<SUBMISSION>
<ACCESSION-NUMBER>0001047469-09-010339
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>5
<PERIOD>20091119
<ITEMS>2.01
<ITEMS>3.03
<ITEMS>7.01
<ITEMS>9.01
<FILING-DATE>20091120
<DATE-OF-FILING-DATE-CHANGE>20091119
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>LIBERTY MEDIA CORP
<CIK>0001355096
<ASSIGNED-SIC>4841
<IRS-NUMBER>841288730
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>001-33982
<FILM-NUMBER>091197112
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>12300 LIBERTY BOULEVARD
<CITY>ENGLEWOOD
<STATE>CO
<ZIP>80112
<PHONE>7208755400
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>12300 LIBERTY BOULEVARD
<CITY>ENGLEWOOD
<STATE>CO
<ZIP>80112
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>Liberty Media Holding CORP
<DATE-CHANGED>20060303
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a2195631z8-k.htm
<DESCRIPTION>8-K
<TEXT>
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=5><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>  </B></FONT><FONT SIZE=2><B>Washington, D.C. 20549  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=5><B>FORM 8-K  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=3><B>CURRENT REPORT<BR>
Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Date of Report (date of earliest event reported): </FONT><FONT SIZE=2><B>November&nbsp;19, 2009</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=5><B>LIBERTY MEDIA CORPORATION<BR>  </B></FONT><FONT SIZE=2>(Exact name of registrant as specified in its charter) </FONT></P>

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<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>Delaware<BR> </B></FONT><FONT SIZE=2>(State or other jurisdiction of<BR>
incorporation or organization)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 001-33982<BR> </B></FONT><FONT SIZE=2>(Commission<BR>
File Number)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 84-1288730<BR> </B></FONT><FONT SIZE=2>(I.R.S. Employer<BR>
Identification No.)</FONT></TD>
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>12300 Liberty Blvd.<BR>
Englewood, Colorado 80112<BR>  </B></FONT><FONT SIZE=2>(Address of principal executive offices and zip code) </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Registrant's
telephone number, including area code: </FONT><FONT SIZE=2><B>(720)&nbsp;875-5400</B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Check
the appropriate box below if the Form&nbsp;8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see
General Instruction&nbsp;A.2. below):  </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Written
communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Soliciting
material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR
240.14a-12)
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Pre-commencement
communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Pre-commencement
communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c)) </FONT></DD></DL>

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<P style="font-family:times;"><FONT SIZE=2><A
NAME="de76805_item_2.01._completion_of_acqui__ite02236"> </A>
<A NAME="toc_de76805_1"> </A></FONT> <FONT SIZE=2><B>  Item&nbsp;2.01.&nbsp;&nbsp;&nbsp;&nbsp;Completion of Acquisition or Disposition of Assets.    <BR>    </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On November&nbsp;19, 2009, Liberty Media Corporation (</FONT><FONT SIZE=2><B>Liberty Media</B></FONT><FONT SIZE=2>) issued a press
release (</FONT><FONT SIZE=2><B>Closing Release</B></FONT><FONT SIZE=2>) announcing that it has completed its previously announced split-off (the </FONT> <FONT SIZE=2><B>Split-Off</B></FONT><FONT SIZE=2>) of Liberty Entertainment,&nbsp;Inc.
(</FONT><FONT SIZE=2><B>LEI</B></FONT><FONT SIZE=2>) from Liberty Media and the business
combination transaction among Liberty Media, LEI and The DIRECTV Group,&nbsp;Inc. (</FONT><FONT SIZE=2><B>DIRECTV</B></FONT><FONT SIZE=2>) (the </FONT><FONT SIZE=2><B>DTV Business
Combination</B></FONT><FONT SIZE=2>) on November&nbsp;19, 2009. The Split-Off and DTV Business Combination were approved at the previously announced special meeting
(</FONT><FONT SIZE=2><B>Special Meeting</B></FONT><FONT SIZE=2>) of Liberty Entertainment stockholders held on November&nbsp;19, 2009 at 9:30&nbsp;a.m., NYC time, by the holders of Liberty
Entertainment common stock entitled to vote at the meeting. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Split-Off was accomplished by a partial redemption by Liberty Media of 90% of the outstanding shares of Liberty Entertainment common stock in exchange for all of the
outstanding shares of common stock of LEI, pursuant to which, 0.9 of each outstanding share of Liberty Entertainment common stock was redeemed for 0.9 of a share of the corresponding series of common
stock of LEI, with payment of cash in lieu of any fractional shares. LEI holds Liberty Media's 57% interest in DIRECTV, a 100% interest in Liberty Sports Holdings,&nbsp;LLC, a 65% interest in Game
Show Network,&nbsp;LLC and approximately $80&nbsp;million in cash and cash equivalents, and approximately $2&nbsp;billion of indebtedness. All of the businesses, assets and liabilities that are
attributed to the Entertainment Group and are not held by LEI have remained with Liberty Media and will continue to be attributed to the Entertainment Group, which Liberty Media has redesignated as
the Starz Group, as described in Item&nbsp;3.03 below. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Immediately
following the Split-Off, Liberty Media, LEI and DIRECTV completed the DTV Business Combination and each of LEI and DIRECTV have become wholly owned subsidiaries
of a new public holding company named DIRECTV (</FONT><FONT SIZE=2><B>Holdings</B></FONT><FONT SIZE=2>). Pursuant to the DTV Business Combination, (i)&nbsp;John C. Malone, Chairman of the boards of
Liberty Media, LEI and DIRECTV, and certain related persons (collectively, the </FONT><FONT SIZE=2><B>Malones</B></FONT><FONT SIZE=2>) contributed each of their shares of LEI Series&nbsp;B common
stock to Holdings for 1.11130 shares of Holdings Class&nbsp;B common stock (with payment of cash in lieu of any fractional shares), (ii)&nbsp;LEI merged with a wholly-owned subsidiary of Holdings,
and each share of LEI common stock (other than shares of LEI Series&nbsp;B common stock held by the Malones) was exchanged for 1.11130 shares of Holdings Class&nbsp;A common stock (with payment of
cash in lieu of any fractional shares), and (iii)&nbsp;DIRECTV merged with a wholly-owned subsidiary of Holdings, and each share of DIRECTV common stock was exchanged for one share of Holdings
Class&nbsp;A common stock. Each share of Holdings Class&nbsp;A common stock entitles the holder to one vote per share, and each share of Holdings Class&nbsp;B common stock entitles the holder to
15 votes per share and to certain limited consent rights. The Holdings Class&nbsp;A common stock will begin regular way trading at the open of business on November&nbsp;20, 2009, under the symbol
"DTV". </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
a summary of the material relationships between Liberty Media and DIRECTV prior to the completion of the Split-Off and the DTV Business Combination, please see "Certain
Relationships and Related Transactions - Relationships between DIRECTV and Liberty Media" in Liberty Media's definitive proxy statement/prospectus filed with the Securities and Exchange
Commission (</FONT><FONT SIZE=2><B>SEC</B></FONT><FONT SIZE=2>) on October&nbsp;20, 2009 in connection with the Special Meeting. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
foregoing transactions were completed pursuant to, among other things, a Reorganization Agreement, dated as of November&nbsp;9, 2009, between Liberty Media and LEI, which is filed
as Exhibit&nbsp;2.1 hereto, and an Agreement and Plan of Merger, dated as of May&nbsp;3, 2009, by and among Liberty Media, LEI, DIRECTV, Holdings and the other parties named therein, as amended by
Amendment No.&nbsp;1 thereto on July&nbsp;29, 2009 and Amendment No.&nbsp;2 thereto on October&nbsp;2, 2009, which are filed as Exhibits&nbsp;2.2, 2.3, and 2.4, respectively, hereto. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>2</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A
NAME="de76805_item_3.03._material_modificati__ite02239"> </A>
<A NAME="toc_de76805_2"> </A></FONT> <FONT SIZE=2><B>  Item&nbsp;3.03.&nbsp;&nbsp;&nbsp;&nbsp;Material Modification to Rights of Security Holders.    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Immediately following the Split-Off, Liberty Media amended and restated its Restated Certificate of Incorporation (the </FONT> <FONT SIZE=2><B>Restated Charter</B></FONT><FONT SIZE=2>)
to: (i)&nbsp;change the name of the Entertainment Group to the Starz Group and the Liberty Entertainment common stock to the Liberty
Starz common stock; and (ii)&nbsp;update the definition of the renamed Starz Group to reflect the composition of that group after giving effect to the Split-Off (such changes,
collectively, the </FONT><FONT SIZE=2><B>Redesignation</B></FONT><FONT SIZE=2>). Liberty Starz common stock will track the performance of the renamed
Starz Group, which includes Liberty Media's interests in Starz Entertainment,&nbsp;LLC and Wildblue Communications,&nbsp;Inc. Liberty Media filed the Restated Charter with the Secretary of State
of the State of Delaware on November&nbsp;19, 2009. The Series&nbsp;A Liberty Starz common stock and the Series&nbsp;B Liberty Starz common stock will begin regular way trading at the open of
business on November&nbsp;20, 2009, under the symbols "LSTZA" and "LSTZB", respectively. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Restated Charter is filed as Exhibit&nbsp;3.1 hereto.  </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="de76805_item_7.01._regulation_fd_disclosure"> </A>
<A NAME="toc_de76805_3"> </A></FONT> <FONT SIZE=2><B>  Item&nbsp;7.01.&nbsp;&nbsp;&nbsp;&nbsp;Regulation&nbsp;FD Disclosure    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On November&nbsp;19, 2009, Liberty Media issued (i)&nbsp;a press release (the </FONT><FONT SIZE=2><B>Special Meeting
Release</B></FONT><FONT SIZE=2>) announcing the results of the Special Meeting, and (ii)&nbsp;a corrected press release (the </FONT><FONT SIZE=2><B>Starz Call Corrected
Release</B></FONT><FONT SIZE=2>) with respect to its previously announced hosting of a conference call in conjunction with Deutsche Bank, beginning at 12:00 pm (ET) on November&nbsp;19, 2009. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Special Meeting Release, Closing Release and the Starz Call Corrected Release attached hereto as Exhibits&nbsp;99.1, 99.2 and 99.3, respectively, are being furnished to the SEC
under Item&nbsp;7.01 of Form&nbsp;8-K in satisfaction of the public disclosure requirements of Regulation&nbsp;FD.  </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><A
NAME="de76805_item_9.01._financial_statements_and_exhibits"> </A>
<A NAME="toc_de76805_4"> </A></FONT> <FONT SIZE=2><B>  Item&nbsp;9.01.&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits    <BR>    </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B>(b)</B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The pro forma information required to be filed pursuant to Items&nbsp;2.01 and 9.01(b) will be furnished
with an amendment to this Form&nbsp;8-K within the time period specified by Item&nbsp;9.01(a)(4).
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B>(d)</B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>Exhibits</B></FONT></DD></DL>
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<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Exhibit No. </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Name </B></FONT></TH>
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<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Reorganization Agreement, dated as of November&nbsp;9, 2009, by and between Liberty Media Corporation and Liberty Entertainment,&nbsp;Inc. (incorporated by reference to Exhibit&nbsp;2.1 to Amendment No.&nbsp;4 to Liberty
Entertainment,&nbsp;Inc.'s Registrant Statement on Form&nbsp;S-4 (the </FONT><FONT SIZE=2><B>LEI S-4</B></FONT><FONT SIZE=2>) filed on October&nbsp;2, 2009 (File No: 333-158795))</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>2.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Agreement and Plan of Merger, dated as of May&nbsp;3, 2009, by and among Liberty Media Corporation, Liberty Entertainment,&nbsp;Inc., The DIRECTV Group,&nbsp;Inc., DIRECTV, DTVG One,&nbsp;Inc., and DTVG Two,&nbsp;Inc.
(incorporated by reference to Exhibit&nbsp;2.2 to Amendment No.&nbsp;1 to the LEI S-4 filed on June&nbsp;8, 2009 (File No: 333-158795)).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>2.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Amendment No.&nbsp;1 to the Agreement and Plan of Merger, dated as of July&nbsp;29, 2009, by and among Liberty Media Corporation, Liberty Entertainment,&nbsp;Inc., The DIRECTV Group,&nbsp;Inc., DIRECTV, DTVG One,
&nbsp;Inc., and DTVG Two,&nbsp;Inc. (incorporated by reference to Exhibit&nbsp;2.3 to Amendment No.&nbsp;2 to the LEI S-4 filed on July&nbsp;30, 2009 (File No: 333-158795)).</FONT></TD>
</TR>
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<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>2.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Amendment No.&nbsp;2 to the Agreement and Plan of Merger, dated as of October&nbsp;2, 2009, by and among Liberty Media Corporation, Liberty Entertainment,&nbsp;Inc., The DIRECTV Group,&nbsp;Inc., DIRECTV, DTVG One,
&nbsp;Inc., and DTVG Two,&nbsp;Inc. (incorporated by reference to Exhibit&nbsp;2.4 to Amendment No.&nbsp;4 to the LEI S-4 filed on October&nbsp;2, 2009 (File No: 333-158795)).</FONT></TD>
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<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Exhibit No. </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Name </B></FONT></TH>
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<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Restated Certificate of Incorporation of Liberty Media Corporation, dated November&nbsp;19, 2009.</FONT></TD>
</TR>
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<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>99.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Press Release, dated November&nbsp;19, 2009.</FONT></TD>
</TR>
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<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>99.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Press Release, dated November&nbsp;19, 2009.</FONT></TD>
</TR>
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<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>99.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Press Release, dated November&nbsp;19, 2009.</FONT></TD>
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<BR></FONT><FONT SIZE=2><B>  SIGNATURE    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be
signed on its behalf by the undersigned hereunto duly authorized. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Date:
November&nbsp;19, 2009 </FONT></P>
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<p style="font-family:times;"><font size=1></FONT><FONT SIZE=2>


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<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=5 style="font-family:times;"><BR><FONT SIZE=2><B> LIBERTY MEDIA CORPORATION</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2> By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;CHARLES Y. TANABE<BR>


