop-up shop; highly trafficked • 14,000 sq ft Store, Studio, Blogger Lounge • Over 20 customer events plus multiple live shows

• Compelling programming; high viewership • 17 hours of TV programming over six days from multiple locations • Behind-the-scenes live feed on FaceBook • Over 50 add’l videos for QVC.com and YouTube

• Runway designers and leading stylists / personalities • Isaac Mizrahi, Lori Goldstein, Rachel Zoe, Marc Bouwer, Janie Bryant, Mara Hoffman, Julie Chaiken, Kardashians…

• Strong celebrity involvement • Anna Wintour, Seth Meyers, Kelly Rutherford, Christina Ricci, Carmen Electra, Angie Harmon …

• Extensive community interaction • FaceBook Fan Wall, Look Book, videos; Twitter reach 2 million

• Record levels of positive PR • 65 major media outlets at runway show • Extensive coverage, including 4 Extra segments and in depth CNN profile

QVC, Inc. | Liberty Investor Day | October 1, 2010 QVC, Inc. | Liberty Investor Day | October 1, 2010 eCommerce Companies Appendix Reconciliation for SIRIUS XM

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010 FY2005 FY2006 FY2007 FY2008 FY2009

As Reported Total Revenue 270,350 283,017 488,443 622,183 586,979 590,829 618,656 676,173 663,784 699,761 242,245 637,235 922,066 1,663,992 2,472,638

Predecessor Financial Information 308,454 318,035 104,704 - - - - - 558,266 933,417 1,136,542 731,194 -

Purchase Price Accounting Adjustments - - 19,629 21,925 18,501 17,007 10,951 7,606 6,779 5,799 - - - 41,554 54,065

Adjusted Total Revenue 578,804 601,052 612,776 644,108 605,480 607,836 629,607 683,779 670,563 705,560 800,511 1,570,652 2,058,608 2,436,740 2,526,703

As Reported Total Operating Expenses 358,975 351,066 5,315,420 675,281 545,918 553,594 552,301 592,500 538,644 574,127 1,071,385 1,704,959 1,435,156 6,700,741 2,244,312

Predecessor Financial Information 402,138 400,753 158,770 - - - - - 1,113,801 1,336,515 1,647,979 961,663 -

Purchase Price Accounting Adjustments - - (4,709,722) 47,910 55,202 57,184 64,619 63,886 62,610 64,857 - - - (4,661,812) 240,891

Adjusted Total Operating Expenses 761,113 751,819 764,468 723,191 601,120 610,778 616,920 656,386 601,254 638,984 2,185,186 3,041,474 3,083,135 3,000,592 2,485,203

As Reported Income (Loss) from Operations (88,625) (68,049) (4,826,977) (53,098) 41,061 37,235 66,355 83,673 125,140 125,634 (829,140) (1,067,724) (513,090) (5,036,749) 228,326

Predecessor Financial Information (93,684) (82,718) (54,066) - - - - - (555,535) (403,098) (511,437) (230,469) -

Purchase Price Accounting Adjustments - - 4,729,351 (25,985) (36,701) (40,177) (53,668) (56,280) (55,831) (59,058) - - - 4,703,366 (186,826)

Adjusted Income (Loss) from Operations (182,309) (150,767) (151,692) (79,083) 4,360 (2,942) 12,687 27,393 69,309 66,576 (1,384,675) (1,470,822) (1,024,527) (563,852) 41,500

As Reported Depreciation and Amortization 26,906 27,113 66,774 82,958 82,367 77,158 72,100 77,826 70,265 69,230 98,555 105,749 106,780 203,752 309,450

Predecessor Financial Information 45,483 32,438 10,828 ------145,870 168,880 187,196 88,749 -

Adjusted Depreciation and Amortization 72,389 59,551 77,602 82,958 82,367 77,158 72,100 77,826 70,265 69,230 244,425 274,629 293,976 292,501 309,450

As Reported Share-based Payment Expense 22,262 17,151 24,005 23,987 20,179 29,701 17,674 6,427 17,182 15,901 163,078 437,918 78,900 87,405 73,981