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<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Name:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Charles Y. Tanabe</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Title:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Executive Vice President and General Counsel</FONT></TD>
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<BR></FONT><FONT SIZE=2><B>  EXHIBIT INDEX    <BR>    </B></FONT></P>
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<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Exhibit No. </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Name </B></FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Reorganization Agreement, dated as of November&nbsp;9, 2009, by and between Liberty Media Corporation and Liberty Entertainment,&nbsp;Inc. (incorporated by reference to Exhibit&nbsp;2.1 to Amendment No.&nbsp;4 to Liberty
Entertainment,&nbsp;Inc.'s Registrant Statement on Form&nbsp;S-4 (the </FONT><FONT SIZE=2><B>LEI S-4</B></FONT><FONT SIZE=2>) filed on October&nbsp;2, 2009 (File No: 333-158795))</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>2.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Agreement and Plan of Merger, dated as of May&nbsp;3, 2009, by and among Liberty Media Corporation, Liberty Entertainment,&nbsp;Inc., The DIRECTV Group,&nbsp;Inc., DIRECTV, DTVG One,&nbsp;Inc., and DTVG Two,&nbsp;Inc.
(incorporated by reference to Exhibit&nbsp;2.2 to Amendment No.&nbsp;1 to the LEI S-4 filed on June&nbsp;8, 2009 (File No: 333-158795)).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>2.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Amendment No.&nbsp;1 to the Agreement and Plan of Merger, dated as of July&nbsp;29, 2009, by and among Liberty Media Corporation, Liberty Entertainment,&nbsp;Inc., The DIRECTV Group,&nbsp;Inc., DIRECTV, DTVG One,
&nbsp;Inc., and DTVG Two,&nbsp;Inc. (incorporated by reference to Exhibit&nbsp;2.3 to Amendment No.&nbsp;2 to the LEI S-4 filed on July&nbsp;30, 2009 (File No: 333-158795)).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>2.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Amendment No.&nbsp;2 to the Agreement and Plan of Merger, dated as of October&nbsp;2, 2009, by and among Liberty Media Corporation, Liberty Entertainment,&nbsp;Inc., The DIRECTV Group,&nbsp;Inc., DIRECTV, DTVG One,
&nbsp;Inc., and DTVG Two,&nbsp;Inc. (incorporated by reference to Exhibit&nbsp;2.4 to Amendment No.&nbsp;4 to the LEI S-4 filed on October&nbsp;2, 2009 (File No: 333-158795)).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>3.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Restated Certificate of Incorporation of Liberty Media Corporation, dated November&nbsp;19, 2009</FONT></TD>
</TR>
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<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>99.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Press Release, dated November&nbsp;19, 2009</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>99.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Press Release, dated November&nbsp;19, 2009</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>99.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Press Release, dated November&nbsp;19, 2009</FONT></TD>
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<BR>
<P><br><A NAME="09ZEF76805_1">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<UL>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_de76805_1">Item 2.01. Completion of Acquisition or Disposition of Assets.</A></FONT><BR>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_de76805_2">Item 3.03. Material Modification to Rights of Security Holders.</A></FONT><BR>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_de76805_3">Item 7.01. Regulation FD Disclosure</A></FONT><BR>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_de76805_4">Item 9.01. Financial Statements and Exhibits</A></FONT><BR>
</UL>
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<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_jc76805_1">SIGNATURE</A></FONT><BR>
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<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_ka76805_1">EXHIBIT INDEX</A></FONT><BR>
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<TYPE>EX-3.1
<SEQUENCE>2
<FILENAME>a2195631zex-3_1.htm
<DESCRIPTION>EX-3.1
<TEXT>
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<A NAME="toc_qm76801_1"> </A>
<BR></FONT><FONT SIZE=2><B>  Exhibit 3.1    <BR>    </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> FORM OF<BR>
RESTATED CERTIFICATE OF INCORPORATION<BR>
OF LIBERTY MEDIA CORPORATION  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>LIBERTY MEDIA CORPORATION, a corporation organized and existing under the laws of the State of Delaware, hereby
certifies as follows:</B></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>(1)&nbsp;&nbsp;&nbsp;The name of the Corporation is Liberty Media Corporation. The original Certificate of Incorporation of the Corporation was filed on
February&nbsp;28, 2006. The Restated Certificate of Incorporation of the Corporation was filed on March&nbsp;3, 2008. The name under which the Corporation was originally incorporated is Liberty
Media Holding Corporation.</B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>(2)&nbsp;&nbsp;&nbsp;This Restated Certificate of Incorporation restates and amends the Restated Certificate of Incorporation of the
Corporation.</B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>(3)&nbsp;&nbsp;&nbsp;This Restated Certificate of Incorporation has been duly adopted in accordance with Sections&nbsp;242 and 245 of the General Corporation Law of
the State of Delaware.</B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>(4)&nbsp;&nbsp;&nbsp;This Restated Certificate of Incorporation will become effective upon its filing with the Secretary of State of the State of
Delaware.</B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>(5)&nbsp;&nbsp;&nbsp;Pursuant to Sections&nbsp;242 and 245 of the General Corporation Law of the State of Delaware, the text of the Restated Certificate of
Incorporation is hereby restated to read in its entirety as follows:</B></FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> ARTICLE I  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> NAME  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The name of the corporation is Liberty Media Corporation (the "</FONT><FONT SIZE=2><B>Corporation</B></FONT><FONT SIZE=2>"). </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> ARTICLE II  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> REGISTERED OFFICE  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The address of the registered office of the Corporation in the State of Delaware is 2711 Centerville Road, Suite&nbsp;400, in the
City of Wilmington, County of New Castle, 19808. The name of its registered agent at such address is the Corporation Service Company. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> ARTICLE III  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> PURPOSE  </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The purpose of the Corporation is to engage in any lawful act or activity for which corporations may be organized under the General
Corporation Law of Delaware (as the same may be amended from time to time, "</FONT><FONT SIZE=2><B>DGCL</B></FONT><FONT SIZE=2>"). </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>1</FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> ARTICLE IV  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> AUTHORIZED STOCK  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The total number of shares of capital stock which the Corporation will have authority to issue is twenty billion four hundred
twenty-five million (20,425,000,000) shares, which will be divided into the following classes: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;twenty
billion three hundred seventy-five million (20,375,000,000) shares will be of a class designated Common Stock, par value $0.01 per share
("</FONT><FONT SIZE=2><B>Common Stock</B></FONT><FONT SIZE=2>"), such class to be divided in series as provided in Section&nbsp;A of this Article&nbsp;IV; and </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;fifty
million (50,000,000) shares will be of a class designated Preferred Stock, par value $0.01 per share ("</FONT><FONT SIZE=2><B>Preferred
Stock</B></FONT><FONT SIZE=2>"), such class to be issuable in series as provided in Section&nbsp;B of this Article&nbsp;IV. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
this Certificate becoming effective pursuant to the DGCL (the "</FONT><FONT SIZE=2><B>Effective Time</B></FONT><FONT SIZE=2>"), (i)&nbsp;each share of Series&nbsp;A Liberty
Entertainment Common Stock, par value $0.01 per share, authorized or issued and outstanding immediately prior to the Effective Time shall automatically be reclassified as one (1)&nbsp;share of the
Corporation's Series&nbsp;A Liberty Starz Common Stock, par value $0.01 per share, without any action by the holder thereof, and (ii)&nbsp;each share of Series&nbsp;B Liberty Entertainment
Common Stock, par value $0.01 per share, authorized or issued and outstanding immediately prior to the Effective Time shall automatically be reclassified as one (1)&nbsp;share of the Corporation's
Series&nbsp;B Liberty Starz Common Stock, par value $0.01 per share, without any action by the holder thereof. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
description of the Common Stock and the Preferred Stock of the Corporation, and the relative rights, preferences and limitations thereof, or the method of fixing and establishing the
same, are as hereinafter in this Article&nbsp;IV set forth: </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> SECTION&nbsp;A  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> COMMON STOCK  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>1.&nbsp;&nbsp;&nbsp;&nbsp;General.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Two
billion (2,000,000,000) shares of Common Stock will be of a series designated Series&nbsp;A Liberty Capital Common Stock (the "</FONT><FONT SIZE=2><B>Series&nbsp;A Liberty
Capital Common Stock</B></FONT><FONT SIZE=2>"), seventy five million (75,000,000) shares of Common Stock will be of a series designated Series&nbsp;B Liberty Capital Common Stock (the
"</FONT><FONT SIZE=2><B>Series&nbsp;B Liberty Capital Common Stock</B></FONT><FONT SIZE=2>"), and two billion (2,000,000,000) shares of Common Stock will be of a series designated as
Series&nbsp;C Liberty Capital Common Stock (the "</FONT><FONT SIZE=2><B>Series&nbsp;C Liberty Capital Common Stock</B></FONT><FONT SIZE=2>" and together with the Series&nbsp;A Liberty Capital
Common Stock and the Series&nbsp;B Liberty Capital Common Stock, the "</FONT><FONT SIZE=2><B>Liberty Capital Common Stock</B></FONT><FONT SIZE=2>"). Four billion (4,000,000,000) shares of Common
Stock will be of a series designated Series&nbsp;A Liberty Starz Common Stock (the "</FONT><FONT SIZE=2><B>Series&nbsp;A Liberty Starz Common Stock</B></FONT><FONT SIZE=2>"), one hundred fifty
million (150,000,000) shares of Common Stock will be of a series designated Series&nbsp;B Liberty Starz Common Stock (the "</FONT><FONT SIZE=2><B>Series&nbsp;B Liberty Starz Common
Stock</B></FONT><FONT SIZE=2>"), and four billion (4,000,000,000) shares of Common Stock will be of a series designated as Series&nbsp;C Liberty Starz Common Stock (the
"</FONT><FONT SIZE=2><B>Series&nbsp;C Liberty Starz Common Stock</B></FONT><FONT SIZE=2>" and together with the Series&nbsp;A Liberty Starz Common Stock and the Series&nbsp;B Liberty Starz
Common Stock, the "</FONT><FONT SIZE=2><B>Liberty Starz Common Stock</B></FONT><FONT SIZE=2>"). Four billion (4,000,000,000) shares of Common Stock will be of a series designated Series&nbsp;A
Liberty Interactive Common Stock (the "</FONT><FONT SIZE=2><B>Series&nbsp;A Liberty Interactive Common Stock</B></FONT><FONT SIZE=2>"), one hundred fifty million (150,000,000) shares of Common
Stock will be of a series designated Series&nbsp;B Liberty Interactive Common Stock (the "</FONT><FONT SIZE=2><B>Series&nbsp;B Liberty Interactive Common Stock</B></FONT><FONT SIZE=2>"), and four
billion (4,000,000,000) shares of Common Stock will be of a series designated Series&nbsp;C Liberty Interactive Common Stock (the "</FONT><FONT SIZE=2><B>Series&nbsp;C Liberty Interactive Common
Stock</B></FONT><FONT SIZE=2>" and together with the Series&nbsp;A Liberty Interactive Common Stock and the Series&nbsp;B Liberty Interactive Common Stock, the "</FONT><FONT SIZE=2><B>Liberty
Interactive Common Stock</B></FONT><FONT SIZE=2>"</FONT><FONT SIZE=2><I>).</I></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>2</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>2.&nbsp;&nbsp;&nbsp;&nbsp;Liberty Capital Common Stock, Liberty Starz Common Stock and Liberty Interactive Common Stock.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
share of Series&nbsp;A Liberty Capital Common Stock, Series&nbsp;B Liberty Capital Common Stock and Series&nbsp;C Liberty Capital Common Stock will, except as otherwise
provided in this Section&nbsp;A.2., be identical in all respects and will have equal rights, powers and privileges. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
share of Series&nbsp;A Liberty Starz Common Stock, Series&nbsp;B Liberty Starz Common Stock and Series&nbsp;C Liberty Starz Common Stock will, except as otherwise provided in
this Section&nbsp;A.2., be identical in all respects and will have equal rights, powers and privileges. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
share of Series&nbsp;A Liberty Interactive Common Stock, Series&nbsp;B Liberty Interactive Common Stock and Series&nbsp;C Liberty Interactive Common Stock will, except as
otherwise provided in this Section&nbsp;A.2., be identical in all respects and will have equal rights, powers and privileges. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Voting Powers.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Series&nbsp;A Liberty Capital Common Stock, Series&nbsp;B Liberty Capital Common Stock, Series&nbsp;A Liberty Starz Common Stock,
Series&nbsp;B Liberty Starz Common Stock, Series&nbsp;A Liberty Interactive Common Stock and Series&nbsp;B Liberty Interactive Common Stock</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;Holders of
Series&nbsp;A Liberty Capital Common Stock will be entitled to one vote for each share of such stock held of record, holders of Series&nbsp;B Liberty Capital Common Stock will be entitled to ten
votes for each share of such stock held of record, holders of Series&nbsp;A Liberty Starz Common Stock will be entitled to one vote for each share of such stock held of record, holders of
Series&nbsp;B Liberty Starz Common Stock will be entitled to ten votes for each share of such stock held of record, holders of Series&nbsp;A Liberty Interactive Common Stock will be entitled to
one vote for each share of such stock held of record and holders of Series&nbsp;B Liberty Interactive Common Stock will be entitled to ten votes for each share of such stock held of record, upon all
matters that may be submitted to a vote of stockholders of the Corporation (regardless of whether such holders are voting together with the holders of all Voting Securities, or as a separate class
with the holders of one or more series of Common Stock, or as a separate series of Common Stock, or otherwise). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Series&nbsp;C Liberty Capital Common Stock, Series&nbsp;C Liberty Starz Common Stock, and Series&nbsp;C Liberty Interactive Common
Stock</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;Holders of Series&nbsp;C Liberty Capital Common Stock, holders of Series&nbsp;C Liberty Starz Common Stock and holders of Series&nbsp;C Liberty
Interactive Common Stock will not be entitled to any voting powers, except as (and then only to the extent) required by the laws of the State of Delaware. If a vote of the holders of Series&nbsp;C
Liberty Capital Common Stock, Series&nbsp;C Liberty Starz Common Stock or Series&nbsp;C Liberty Interactive Common Stock should at any time be required by the laws of the State of Delaware on any
matter, the holders of Series&nbsp;C Liberty Capital Common Stock, Series&nbsp;C Liberty Starz Common Stock or Series&nbsp;C Liberty Interactive Common Stock, as applicable, will be entitled to
1/100th&nbsp;of a vote on such matter for each share held of record. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Voting Generally</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;Except (A)&nbsp;as may otherwise be provided in this Certificate, (B)&nbsp;as may
otherwise be required by the laws of the State of Delaware or (C)&nbsp;as may otherwise be provided in any Preferred Stock Designation, the holders of shares of Series&nbsp;A Liberty Capital
Common Stock, the holders of shares of Series&nbsp;B Liberty Capital Common Stock, the holders of shares of Series&nbsp;A Liberty Starz Common Stock, the holders of shares of Series&nbsp;B
Liberty Starz Common Stock, the holders of shares of Series&nbsp;A Liberty Interactive Common Stock, the holders of shares of Series&nbsp;B Liberty Interactive Common Stock and the holders of
shares of each series of Preferred Stock that is designated as a Voting Security and is entitled to vote thereon in accordance with the terms of the applicable Preferred Stock Designation will vote as
one class with respect to the election of directors and with respect to all other matters to be voted on by stockholders of the Corporation (including, without limitation and irrespective of the
provisions of Section&nbsp;242(b)(2) of the DGCL, any proposed amendment to this Certificate that (i)&nbsp;would </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>3</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=3,EFW="2195631",CP="LIBERTY MEDIA CORPORATION",DN="2",CHK=527759,FOLIO='3',FILE='DISK129:[09ZEF1.09ZEF76801]QM76801A.;4',USER='DSCHWAR',CD='19-NOV-2009;12:25' -->
<A NAME="page_qm76801_1_4"> </A>
<UL>
<BR>

<P style="font-family:times;"><FONT SIZE=2>increase
(x)&nbsp;the number of authorized shares of Common Stock or any series thereof, (y)&nbsp;the number of authorized shares of Preferred Stock or any series thereof or (z)&nbsp;the number
of authorized shares of any other class or series of capital stock of the Corporation hereafter established, or (ii)&nbsp;decrease (x)&nbsp;the number of authorized shares of Common Stock or any
series thereof, (y)&nbsp;the number of authorized shares of Preferred Stock or any series thereof or (z)&nbsp;the number of authorized shares of any other class or series of capital stock of the
Corporation hereafter established (but, in each case, not below the number of shares of such class or series of capital stock (as the case may be) then outstanding)), and no separate class or series
vote of the holders of shares of any class or series of capital stock of the Corporation will be required for the approval of any such matter. In the event the holders of the Series&nbsp;C Liberty
Capital Common Stock, the holders of the Series&nbsp;C Liberty Starz Common Stock and/or the holders of the Series&nbsp;C Liberty Interactive Common Stock are entitled to vote on any matter that
may be submitted to a vote of stockholders of the Corporation, such holders will vote as one class with all other stockholders of the Corporation entitled to vote on such matter, unless otherwise
required by this Certificate, the laws of the State of Delaware or any Preferred Stock Designation. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Special Voting Rights in Connection with Dispositions</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;(A) If the Board of Directors, at its election,
determines to seek the approval of the holders of Liberty Capital Voting Securities entitled to vote thereon to classify a proposed Capital Group Disposition as an Exempt Capital Group Disposition,
then such proposed Capital Group Disposition will constitute an Exempt Capital Group Disposition if approved by the holders of record, as of the record date for the meeting at which such vote is
taken, of Liberty Capital Voting Securities representing a majority of the aggregate voting power of Liberty Capital Voting Securities that are present in person or by proxy at such meeting, voting
together as a separate class. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;If
the Board of Directors, at its election, determines to seek the approval of the holders of Liberty Starz Voting Securities entitled to vote thereon to classify a
proposed Starz Group Disposition as an Exempt Starz Group Disposition, then such proposed Starz Group Disposition will constitute an Exempt Starz Group Disposition if approved by the holders of
record, as of the record date for the meeting at which such vote is taken, of Liberty Starz Voting Securities representing a majority of the aggregate voting power of Liberty Starz Voting Securities
that are present in person or by proxy at such meeting, voting together as a separate class. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;If
the Board of Directors, at its election, determines to seek the approval of the holders of Liberty Interactive Voting Securities entitled to vote thereon to classify
a proposed Interactive Group Disposition as an Exempt Interactive Group Disposition, then such proposed Interactive Group Disposition will constitute an Exempt Interactive Group Disposition if
approved by the holders of record, as of the record date for the meeting at which such vote is taken, of Liberty Interactive Voting Securities representing a majority of the aggregate voting power of
Liberty Interactive Voting Securities that are present in person or by proxy at such meeting, voting together as a separate class. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;&nbsp;Any
vote taken pursuant to clause&nbsp;(A), (B)&nbsp;or (C)&nbsp;of this paragraph&nbsp;(a)(iv) will be in addition to, and not in lieu of, any vote of the
stockholders of the Corporation required pursuant to Article&nbsp;IX of this Certificate or the DGCL to be taken with respect to the applicable Disposition. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Special Voting Rights in Connection with Certain Redemptions</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;(A) If the Corporation proposes to redeem
outstanding shares of Liberty Capital Common Stock for securities of a Subsidiary pursuant to paragraph&nbsp;(e)(i) of this Section&nbsp;A.2, such redemption will be subject to, and will not be
undertaken unless, the Corporation has received the approval of the holders of record, as of the record date for the meeting at which such vote is taken, of Liberty Capital Voting Securities
representing a majority of the aggregate voting power of Liberty Capital Voting </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>4</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=4,EFW="2195631",CP="LIBERTY MEDIA CORPORATION",DN="2",CHK=267090,FOLIO='4',FILE='DISK129:[09ZEF1.09ZEF76801]QM76801A.;4',USER='DSCHWAR',CD='19-NOV-2009;12:25' -->
<A NAME="page_qm76801_1_5"> </A>
<UL>

<P style="font-family:times;"><FONT SIZE=2>Securities
that are present in person or by proxy at such meeting, voting together as a separate class (a "</FONT><FONT SIZE=2><B>Capital Group Redemption Stockholder
Approval</B></FONT><FONT SIZE=2>"). </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;If
the Corporation proposes to redeem outstanding shares of Liberty Starz Common Stock for securities of a Subsidiary pursuant to paragraph&nbsp;(f)(i) of this
Section&nbsp;A.2, such redemption will be subject to, and will not be undertaken unless, the Corporation has received the approval of the holders of record, as of the record date for the meeting at
which such vote is taken, of Liberty Starz Voting Securities representing a majority of the aggregate voting power of Liberty Starz Voting Securities that are present in person or by proxy at such
meeting, voting together as a separate class (a "</FONT><FONT SIZE=2><B>Starz Group Redemption Stockholder Approval</B></FONT><FONT SIZE=2>"). </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;If
the Corporation proposes to redeem outstanding shares of Liberty Interactive Common Stock for securities of a Subsidiary pursuant to paragraph&nbsp;(g)(i) of this
Section&nbsp;A.2, such redemption will be subject to, and will not be undertaken unless, the Corporation has received the approval of the holders of record, as of the record date for the meeting at
which such vote is taken, of Liberty Interactive Voting Securities representing a majority of the aggregate voting power of Liberty Interactive Voting Securities that are present in person or by proxy
at such meeting, voting together as a separate class (an "</FONT><FONT SIZE=2><B>Interactive Group Redemption Stockholder Approval</B></FONT><FONT SIZE=2>"). </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;&nbsp;Any
vote taken pursuant to clause&nbsp;(A), (B)&nbsp;or (C)&nbsp;of this paragraph&nbsp;(a)(v) will be in addition to, and not in lieu of, any vote of the
stockholders of the Corporation required by the DGCL to be taken with respect to the applicable redemption. </FONT></P>

</UL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Conversion Rights.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>(A) Conversion of Series&nbsp;B Liberty Capital Common Stock into Series&nbsp;A Liberty Capital Common Stock;
Other</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;Each share of Series&nbsp;B Liberty Capital Common Stock will be convertible at any time, at the option of the holder thereof, into one fully paid and
non-assessable share of Series&nbsp;A Liberty Capital Common Stock. Any such conversion may be effected by any holder of Series&nbsp;B Liberty Capital Common Stock by surrendering such
holder's certificate or certificates representing the Series&nbsp;B Liberty Capital Common Stock to be converted, duly endorsed, at the principal office of the Corporation or any transfer agent for
the Series&nbsp;B Liberty Capital Common Stock, together with a written notice to the Corporation at such office that such holder elects to convert all or a specified whole number of shares of
Series&nbsp;B Liberty Capital Common Stock represented by such certificate or certificates and stating the name or names in which such holder desires the certificate or certificates representing
shares of Series&nbsp;A Liberty Capital Common Stock to be issued and, if less than all of the shares of Series&nbsp;B Liberty Capital Common Stock represented by one certificate are to be
converted, the name or names in which such holder desires the certificate or certificates representing the unconverted shares of Series&nbsp;B Liberty Capital Common Stock to be issued. Any
certificate representing shares surrendered for conversion in accordance with this paragraph will, if so required by the Corporation or its transfer agent, be accompanied by instruments of transfer,
in form satisfactory to the Corporation or its transfer agent, duly executed by the holder of such shares or the duly authorized representative of such holder, and will, if required by the next
succeeding paragraph, be accompanied by payment, or evidence of payment, of applicable issue or transfer taxes. Promptly thereafter, the Corporation will issue and deliver to such holder or such
holder's nominee or nominees, a certificate or certificates representing the number of shares of Series&nbsp;A Liberty Capital Common Stock to which such holder will be entitled as herein provided.
If less than all of the shares of Series&nbsp;B Liberty Capital Common Stock represented by any one certificate are to be converted, the Corporation will issue and deliver to such holder or such
holder's nominee or nominees a new certificate representing the shares of Series&nbsp;B Liberty Capital Common Stock not converted. Such conversion will be deemed to have been made at the close of
business on the date of receipt by the </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>5</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=5,EFW="2195631",CP="LIBERTY MEDIA CORPORATION",DN="2",CHK=803675,FOLIO='5',FILE='DISK129:[09ZEF1.09ZEF76801]QM76801B.;2',USER='DSCHWAR',CD='19-NOV-2009;12:25' -->
<A NAME="page_qm76801_1_6"> </A>
<UL>