Predecessor Financial Information 17,504 12,947 4,033 ------5,966 68,046 86,199 34,485 -

Purchase Price Accounting Adjustments - - 1,771 958 1,321 1,302 1,125 1,053 1,001 803 - - - 2,729 4,801

Adjusted Share-based Payment Expense 39,766 30,098 29,809 24,945 21,500 31,003 18,799 7,480 18,183 16,704 169,044 505,964 165,099 124,619 78,782 Reconciliation for SIRIUS XM

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010 FY2005 FY2006 FY2007 FY2008 FY2009

As Reported Restructuring, Impairments and Related Costs - - 7,430 2,977 614 27,000 2,554 2,640 - 1,803 - 10,917 - 10,434 32,807

Predecessor Financial Information ------

Purchase Price Accounting Adjustments ------

Adjusted Restructuring, Impairments and Related Costs - - 7,430 2,977 614 27,000 2,554 2,640 - 1,803 - 10,917 - 10,434 32,807

As Reported Impairment Goodwill - - 4,750,859 15,331 ------4,766,190 -

Predecessor Financial Information ------

Purchase Price Accounting Adjustments - - (4,750,859) (15,331) ------(4,766,190) -

Adjusted Impairment of Goodwill ------

Adjusted Total Operating Expenses 761,113 751,819 764,468 723,191 601,120 610,778 616,920 656,386 601,254 638,984 2,185,186 3,041,474 3,083,135 3,000,592 2,485,203

Less Adjusted:

Depreciation and Amortization 72,389 59,551 77,602 82,958 82,367 77,158 72,100 77,826 70,265 69,230 244,425 274,629 293,976 292,501 309,450

Share-based Payment Expense 39,766 30,098 29,809 24,945 21,500 31,003 18,799 7,480 18,183 16,704 169,044 505,964 165,099 124,619 78,782

Restructuring, Impairments and Related Costs - - 7,430 2,977 614 27,000 2,554 2,640 - 1,803 - 10,917 - 10,434 32,807

Impairment of Goodwill ------

Adjusted Cash Operating Expenses 648,958 662,170 649,627 612,311 496,639 475,617 523,467 568,440 512,806 551,247 1,771,717 2,249,964 2,624,060 2,573,038 2,064,164

Adjusted Income (Loss) from Operations (182,309) (150,767) (151,692) (79,083) 4,360 (2,942) 12,687 27,393 69,309 66,576 (1,384,675) (1,470,822) (1,024,527) (563,852) 41,500

Add back Adjusted:

Depreciation and Amortization 72,389 59,551 77,602 82,958 82,367 77,158 72,100 77,826 70,265 69,230 244,425 274,629 293,976 292,501 309,450

Share-based Payment Expense 39,766 30,098 29,809 24,945 21,500 31,003 18,799 7,480 18,183 16,704 169,044 505,964 165,099 124,619 78,782

Restructuring, Impairments and Related Costs - - 7,430 2,977 614 27,000 2,554 2,640 - 1,803 - 10,917 - 10,434 32,807

Impairment of Goodwill ------

Adjusted EBITDA (70,154) (61,118) (36,851) 31,797 108,841 132,219 106,140 115,339 157,757 154,313 (971,206) (679,312) (565,452) (136,298) 462,539 Reconciliation for SIRIUS XM

ARPU is derived from total earned subscriber revenue, net advertising revenue and other subscription-related revenue, net of purchase price accounting adjustments, divided by the number of months in the period, divided by the daily weighted average number of subscribers for the period. Other subscription-related revenue includes amounts recognized on account of the U.S. Music Royalty Fee since the third quarter of 2009. Purchase price accounting adjustments include the recognition of deferred subscriber revenues not recognized in purchase price accounting. ARPU is calculated as follows (in thousands, except for subscriber and per subscriber amounts): Unaudited For the Six Months Ended June 30, 2010 2009

Subscriber revenue (GAAP) $ 1,181,139 $ 1,121,151 Net advertising revenue (GAAP) 30,323 24,869 Other subscription-related revenue (GAAP) 104,641 - Purchase price accounting adjustments 8,952 31,883 $ 1,325,055 $ 1,177,903

18,962,580 18,575,219 Daily weighted average number of subscribers ARPU $ 11.65 $ 10.57 Non-GAAP Financial Measures and Reconciliations

This presentation contains certain non-GAAP financial measures as defined by SEC Regulation G. A reconciliation of each such measure to its most directly comparable GAAP financial measure, together with an explanation of why management believes that these non-GAAP financial measures provide useful information to investors, is provided below.

Adjusted Operating Income (Loss), or AOI, is a non-GAAP financial measure that the company defines as operating income (loss) before acquisition expenses (including merger bonuses, payments under the Azoff Trust note and merger-related severance), depreciation and amortization (including goodwill impairment), loss (gain) on sale of operating assets and non-cash compensation expense. The company uses AOI to evaluate the performance of its operating segments. The company believes that information about AOI assists investors by allowing them to evaluate changes in the operating results of the company’s portfolio of businesses separate from non-operational factors that affect net income, thus providing insights into both operations and the other factors that affect reported results. AOI is not calculated or presented in accordance with GAAP. A limitation of the use of AOI as a performance measure is that it does not reflect the periodic costs of certain amortizing assets used in generating revenue in the company’s business. Accordingly, AOI should be considered in addition to, and not as a substitute for, operating income (loss), net income (loss) and other measures of financial performance reported in accordance with GAAP. Furthermore, this measure may vary among other companies; thus, AOI as presented herein may not be comparable to similarly titled measures of other companies.

Reconciliation of Adjusted Operating Income (Loss) to Operating Income (Loss)

Adjusted Loss (gain) operating Non-cash on sale of Acquisition Depreciation Operating income compensation operating transaction and Goodwill One-time income (loss) expense assets costs amortization Impairment Charges (loss) ($ in millions)

Concerts Year Ended December 31, 2009 $ 100 $ 9 $ (3) $ 1 $ 130 $ 9 $ - $ (46)

Artist Nation Year Ended December 31, 2009 $ 64 $ 15 $ - $ - $ 50 $ - $ - $ (1)

Ticketing Year Ended December 31, 2009 $ 229 $ 4 $ - $ - $ 94 $ - $ - $ 131

Sponsorship Year Ended December 31, 2009 $ 97 $ - $ - $ - $ - $ - $ - $ 97

E-Commerce Year Ended December 31, 2009 $ 41 $ 1 $ - $ - $ 9 $ - $ - $ 31 Reconciling Schedules

Preliminary Note: This presentation includes references to adjusted OIBDA, which is a non-GAAP financial measure, for each of Liberty’s tracking stock groups and each of QVC (and certain of its subsidiaries), the eCommerce businesses, Starz Entertainment and Starz Media together with a reconciliation to that group’s or entity’s operating income, as determined under GAAP. Liberty defines adjusted OIBDA as revenue less cost of sales, operating expenses and selling, general and administrative expenses (excluding stock and other equity-based compensation) and excludes from that definition depreciation and amortization and restructuring and impairment charges that are included in the measurement of operating income pursuant to GAAP. Further, this presentation includes adjusted OIBDA margin, which is also a non-GAAP financial measure. Liberty defines adjusted OIBDA margin as adjusted OIBDA divided by revenue. Liberty believes adjusted OIBDA is an important indicator of the operational strength and performance of its businesses, including the ability to service debt and fund capital expenditures. In addition, this measure allows management to view operating results and perform analytical comparisons and benchmarking between businesses and identify strategies to improve performance. Because adjusted OIBDA is used as a measure of operating performance, Liberty views operating income as the most directly comparable GAAP measure. Adjusted OIBDA is not meant to replace or supersede operating income or any other GAAP measure, but rather to supplement such GAAP measures in order to present investors with the same information that Liberty’s management considers in assessing the results of operations and performance of its assets. Please see the attached schedules for a reconciliation of adjusted OIBDA to operating income (loss) for Liberty Interactive group, Liberty Entertainment group and Liberty Capital group (Schedule 1) and a reconciliation, for QVC (and certain of its subsidiaries), the eCommerce companies, Starz Entertainment and Starz Media, of each identified entity’s adjusted OIBDA to its operating income calculated in accordance with GAAP (Schedule 2). Reconciling Schedules (Schedule 1)