<P style="font-family:times;"><FONT SIZE=2>Corporation
or any such transfer agent of the certificate or certificates, notice and, if required, instruments of transfer and payment or evidence of payment of taxes referred to above, and the
Person or Persons entitled to receive the Series&nbsp;A Liberty Capital Common Stock issuable on such conversion will be treated for all purposes as the record holder or holders of such
Series&nbsp;A Liberty Capital Common Stock on that date. A number of shares of Series&nbsp;A Liberty Capital Common Stock equal to the number of shares of Series&nbsp;B Liberty Capital Common
Stock outstanding from time to time will be set aside and reserved for issuance upon conversion of shares of Series&nbsp;B Liberty Capital Common Stock as provided herein. Shares of Series&nbsp;A
Liberty Capital Common Stock and shares of Series&nbsp;C Liberty Capital Common Stock will not be convertible at the option of the holder into shares of any other series of Common Stock. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Corporation will pay any and all documentary, stamp or similar issue or transfer taxes that may be payable in respect of the issue or delivery of a certificate or certificates
representing shares of Liberty Capital Common Stock on conversion of shares of Series&nbsp;B Liberty Capital Common Stock pursuant to this paragraph&nbsp;(b)(i)(A). The Corporation will not,
however, be required to pay any tax that may be payable in respect of any issue or delivery of a certificate or certificates representing any shares of Liberty Capital Common Stock in a name other
than that in which the shares of Series&nbsp;B Liberty Capital Common Stock so converted were registered and no such issue or delivery will be made unless and until the person requesting the same
has paid to the Corporation or its transfer agent the amount of any such tax or has established to the satisfaction of the Corporation or its transfer agent that such tax has been paid. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liberty
Capital Common Stock will be convertible at the option of the Corporation, in whole or in part, in accordance with the other provisions of this Section&nbsp;A.2. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Conversion of Series&nbsp;B Liberty Starz Common Stock into Series&nbsp;A Liberty Starz Common Stock;
Other</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;Each share of Series&nbsp;B Liberty Starz Common Stock will be convertible at any time, at the option of the holder thereof, into one fully paid and
non-assessable share of Series&nbsp;A Liberty Starz Common Stock. Any such conversion may be effected by any holder of Series&nbsp;B Liberty Starz Common Stock by surrendering such
holder's certificate or certificates representing the Series&nbsp;B Liberty Starz Common Stock to be converted, duly endorsed, at the principal office of the Corporation or any transfer agent for
the Series&nbsp;B Liberty Starz Common Stock, together with a written notice to the Corporation at such office that such holder elects to convert all or a specified whole number of shares of
Series&nbsp;B Liberty Starz Common Stock represented by such certificate or certificates and stating the name or names in which such holder desires the certificate or certificates representing
shares of Series&nbsp;A Liberty Starz Common Stock to be issued and, if less than all of the shares of Series&nbsp;B Liberty Starz Common Stock represented by one certificate are to be converted,
the name or names in which such holder desires the certificate or certificates representing the unconverted shares of Series&nbsp;B Liberty Starz Common Stock to be issued. Any certificate
representing shares surrendered for conversion in accordance with this paragraph will, if so required by the Corporation or its transfer agent, be accompanied by instruments of transfer, in form
satisfactory to the Corporation or its transfer agent, duly executed by the holder of such shares or the duly authorized representative of such holder, and will, if required by the next succeeding
paragraph, be accompanied by payment, or evidence of payment, of applicable issue or transfer taxes. Promptly thereafter, the Corporation will issue and deliver to such holder or such holder's nominee
or nominees, a certificate or certificates representing the number of shares of Series&nbsp;A Liberty Starz Common Stock to which such holder will be entitled as herein provided. If less than all of
the shares of Series&nbsp;B Liberty Starz Common Stock represented by any one certificate are to be converted, the Corporation will issue and deliver to such holder or such holder's nominee or
nominees a new certificate representing the shares of Series&nbsp;B Liberty Starz Common Stock not </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>6</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=6,EFW="2195631",CP="LIBERTY MEDIA CORPORATION",DN="2",CHK=380609,FOLIO='6',FILE='DISK129:[09ZEF1.09ZEF76801]QM76801B.;2',USER='DSCHWAR',CD='19-NOV-2009;12:25' -->
<A NAME="page_qm76801_1_7"> </A>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>converted.
Such conversion will be deemed to have been made at the close of business on the date of receipt by the Corporation or any such transfer agent of the certificate or certificates, notice
and, if required, instruments of transfer and payment or evidence of payment of taxes referred to above, and the Person or Persons entitled to receive the Series&nbsp;A Liberty Starz Common Stock
issuable on such conversion will be treated for all purposes as the record holder or holders of such Series&nbsp;A Liberty Starz Common Stock on that date. A number of shares of Series&nbsp;A
Liberty Starz Common Stock equal
to the number of shares of Series&nbsp;B Liberty Starz Common Stock outstanding from time to time will be set aside and reserved for issuance upon conversion of shares of Series&nbsp;B Liberty
Starz Common Stock as provided herein. Shares of Series&nbsp;A Liberty Starz Common Stock and shares of Series&nbsp;C Liberty Starz Common Stock will not be convertible at the option of the holder
into shares of any other series of Common Stock. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Corporation will pay any and all documentary, stamp or similar issue or transfer taxes that may be payable in respect of the issue or delivery of a certificate or certificates
representing shares of Liberty Starz Common Stock on conversion of shares of Series&nbsp;B Liberty Starz Common Stock pursuant to this paragraph&nbsp;(b)(i)(B). The Corporation will not, however,
be required to pay any tax that may be payable in respect of any issue or delivery of a certificate or certificates representing any shares of Liberty Starz Common Stock in a name other than that in
which the shares of Series&nbsp;B Liberty Starz Common Stock so converted were registered and no such issue or delivery will be made unless and until the person requesting the same has paid to the
Corporation or its transfer agent the amount of any such tax or has established to the satisfaction of the Corporation or its transfer agent that such tax has been paid. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liberty
Starz Common Stock will be convertible at the option of the Corporation, in whole or in part, in accordance with the other provisions of this Section&nbsp;A.2. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Conversion of Series&nbsp;B Liberty Interactive Common Stock into Series&nbsp;A Liberty Interactive Common Stock;
Other</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;Each share of Series&nbsp;B Liberty Interactive Common Stock will be convertible at any time, at the option of the holder thereof, into one fully paid and
non-assessable share of Series&nbsp;A Liberty Interactive Common Stock. Any such conversion may be effected by any holder of Series&nbsp;B Liberty Interactive Common Stock by
surrendering such holder's certificate or certificates representing the Series&nbsp;B Liberty Interactive Common Stock to be converted, duly endorsed, at the principal office of the Corporation or
any transfer agent for the Series&nbsp;B Liberty Interactive Common Stock, together with a written notice to the Corporation at such office that such holder elects to convert all or a specified
whole number of shares of Series&nbsp;B Liberty Interactive Common Stock represented by such certificate or certificates and stating the name or names in which such holder desires the certificate or
certificates representing shares of Series&nbsp;A Liberty Interactive Common Stock to be issued and, if less than all of the shares of Series&nbsp;B Liberty Interactive Common Stock represented by
one certificate are to be converted, the name or names in which such holder desires the certificate or certificates representing the unconverted shares of Series&nbsp;B Liberty Interactive Common
Stock to be issued. Any certificate representing shares surrendered for conversion in accordance with this paragraph will, if so required by the Corporation or its transfer agent, be accompanied by
instruments of transfer, in form satisfactory to the Corporation or its transfer agent, duly executed by the holder of such shares or the duly authorized representative of such holder, and will, if
required by the next succeeding paragraph, be accompanied by payment, or evidence of payment, of applicable issue or transfer taxes. Promptly thereafter, the Corporation will issue and deliver to such
holder or such holder's nominee or nominees, a certificate or certificates representing the number of shares of Series&nbsp;A Liberty Interactive Common Stock to which such holder will be entitled
as herein provided. If less than all of the shares of Series&nbsp;B Liberty Interactive Common Stock </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>7</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_qm76801_1_8"> </A>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>represented
by any one certificate are to be converted, the Corporation will issue and deliver to such holder or such holder's nominee or nominees, a new certificate representing the shares of
Series&nbsp;B Liberty Interactive Common Stock not converted. Such conversion will be deemed to have been made at the close of business on the date of receipt by the Corporation or any such transfer
agent of the certificate or certificates, notice and, if required, instruments of transfer and payment or evidence of payment of taxes referred to above, and the Person or Persons entitled to receive
the Series&nbsp;A Liberty Interactive Common Stock issuable on such conversion will be treated for all purposes as the record holder or holders of such Series&nbsp;A Liberty Interactive Common
Stock on that date. A number of shares of Series&nbsp;A Liberty Interactive Common Stock equal to the number of shares of Series&nbsp;B Liberty Interactive Common Stock outstanding from time to
time will be set aside and reserved for issuance upon conversion of shares of Series&nbsp;B Liberty Interactive Common Stock as provided herein. Shares of Series&nbsp;A Liberty Interactive Common
Stock and shares of Series&nbsp;C Liberty Interactive Common Stock will not be convertible at the option of the holder into shares of any other series of Common Stock. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Corporation will pay any and all documentary, stamp or similar issue or transfer taxes that may be payable in respect of the issue or delivery of a certificate or certificates
representing shares of Liberty Interactive Common Stock on conversion of shares of Series&nbsp;B Liberty Interactive Common Stock pursuant to this paragraph&nbsp;(b)(i)(C). The Corporation will
not, however, be required to pay any tax that may be payable in respect of any issue or delivery of a certificate or certificates representing any shares of Liberty Interactive Common Stock in a name
other than that in which the shares of Series&nbsp;B Liberty Interactive Common Stock so converted were registered and no such issue or delivery will be made unless and until the person requesting
the same has paid to the Corporation or its transfer agent the amount of any such tax or has established to the satisfaction of the Corporation or its transfer agent that such tax has been paid. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liberty
Interactive Common Stock will be convertible at the option of the Corporation, in whole or in part, in accordance with the other provisions of this Section&nbsp;A.2. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Conversion of Liberty Interactive Common Stock into Liberty Capital Common Stock at the Option of the Corporation</I></FONT><FONT SIZE=2>. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;At
the option of the Corporation, exercisable at any time by resolution of its Board of Directors: (I)&nbsp;each share of Series&nbsp;A Liberty Interactive Common
Stock will be converted into a number (or fraction) of fully paid and non-assessable shares of Series&nbsp;A Liberty Capital Common Stock equal to the Interactive/Capital Group Optional
Conversion Ratio, (II)&nbsp;each share of Series&nbsp;B Liberty Interactive Common Stock will be converted into a number (or fraction) of fully paid and non-assessable shares of
Series&nbsp;B Liberty Capital Common Stock equal to the Interactive/Capital Group Optional Conversion Ratio, and (III)&nbsp;each share of Series&nbsp;C Liberty Interactive Common Stock will be
converted into a number (or fraction) of fully paid and non-assessable shares of Series&nbsp;C Liberty Capital Common Stock equal to the Interactive/Capital Group Optional Conversion
Ratio. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;For
purposes of this paragraph&nbsp;(b)(ii), the "</FONT><FONT SIZE=2><B>Interactive/Capital Group Optional Conversion Ratio</B></FONT><FONT SIZE=2>" means the amount
(calculated to the nearest five decimal places) obtained by dividing (I)&nbsp;the Average Market Value of the Liberty Interactive Reference Share over the 60-Trading Day period ending on
the Trading Day preceding the Determination Date, by (II)&nbsp;the Average Market Value of the Liberty Capital Reference Share over the 60-Trading Day period ending on the Trading Day
preceding the Determination Date. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;If
the Corporation determines to convert shares of Liberty Interactive Common Stock into Liberty Capital Common Stock pursuant to this paragraph&nbsp;(b)(ii), such
conversion will occur on an Interactive Group Conversion Date on or prior to the 45th&nbsp;day following the </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>8</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=8,EFW="2195631",CP="LIBERTY MEDIA CORPORATION",DN="2",CHK=519735,FOLIO='8',FILE='DISK129:[09ZEF1.09ZEF76801]QM76801B.;2',USER='DSCHWAR',CD='19-NOV-2009;12:25' -->
<A NAME="page_qm76801_1_9"> </A>
<UL>
<UL>
<BR>

<P style="font-family:times;"><FONT SIZE=2>Determination
Date and will otherwise be effected in accordance with the provisions of paragraph&nbsp;(g)(iv) of this Section&nbsp;A.2. If the Corporation determines not to undertake such
conversion following the determination of the Interactive/Capital Group Optional Conversion Ratio, the Corporation may at any time thereafter establish a new Determination Date, in which event the
Interactive/Capital Group Optional Conversion Ratio will be recalculated as of such new Determination Date and, if the Corporation determines to convert shares of Liberty Interactive Common Stock into
shares of Liberty Capital Common Stock, a new Interactive Group Conversion Date will be established, in each case, in accordance with this paragraph&nbsp;(b)(ii). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;&nbsp;The
Corporation will not convert shares of a series of Liberty Interactive Common Stock into shares of Liberty Capital Common Stock pursuant to this
paragraph&nbsp;(b)(ii) without converting all outstanding shares of each series of Liberty Interactive Common Stock into shares of Liberty Capital Common Stock, in each case, in accordance with this
paragraph&nbsp;(b)(ii). </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Conversion of Liberty Interactive Common Stock into Liberty Starz Common Stock at the Option of the Corporation</I></FONT><FONT SIZE=2>. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;At
the option of the Corporation, exercisable at any time by resolution of its Board of Directors: (I)&nbsp;each share of Series&nbsp;A Liberty Interactive Common
Stock will be converted into a number (or fraction) of fully paid and non-assessable shares of Series&nbsp;A Liberty Starz Common Stock equal to the Interactive/Starz Group Optional
Conversion Ratio, (II)&nbsp;each share of Series&nbsp;B Liberty Interactive Common Stock will be converted into a number (or fraction) of fully paid and non-assessable shares of
Series&nbsp;B Liberty Starz Common Stock equal to the Interactive/Starz Group Optional Conversion Ratio, and (III)&nbsp;each share of Series&nbsp;C Liberty Interactive Common Stock will be
converted into a number (or fraction) of fully paid and non-assessable shares of Series&nbsp;C Liberty Starz Common Stock equal to the Interactive/Starz Group Optional Conversion Ratio. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;For
purposes of this paragraph&nbsp;(b)(iii), the "</FONT><FONT SIZE=2><B>Interactive/Starz Group Optional Conversion Ratio</B></FONT><FONT SIZE=2>" means the amount
(calculated to the nearest five decimal places) obtained by dividing (I)&nbsp;the Average Market Value of the Liberty Interactive Reference Share over the 60-Trading Day period ending on
the Trading Day preceding the Determination Date, by (II)&nbsp;the Average Market Value of the Liberty Starz Reference Share over the 60-Trading Day period ending on the Trading Day
preceding the Determination Date. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;If
the Corporation determines to convert shares of Liberty Interactive Common Stock into Liberty Starz Common Stock pursuant to this paragraph&nbsp;(b)(iii), such
conversion will occur on an Interactive Group Conversion Date on or prior to the 45th&nbsp;day following the Determination Date and will otherwise be effected in accordance with the provisions of
paragraph&nbsp;(g)(iv) of this Section&nbsp;A.2. If the Corporation determines not to undertake such conversion following the determination of the Interactive/Starz Group Optional Conversion
Ratio, the Corporation may at any time thereafter establish a new Determination Date, in which event the Interactive/Starz Group Optional Conversion Ratio will be recalculated as of such new
Determination Date and, if the Corporation determines to convert shares of Liberty Interactive Common Stock into shares of Liberty Starz Common Stock, a new Interactive Group Conversion Date will be
established, in each case, in accordance with this paragraph&nbsp;(b)(iii). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;&nbsp;The
Corporation will not convert shares of a series of Liberty Interactive Common Stock into shares of Liberty Starz Common Stock pursuant to this
paragraph&nbsp;(b)(iii) without converting all outstanding shares of each series of Liberty Interactive Common Stock into </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>9</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=9,EFW="2195631",CP="LIBERTY MEDIA CORPORATION",DN="2",CHK=497699,FOLIO='9',FILE='DISK129:[09ZEF1.09ZEF76801]QM76801C.;2',USER='DSCHWAR',CD='19-NOV-2009;12:25' -->
<A NAME="page_qm76801_1_10"> </A>
<UL>
<UL>
<BR>

<P style="font-family:times;"><FONT SIZE=2>shares
of Liberty Starz Common Stock, in each case, in accordance with this paragraph&nbsp;(b)(iii). </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Conversion of Liberty Starz Common Stock into Liberty Capital Common Stock at the Option of the Corporation</I></FONT><FONT SIZE=2>. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;At
the option of the Corporation, exercisable at any time by resolution of its Board of Directors: (I)&nbsp;each share of Series&nbsp;A Liberty Starz Common Stock
will be converted into a number (or fraction) of fully paid and non-assessable shares of Series&nbsp;A Liberty Capital Common Stock equal to the Starz/Capital Group Optional Conversion
Ratio, (II)&nbsp;each share of Series&nbsp;B Liberty Starz Common Stock will be converted into a number (or fraction) of fully paid and non-assessable shares of Series&nbsp;B Liberty
Capital Common Stock equal to the Starz/Capital Group Optional Conversion Ratio, and (III)&nbsp;each share of Series&nbsp;C Liberty Starz Common Stock will be converted into a number (or fraction)
of fully paid and non-assessable shares of Series&nbsp;C Liberty Capital Common Stock equal to the Starz/Capital Group Optional Conversion Ratio. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;For
purposes of this paragraph&nbsp;(b)(iv), the "</FONT><FONT SIZE=2><B>Starz/Capital Group Optional Conversion Ratio</B></FONT><FONT SIZE=2>" means the amount
(calculated to the nearest five decimal places) obtained by dividing (I)&nbsp;the Average Market Value of the Liberty Starz Reference Share over the 60-Trading Day period ending on the
Trading Day preceding the Determination Date, by (II)&nbsp;the Average Market Value of the Liberty Capital Reference Share over the 60-Trading Day period ending on the Trading Day
preceding the Determination Date. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;If
the Corporation determines to convert shares of Liberty Starz Common Stock into Liberty Capital Common Stock pursuant to this paragraph&nbsp;(b)(iv), such
conversion will occur on a Starz Group Conversion Date on or prior to the 45th&nbsp;day following the Determination Date and will otherwise be effected in accordance with the provisions of
paragraph&nbsp;(f)(iv) of this Section&nbsp;A.2. If the Corporation determines not to undertake such conversion following the determination of the Starz/Capital Group Optional Conversion Ratio,
the Corporation may at any time thereafter establish a new Determination Date, in which event the Starz/Capital Group Optional Conversion Ratio will be recalculated as of such new Determination Date
and, if the Corporation determines to convert shares of Liberty Starz Common Stock into shares of Liberty Capital Common Stock, a new Starz Group Conversion Date will be established, in each case, in
accordance with this paragraph&nbsp;(b)(iv). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;&nbsp;The
Corporation will not convert shares of a series of Liberty Starz Common Stock into shares of Liberty Capital Common Stock pursuant to this paragraph&nbsp;(b)(iv)
without converting all outstanding
shares of each series of Liberty Starz Common Stock into shares of Liberty Capital Common Stock, in each case, in accordance with this paragraph&nbsp;(b)(iv). </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Conversion of Liberty Starz Common Stock into Liberty Interactive Common Stock at the Option of the Corporation</I></FONT><FONT SIZE=2>. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;At
the option of the Corporation, exercisable at any time by resolution of its Board of Directors: (I)&nbsp;each share of Series&nbsp;A Liberty Starz Common Stock
will be converted into a number (or fraction) of fully paid and non-assessable shares of Series&nbsp;A Liberty Interactive Common Stock equal to the Starz/Interactive Group Optional
Conversion Ratio, (II)&nbsp;each share of Series&nbsp;B Liberty Starz Common Stock will be converted into a number (or fraction) of fully paid and non-assessable shares of
Series&nbsp;B Liberty Interactive Common Stock equal to the Starz/Interactive Group Optional Conversion Ratio, and (III)&nbsp;each share of Series&nbsp;C Liberty Starz Common Stock will be
converted into a number (or fraction) of fully paid and non-assessable shares of Series&nbsp;C Liberty Interactive Common Stock equal to the Starz/Interactive Group Optional Conversion
Ratio. </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>10</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=10,SEQ=10,EFW="2195631",CP="LIBERTY MEDIA CORPORATION",DN="2",CHK=22381,FOLIO='10',FILE='DISK129:[09ZEF1.09ZEF76801]QM76801C.;2',USER='DSCHWAR',CD='19-NOV-2009;12:25' -->
<A NAME="page_qm76801_1_11"> </A>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;For
purposes of this paragraph&nbsp;(b)(v), the "</FONT><FONT SIZE=2><B>Starz/Interactive Group Optional Conversion Ratio</B></FONT><FONT SIZE=2>" means the amount
(calculated to the nearest five decimal places) obtained by dividing (I)&nbsp;the Average Market Value of the Liberty Starz Reference Share over the 60-Trading Day period ending on the
Trading Day preceding the Determination Date, by (II)&nbsp;the Average Market Value of the Liberty Interactive Reference Share over the 60-Trading Day period ending on the Trading Day
preceding the Determination Date. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;If
the Corporation determines to convert shares of Liberty Starz Common Stock into Liberty Interactive Common Stock pursuant to this paragraph&nbsp;(b)(v), such
conversion will occur on a Starz Group Conversion Date on or prior to the 45th&nbsp;day following the Determination Date and will otherwise be effected in accordance with the provisions of
paragraph&nbsp;(f)(iv) of this Section&nbsp;A.2. If the Corporation determines not to undertake such conversion following the determination of the Starz/Interactive Group Optional Conversion
Ratio, the Corporation may at any time thereafter establish a new Determination Date, in which event the Starz/Interactive Group Optional Conversion Ratio will be recalculated as of such new
Determination Date and, if the Corporation determines to convert shares of Liberty Starz Common Stock into shares of Liberty Interactive Common Stock, a new Starz Group Conversion Date will be
established, in each case, in accordance with this paragraph&nbsp;(b)(v). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;&nbsp;The
Corporation will not convert shares of a series of Liberty Starz Common Stock into shares of Liberty Interactive Common Stock pursuant to this
paragraph&nbsp;(b)(v) without converting all outstanding
shares of each series of Liberty Starz Common Stock into shares of Liberty Interactive Common Stock, in each case, in accordance with this paragraph&nbsp;(b)(v). </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Conversion of Liberty Capital Common Stock into Liberty Interactive Common Stock at the Option of the Corporation</I></FONT><FONT SIZE=2>. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;At
the option of the Corporation, exercisable at any time by resolution of its Board of Directors: (I)&nbsp;each share of Series&nbsp;A Liberty Capital Common Stock
will be converted into a number (or fraction) of fully paid and non-assessable shares of Series&nbsp;A Liberty Interactive Common Stock equal to the Capital/Interactive Group Optional
Conversion Ratio, (II)&nbsp;each share of Series&nbsp;B Liberty Capital Common Stock will be converted into a number (or fraction) of fully paid and non-assessable shares of
Series&nbsp;B Liberty Interactive Common Stock equal to the Capital/Interactive Group Optional Conversion Ratio, and (III)&nbsp;each share of Series&nbsp;C Liberty Capital Common Stock will be
converted into a number (or fraction) of fully paid and non-assessable shares of Series&nbsp;C Liberty Interactive Common Stock equal to the Capital/Interactive Group Optional Conversion
Ratio. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;For
purposes of this paragraph&nbsp;(b)(vi), the "</FONT><FONT SIZE=2><B>Capital</B></FONT><FONT SIZE=2>/</FONT><FONT SIZE=2><B>Interactive Group Optional Conversion
Ratio</B></FONT><FONT SIZE=2>" means the amount (calculated to the nearest five decimal places) obtained by dividing (I)&nbsp;the Average Market Value of the Liberty Capital Reference Share over the
60-Trading Day period ending on the Trading Day preceding the Determination Date, by (II)&nbsp;the Average Market Value of the Liberty Interactive Reference Share over the
60-Trading Day period ending on the Trading Day preceding the Determination Date. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;If
the Corporation determines to convert shares of Liberty Capital Common Stock into Liberty Interactive Common Stock pursuant to this paragraph&nbsp;(b)(vi), such
conversion will occur on a Capital Group Conversion Date on or prior to the 45th&nbsp;day following the Determination Date and will otherwise be effected in accordance with the provisions of
paragraph&nbsp;(e)(iv) of this Section&nbsp;A.2. If the Corporation determines not to undertake such conversion following the determination of the Capital/Interactive Group Optional Conversion
Ratio, the Corporation may at any time thereafter establish a new Determination Date, in which event the Capital/Interactive Group Optional Conversion Ratio will be recalculated as of such new
Determination Date and, if the Corporation determines to convert shares of </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>11</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_qm76801_1_12"> </A>
<UL>
<UL>
<BR>

<P style="font-family:times;"><FONT SIZE=2>Liberty
Capital Common Stock into shares of Liberty Interactive Common Stock, a new Capital Group Conversion Date will be established, in each case, in accordance with this paragraph&nbsp;(b)(vi). </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;&nbsp;The
Corporation will not convert shares of a series of Liberty Capital Common Stock into shares of Liberty Interactive Common Stock pursuant to this
paragraph&nbsp;(b)(vi) without converting all outstanding
shares of each series of Liberty Capital Common Stock into shares of Liberty Interactive Common Stock, in each case, in accordance with this paragraph&nbsp;(b)(vi). </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;</FONT><FONT
SIZE=2><I>Conversion of Liberty Capital Common Stock into Liberty Starz Common Stock at the Option of the Corporation</I></FONT><FONT SIZE=2>. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;At
the option of the Corporation, exercisable at any time by resolution of its Board of Directors: (I)&nbsp;each share of Series&nbsp;A Liberty Capital Common Stock
will be converted into a number (or fraction) of fully paid and non-assessable shares of Series&nbsp;A Liberty Starz Common Stock equal to the Capital/Starz Group Optional Conversion
Ratio, (II)&nbsp;each share of Series&nbsp;B Liberty Capital Common Stock will be converted into a number (or fraction) of fully paid and non-assessable shares of Series&nbsp;B
Liberty Starz Common Stock equal to the Capital/Starz Group Optional Conversion Ratio, and (III)&nbsp;each share of Series&nbsp;C Liberty Capital Common Stock will be converted into a number (or
fraction) of fully paid and non-assessable shares of Series&nbsp;C Liberty Starz Common Stock equal to the Capital/Starz Group Optional Conversion Ratio. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;For
purposes of this paragraph&nbsp;(b)(vii), the "</FONT><FONT SIZE=2><B>Capital/Starz Group Optional Conversion Ratio</B></FONT><FONT SIZE=2>" means the amount
(calculated to the nearest five decimal places) obtained by dividing (I)&nbsp;the Average Market Value of the Liberty Capital Reference Share over the 60-Trading Day period ending on the
Trading Day preceding the Determination Date, by (II)&nbsp;the Average Market Value of the Liberty Starz Reference Share over the 60-Trading Day period ending on the Trading Day
preceding the Determination Date. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;If
the Corporation determines to convert shares of Liberty Capital Common Stock into Liberty Starz Common Stock pursuant to this paragraph&nbsp;(b)(vii), such
conversion will occur on a Capital Group Conversion Date on or prior to the 45th&nbsp;day following the Determination Date and will otherwise be effected in accordance with the provisions of
paragraph&nbsp;(e)(iv) of this Section&nbsp;A.2. If the Corporation determines not to undertake such conversion following the determination of the Capital/Starz Group Optional Conversion Ratio,
the Corporation may at any time thereafter establish a new Determination Date, in which event the Capital/Starz Group Optional Conversion Ratio will be recalculated as of such new Determination Date
and, if the Corporation determines to convert shares of Liberty Capital Common Stock into shares of Liberty Starz Common Stock, a new Capital Group Conversion Date will be established, in each case,
in accordance with this paragraph&nbsp;(b)(vii). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;&nbsp;The
Corporation will not convert shares of a series of Liberty Capital Common Stock into shares of Liberty Starz Common Stock pursuant to this paragraph&nbsp;(b)(vii)
without converting all outstanding shares of each series of Liberty Capital Common Stock into shares of Liberty Starz Common Stock, in each case, in accordance with this paragraph&nbsp;(b)(vii). </FONT></P>

</UL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Dividends Generally.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Dividends on Liberty Capital Common Stock</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;Subject to the applicable terms of any Preferred Stock
Designation, dividends on the Liberty Capital Common Stock may be declared and paid only out of the lesser of (A)&nbsp;assets of the Corporation legally available therefor and (B)&nbsp;the Capital
Group Available Dividend Amount. Whenever a dividend, other than a dividend that consists of a Share Distribution, is paid to the holders of one or more series of Liberty Capital Common Stock, the
Corporation will also pay to the holders of each other series of Liberty Capital </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>12</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_qm76801_1_13"> </A>
<UL>

<P style="font-family:times;"><FONT SIZE=2>Common
Stock a dividend per share equal to the dividend per share paid to the holders of such first one or more series of Liberty Capital Common Stock, such that the dividend paid on each share of
Liberty Capital Common Stock, regardless of series, is the same. Whenever a dividend that consists of a Share Distribution is paid to the holders of one or more series of Liberty Capital Common Stock,
the Corporation will also pay a dividend that consists of a Share Distribution to the holders of each other series of Liberty Capital Common Stock as provided in paragraph&nbsp;(d)(i) of this
Section&nbsp;A.2. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Capital Group Outstanding Interest Fraction is less than one (1)&nbsp;on the record date for any dividend, including a dividend that consists of a Share Distribution, with
respect to the Liberty Capital Common Stock, then concurrently with the payment of any dividend on the outstanding shares of Liberty Capital Common Stock: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;if
such dividend consists of cash, securities (other than shares of Liberty Capital Common Stock, Liberty Starz Common Stock or Liberty Interactive Common Stock) or
other assets, at the election of the Board of Directors, the Corporation will (I)&nbsp;attribute (a "</FONT><FONT SIZE=2><B>Capital Group Inter-Group Dividend</B></FONT><FONT SIZE=2>") to the
Interactive Group and the Starz Group, to the extent that such Group has a Number of Shares Issuable with Respect to the Capital Group Inter-Group Interest attributable to it as of the record date for
such dividend, subject to the last paragraph of this paragraph&nbsp;(c)(i), an aggregate amount of cash, securities or other assets, or a combination thereof (the "</FONT><FONT SIZE=2><B>Capital
Group Inter-Group Dividend Amount</B></FONT><FONT SIZE=2>"), with a Fair Value equal to the amount (rounded, if necessary, to the nearest whole number) obtained by multiplying (x)&nbsp;the Number of
Shares Issuable with Respect to the Capital Group Inter-Group Interest as of the record date for such dividend, by (y)&nbsp;the per share Fair Value of such dividend payable to the holders of
outstanding shares of Liberty Capital Common Stock, as determined by the Board of Directors (and with the amount of the Capital Group Inter-Group Dividend Amount to be attributed to the Interactive
Group and the Starz Group to be determined (x)&nbsp;in the case of the Interactive Group, by multiplying the Capital Group Inter-Group Dividend Amount by a fraction, the numerator of which is the
Number of Shares Issuable to the Interactive Group with Respect to the Capital Group Inter-Group Interest and the denominator of which is the Number of Shares Issuable with Respect to the Capital
Group Inter-Group Interest (such fraction determined as of the applicable determination date, the "</FONT><FONT SIZE=2><B>Interactive Group's Fractional Interest in the Capital
Group</B></FONT><FONT SIZE=2>"), in each case as of the record date for such dividend, and (y)&nbsp;in the case of the Starz Group, by multiplying the Capital Group Inter-Group Dividend Amount by a
fraction, the numerator of which is the Number of Shares Issuable to the Starz Group with Respect to the Capital Group Inter-Group Interest and the denominator of which is the Number of Shares
Issuable with Respect to the Capital Group Inter-Group Interest (such fraction determined as of the applicable determination date, the "</FONT><FONT SIZE=2><B>Starz Group's Fractional Interest in the
Capital Group</B></FONT><FONT SIZE=2>"), in each case as of the record date for such dividend), or (II)&nbsp;increase the Number of Shares Issuable with Respect to the Capital Group Inter-Group
Interest by a number equal to the amount (rounded, if necessary, to the nearest whole
number) obtained by dividing (x)&nbsp;the Capital Group Inter-Group Dividend Amount, by (y)&nbsp;the Fair Value of the Liberty Capital Reference Share as of the "ex" date or any similar date for
such dividend, and such additional Number of Shares Issuable with Respect to the Capital Group Inter-Group Interest will be allocated to the Interactive Group and the Starz Group by multiplying such
additional number of shares by, in the case of the amount to be allocated to the Interactive Group, the Interactive Group's Fractional Interest in the Capital Group as of the record date for such
dividend and, in the case of the amount to be allocated to the Starz Group, the Starz Group's Fractional Interest in the Capital Group as of the record date for such dividend; </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>13</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_qm76801_1_14"> </A>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;if
such dividend consists of shares of Liberty Capital Common Stock, the Number of Shares Issuable with Respect to the Capital Group Inter-Group Interest will be
increased by a number equal to the amount (rounded, if necessary, to the nearest whole number) obtained by multiplying (x)&nbsp;the Number of Shares Issuable with Respect to the Capital Group
Inter-Group Interest as of the record date for such dividend, by (y)&nbsp;the Capital Group Share Distribution Ratio applicable to such dividend, and such additional Number of Shares Issuable with
Respect to the Capital Group Inter-Group Interest will be allocated to the Interactive Group and the Starz Group by multiplying such additional number of shares by, in the case of the amount to be
allocated to the Interactive Group, the Interactive Group's Fractional Interest in the Capital Group as of the record date for such dividend and, in the case of the amount to be allocated to the Starz
Group, the Starz Group's Fractional Interest in the Capital Group as of the record date for such dividend; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;if
such dividend consists of shares of Liberty Starz Common Stock, subject to paragraph&nbsp;(d)(i)(B), (1)&nbsp;the Number of Shares Issuable to the Capital Group
with Respect to the Starz Group Inter-Group Interest will be decreased by a number equal to the amount (rounded, if necessary, to the nearest whole number) obtained by adding (I)&nbsp;the number of
shares of Liberty Starz Common Stock distributed to holders of Liberty Capital Common Stock, plus (II)&nbsp;the amount (rounded, if necessary, to the nearest whole number) obtained by multiplying
(x)&nbsp;the Number of Shares Issuable with Respect to the Capital Group Inter-Group Interest as of the record date for such dividend, by (y)&nbsp;the Starz Group Share Distribution Ratio
applicable to such dividend, and (2)&nbsp;upon such distribution, there will be established for the benefit of the Interactive Group, an Inter-Group Interest in the Starz Group (or if such an
Inter-Group Interest existed at the time of such distribution, such Inter-Group Interest will be increased) as follows: a Number of Shares Issuable to the Interactive Group with Respect to the Starz
Group Inter-Group Interest will be established with (or if in existence, increased by) a number equal to the amount (rounded, if necessary, to the nearest whole number) obtained by multiplying
(x)&nbsp;the Number of Shares Issuable to the Interactive Group with Respect to the Capital Group Inter-Group Interest as of the record date for such dividend, by (y)&nbsp;the Starz Group Share
Distribution Ratio applicable to such dividend; or </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;&nbsp;if
such dividend consists of shares of Liberty Interactive Common Stock, subject to paragraph&nbsp;(d)(i)(C), (1)&nbsp;the Number of Shares Issuable to the Capital
Group with Respect to the Interactive Group Inter-Group Interest will be decreased by a number equal to the amount (rounded,
if necessary, to the nearest whole number) obtained by adding (I)&nbsp;the number of shares of Liberty Interactive Common Stock distributed to holders of Liberty Capital Common Stock, plus
(II)&nbsp;the amount (rounded, if necessary, to the nearest whole number) obtained by multiplying (x)&nbsp;the Number of Shares Issuable with Respect to the Capital Group Inter-Group Interest as
of the record date for such dividend, by (y)&nbsp;the Interactive Group Share Distribution Ratio applicable to such dividend and (2)&nbsp;upon such distribution, there will be established for the
benefit of the Starz Group, an Inter-Group Interest in the Interactive Group (or if such an Inter-Group Interest existed at the time of such distribution, such Inter-Group Interest will be increased)
as follows: a Number of Shares Issuable to the Starz Group with Respect to the Interactive Group Inter-Group Interest will be established with (or if in existence, increased by) a number equal to the
amount (rounded, if necessary, to the nearest whole number) obtained by multiplying (x)&nbsp;the Number of Shares Issuable to the Starz Group with Respect to the Capital Group Inter-Group Interest
as of the record date for such dividend, by (y)&nbsp;the Interactive Group Share Distribution Ratio applicable to such dividend. </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>14</FONT></P>

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<UL>
</UL>
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 </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the case of a dividend paid pursuant to clause&nbsp;(E) of paragraph&nbsp;(e)(ii) of this Section&nbsp;A.2. in connection with a Capital Group Disposition, the Capital Group
Inter-Group Dividend Amount may be increased, at the election of the Board of Directors, by the aggregate amount of the dividend that would have been payable with respect to the shares of Liberty
Capital Common Stock converted into Liberty Interactive Common Stock or Liberty Starz Common Stock, as applicable, in connection with such Capital Group Disposition if such shares were not so
converted and received the same dividend per share as the other shares of Liberty Capital Common Stock received in connection with such Capital Group Disposition. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
Capital Group Inter-Group Dividend may, at the discretion of the Board of Directors, be reflected by an allocation or by a direct transfer of cash, securities or other assets, or a
combination thereof, and may be payable in kind or otherwise. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Dividends on Liberty Starz Common Stock</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;Subject to the applicable terms of any Preferred Stock
Designation, dividends on the Liberty Starz Common Stock may be declared and paid only out of the lesser of (A)&nbsp;assets of the Corporation legally available therefor and (B)&nbsp;the Starz
Group Available Dividend Amount. Whenever a dividend, other than a dividend that consists of a Share Distribution, is paid to the holders of one or more series of Liberty Starz Common Stock, the
Corporation will also pay to the holders of each other series of Liberty Starz Common Stock a dividend per share equal to the dividend per share paid to the holders of such first one or more series of
Liberty Starz Common Stock, such that the dividend paid on each share of Liberty Starz Common Stock, regardless of series, is the same. Whenever a dividend that consists of a Share Distribution is
paid to the holders of one or more series of Liberty Starz Common Stock, the Corporation will also pay a dividend that consists of a Share Distribution to the holders of each other series of Liberty
Starz Common Stock as provided in paragraph&nbsp;(d)(ii) of this Section&nbsp;A.2. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Starz Group Outstanding Interest Fraction is less than one (1)&nbsp;on the record date for any dividend, including a dividend that consists of a Share Distribution, with respect
to the Liberty Starz
Common Stock, then concurrently with the payment of any dividend on the outstanding shares of Liberty Starz Common Stock: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;if
such dividend consists of cash, securities (other than shares of Liberty Starz Common Stock, Liberty Capital Common Stock or Liberty Interactive Common Stock) or
other assets, at the election of the Board of Directors, the Corporation will (I)&nbsp;attribute (a "</FONT><FONT SIZE=2><B>Starz Group Inter-Group Dividend</B></FONT><FONT SIZE=2>") to the
Interactive Group and the Capital Group, to the extent that such Group has a Number of Shares Issuable with Respect to the Starz Group Inter-Group Interest attributable to it as of the record date for
such dividend, subject to the last paragraph of this paragraph&nbsp;(c)(ii), an aggregate amount of cash, securities or other assets, or a combination thereof (the "</FONT><FONT SIZE=2><B>Starz
Group Inter-Group Dividend Amount</B></FONT><FONT SIZE=2>"), with a Fair Value equal to the amount (rounded, if necessary, to the nearest whole number) obtained by multiplying (x)&nbsp;the Number of
Shares Issuable with Respect to the Starz Group Inter-Group Interest as of the record date for such dividend, by (y)&nbsp;the per share Fair Value of such dividend payable to the holders of
outstanding shares of Liberty Starz Common Stock, as determined by the Board of Directors (and with the amount of the Starz Group Inter-Group Dividend Amount to be attributed to the Interactive Group
and the Capital Group to be determined (x)&nbsp;in the case of the Interactive Group, by multiplying the Starz Group Inter-Group Dividend Amount by a fraction, the numerator of which is the Number
of Shares Issuable to the Interactive Group with Respect to the Starz Group Inter-Group Interest and the denominator of which is the Number of Shares Issuable with Respect to the Starz Group
Inter-Group Interest (such fraction determined as of the applicable determination date, the "</FONT><FONT SIZE=2><B>Interactive Group's Fractional Interest in the Starz
Group</B></FONT><FONT SIZE=2>"), in each case as of the record date for such dividend, and (y)&nbsp;in the case of the Capital Group, by multiplying the Starz </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>15</FONT></P>

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<A NAME="page_qo76801_1_16"> </A>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>Group
Inter-Group Dividend Amount by a fraction, the numerator of which is the Number of Shares Issuable to the Capital Group with Respect to the Starz Group Inter-Group Interest and the denominator
of which is the Number of Shares Issuable with Respect to the Starz Group Inter-Group Interest (such fraction determined as of the applicable determination date, the "</FONT><FONT SIZE=2><B>Capital
Group's Fractional Interest in the Starz Group</B></FONT><FONT SIZE=2>"), in each case as of the record date for such dividend), or (II)&nbsp;increase the Number of Shares Issuable with Respect to
the Starz Group Inter-Group Interest by a number equal to the amount (rounded, if necessary, to the nearest whole number) obtained by dividing (x)&nbsp;the Starz Group Inter-Group Dividend Amount,
by (y)&nbsp;the Fair Value of the Liberty Starz Reference Share as of the "ex" date or any similar date for such dividend, and such additional Number of Shares Issuable with Respect to the Starz
Group Inter-Group Interest will be allocated to the Interactive Group and the Capital Group by multiplying such additional number of shares by, in the case of the amount to be allocated to the
Interactive Group, the Interactive Group's Fractional Interest in the Starz Group as of the record date for such dividend and, in the case of the amount to be allocated to the Capital Group, the
Capital Group's Fractional Interest in the Starz Group as of the record date for such dividend; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;if
such dividend consists of shares of Liberty Starz Common Stock, the Number of Shares Issuable with Respect to the Starz Group Inter-Group Interest will be increased
by a number equal to the amount (rounded, if necessary, to the nearest whole number) obtained by multiplying (x)&nbsp;the Number of Shares Issuable with Respect to the Starz Group Inter-Group
Interest as of the record date for such dividend, by (y)&nbsp;the Starz Group Share Distribution Ratio applicable to such dividend, and such additional Number of Shares Issuable with Respect to the
Starz Group Inter-Group Interest will be allocated to the Interactive Group and the Capital Group by multiplying such additional number of
shares by, in the case of the amount to be allocated to the Interactive Group, the Interactive Group's Fractional Interest in the Starz Group as of the record date for such dividend and, in the case
of the amount to be allocated to the Capital Group, the Capital Group's Fractional Interest in the Starz Group as of the record date for such dividend; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;if
such dividend consists of shares of Liberty Capital Common Stock, subject to paragraph&nbsp;(d)(ii)(B), (1)&nbsp;the Number of Shares Issuable to the Starz Group
with Respect to the Capital Group Inter-Group Interest will be decreased by a number equal to the amount (rounded, if necessary, to the nearest whole number) obtained by adding (I)&nbsp;the number
of shares of Liberty Capital Common Stock distributed to holders of Liberty Starz Common Stock, plus (II)&nbsp;the amount (rounded, if necessary, to the nearest whole number) obtained by multiplying
(x)&nbsp;the Number of Shares Issuable with Respect to the Starz Group Inter-Group Interest as of the record date for such dividend, by (y)&nbsp;the Capital Group Share Distribution Ratio
applicable to such dividend and (2)&nbsp;upon such distribution, there will be established for the benefit of the Interactive Group, an Inter-Group Interest in the Capital Group (or if such an
Inter-Group Interest existed at the time of such distribution, such Inter-Group Interest will be increased) as follows: a Number of Shares Issuable to the Interactive Group with Respect to the Capital
Group Inter-Group Interest will be established with (or if in existence, increased by) a number equal to the amount (rounded, if necessary, to the nearest whole number) obtained by multiplying
(x)&nbsp;the Number of Shares Issuable to the Interactive Group with Respect to the Starz Group Inter-Group Interest as of the record date for such dividend, by (y)&nbsp;the Capital Group Share
Distribution Ratio applicable to such dividend; or </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;&nbsp;if
such dividend consists of shares of Liberty Interactive Common Stock, subject to paragraph&nbsp;(d)(ii)(C), (1)&nbsp;the Number of Shares Issuable to the Starz
Group with Respect to the Interactive Group Inter-Group Interest will be decreased by a number equal to the amount (rounded, if necessary, to the nearest whole number) obtained by adding
(I)&nbsp;the </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>16</FONT></P>