($ millions) 2Q09 3Q09 4Q09 1Q10 2Q10

Liberty Interactive Group Adjusted OIBDA $412 $345 $556 $381 $428 Depreciation and Amortization (135) (139) (145) (141) (139) Stock Compensation Expense (11) (12) (14) (22) (15) Operating Income $266 $194 $397 $218 $274

Liberty Starz Group Adjusted OIBDA $104 $92 $74 $103 $103 Depreciation and Amortization (6) (5) (4) (5) (4) Stock Compensation Expense (23) (20) (16) (6) (3) Impairment of Long-Lived assets -- -- (5) -- -- Operating Income $75 $67 $49 $92 $96

Liberty Capital Group Adjusted OIBDA $4 ($71) ($76) ($43) ($59) Depreciation and Amortization (22) (20) (17) (16) (21) Stock Compensation Expense (1) (3) -- (11) (3) Impairment of Long-Lived assets -- -- (4) -- -- Operating Loss ($19) ($94) ($97) ($70) ($83)

The information shown above provides a reconciliation for Liberty Interactive group, Liberty Starz group and Liberty Capital group of adjusted OIBDA to operating income calculated in accordance with GAAP for the three months ended June 30, 2009, September 30, 2009, December 31, 2009, March 31, 2010 and June 30, 2010, respectively. Reconciling Schedules (Schedule 1)

($ millions) Q209 Q210

Liberty Interactive group $412 $428 Liberty Starz group 104 103 Liberty Capital group 4 (59) Consolidated Adjusted OIBDA $520 $472

Consolidated Segment Adjusted OIBDA $520 $472 Stock-Based Compensation (35) (21) Depreciation and Amortization (163) (164) Interest Expense (143) (174) Share of Earnings of Affiliates, net 14 39 Realized and Unrealized Gain (Losses) on Financial Instruments, net 266 (81) Gains on Dispositions, net 113 25 Other, net 81 2

Earnings from Continuing Operations Before Income Taxes $653 $98

The information shown above provides a reconciliation of adjusted OIBDA to earnings from continuing operations before income taxes for the three months ended June 30, 2009 and 2010, respectively. Reconciling Schedules (Schedule 2)

($ millions) Liberty Interactive Group 2Q09 3Q09 4Q09 1Q10 2Q10 QVC QVC US Adjusted OIBDA 275 242 368 261 303 QVC UK 20 23 39 19 22 QVC Germany 33 34 65 42 30 QVC Japan 44 43 57 48 53 QVC Italy (1) (1) (2) (4) (5) QVC International Adjusted OIBDA $96 $99 $159 $105 $100 Total QVC Adjusted OIBDA $371 $341 $527 $366 $403 Depreciation and Amortization (127) (129) (134) (129) (129) Stock Compensation Expense (3) (4) (5) (5) (4) Operating Income $241 $208 $388 $232 $270

eCommerce Businesses Adjusted OIBDA $44 $7 $34 $18 $28 Depreciation and Amortization (9) (10) (11) (10) (11) Stock Compensation Expense (4) (4) (6) (4) (9) Operating Income (Loss) $31 ($7) $17 $4 $8

The information shown above provides a reconciliation for QVC (and certain of its subsidiaries) and the eCommerce businesses of adjusted OIBDA to that entity or group’s operating income (loss) calculated in accordance with GAAP for the three months ended June 30, 2009, September 30, 2009, December 31, 2009, March 31, 2010 and June 30, 2010, respectively. Reconciling Schedules (Schedule 2)

($ millions) Liberty Starz Group 2Q09 3Q09 4Q09 1Q10 2Q10 Starz Entertainment Adjusted OIBDA $105 $93 $78 $106 $107 Depreciation and Amortization (5) (3) (4) (4) (4) Stock Compensation Expense (8) (12) (9) (3) (1) Operating Income $92 $78 $65 $99 $102