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<A NAME="page_qo76801_1_17"> </A>
<UL>
<UL>
<BR>

<P style="font-family:times;"><FONT SIZE=2>number
of shares of Liberty Interactive Common Stock distributed to holders of Liberty Starz Common Stock, plus (II)&nbsp;the amount (rounded, if necessary, to the nearest whole number) obtained by
multiplying (x)&nbsp;the Number of Shares Issuable with Respect to the Starz Group Inter-Group Interest as of the record date for such dividend, by (y)&nbsp;the Interactive Group Share
Distribution Ratio applicable to such dividend and (2)&nbsp;upon such distribution, there will be established for the benefit of the Capital Group, an Inter-Group Interest in the Interactive Group
(or if such an Inter-Group Interest existed at the time of such distribution, such Inter-Group Interest will be increased) as follows: a Number of Shares Issuable to the Capital Group with Respect to
the Interactive Group Inter-Group Interest will be established with (or if in existence, increased by) a number equal to the amount (rounded, if necessary, to the nearest whole number) obtained by
multiplying (x)&nbsp;the Number of Shares Issuable to the Capital Group with Respect to the Starz Group Inter-Group Interest as of the record date for such dividend, by (y)&nbsp;the Interactive
Group Share Distribution Ratio applicable to such dividend. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the case of a dividend paid pursuant to clause&nbsp;(E) of paragraph&nbsp;(f)(ii) of this Section&nbsp;A.2. in connection with a Starz Group Disposition, the Starz Group
Inter-Group Dividend Amount may be increased, at the election of the Board of Directors, by the aggregate amount of the dividend that would have been payable with respect to the shares of Liberty
Starz Common Stock converted into
Liberty Interactive Common Stock or Liberty Capital Common Stock, as applicable, in connection with such Starz Group Disposition if such shares were not so converted and received the same dividend per
share as the other shares of Liberty Starz Common Stock received in connection with such Starz Group Disposition. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
Starz Group Inter-Group Dividend may, at the discretion of the Board of Directors, be reflected by an allocation or by a direct transfer of cash, securities or other assets, or a
combination thereof, and may be payable in kind or otherwise. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Dividends on Liberty Interactive Common Stock.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Subject to the applicable terms of any Preferred Stock
Designation, dividends on the Liberty Interactive Common Stock may be declared and paid only out of the lesser of (A)&nbsp;assets of the Corporation legally available therefor and (B)&nbsp;the
Interactive Group Available Dividend Amount. Whenever a dividend, other than a dividend that consists of a Share Distribution, is paid to the holders of one or more series of Liberty Interactive
Common Stock, the Corporation will also pay to the holders of each other series of Liberty Interactive Common Stock a dividend per share equal to the dividend per share paid to the holders of such
first one or more series of Liberty Interactive Common Stock, such that the dividend paid on each share of Liberty Interactive Common Stock, regardless of series, is the same. Whenever a dividend that
consists of a Share Distribution is paid to the holders of one or more series of Liberty Interactive Common Stock, the Corporation will also pay a dividend that consists of a Share Distribution to the
holders of each other series of Liberty Interactive Common Stock as provided in paragraph&nbsp;(d)(iii) of this Section&nbsp;A.2. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Interactive Group Outstanding Interest Fraction is less than one (1)&nbsp;on the record date for any dividend, including a dividend that consists of a Share Distribution, with
respect to the Liberty Interactive Common Stock, then concurrently with the payment of any dividend on the outstanding shares of Liberty Interactive Common Stock: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;if
such dividend consists of cash, securities (other than shares of Liberty Capital Common Stock, Liberty Starz Common Stock or Liberty Interactive Common Stock) or
other assets, at the election of the Board of Directors, the Corporation will (I)&nbsp;attribute (an "</FONT><FONT SIZE=2><B>Interactive Group Inter-Group Dividend</B></FONT><FONT SIZE=2>") to the
Capital Group and the Starz Group, to the extent that such Group has a Number of Shares Issuable with Respect to the Interactive Group Inter-Group Interest attributable to it as of the record date for
such dividend, subject </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>17</FONT></P>

<HR NOSHADE>
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<A NAME="page_qo76801_1_18"> </A>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>to
the last paragraph of this paragraph&nbsp;(c)(iii), an aggregate amount of cash, securities or other assets, or a combination thereof (the "</FONT><FONT SIZE=2><B>Interactive Group Inter-Group
Dividend Amount</B></FONT><FONT SIZE=2>"), with a Fair Value equal to the amount (rounded, if necessary, to the nearest whole number) obtained by multiplying (x)&nbsp;the Number of Shares Issuable
with Respect to the Interactive Group Inter-Group Interest as of the record date for such dividend, by (y)&nbsp;the per share Fair Value of such dividend payable to the holders of outstanding shares
of Liberty Interactive Common Stock, as determined by the Board of Directors (and with the amount of the Interactive Group Inter-Group Dividend Amount to be attributed to the Capital Group and the
Starz Group to be determined (x)&nbsp;in the case of the Capital Group, by
multiplying the Interactive Group Inter-Group Dividend Amount by a fraction, the numerator of which is the Number of Shares Issuable to the Capital Group with Respect to the Interactive Group
Inter-Group Interest and the denominator of which is the Number of Shares Issuable with Respect to the Interactive Group Inter-Group Interest (such fraction determined as of the applicable
determination date, the "</FONT><FONT SIZE=2><B>Capital Group's Fractional Interest in the Interactive Group</B></FONT><FONT SIZE=2>"), in each case as of the record date for such dividend, and
(y)&nbsp;in the case of the Starz Group, by multiplying the Interactive Group Inter-Group Dividend Amount by a fraction, the numerator of which is the Number of Shares Issuable to the Starz Group
with Respect to the Interactive Group Inter-Group Interest and the denominator of which is the Number of Shares Issuable with Respect to the Interactive Group Inter-Group Interest (such fraction
determined as of the applicable determination date, the "</FONT><FONT SIZE=2><B>Starz Group's Fractional Interest in the Interactive Group</B></FONT><FONT SIZE=2>"), in each case as of the record
date for such dividend), or (II)&nbsp;increase the Number of Shares Issuable with Respect to the Interactive Group Inter-Group Interest by a number equal to the amount (rounded, if necessary, to the
nearest whole number) obtained by dividing (x)&nbsp;the Interactive Group Inter-Group Dividend Amount, by (y)&nbsp;the Fair Value of the Liberty Interactive Reference Share as of the "ex" date or
any similar date for such dividend, and such additional Number of Shares Issuable with Respect to the Interactive Group Inter-Group Interest will be allocated to the Capital Group and the Starz Group
by multiplying such additional number of shares by, in the case of the amount to be allocated to the Capital Group, the Capital Group's Fractional Interest in the Interactive Group as of the record
date for such dividend and, in the case of the amount to be allocated to the Starz Group, the Starz Group's Fractional Interest in the Interactive Group as of the record date for such dividend; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;if
such dividend consists of shares of Liberty Interactive Common Stock, the Number of Shares Issuable with Respect to the Interactive Group Inter-Group Interest will be
increased by a number equal to the amount (rounded, if necessary, to the nearest whole number) obtained by multiplying (x)&nbsp;the Number of Shares Issuable with Respect to the Interactive Group
Inter-Group Interest as of the record date for such dividend, by (y)&nbsp;the Interactive Group Share Distribution Ratio applicable to such dividend, and such additional Number of Shares Issuable
with Respect to the Interactive Group Inter-Group Interest will be allocated to the Capital Group and the Starz Group by multiplying such additional number of shares by, in the case of the amount to
be allocated to the Capital Group, the Capital Group's Fractional Interest in the Interactive Group as of the record date for such dividend and, in the case of the amount to be allocated to the Starz
Group, the Starz Group's Fractional Interest in the Interactive Group as of the record date for such dividend; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;if
such dividend consists of shares of Liberty Starz Common Stock, subject to paragraph&nbsp;(d)(iii)(C), (1)&nbsp;the Number of Shares Issuable to the Interactive
Group with Respect to the Starz Group Inter-Group Interest will be decreased by a number equal to the amount (rounded, if necessary, to the nearest whole number) obtained by adding (I)&nbsp;the
number of shares of Liberty Starz Common Stock distributed to holders of Liberty Interactive Common Stock, plus (II)&nbsp;the amount (rounded, if necessary, to the nearest whole number) obtained by
multiplying (x)&nbsp;the Number of Shares Issuable with Respect to the Interactive </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>18</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_qo76801_1_19"> </A>
<UL>
<UL>
<BR>


<P style="font-family:times;"><FONT SIZE=2>Group
Inter-Group Interest as of the record date for such dividend, by (y)&nbsp;the Starz Group Share Distribution Ratio applicable to such dividend and (2)&nbsp;upon such distribution, there will
be established for the benefit of the Capital Group, an Inter-Group Interest in the Starz Group (or if such an
Inter-Group Interest existed at the time of such distribution, such Inter-Group Interest will be increased) as follows: a Number of Shares Issuable to the Capital Group with Respect to the Starz Group
Inter-Group Interest will be established with (or if in existence, increased by) a number equal to the amount (rounded, if necessary, to the nearest whole number) obtained by multiplying
(x)&nbsp;the Number of Shares Issuable to the Capital Group with Respect to the Interactive Group Inter-Group Interest as of the record date for such dividend, by (y)&nbsp;the Starz Group Share
Distribution Ratio applicable to such dividend; or </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;&nbsp;if
such dividend consists of shares of Liberty Capital Common Stock, subject to paragraph&nbsp;(d)(iii)(B), (1)&nbsp;the Number of Shares Issuable to the Interactive
Group with Respect to the Capital Group Inter-Group Interest will be decreased by a number equal to the amount (rounded, if necessary, to the nearest whole number) obtained by adding (I)&nbsp;the
number of shares of Liberty Capital Common Stock distributed to holders of Liberty Interactive Common Stock, plus (II)&nbsp;the amount (rounded, if necessary, to the nearest whole number) obtained
by multiplying (x)&nbsp;the Number of Shares Issuable with Respect to the Interactive Group Inter-Group Interest as of the record date for such dividend, by (y)&nbsp;the Capital Group Share
Distribution Ratio applicable to such dividend and (2)&nbsp;upon such distribution, there will be established for the benefit of the Starz Group, an Inter-Group Interest in the Capital Group (or if
an Inter-Group Interest existed at the time of such distribution, such Inter-Group Interest will be increased) as follows: a Number of Shares Issuable to the Starz Group with Respect to the Capital
Group Inter-Group Interest will be established with (or if in existence, increased by) a number equal to the amount (rounded, if necessary, to the nearest whole number) obtained by multiplying
(x)&nbsp;the Number of Shares Issuable to the Starz Group with Respect to the Interactive Group Inter-Group Interest as of the record date for such dividend, by (y)&nbsp;the Capital Group Share
Distribution Ratio applicable to such dividend. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the case of a dividend paid pursuant to clause&nbsp;(E) of paragraph&nbsp;(g)(ii) of this Section&nbsp;A.2. in connection with an Interactive Group Disposition, the Interactive
Group Inter-Group Dividend Amount may be increased, at the election of the Board of Directors, by the aggregate amount of the dividend that would have been payable with respect to the shares of
Liberty Interactive Common Stock converted into Liberty Capital Common Stock or Liberty Starz Common Stock, as applicable, in connection with such Interactive Group Disposition if such shares were not
so converted and received the same dividend per share as the other shares of Liberty Interactive Common Stock received in connection with such Interactive Group Disposition. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
Interactive Group Inter-Group Dividend may, at the discretion of the Board of Directors, be reflected by an allocation or by a direct transfer of cash, securities or other assets, or
a combination thereof, and may be payable in kind or otherwise. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Discrimination Between or Among Series of Common Stock</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;Subject to the provisions of paragraphs&nbsp;(c)
and (d)&nbsp;of this Section&nbsp;A.2., the Board of Directors will have the authority and discretion to declare and pay (or to refrain from declaring and paying) dividends, including, without
limitation, dividends consisting of Share Distributions, on outstanding shares of Liberty Capital Common Stock, Liberty Starz Common Stock or Liberty Interactive Common Stock, or all such series, and
in equal or unequal amounts, or only on the Liberty Capital Common Stock, the Liberty Starz Common Stock or the Liberty Interactive Common Stock (subject to applicable law), notwithstanding the
relationship between or among the Capital Group Available Dividend Amount, the Starz Group Available Dividend Amount and the Interactive Group Available Dividend Amount, or the respective amounts of
prior dividends declared on, or the liquidation </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>19</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_qo76801_1_20"> </A>
<UL>
<BR>

<P style="font-family:times;"><FONT SIZE=2>rights
of, the Liberty Capital Common Stock, the Liberty Starz Common Stock or the Liberty Interactive Common Stock, or any other factor. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Share Distributions.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Distributions on Series&nbsp;A Liberty Capital Common Stock, Series&nbsp;B Liberty Capital Common Stock and Series&nbsp;C Liberty Capital
Common Stock</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;If at any time a Share Distribution is to be made with respect to the Series&nbsp;A Liberty Capital Common Stock, Series&nbsp;B Liberty Capital
Common Stock or Series&nbsp;C Liberty Capital Common Stock, then, in addition to the applicable requirements of paragraph&nbsp;(c)(i) of this Section&nbsp;A.2., such Share Distribution may be
declared and paid only as follows: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;a
Share Distribution consisting, at the election of the Board of Directors, of: (I)&nbsp;shares of Series&nbsp;A Liberty Capital Common Stock (or Convertible
Securities convertible into or exercisable or exchangeable for shares of Series&nbsp;A Liberty Capital Common Stock) may be declared and paid to holders of Series&nbsp;A Liberty Capital Common
Stock, Series&nbsp;B Liberty Capital Common Stock and Series&nbsp;C Liberty Capital Common Stock, on an equal per share basis; or (II)&nbsp;shares of Series&nbsp;C Liberty Capital Common Stock
(or Convertible Securities convertible into or exercisable or exchangeable for shares of Series&nbsp;C Liberty Capital Common Stock) may be declared and paid to holders of Series&nbsp;A Liberty
Capital Common Stock, Series&nbsp;B Liberty Capital Common Stock and Series&nbsp;C Liberty Capital Common Stock, on an equal per share basis; or (III)&nbsp;shares of Series&nbsp;A Liberty
Capital Common Stock (or Convertible Securities convertible into or exercisable or exchangeable for shares of Series&nbsp;A Liberty Capital Common Stock) may be declared and paid to holders of
Series&nbsp;A Liberty Capital Common Stock, shares of Series&nbsp;B Liberty Capital Common Stock (or Convertible Securities convertible into or exercisable or exchangeable for shares of
Series&nbsp;B Liberty Capital Common Stock) may be declared and paid to holders of Series&nbsp;B Liberty Capital Common Stock and shares of Series&nbsp;C Liberty Capital Common Stock (or
Convertible Securities convertible into or exercisable or exchangeable for shares of Series&nbsp;C Liberty Capital Common Stock) may be declared and paid to holders of Series&nbsp;C Liberty
Capital Common Stock, in each case, on an equal per share basis; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;a
Share Distribution consisting, at the election of the Board of Directors, of: (I)&nbsp;shares of Series&nbsp;A Liberty Starz Common Stock (or Convertible
Securities convertible into or exercisable or exchangeable for shares of Series&nbsp;A Liberty Starz Common Stock) may be declared and paid to holders of Series&nbsp;A Liberty Capital Common
Stock, Series&nbsp;B Liberty Capital Common Stock and Series&nbsp;C Liberty Capital Common Stock, on an equal per share basis; or (II)&nbsp;shares of Series&nbsp;C Liberty Starz Common Stock
(or Convertible Securities convertible into or exercisable or exchangeable for shares of Series&nbsp;C Liberty Starz Common Stock) may be declared and paid to holders of Series&nbsp;A Liberty
Capital Common Stock, Series&nbsp;B Liberty Capital Common Stock and Series&nbsp;C Liberty Capital Common Stock, on an equal per share basis; or (III)&nbsp;shares of Series&nbsp;A Liberty
Starz Common Stock (or Convertible Securities convertible into or exercisable or exchangeable for shares of Series&nbsp;A Liberty Starz Common Stock) may be declared and paid to holders of
Series&nbsp;A Liberty Capital Common Stock, shares of Series&nbsp;B Liberty Starz Common Stock (or Convertible Securities convertible into or exercisable or exchangeable for shares of
Series&nbsp;B Liberty Starz Common Stock) may be declared and paid to holders of Series&nbsp;B Liberty Capital Common Stock and shares of Series&nbsp;C Liberty Starz Common Stock (or Convertible
Securities convertible into or exercisable or exchangeable for shares of Series&nbsp;C Liberty Starz Common Stock) may be declared and paid to holders of Series&nbsp;C Liberty Capital Common
Stock, in each case, on an equal per share basis; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT><FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>, </FONT> <FONT SIZE=2><I>that</I></FONT><FONT SIZE=2> no such Share Distribution will be
declared and paid if the amount obtained by adding (x)&nbsp;the aggregate number of shares of Liberty Starz
Common Stock to be so distributed pursuant to this paragraph&nbsp;(d)(i)(B) (including the </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>20</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_qo76801_1_21"> </A>
<UL>
<UL>
<BR>

<P style="font-family:times;"><FONT SIZE=2>number
of such shares that would be issuable upon conversion, exercise or exchange of any Convertible Securities to be so distributed pursuant to such Share Distribution), plus (y)&nbsp;the number
of shares of Liberty Starz Common Stock that are subject to issuance upon conversion, exercise or exchange of any Convertible Securities then outstanding that are attributed to the Capital Group, plus
(z)&nbsp;if the Capital Group Outstanding Interest Fraction is less than one (1)&nbsp;on the record date for the Share Distribution, the number of shares of Liberty Starz Common Stock equal to the
amount (rounded, if necessary, to the nearest whole number) obtained by multiplying (I)&nbsp;the Number of Shares Issuable with Respect to the Capital Group Inter-Group Interest as of the record
date for such Share Distribution, by (II)&nbsp;the Starz Group Share Distribution Ratio, is greater than the Number of Shares Issuable to the Capital Group with Respect to the Starz Group
Inter-Group Interest; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;a
Share Distribution consisting, at the election of the Board of Directors, of: (I)&nbsp;shares of Series&nbsp;A Liberty Interactive Common Stock (or Convertible
Securities convertible into or exercisable or exchangeable for shares of Series&nbsp;A Liberty Interactive Common Stock) may be declared and paid to holders of Series&nbsp;A Liberty Capital Common
Stock, Series&nbsp;B Liberty Capital Common Stock and Series&nbsp;C Liberty Capital Common Stock, on an equal per share basis; or (II)&nbsp;shares of Series&nbsp;C Liberty Interactive Common
Stock (or Convertible Securities convertible into or exercisable or exchangeable for shares of Series&nbsp;C Liberty Interactive Common Stock) may be declared and paid to holders of Series&nbsp;A
Liberty Capital Common Stock, Series&nbsp;B Liberty Capital Common Stock and Series&nbsp;C Liberty Capital Common Stock, on an equal per share basis; or (III)&nbsp;shares of Series&nbsp;A
Liberty Interactive Common Stock (or Convertible Securities convertible into or exercisable or exchangeable for shares of Series&nbsp;A Liberty Interactive Common Stock) may be declared and paid to
holders of Series&nbsp;A Liberty Capital Common Stock, shares of Series&nbsp;B Liberty Interactive Common Stock (or Convertible Securities convertible into or exercisable or exchangeable for
shares of Series&nbsp;B Liberty Interactive Common Stock) may be declared and paid to holders of Series&nbsp;B Liberty Capital Common Stock and shares of Series&nbsp;C Liberty Interactive Common
Stock (or Convertible Securities convertible into or exercisable or exchangeable for shares of Series&nbsp;C Liberty Interactive Common Stock) may be declared and paid to holders of Series&nbsp;C
Liberty Capital Common Stock, in each case, on an equal per share basis; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT> <FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>, </FONT><FONT SIZE=2><I>that</I></FONT><FONT SIZE=2> no such
Share Distribution will be declared and paid if the amount obtained by adding
(x)&nbsp;the aggregate number of shares of Liberty Interactive Common Stock to be so distributed pursuant to this paragraph&nbsp;(d)(i)(C) (including the number of such shares that would be
issuable upon conversion, exercise or exchange of any Convertible Securities to be so distributed pursuant to such Share Distribution), plus (y)&nbsp;the number of shares of Liberty Interactive
Common Stock that are subject to issuance upon conversion, exercise or exchange of any Convertible Securities then outstanding that are attributed to the Capital Group, plus (z)&nbsp;if the Capital
Group Outstanding Interest Fraction is less than one (1)&nbsp;on the record date for the Share Distribution, the number of shares of Liberty Interactive Common Stock equal to the amount (rounded, if
necessary, to the nearest whole number) obtained by multiplying (I)&nbsp;the Number of Shares Issuable with Respect to the Capital Group Inter-Group Interest as of the record date for such Share
Distribution, by (II)&nbsp;the Interactive Group Share Distribution Ratio, is greater than the Number of Shares Issuable to the Capital Group with Respect to the Interactive Group Inter-Group
Interest; or </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;&nbsp;a
Share Distribution consisting of any class or series of securities of the Corporation or any other Person, other than Liberty Capital Common Stock, Liberty Starz
Common Stock or Liberty Interactive Common Stock (or Convertible Securities convertible into or exercisable or exchangeable for shares of Liberty Capital Common Stock, Liberty Starz Common Stock or
Liberty Interactive Common Stock), may be declared and paid, at the election of the Board of Directors, either on the basis of a distribution of (x)&nbsp;identical securities, on an equal per share </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>21</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_qo76801_1_22"> </A>
<UL>
<UL>
<BR>