Liberty Capital Group Starz Media Adjusted OIBDA $17 ($71) ($44) ($7) ($54) Depreciation and Amortization (3) (2) (1) (2) (2) Stock Compensation Expense 1 -- 1 -- 1 Operating Income (Loss) $15 ($73) ($44) ($9) ($55)

The information shown above provides a reconciliation for Starz Entertainment and Starz Media of adjusted OIBDA to that entity or group’s operating income (loss) calculated in accordance with GAAP for the three months ended June 30, 2009, September 30, 2009, December 31, 2009, March 31, 2010 and June 30, 2010, respectively. Reconciling Schedules (Schedule 2)

6 Months Ended Year Ended

June 30, 2007 June 30, 2008 June 30, 2009 December 31, 2007 December 31, 2008 December 31, 2009

Starz Entertainment Adjusted OIBDA 128 142 213 264 301 384 Depreciation and Amortization (12) (9) (9) (21) (18) (16) Stock Compensation Expense (14) (20) (17) (33) (19) (38) Impairment of long-lived assets (1,239) Operating Income 102 113 187 210 (975) 330

The information shown above provides a reconciliation for Starz Entertainment Adj. OIBDA to operating income (loss) calculated in accordance with GAAP for the six months ended June 30, 2007, June 30, 2008 and June 30, 2009 and years ended December 31, 2007, December 31, 2008 and December 21, 2009, respectively. Reconciling Schedules (Schedule 3)

(amounts in millions) 3/31/10 6/30/10 Cash and Liquid Investments Attributable to: Liberty Interactive Group 1,731 1,100 Liberty Starz Group 1,005 1,083 (1) Liberty Capital Group (3) 2,480 2,265 (2) Liberty Consolidated Cash and Liquid Investments 5,216 4,448

Less: Short-Term Marketable Securities - Liberty Starz Group - 117 Short-Term Marketable Securities - Liberty Capital Group - 205 Long-Term Marketable Securities - Liberty Starz Group - 20 Total Liberty Consilidated Cash (GAAP) 4,106

Debt: Senior Notes and Debentures (4) $ 1,594 $ 1,165 Senior Exchangeable Debentures (5) 1,962 1,962 QVC Senior Notes (4) 2,000 2,000 QVC Bank Credit Facility 1,996 1,825 Other 64 71 Total Attributed Liberty Interactive Group Debt 7,616 7,023 Unamortized Discount (24) (23) Fair Market Value Adjustment (851) (905) Total Attributed Liberty Interactive Group Debt (GAAP) 6,741 6,095

Other 47 46 Total Attributed Liberty Starz Group Debt (GAAP) 47 46

Senior Exchangeable Debentures (5) 1,138 1,138 Bank Credit Facility 750 750 Liberty Derivative Borrowing 379 - Other 106 86 Total Attributed Liberty Capital Group Debt 2,373 1,974 Fair Market Value Adjustment 73 40 Total Attributed Liberty Capital Group Debt (GAAP) 2,446 2,014

Consolidated Liberty Debt (GAAP) $ 9,234 $ 8,155

1) Includes $117 million of short-term marketable securities and $20 million of marketable securities with an original maturity greater than one year as of June 30, 2010, which is reflected in other current assets and investments in available-for-sale securities, respectively, in Liberty’s condensed consolidated balance sheet. 2) Includes $205 million of short-term marketable securities on June 30, 2010, which is reflected in other current assets in Liberty’s condensed consolidated balance sheet. 3) Excludes $468 million and $476 million of restricted cash on March 31, 2010 and June 30, 2010, respectively, associated with the bank credit facility that is reflected in other long-term assets in Liberty’s condensed consolidated balance sheet. 4) Face amount of Senior Notes and Debentures with no reduction for the unamortized discount or fair market value adjustment. 5) Face amount of Senior Exchangeable Debentures with no reduction for the fair market value adjustment