<P style="font-family:times;"><FONT SIZE=2>basis,
to holders of each series of Liberty Capital Common Stock, (y)&nbsp;separate classes or series of securities, on an equal per share basis, to the holders of each series of Liberty Capital
Common Stock or (z)&nbsp;a separate class or series of securities to the holders of one or more series of Liberty Capital Common Stock and, on an equal per share basis, a different class or series
of securities to the holders of all other series of Liberty Capital Common Stock; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT><FONT SIZE=2><I>that</I></FONT><FONT SIZE=2> in the
case of clauses&nbsp;(y) and (z), (1)&nbsp;such separate classes or series of securities (and, if the distribution consists of Convertible Securities, the securities into which such Convertible
Securities are convertible or for which they are exercisable or exchangeable) do not differ in any respect other than their relative voting rights (and any related differences in designation,
conversion, redemption and share distribution provisions such as those set forth in this Section&nbsp;A.2.), with holders of shares of Series&nbsp;B Liberty Capital Common Stock receiving the
class or series of securities having (or convertible into or exercisable or exchangeable for securities having) the highest relative voting rights and the holders of shares of each other series of
Liberty Capital Common Stock receiving securities of a class or series having (or convertible into or exercisable or exchangeable for securities having) lesser relative voting rights, in each case,
without regard to whether such rights differ to a greater or lesser extent than the corresponding differences in voting rights (and any related differences in designation, conversion, redemption and
share distribution provisions such as those set forth in this Section&nbsp;A.2.) among the Series&nbsp;A Liberty Capital Common Stock, the Series&nbsp;B Liberty Capital Common Stock and the
Series&nbsp;C Liberty Capital Common Stock, and (2)&nbsp;in the event the securities to be received by the holders of shares of Liberty Capital Common Stock other than the Series&nbsp;B Liberty
Capital Common Stock consist of different classes or series of securities, with each such class or series of securities (or the securities into which such class or series is convertible or for which
such class or series is exercisable or exchangeable) differing only with respect to the relative voting rights of such class or series (and any related differences in designation, conversion,
redemption and share distribution provisions such as those set forth in this Section&nbsp;A.2.), then such classes or series of securities will be distributed to the holders of each series of
Liberty Capital Common Stock (other than the Series&nbsp;B Liberty Capital Common Stock) (i)&nbsp;as the Board of Directors determines or (ii)&nbsp;such that the relative voting rights (and any
related differences in
designation, conversion, redemption and share distribution provisions such as those set forth in this Section&nbsp;A.2.) of the class or series of securities (or the securities into which such class
or series is convertible or for which such class or series is exercisable or exchangeable) to be received by the holders of each series of Liberty Capital Common Stock (other than the Series&nbsp;B
Liberty Capital Common Stock) corresponds to the extent practicable to the relative voting rights (and any related differences in designation, conversion, redemption and share distribution provisions
such as those set forth in this Section&nbsp;A.2.) of such series of Liberty Capital Common Stock, as compared to the other series of Liberty Capital Common Stock (other than the Series&nbsp;B
Liberty Capital Common Stock). </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Distributions on Series&nbsp;A Liberty Starz Common Stock, Series&nbsp;B Liberty Starz Common Stock and Series&nbsp;C Liberty Starz Common
Stock</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;If at any time a Share Distribution is to be made with respect to the Series&nbsp;A Liberty Starz Common Stock, Series&nbsp;B Liberty Starz Common Stock
or Series&nbsp;C Liberty Starz Common Stock, then, in addition to the applicable requirements of paragraph&nbsp;(c)(ii) of this Section&nbsp;A.2., such Share Distribution may be declared and
paid only as follows: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;a
Share Distribution consisting, at the election of the Board of Directors, of: (I)&nbsp;shares of Series&nbsp;A Liberty Starz Common Stock (or Convertible
Securities convertible into or exercisable or exchangeable for shares of Series&nbsp;A Liberty Starz Common Stock) may be declared and paid to holders of Series&nbsp;A Liberty Starz Common Stock,
Series&nbsp;B Liberty Starz Common Stock and Series&nbsp;C Liberty Starz Common Stock, on an equal per share basis; or </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>22</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_qo76801_1_23"> </A>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>(II)&nbsp;shares
of Series&nbsp;C Liberty Starz Common Stock (or Convertible Securities convertible into or exercisable or exchangeable for shares of Series&nbsp;C Liberty Starz Common Stock)
may be declared and paid to holders of Series&nbsp;A Liberty Starz Common Stock, Series&nbsp;B Liberty Starz Common Stock and Series&nbsp;C Liberty Starz Common Stock, on an equal per share
basis; or (III)&nbsp;shares of Series&nbsp;A Liberty Starz Common Stock (or Convertible Securities convertible into or exercisable or exchangeable for shares of Series&nbsp;A Liberty Starz
Common Stock) may be declared and paid to holders of Series&nbsp;A Liberty Starz Common Stock, shares of Series&nbsp;B Liberty Starz Common Stock (or Convertible Securities convertible into or
exercisable or exchangeable for shares of Series&nbsp;B Liberty Starz Common Stock) may be declared and paid to holders of Series&nbsp;B Liberty Starz Common Stock and shares of Series&nbsp;C
Liberty Starz Common Stock (or Convertible Securities convertible into or exercisable or exchangeable for shares of Series&nbsp;C Liberty Starz Common Stock) may be declared and paid to holders of
Series&nbsp;C Liberty Starz Common Stock, in each case, on an equal per share basis; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;a
Share Distribution consisting, at the election of the Board of Directors, of: (I)&nbsp;shares of Series&nbsp;A Liberty Capital Common Stock (or Convertible
Securities convertible into or exercisable or exchangeable for shares of Series&nbsp;A Liberty Capital Common Stock) may be declared and paid to holders of Series&nbsp;A Liberty Starz Common
Stock, Series&nbsp;B Liberty Starz Common Stock and Series&nbsp;C Liberty Starz Common Stock, on an equal per share basis; or (II)&nbsp;shares of Series&nbsp;C Liberty Capital Common Stock (or
Convertible Securities convertible into or exercisable or exchangeable for shares of Series&nbsp;C Liberty Capital Common Stock) may be declared and paid to holders of Series&nbsp;A Liberty Starz
Common Stock, Series&nbsp;B Liberty Starz Common Stock and Series&nbsp;C Liberty Starz Common Stock, on an equal per share basis; or (III)&nbsp;shares of Series&nbsp;A Liberty Capital Common
Stock (or Convertible
Securities convertible into or exercisable or exchangeable for shares of Series&nbsp;A Liberty Capital Common Stock) may be declared and paid to holders of Series&nbsp;A Liberty Starz Common
Stock, shares of Series&nbsp;B Liberty Capital Common Stock (or Convertible Securities convertible into or exercisable or exchangeable for shares of Series&nbsp;B Liberty Capital Common Stock) may
be declared and paid to holders of Series&nbsp;B Liberty Starz Common Stock and shares of Series&nbsp;C Liberty Capital Common Stock (or Convertible Securities convertible into or exercisable or
exchangeable for shares of Series&nbsp;C Liberty Capital Common Stock) may be declared and paid to holders of Series&nbsp;C Liberty Starz Common Stock, in each case, on an equal per share basis; </FONT> <FONT SIZE=2><I>provided</I></FONT><FONT
SIZE=2>, </FONT><FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>, </FONT><FONT SIZE=2><I>that</I></FONT><FONT SIZE=2> no such Share Distribution will
be declared and paid if the amount obtained by adding (x)&nbsp;the aggregate number of shares of Liberty Capital Common Stock to be so distributed pursuant to this paragraph&nbsp;(d)(ii)(B)
(including the number of such shares that would be issuable upon conversion, exercise or exchange of any Convertible Securities to be so distributed pursuant to such Share Distribution), plus
(y)&nbsp;the number of shares of Liberty Capital Common Stock that are subject to issuance upon conversion, exercise or exchange of any Convertible Securities then outstanding that are attributed to
the Starz Group, plus (z)&nbsp;if the Starz Group Outstanding Interest Fraction is less than one (1)&nbsp;on the record date for the Share Distribution, the number of shares of Liberty Capital
Common Stock equal to the amount (rounded, if necessary, to the nearest whole number) obtained by multiplying (I)&nbsp;the Number of Shares Issuable with Respect to the Starz Group Inter-Group
Interest as of the record date for such Share Distribution, by (II)&nbsp;the Capital Group Share Distribution Ratio, is greater than the Number of Shares Issuable to the Starz Group with Respect to
the Capital Group Inter-Group Interest; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;a
Share Distribution consisting, at the election of the Board of Directors, of: (I)&nbsp;shares of Series&nbsp;A Liberty Interactive Common Stock (or Convertible
Securities convertible into or exercisable or exchangeable for shares of Series&nbsp;A Liberty Interactive Common Stock) may be declared and paid to holders of Series&nbsp;A Liberty Starz Common
Stock, Series&nbsp;B </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>23</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_qo76801_1_24"> </A>
<UL>
<UL>
<BR>

<P style="font-family:times;"><FONT SIZE=2>Liberty
Starz Common Stock and Series&nbsp;C Liberty Starz Common Stock, on an equal per share basis; or (II)&nbsp;shares of Series&nbsp;C Liberty Interactive Common Stock (or Convertible
Securities convertible into or exercisable or exchangeable for shares of Series&nbsp;C Liberty Interactive Common Stock) may be declared and paid to holders of Series&nbsp;A Liberty Starz Common
Stock, Series&nbsp;B Liberty Starz Common Stock and Series&nbsp;C Liberty Starz Common Stock, on an equal per share basis; or (III)&nbsp;shares of Series&nbsp;A Liberty Interactive Common
Stock (or Convertible Securities convertible into or exercisable or exchangeable for shares of Series&nbsp;A Liberty Interactive Common Stock) may be declared and paid to holders of Series&nbsp;A
Liberty Starz Common Stock, shares of Series&nbsp;B Liberty Interactive Common Stock (or Convertible Securities convertible into or exercisable or exchangeable for shares of Series&nbsp;B Liberty
Interactive Common Stock) may be declared and paid to holders of Series&nbsp;B Liberty Starz Common Stock and shares of Series&nbsp;C Liberty Interactive Common Stock (or Convertible Securities
convertible into or exercisable or exchangeable for shares of Series&nbsp;C Liberty Interactive Common Stock) may be declared and paid to holders of Series&nbsp;C Liberty Starz Common Stock, in
each case, on an equal per share basis; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT><FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>, </FONT> <FONT SIZE=2><I>that</I></FONT><FONT SIZE=2> no such Share Distribution will be declared
and paid if the amount obtained by adding (x)&nbsp;the aggregate number of shares of Liberty
Interactive Common Stock to be so distributed pursuant to this paragraph&nbsp;(d)(ii)(C) (including the number of such shares that would be issuable upon conversion, exercise or exchange of any
Convertible Securities to be so distributed pursuant to such Share Distribution), plus (y)&nbsp;the number of shares of Liberty Interactive Common Stock that are subject to issuance upon conversion,
exercise or exchange of any Convertible Securities then outstanding that are attributed to the Starz Group, plus (z)&nbsp;if the Starz Group Outstanding Interest Fraction is less than one
(1)&nbsp;on the record date for the Share Distribution, the number of shares of Liberty Interactive Common Stock equal to the amount (rounded, if necessary, to the nearest whole
number) obtained by multiplying (I)&nbsp;the Number of Shares Issuable with Respect to the Starz Group Inter-Group Interest as of the record date for such Share Distribution, by (II)&nbsp;the
Interactive Group Share Distribution Ratio, is greater than the Number of Shares Issuable to the Starz Group with Respect to the Interactive Group Inter-Group Interest; or </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;&nbsp;a
Share Distribution consisting of any class or series of securities of the Corporation or any other Person, other than Liberty Starz Common Stock, Liberty Capital
Common Stock or Liberty Interactive Common Stock (or Convertible Securities convertible into or exercisable or exchangeable for shares of Liberty Starz Common Stock, Liberty Capital Common Stock or
Liberty Interactive Common Stock), may be declared and paid, at the election of the Board of Directors, either on the basis of a distribution of (x)&nbsp;identical securities, on an equal per share
basis, to holders of each series of Liberty Starz Common Stock, (y)&nbsp;separate classes or series of securities, on an equal per share basis, to the holders of each series of Liberty Starz Common
Stock or (z)&nbsp;a separate class or series of securities to the holders of one or more series of Liberty Starz Common Stock and, on an equal per share basis, a different class or series of
securities to the holders of all other series of Liberty Starz Common Stock; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT><FONT SIZE=2><I>that</I></FONT><FONT SIZE=2> in the case
of clauses&nbsp;(y) and (z), (1)&nbsp;such separate classes or series of securities (and, if the distribution consists of Convertible Securities, the securities into which such Convertible
Securities are convertible or for which they are exercisable or exchangeable) do not differ in any respect other than their relative voting rights (and any related differences in designation,
conversion, redemption and share distribution provisions such as those set forth in this Section&nbsp;A.2.), with holders of shares of Series&nbsp;B Liberty Starz Common Stock receiving the class
or series of securities having (or convertible into or exercisable or exchangeable for securities having) the highest relative voting rights and the holders of shares of each other series of Liberty
Starz Common Stock receiving securities of a class or series having (or convertible into or exercisable or exchangeable for securities having) lesser relative voting </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>24</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_qo76801_1_25"> </A>
<UL>
<UL>
<BR>

<P style="font-family:times;"><FONT SIZE=2>rights,
in each case, without regard to whether such rights differ to a greater or lesser extent than the corresponding differences in voting rights (and any related differences in designation,
conversion, redemption and share distribution provisions such as those set forth in this Section&nbsp;A.2.) among the Series&nbsp;A Liberty Starz Common Stock, the Series&nbsp;B Liberty Starz
Common Stock and the Series&nbsp;C Liberty Starz Common Stock, and (2)&nbsp;in the event the securities to be received by the holders of shares of Liberty Starz Common Stock other than the
Series&nbsp;B Liberty Starz Common Stock consist of different classes or series of securities, with each such class or series of securities (or the securities into which such class or series is
convertible or for which such class or series is exercisable or exchangeable) differing only with respect to the relative voting rights of such class or series (and any related differences in
designation, conversion, redemption and share distribution provisions such as those set forth in this Section&nbsp;A.2.), then such classes or series of securities will be distributed to the holders
of each series of Liberty Starz Common Stock (other than the Series&nbsp;B Liberty Starz Common Stock) (i)&nbsp;as the Board of Directors determines or (ii)&nbsp;such that the relative voting
rights (and any related differences in designation, conversion, redemption and share distribution provisions such as those set forth in this Section&nbsp;A.2.) of the class or series of securities
(or the securities into which such class or series is convertible or for which such class or series is exercisable or exchangeable) to be received by the holders of each series of Liberty Starz Common
Stock (other than the Series&nbsp;B Liberty Starz Common Stock) corresponds to the extent practicable to the relative voting rights (and any related differences in designation, conversion,
redemption and share distribution provisions such as those set forth in this Section&nbsp;A.2.) of such series of Liberty Starz Common Stock, as compared to the other series of Liberty Starz Common
Stock (other than the Series&nbsp;B Liberty Starz Common Stock). </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Distributions on Series&nbsp;A Liberty Interactive Common Stock, Series&nbsp;B Liberty Interactive Common Stock and Series&nbsp;C Liberty
Interactive Common Stock</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;If at any time a Share Distribution is to be made with respect to the Series&nbsp;A Liberty Interactive Common Stock, Series&nbsp;B
Liberty Interactive Common Stock or Series&nbsp;C Liberty Interactive Common Stock, then, in addition to the applicable requirements of paragraph&nbsp;(c)(iii) of this Section&nbsp;A.2., such
Share Distribution may be declared and paid only as follows: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;a
Share Distribution consisting, at the election of the Board of Directors, of: (I)&nbsp;shares of Series&nbsp;A Liberty Interactive Common Stock (or Convertible
Securities convertible into or exercisable or exchangeable for shares of Series&nbsp;A Liberty Interactive Common Stock) may be declared and paid to holders of Series&nbsp;A Liberty Interactive
Common Stock, Series&nbsp;B Liberty Interactive Common Stock and Series&nbsp;C Liberty Interactive Common Stock, on an equal per share basis; or (II)&nbsp;shares of Series&nbsp;C Liberty
Interactive Common Stock (or Convertible Securities convertible into or exercisable or exchangeable for shares of Series&nbsp;C Liberty Interactive Common Stock) may be declared and paid to holders
of Series&nbsp;A Liberty Interactive Common Stock, Series&nbsp;B Liberty Interactive Common Stock and Series&nbsp;C Liberty Interactive Common Stock, on an equal per share basis; or
(III)&nbsp;shares of Series&nbsp;A Liberty Interactive Common Stock (or Convertible Securities convertible into or exercisable or exchangeable for shares of Series&nbsp;A Liberty Interactive
Common Stock) may be declared and paid to holders of Series&nbsp;A Liberty Interactive Common Stock, shares of Series&nbsp;B Liberty Interactive Common Stock (or Convertible Securities convertible
into or exercisable or exchangeable for shares of Series&nbsp;B Liberty Interactive Common Stock) may be declared and paid to holders of Series&nbsp;B Liberty Interactive Common Stock and shares
of Series&nbsp;C Liberty Interactive Common Stock (or Convertible Securities convertible into or exercisable or exchangeable for shares of Series&nbsp;C Liberty Interactive Common Stock) may be
declared and paid to holders of Series&nbsp;C Liberty Interactive Common Stock, in each case, on an equal per share basis; or </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>25</FONT></P>

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 </FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;a
Share Distribution consisting, at the election of the Board of Directors, of: (I)&nbsp;shares of Series&nbsp;A Liberty Capital Common Stock (or Convertible
Securities convertible into or exercisable or exchangeable for shares of Series&nbsp;A Liberty Capital Common Stock) may be declared and paid to holders of Series&nbsp;A Liberty Interactive Common
Stock, Series&nbsp;B Liberty Interactive Common Stock and Series&nbsp;C Liberty Interactive Common Stock, on an equal per share basis; or (II)&nbsp;shares of Series&nbsp;C Liberty Capital
Common Stock (or Convertible Securities convertible into or exercisable or exchangeable for shares of Series&nbsp;C Liberty Capital Common Stock) may be declared and paid to holders of
Series&nbsp;A Liberty Interactive Common Stock, Series&nbsp;B Liberty Interactive Common Stock and Series&nbsp;C Liberty Interactive Common Stock, on an equal per share basis; or
(III)&nbsp;shares of Series&nbsp;A Liberty Capital Common Stock (or Convertible Securities convertible into or exercisable or exchangeable for shares of Series&nbsp;A Liberty Capital Common
Stock) may be declared and paid to holders of Series&nbsp;A Liberty Interactive Common Stock, shares of Series&nbsp;B Liberty Capital Common Stock (or Convertible Securities convertible into or
exercisable or exchangeable for shares of Series&nbsp;B Liberty Capital Common Stock) may be declared and paid to holders of Series&nbsp;B Liberty Interactive Common Stock and shares of
Series&nbsp;C Liberty Capital Common Stock (or Convertible Securities convertible into or exercisable or exchangeable for shares of Series&nbsp;C Liberty Capital Common Stock) may be declared and
paid to holders of Series&nbsp;C Liberty Interactive Common Stock, in each case, on an equal per share basis; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT> <FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>, </FONT><FONT
SIZE=2><I>that</I></FONT><FONT SIZE=2> no such Share Distribution will be declared and paid if the amount obtained by adding
(x)&nbsp;the aggregate number of shares of Liberty Capital Common Stock to be so distributed pursuant to this paragraph&nbsp;(d)(iii)(B) (including the number of such shares that would be issuable
upon conversion, exercise or exchange of any Convertible Securities to be so distributed pursuant to such Share Distribution), plus (y)&nbsp;the number of shares of Liberty Capital Common Stock that
are subject to issuance upon conversion, exercise or exchange of any Convertible Securities then outstanding that are attributed to the Interactive Group, plus (z)&nbsp;if the Interactive Group
Outstanding Interest Fraction is less than one (1)&nbsp;on the record date for the Share Distribution, the number of shares of Liberty Capital Common Stock equal to the amount (rounded, if
necessary, to the nearest whole number) obtained by multiplying (I)&nbsp;the Number of Shares Issuable with Respect to the Interactive Group Inter-Group Interest as of the record date for such Share
Distribution, by (II)&nbsp;the Capital Group Share Distribution Ratio, is greater than the Number of Shares Issuable to the Interactive Group with Respect to the Capital Group Inter-Group Interest;
or </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;a
Share Distribution consisting, at the election of the Board of Directors, of: (I)&nbsp;shares of Series&nbsp;A Liberty Starz Common Stock (or Convertible
Securities convertible into or exercisable or exchangeable for shares of Series&nbsp;A Liberty Starz Common Stock) may be declared and paid to holders of Series&nbsp;A Liberty Interactive Common
Stock, Series&nbsp;B Liberty Interactive Common Stock and Series&nbsp;C Liberty Interactive Common Stock, on an equal per share basis; or (II)&nbsp;shares of Series&nbsp;C Liberty Starz Common
Stock (or Convertible Securities convertible into or exercisable or exchangeable for shares of Series&nbsp;C Liberty Starz Common Stock) may be declared and paid to holders of Series&nbsp;A
Liberty Interactive Common Stock, Series&nbsp;B Liberty Interactive Common Stock and Series&nbsp;C Liberty Interactive Common Stock, on an equal per share basis; or (III)&nbsp;shares of
Series&nbsp;A Liberty Starz Common Stock (or Convertible Securities convertible into or exercisable or exchangeable for shares of Series&nbsp;A Liberty Starz Common Stock) may be declared and paid
to holders of Series&nbsp;A Liberty Interactive Common Stock, shares of Series&nbsp;B Liberty Starz Common Stock (or Convertible Securities convertible into or exercisable or exchangeable for
shares of Series&nbsp;B Liberty Starz Common Stock) may be declared and paid to holders of Series&nbsp;B Liberty Interactive Common Stock and shares of Series&nbsp;C Liberty Starz Common Stock
(or Convertible Securities convertible into or exercisable or exchangeable for shares of Series&nbsp;C Liberty Starz Common </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>26</FONT></P>

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<A NAME="page_qq76801_1_27"> </A>
<UL>
<UL>
<BR>

<P style="font-family:times;"><FONT SIZE=2>Stock)
may be declared and paid to holders of Series&nbsp;C Liberty Interactive Common Stock, in each case, on an equal per share basis; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT> <FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>,
</FONT><FONT SIZE=2><I>that</I></FONT><FONT SIZE=2> no such Share Distribution will be declared and paid if the amount obtained by adding
(x)&nbsp;the aggregate number of shares of Liberty Starz Common Stock to be so distributed pursuant to this paragraph&nbsp;(d)(iii)(C) (including the number of such shares that would be issuable
upon conversion, exercise or exchange of any Convertible Securities to be so distributed pursuant to such Share Distribution), plus (y)&nbsp;the number of shares of Liberty Starz Common Stock that
are subject to issuance upon conversion, exercise or exchange of any Convertible Securities then outstanding that are attributed to the Interactive Group, plus (z)&nbsp;if the Interactive Group
Outstanding Interest Fraction is less than one (1)&nbsp;on the record date for the Share Distribution, the number of shares of Liberty Starz Common Stock equal to the amount (rounded, if necessary,
to the nearest whole number) obtained by multiplying (I)&nbsp;the Number of Shares Issuable with Respect to the Interactive Group Inter-Group Interest as of the record date for such Share
Distribution, by (II)&nbsp;the Starz Group Share Distribution Ratio, is greater than the Number of Shares Issuable to the Interactive Group with Respect to the Starz Group Inter-Group Interest; or </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;&nbsp;a
Share Distribution consisting of any class or series of securities of the Corporation or any other Person, other than Liberty Capital Common Stock, Liberty Starz
Common Stock or Liberty Interactive Common Stock (or Convertible Securities convertible into or exercisable or exchangeable for shares of Liberty Capital Common Stock, Liberty Starz Common Stock or
Liberty Interactive Common Stock), may be declared and paid, at the election of the Board of Directors, either on the basis of a distribution of (x)&nbsp;identical securities, on an equal per share
basis, to holders of each series of Liberty Interactive Common Stock, (y)&nbsp;separate classes or series of securities, on an equal per share basis, to the holders of each series of Liberty
Interactive Common Stock or (z)&nbsp;a separate class or series of securities to the holders of one or more series of Liberty Interactive Common Stock and, on an equal per share basis, a different
class or series of securities to the holders of all other series of Liberty Interactive Common Stock; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT> <FONT SIZE=2><I>that</I></FONT><FONT SIZE=2> in the case of clauses&nbsp;(y) and
(z), (1)&nbsp;such separate classes or series of securities (and, if the distribution consists of
Convertible Securities, the securities into which such Convertible Securities are convertible or for which they are exercisable or exchangeable) do not differ in any respect other than their relative
voting rights (and any related differences in designation, conversion, redemption and share distribution provisions such as those set forth in this Section&nbsp;A.2.), with holders of shares of
Series&nbsp;B Liberty Interactive Common Stock receiving securities of a class or series having (or convertible into or exercisable or exchangeable for securities having) the highest relative voting
rights and the holders of shares of each other series of Liberty Interactive Common Stock receiving securities of a class or series having (or convertible into or exercisable or exchangeable for
securities having) lesser relative voting rights, in each case, without regard to whether such rights differ to a greater or lesser extent than the corresponding differences in voting rights (and any
related differences in designation, conversion, redemption and share distribution provisions such as those set forth in this Section&nbsp;A.2.) among the Series&nbsp;A Liberty Interactive Common
Stock, the Series&nbsp;B Liberty Interactive Common Stock and the Series&nbsp;C Liberty Interactive Common Stock), and (2)&nbsp;in the event the securities to be received by the holders of
shares of Liberty Interactive Common Stock other than the Series&nbsp;B Liberty Interactive Common Stock consist of different classes or series of securities, with each such class or series of
securities (or the securities into which such class or series is convertible or for which such class or series is exercisable or exchangeable) differing only with respect to the relative voting rights
of such class or series (and any related differences in designation, conversion, redemption and share distribution provisions such as those set forth in this Section&nbsp;A.2.), then such classes or
series of securities will be distributed to the holders of each series of Liberty </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>27</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>Interactive
Common Stock (other than the Series&nbsp;B Liberty Interactive Common Stock) (i)&nbsp;as the Board of Directors determines or (ii)&nbsp;such that the relative voting rights (and any
related differences in designation, conversion, redemption and share distribution provisions such as those set forth in this Section&nbsp;A.2.) of the class or series of securities (or the
securities into which such class or series is convertible or for which such class or series is exercisable or exchangeable) to be received by the holders of each series of Liberty Interactive Common
Stock (other than Series&nbsp;B Liberty Interactive Common Stock) corresponds to the extent practicable to the relative voting rights (and any related differences in designation, conversion,
redemption and share distribution provisions such as those set forth in this Section&nbsp;A.2.) of such series of Liberty Interactive Common Stock, as compared to the other series of Liberty
Interactive Common Stock (other than the Series&nbsp;B Liberty Interactive Common Stock). </FONT></P>

</UL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Redemption and Other Provisions Relating to the Liberty Capital Common Stock.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Redemption for Securities of one or more Capital Group Subsidiaries</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;At any time at which a Subsidiary of
the Corporation holds, directly or indirectly, assets and liabilities attributed to the Capital Group, the Corporation may, at its option and subject to assets of the Corporation being legally
available therefor, but subject (in addition to any other approval of the Corporation's stockholders (or any series thereof) required under the DGCL in respect of such redemption, if any) to the
Corporation having received the Capital Group Redemption Stockholder Approval (and, to the extent applicable, the Starz Group Redemption Stockholder Approval and/or the Interactive Group Redemption
Stockholder Approval), redeem outstanding shares of Liberty Capital Common Stock (such shares of Liberty Capital Common Stock to be redeemed, the "</FONT><FONT SIZE=2><B>Capital Group Redemption
Shares</B></FONT><FONT SIZE=2>") for securities of such Subsidiary (a "</FONT><FONT SIZE=2><B>Distributed Capital Group Subsidiary</B></FONT><FONT SIZE=2>"), as provided herein. The number of Capital
Group Redemption Shares will be determined, by the Board of Directors, by multiplying (A)&nbsp;the number of outstanding shares of Liberty Capital Common Stock as of the Capital Group Redemption
Selection Date, by (B)&nbsp;the percentage of the Fair Value of the Capital Group that is represented by the Fair Value of the Corporation's equity interest in the Distributed Capital Group
Subsidiary which is attributable to the Capital Group, in each case, as determined by the Board of Directors as of a date selected by the Board of Directors, as such percentage may be adjusted by the
Board of Directors in its discretion to reflect the effects of a Capital Group Inter-Group Redemption Election and to take into account other things deemed relevant by the Board of Directors. The
aggregate number of securities of the Distributed Capital Group Subsidiary to be delivered (the "</FONT><FONT SIZE=2><B>Capital Group Distribution Subsidiary Securities</B></FONT><FONT SIZE=2>") in
redemption of the Capital Group Redemption Shares will be equal to: (A)&nbsp;if the Board of Directors makes a Capital Group Inter-Group Redemption Election as described below, the amount (rounded,
if necessary, to the nearest whole number) obtained by multiplying (x)&nbsp;the product of (I)&nbsp;the number of securities of the Distributed Capital Group Subsidiary owned by the Corporation
and (II)&nbsp;the percentage of the Fair Value of the Corporation's equity interest in the Distributed Capital Group Subsidiary that is represented by the Fair Value of the Corporation's equity
interest in the Distributed Capital Group Subsidiary which is attributable to the Capital Group (subject to adjustment to reflect the effects of a Capital Group Inter-Group Redemption Election) (such
product, the "</FONT><FONT SIZE=2><B>Distributable Capital Group Subsidiary Securities</B></FONT><FONT SIZE=2>"), by (y)&nbsp;the Capital Group Outstanding Interest Fraction, in each case, as of
the Capital Group Redemption Selection Date, or (B)&nbsp;if the Board of Directors does not make a Capital Group Inter-Group Redemption Election, all of the Distributable Capital Group Subsidiary
Securities, in each case, subject to adjustment as provided below. The number of securities of the Distributed Capital Group Subsidiary to be delivered in redemption of each Capital Group Redemption
Share will be equal to the amount (rounded, if necessary, to the nearest five decimal places) obtained by dividing (x)&nbsp;the number of Capital Group Distribution Subsidiary Securities, by
(y)&nbsp;the number of Capital Group Redemption Shares. </FONT></P>

</UL>
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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Capital Group Outstanding Interest Fraction is less than one (1)&nbsp;on the Capital Group Redemption Selection Date for any redemption pursuant to this paragraph&nbsp;(e)(i)
and if (but only if) the Board of Directors so determines in its discretion (a "</FONT><FONT SIZE=2><B>Capital Group Inter-Group Redemption Election</B></FONT><FONT SIZE=2>"), then concurrently with
the distribution of the Capital Group Distribution Subsidiary Securities in redemption of Capital Group Redemption Shares, the Corporation will attribute to the Starz Group and the Interactive Group
an aggregate number of Distributable Capital Group Subsidiary Securities (the "</FONT><FONT SIZE=2><B>Capital Group Inter-Group Interest Subsidiary Securities</B></FONT><FONT SIZE=2>") equal to the
difference between the total number of Distributable Capital Group Subsidiary Securities and the number of Capital Group Distribution Subsidiary Securities, subject to adjustment as provided below.
The Capital
Group Inter-Group Interest Subsidiary Securities will be allocated between the Starz Group and the Interactive Group by multiplying the number of Capital Group Inter-Group Interest Subsidiary
Securities by (x), in the case of the Starz Group, the Starz Group's Fractional Interest in the Capital Group as of the Capital Group Redemption Selection Date and, (y)&nbsp;in the case of the
Interactive Group, the Interactive Group's Fractional Interest in the Capital Group as of the Capital Group Redemption Selection Date. If a Capital Group Inter-Group Redemption Election is made, then:
(I)&nbsp;the Number of Shares Issuable with Respect to the Capital Group Inter-Group Interest will be decreased as described in subparagraph&nbsp;(ii)(D) of the definition of "Number of Shares
Issuable with Respect to the Capital Group Inter-Group Interest" in paragraph&nbsp;(j) of this Section&nbsp;A.2.; (II)&nbsp;the attribution of Capital Group Inter-Group Interest Subsidiary
Securities to be made to the Starz Group and the Interactive Group may, at the discretion of the Board of Directors, be reflected by an allocation or by a direct transfer of Capital Group Inter-Group
Interest Subsidiary Securities to each such Group in accordance with the foregoing allocation; and (III)&nbsp;the Board of Directors may determine that the Capital Group Inter-Group Interest
Subsidiary Securities so allocated or transferred to the Starz Group and the Interactive Group will be distributed to holders of shares of Liberty Starz Common Stock as a Share Distribution pursuant
to paragraph&nbsp;(d)(ii)(D) and to holders of shares of Liberty Interactive Common Stock as a Share Distribution pursuant to paragraph&nbsp;(d)(iii)(D) of this Section&nbsp;A.2. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
at the time of a redemption of Liberty Capital Common Stock pursuant to this paragraph&nbsp;(e)(i), there are outstanding any Convertible Securities convertible into or exercisable
or exchangeable for shares of Liberty Capital Common Stock that would become convertible into or exercisable or exchangeable for Distributable Capital Group Subsidiary Securities as a result of such
redemption, and the obligation to deliver securities of such Distributed Capital Group Subsidiary upon exercise, exchange or conversion of such Convertible Securities is not assumed or otherwise
provided for by the Distributed Capital Group Subsidiary, then the Board of Directors may make such adjustments as it determines to be appropriate to the number of Capital Group Redemption Shares, the
number of Capital Group Distribution Subsidiary Securities and the number of Capital Group Inter-Group Interest Subsidiary Securities (and any related adjustment to the Number of Shares Issuable with
Respect to the Capital Group Inter-Group Interest, including any adjustments to the foregoing allocation between the Starz Group and the Interactive Group) to take into account the securities of the
Distributed Capital Group Subsidiary into which such Convertible Securities are convertible or for which such Convertible Securities are exercisable or exchangeable. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event that not all outstanding shares of Liberty Capital Common Stock are to be redeemed in accordance with this paragraph&nbsp;(e)(i) for Capital Group Distribution Subsidiary
Securities, then (1)&nbsp;the number of shares of each series of Liberty Capital Common Stock to be redeemed in accordance with this paragraph&nbsp;(e)(i) will be determined by multiplying the
aggregate number of Capital Group Redemption Shares by a fraction, the numerator of which is the aggregate number of shares of such series and the denominator of which is the aggregate number of
shares of all series of Liberty Capital Common Stock, in each case, outstanding as of the </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>29</FONT></P>

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<UL>
<BR>

<P style="font-family:times;"><FONT SIZE=2>Capital
Group Redemption Selection Date, and (2)&nbsp;the outstanding shares of each series of Liberty Capital Common Stock to be redeemed in accordance with this paragraph&nbsp;(e)(i) will be
redeemed by the Corporation pro rata among the holders of each series of Liberty Capital Common Stock or by such other method as may be determined by the Board of Directors to be equitable. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the extent that a Distributed Capital Group Subsidiary to be distributed pursuant to this paragraph&nbsp;(e)(i) also holds, directly or indirectly, assets and liabilities attributed
to one or both of the Starz Group and the Interactive Group, then (x)&nbsp;such Distributed Capital Group Subsidiary will also be deemed a Distributed Starz Group Subsidiary for purposes of
paragraph&nbsp;(f)(i) (to the extent such Distributed Capital Group Subsidiary also holds assets and liabilities of the Starz Group) and/or a Distributed Interactive Group Subsidiary for purposes of
paragraph&nbsp;(g)(i) (to the extent such Distributed Capital Group Subsidiary also holds assets and liabilities of the Interactive Group) and (y)&nbsp;in connection with the redemption of Capital
Group Redemption Shares pursuant to this paragraph&nbsp;(e)(i) the Corporation will also redeem shares of Liberty Starz Common Stock pursuant to the provisions of paragraph&nbsp;(f)(i) (in the
event such Distributed Capital Group Subsidiary is also a Distributed Starz Group Subsidiary) and/or shares of Liberty Interactive Common Stock pursuant to the provisions of paragraph&nbsp;(g)(i)
(in the event such Distributed Capital Group Subsidiary is also a Distributed Interactive Group Subsidiary), as applicable, subject to the Corporation obtaining the Capital Group Redemption
Stockholder Approval and the applicable of the Starz Group Redemption Stockholder Approval and/or the Interactive Group Redemption Stockholder Approval. In connection with any such redemption of
Liberty Capital Common Stock, Liberty Starz Common Stock and/or Liberty Interactive Common Stock, as applicable, the Board of Directors will effect such redemption in accordance with the terms of
paragraphs&nbsp;(e)(i), (f)(i) and (g)(i), as applicable, as determined by the Board of Directors in good faith, with such changes and adjustments as the Board of Directors determines are reasonably
necessary in order to effect such redemption in exchange for securities of a single Subsidiary holding the assets and liabilities of more than one Group. In effecting such redemption, the Board of
Directors may determine to redeem the Capital Group Redemption Shares, the Starz Group Redemption Shares and/or the Interactive Group Redemption Shares, in exchange for one or more classes or series
of securities of such Subsidiary, including, without limitation, for separate classes or series of securities of such Subsidiary, (I)&nbsp;with the holders of Capital Group Redemption Shares to
receive Capital Group Distribution Subsidiary Securities intended to track the performance of the former assets and liabilities attributed to the Capital Group held by such Subsidiary,
(II)&nbsp;with holders of Starz Group Redemption Shares to receive Starz Group Distribution Subsidiary Securities intended to track the performance of the former assets and liabilities attributed to
the Starz Group held by such Subsidiary and/or (III)&nbsp;with holders of Interactive Group Redemption Shares to receive Interactive Group Distribution Subsidiary Securities intended to track the
performance of the former assets and liabilities attributed to the Interactive Group held by such Subsidiary, subject, in each case, to the applicable limitations on the class and series of securities
of the Distributed Capital Group Subsidiary set forth in the last paragraph of paragraphs&nbsp;(e)(i), (f)(i) and (g)(i), as applicable. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
redemption pursuant to this paragraph&nbsp;(e)(i) will occur on a Capital Group Redemption Date set forth in a notice to holders of Liberty Capital Common Stock (and Convertible
Securities convertible into or exercisable or exchangeable for shares of any series of Liberty Capital Common Stock (unless provision for notice is otherwise made pursuant to the terms of such
Convertible Securities)) pursuant to paragraph&nbsp;(e)(iv)(C). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
effecting a redemption of Liberty Capital Common Stock pursuant to this paragraph&nbsp;(e)(i), the Board of Directors may determine either to (x)&nbsp;redeem shares of each series
of Liberty Capital Common Stock in exchange for a single class or series of securities of the Distributed Capital </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>30</FONT></P>

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<UL>
<BR>

<P style="font-family:times;"><FONT SIZE=2>Group
Subsidiary without distinction among series of Liberty Capital Common Stock, on an equal per share basis, (y)&nbsp;redeem shares of each series of Liberty Capital Common Stock in exchange for
separate classes or series of securities of the Distributed Capital Group Subsidiary, on an equal per share basis, or (z)&nbsp;redeem shares of one or more series of Liberty Capital Common Stock in
exchange for a separate class or series of securities of the Distributed Capital Group Subsidiary and, on an equal per share basis, redeem shares of all other series of Liberty Capital Common Stock in
exchange for a different class or series of securities of the Distributed Capital Group Subsidiary; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT> <FONT SIZE=2><I>that</I></FONT><FONT SIZE=2>, in the case of clauses&nbsp;(y) and (z),
 (1)&nbsp;such separate classes or series do not differ in any respect other than their relative
voting rights (and any related differences in designation, conversion, redemption and share distribution provisions such as those set forth in this Section&nbsp;A.2.), with holders of shares of
Series&nbsp;B Liberty Capital Common Stock receiving securities of a class or series having the highest relative voting rights and the holders of shares of each other series of Liberty Capital
Common Stock receiving securities of a class or series having lesser relative voting rights, in each case, without regard to whether such rights differ to a greater or lesser extent than the
corresponding differences in voting rights (and any related differences in designation, conversion, redemption and share distribution provisions such as those set forth in this Section&nbsp;A.2.)
among the Series&nbsp;A Liberty Capital Common Stock, the Series&nbsp;B Liberty Capital Common Stock and the Series&nbsp;C Liberty Capital Common Stock, and (2)&nbsp;in the event the
securities to be received by the holders of shares of Liberty Capital Common Stock other than the Series&nbsp;B Liberty Capital Common Stock in such redemption consist of different classes or series
of securities, with each such class or series differing only with respect to the relative voting rights of such class or series (and any related differences in designation, conversion, redemption and
share distribution provisions such as those set forth in this Section&nbsp;A.2.), then such classes or series of securities will be distributed to the holders of each series of Liberty Capital
Common Stock (other than the Series&nbsp;B Liberty Capital Common Stock) (i)&nbsp;as the Board of Directors determines or (ii)&nbsp;such that the relative voting rights of the class or series of
securities to be received by the holders of each series of Liberty Capital Common Stock corresponds to the extent practicable to the relative voting rights (as compared to the other series of Liberty
Capital Common Stock, other than the Series&nbsp;B Liberty Capital Common Stock) of such series of Liberty Capital Common Stock. If the Board of Directors has made a Capital Group Inter-Group
Redemption Election, then the determination as to the classes or series of securities of the Distributed Capital Group Subsidiary comprising the Capital Group Inter-Group Interest Subsidiary
Securities to be so transferred or allocated to the Starz Group and/or the Interactive Group will be made by the Board of Directors in its discretion. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Mandatory Dividend, Redemption or Conversion in Case of Capital Group Disposition</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;In the event of a
Capital Group Disposition (other than an Exempt Capital Group Disposition), the Corporation will, on or prior to the 85th&nbsp;Trading Day following the consummation of such Capital Group
Disposition and in accordance with the applicable provisions of this Section&nbsp;A.2., take the actions referred to in one of clauses&nbsp;(A), (B), (C), (D)&nbsp;or (E)&nbsp;below, as
elected by the Board of Directors: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;Subject
to the first sentence of paragraph&nbsp;(c)(i) of this Section&nbsp;A.2. the Corporation may declare and pay a dividend payable in cash, securities (other
than shares of Common Stock) or other assets, or any combination thereof, to the holders of outstanding shares of Liberty Capital Common Stock, with an
aggregate Fair Value (subject to adjustment as provided below) equal to the Capital Group Allocable Net Proceeds of such Capital Group Disposition as of the record date for determining the holders
entitled to receive such dividend, as the same may be determined by the Board of Directors, with such dividend to be paid in accordance with the applicable provisions of paragraph&nbsp;(c)(i) and
(d)(i) of this Section&nbsp;A.2.; or </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>31</FONT></P>

<HR NOSHADE>
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<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;Provided
that there are assets of the Corporation legally available therefor and the Capital Group Available Dividend Amount would have been sufficient to pay a dividend
pursuant to clause&nbsp;(A) of this paragraph&nbsp;(e)(ii) in lieu of effecting the redemption provided for in this clause&nbsp;(B), then: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I)&nbsp;&nbsp;&nbsp;if
such Capital Group Disposition involves all (not merely substantially all) of the assets of the Capital Group, the Corporation may redeem all outstanding shares of
each series of Liberty Capital Common Stock for cash, securities (other than shares of Common Stock) or other assets, or any combination thereof, with an aggregate Fair Value (subject to adjustment as
provided below) equal to the Capital Group Allocable Net Proceeds of such Capital Group Disposition as of the Capital Group Redemption Date, as determined by the Board of Directors, such aggregate
amount to be allocated among the shares of all series of Liberty Capital Common Stock outstanding as of the Capital Group Redemption Date on an equal per share basis (subject to the provisions of this
paragraph&nbsp;(e)(ii)); or </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II)&nbsp;&nbsp;if
such Capital Group Disposition involves substantially all (but not all) of the assets of the Capital Group, the Corporation may apply an aggregate amount (subject to
adjustment as provided below) of cash, securities (other than shares of Common Stock) or other assets, or any combination thereof, with a Fair Value equal to the Capital Group Allocable Net Proceeds
of such Capital Group Disposition as of the Capital Group Redemption Selection Date (the "</FONT><FONT SIZE=2><B>Capital Group Redemption Amount</B></FONT><FONT SIZE=2>") to the redemption of
outstanding shares of each series of Liberty Capital Common Stock, such Capital Group Redemption Amount to be allocated (subject to the provisions of this paragraph&nbsp;(e)(ii)) to the redemption
of shares of each series of Liberty Capital Common Stock in the ratio of (x)&nbsp;the number of shares of such series outstanding as of the Capital Group Redemption Selection Date to (y)&nbsp;the
aggregate number of shares of all series of Liberty Capital Common Stock outstanding as of such date, and the number of shares of each such series to be redeemed will equal the lesser of
(1)&nbsp;the number of shares of such series outstanding as of the Capital Group Redemption Selection Date and (2)&nbsp;the whole number nearest the number obtained by dividing the aggregate
amount so allocated to the redemption of such series by the Average Market Value of the Liberty Capital Reference Share over the period of 10 consecutive Trading Days beginning on the
16th&nbsp;Trading Day following the consummation of such Capital Group Disposition; </FONT><FONT SIZE=2><I>provided that,</I></FONT><FONT SIZE=2> if following the foregoing allocation there remains
any amount of the Capital Group Redemption Amount which is not being applied to the redemption of shares of a series of Liberty Capital Common Stock, then such excess amount will be allocated to the
redemption of shares of each series of Liberty Capital Common Stock that, following the initial allocation referred to above, would have shares outstanding and not redeemed, with the number of
outstanding and not redeemed shares to be redeemed from each such series to be calculated in
accordance with clauses&nbsp;(1) and (2)&nbsp;of the immediately preceding sentence based upon such excess amount of the Capital Group Redemption Amount. The outstanding shares of a series of
Liberty Capital Common Stock to be redeemed will be selected on a pro rata basis among the holders of such series or by such other method as the Board of Directors may determine to be equitable; or </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;The
Corporation may convert each outstanding share of Series&nbsp;A Liberty Capital Common Stock into a number (or fraction) of fully paid and
non-assessable shares of Series&nbsp;A Liberty Starz Common Stock, each outstanding share of Series&nbsp;B Liberty Capital Common Stock into a number (or fraction) of fully paid and
non-assessable shares of Series&nbsp;B Liberty Starz Common Stock, and each outstanding share of Series&nbsp;C Liberty Capital Common Stock </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>32</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>into
a number (or fraction) of fully paid and non-assessable shares of Series&nbsp;C Liberty Starz Common Stock, in each case, equal to 110% of the average daily ratio (calculated to the
nearest five decimal places) of (I)&nbsp;the Average Market Value of the Liberty Capital Reference Share over the period of 10 consecutive Trading Days beginning on the 16th&nbsp;Trading Day
following the consummation of such Capital Group Disposition, to (II)&nbsp;the Average Market Value of the Liberty Starz Reference Share over the same 10-Trading Day period; or </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;&nbsp;The
Corporation may convert each outstanding share of Series&nbsp;A Liberty Capital Common Stock into a number (or fraction) of fully paid and
non-assessable shares of Series&nbsp;A Liberty Interactive Common Stock, each outstanding share of Series&nbsp;B Liberty Capital Common Stock into a number (or fraction) of fully paid
and non-assessable shares of Series&nbsp;B Liberty Interactive Common Stock, and each outstanding share of Series&nbsp;C Liberty Capital Common Stock into a number (or fraction) of
fully paid and non-assessable shares of Series&nbsp;C Liberty Interactive Common Stock, in each case, equal to 110% of the average daily ratio (calculated to the nearest five decimal
places) of (I)&nbsp;the Average Market Value of the Liberty Capital Reference Share over the period of 10 consecutive Trading Days beginning on the 16th&nbsp;Trading Day following the consummation
of such Capital Group Disposition, to (II)&nbsp;the Average Market Value of the Liberty Interactive Reference Share over the same 10-Trading Day period; or </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E)&nbsp;&nbsp;The
Corporation may combine the conversion of a portion of the outstanding shares of Liberty Capital Common Stock into Liberty Starz Common Stock or Liberty Interactive
Common Stock as contemplated by clauses&nbsp;(C) and (D)&nbsp;of this paragraph&nbsp;(e)(ii) with the payment of a dividend on or the redemption of shares of Liberty Capital Common Stock as
described below, subject to the limitations specified in clause&nbsp;(A) (in the case of a dividend) or clause&nbsp;(B) (in the case of a redemption) of this paragraph&nbsp;(e)(ii) (including
the limitations specified in other paragraphs of this Certificate referred to therein). In the event the Board of Directors elects the option described in this clause&nbsp;(E), the portion of the
outstanding shares of Liberty Capital Common Stock to be converted into fully paid and non-assessable shares of Liberty Starz Common Stock or Liberty Interactive Common Stock, as
applicable, will be determined by the Board of Directors and will be so converted at the conversion rate determined in accordance with clause&nbsp;(C) or clause&nbsp;(D) above, as applicable, and
the Corporation will either (x)&nbsp;pay a dividend to the holders of record of all of the remaining shares of Liberty Capital Common Stock outstanding, with such dividend to be paid in accordance
with the applicable provisions of paragraphs&nbsp;(c)(i) and (d)(i) of this Section&nbsp;A.2., or (y)&nbsp;redeem all or a portion of such remaining shares of Liberty Capital Common Stock. The
aggregate amount of such dividend, in the case of a dividend, or the portion of the Capital Group Allocable Net Proceeds to be applied to such redemption, in the case of a redemption, will be equal to
the amount (rounded, if necessary, to the nearest whole number) obtained by multiplying (I)&nbsp;an amount equal to the Capital Group Allocable Net Proceeds of such Capital Group Disposition as of,
in the case of a dividend, the record date for determining the holders of Liberty Capital Common Stock entitled to receive such dividend and, in the case of a redemption, the Capital Group Redemption
Selection Date (in the case of a partial redemption) or the Capital Group Redemption Date (in the case of a full redemption), in each case, before giving effect to the conversion of shares of Liberty
Capital Common Stock in connection with such Capital Group Disposition in accordance with this clause&nbsp;(E) and any related adjustment to the Number of Shares Issuable with Respect to the Capital
Group Inter-Group Interest, by (II)&nbsp;one minus a fraction, the numerator of which will be the number of shares of Liberty Capital Common Stock to be converted into shares of Liberty Starz Common
Stock or Liberty Interactive Common Stock, as applicable, in accordance with this clause&nbsp;(E) and the denominator of which will be the aggregate number of shares of Liberty Capital Common Stock
outstanding as of the record date, Capital Group </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>33</FONT></P>

<HR NOSHADE>
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<UL>
<UL>
<BR>

<P style="font-family:times;"><FONT SIZE=2>Redemption
Selection Date or Capital Group Redemption Date used for purposes of clause&nbsp;(I) of this sentence. In the event of a redemption concurrently with or following any such partial
conversion of shares of Liberty Capital Common Stock, if the Capital Group Disposition was of all (not merely substantially all) of the assets of the Capital Group, then all remaining outstanding
shares of Liberty Capital Common Stock will be redeemed for cash, securities (other than shares of Common Stock) or other assets, or any combination thereof, with an aggregate Fair Value equal to the
portion of the Capital Group Allocable Net Proceeds to be applied to such redemption determined in accordance with this clause&nbsp;(E), such aggregate amount to be allocated among all such shares
to be redeemed on an equal per share basis (subject to the provisions of this paragraph&nbsp;(e)(ii)). In the event of a redemption concurrently with or following any such partial conversion of
shares of Liberty Capital Common Stock, if the Capital Group Disposition was of substantially all (but not all) of the assets of the Capital Group, then the number of shares of each series of Liberty
Capital Common Stock to be redeemed will be determined in accordance with clause&nbsp;(B)(II) of this paragraph&nbsp;(e)(ii), substituting for the Capital Group Redemption Amount referred to
therein the portion of the Capital Group Allocable Net Proceeds to be applied to such redemption as determined in accordance with this clause&nbsp;(E), and such shares will be redeemed for cash,
securities (other than Common Stock) or other assets, or any combination thereof, with an aggregate Fair Value equal to such portion of the Capital Group Allocable Net Proceeds and allocated among all
such shares to be redeemed on an equal per share basis (subject to the provisions of this paragraph&nbsp;(e)(ii)). The aggregate number of shares of Liberty
Capital Common Stock to be converted in any partial conversion in accordance with this clause&nbsp;(E) will be allocated among the series of Liberty Capital Common Stock in the ratio of the number
of shares of each such series outstanding to the aggregate number of shares of all series of Liberty Capital Common Stock outstanding as of the Capital Group Conversion Selection Date, and the shares
of each such series to be converted will be selected on a pro rata basis or by such other method as the Board of Directors may determine to be equitable. In the case of a redemption, the allocation of
the cash, securities (other than shares of Common Stock) and/or other assets to be paid in redemption and, in the case of a partial redemption, the selection of shares to be redeemed will be made in
the manner contemplated by clause&nbsp;(B) of this paragraph&nbsp;(e)(ii). </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of this paragraph&nbsp;(e)(ii): </FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;as
of any date, "</FONT><FONT SIZE=2><B>substantially all of the assets of the Capital Group</B></FONT><FONT SIZE=2>" means a portion of such assets that represents at
least 80% of the then-Fair Value of the assets of the Capital Group as of such date; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;in
the case of a Capital Group Disposition of assets in a series of related transactions, such Capital Group Disposition will not be deemed to have been consummated
until the consummation of the last of such transactions; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;if
the Board of Directors seeks the approval of the holders of Liberty Capital Voting Securities entitled to vote thereon to qualify a Capital Group Disposition as an
Exempt Capital Group Disposition and such approval is not obtained, the date on which such approval fails to be obtained will be treated as the date on which such Capital Group Disposition was
consummated for purposes of making the determinations and taking the actions prescribed by this paragraph&nbsp;(e)(ii) and paragraph&nbsp;(e)(iv), and no subsequent vote may be taken to qualify
such Capital Group Disposition as an Exempt Capital Group Disposition; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;in
the event of a redemption of a portion of the outstanding shares of Liberty Capital Common Stock pursuant to clause&nbsp;(B)(II) or (E)&nbsp;of this
paragraph&nbsp;(e)(ii) at a </FONT></P>

</UL>
</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>34</FONT></P>

<HR NOSHADE>
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<UL>
<UL>
<UL>
<BR>

<P style="font-family:times;"><FONT SIZE=2>time
when the Capital Group Outstanding Interest Fraction is less than one, if the Board of Directors so elects (a "</FONT><FONT SIZE=2><B>Capital Group Inter-Group Partial Redemption
Election</B></FONT><FONT SIZE=2>"), in its discretion, the Corporation will attribute to the Starz Group and the Interactive Group concurrently with such redemption an aggregate amount (the
"</FONT><FONT SIZE=2><B>Capital Group Inter-Group Redemption Amount</B></FONT><FONT SIZE=2>") of cash, securities (other than shares of Common Stock) or other assets, or any combination thereof,
subject to adjustment as described below, with an aggregate Fair Value equal to the difference between (x)&nbsp;the Capital Group Net Proceeds and (y)&nbsp;the portion of the Capital Group
Allocable Net Proceeds applied to such redemption as determined in accordance with clause&nbsp;(B)(II) or clause&nbsp;(E) of this paragraph&nbsp;(e)(ii). If the Board of Directors makes such
election, the Number of Shares Issuable with
Respect to the Capital Group Inter-Group Interest will be decreased in the manner described in subparagraph&nbsp;(ii)(E) of the definition of "Number of Shares Issuable with Respect to the Capital
Group Inter-Group Interest" in paragraph&nbsp;(j) of this Section&nbsp;A.2. The Capital Group Inter-Group Redemption Amount will be attributed between the Starz Group and the Interactive Group
based upon the Starz Group's Fractional Interest in the Capital Group as of the Capital Group Redemption Selection Date and the Interactive Group's Fractional Interest in the Capital Group as of the
Capital Group Redemption Selection Date and may, at the discretion of the Board of Directors, be reflected by an allocation or by a direct transfer of cash, securities and/or other assets; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;if
at the time of a Capital Group Disposition subject to this paragraph&nbsp;(e)(ii), there are outstanding any Convertible Securities convertible into or exercisable
or exchangeable for shares of Liberty Capital Common Stock that would give the holders thereof the right to receive any consideration related to such Capital Group Disposition upon conversion,
exercise or exchange or otherwise, or would adjust to give the holders equivalent economic rights, as a result of any dividend, redemption or other action taken by the Corporation with respect to the
Liberty Capital Common Stock pursuant to this paragraph&nbsp;(e)(ii), then the Board of Directors may make such adjustments to (x)&nbsp;the amount of consideration to be issued or delivered as
contemplated by this paragraph&nbsp;(e)(ii) as a dividend on or in redemption or conversion of shares of Liberty Capital Common Stock and/or, if applicable, (y)&nbsp;the Capital Group Inter-Group
Redemption Amount and the Number of Shares Issuable with Respect to the Capital Group Inter-Group Interest as it deems appropriate to take into account the Liberty Capital Common Stock into which such
Convertible Securities are convertible or for which such Convertible Securities are exercisable or exchangeable; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&nbsp;&nbsp;the
Corporation may pay the dividend or redemption price referred to in clause&nbsp;(A), (B)&nbsp;or (E)&nbsp;of this paragraph&nbsp;(e)(ii) payable to the
holders of Liberty Capital Common Stock in cash, securities (other than shares of Common Stock) or other assets, or any combination thereof, that the Board of Directors determines and which has an
aggregate Fair Value of not less than the amount allocated to such dividend or redemption pursuant to the applicable of clauses&nbsp;(A), (B)&nbsp;or (E)&nbsp;of this paragraph&nbsp;(e)(ii),
regardless of the form or nature of the proceeds received by the Corporation from the Capital Group Disposition; and </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)&nbsp;&nbsp;&nbsp;if
all or any portion of the redemption price referred to in clause&nbsp;(B) or (E)&nbsp;of this paragraph&nbsp;(e)(ii) payable to the holders of Liberty Capital
Common Stock is paid in the form of securities of an issuer other than the Corporation, the Board of Directors may determine to pay the redemption price, so payable in securities, in the form of
(x)&nbsp;identical securities, on an equal per share basis, to holders of each series of Liberty Capital Common Stock, (y)&nbsp;separate classes or series of securities, on an equal per share </FONT></P>

</UL>
</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>35</FONT></P>

<HR NOSHADE>
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<UL>
<UL>
<UL>
<BR>

<P style="font-family:times;"><FONT SIZE=2>basis,
to the holders of each series of Liberty Capital Common Stock or (z)&nbsp;a separate class or series of securities to the holders of one or more series of Liberty Capital Common Stock and, on
an equal per share basis, a different class or series of securities to the holders of all other series of Liberty Capital Common Stock; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT> <FONT SIZE=2><I>that</I></FONT><FONT SIZE=2>, in
the case of clauses&nbsp;(y) and (z), (1)&nbsp;such separate classes or series do not differ in any respect other than their relative
voting rights (and any related differences in designation, conversion, redemption and share distribution provisions such as those set forth in this
Section&nbsp;A.2.), with holders of shares of Series&nbsp;B Liberty Capital Common Stock receiving securities of a class or series having the highest relative voting rights and the holders of
shares of each other series of Liberty Capital Common Stock receiving securities of a class or series having lesser relative voting rights, in each case, without regard to whether such rights differ
to a greater or lesser extent than the corresponding differences in voting rights (and any related differences in designation, conversion, redemption and share distribution provisions such as those
set forth in this Section&nbsp;A.2.) among the Series&nbsp;A Liberty Capital Common Stock, the Series&nbsp;B Liberty Capital Common Stock and the Series&nbsp;C Liberty Capital Common Stock and
(2)&nbsp;in the event the securities to be received by the holders of shares of Liberty Capital Common Stock other than the Series&nbsp;B Liberty Capital Common Stock consist of different classes
or series of securities, with each such class or series differing only with respect to the relative voting rights of such class or series (and any related differences in designation, conversion,
redemption and share distribution provisions such as those set forth in this Section&nbsp;A.2.), then such classes or series of securities will be distributed to the holders of each series of
Liberty Capital Common Stock (other than the Series&nbsp;B Liberty Capital Common Stock) (i)&nbsp;as the Board of Directors determines or (ii)&nbsp;such that the relative voting rights of the
class or series of securities to be received by the holders of each series of Liberty Capital Common Stock corresponds to the extent practicable to the relative voting rights (as compared to the other
series of Liberty Capital Common Stock, other than the Series&nbsp;B Liberty Capital Common Stock) of such series of Liberty Capital Common Stock. </FONT></P>

</UL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Certain Provisions Respecting Convertible Securities</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;Unless the provisions of any Convertible Securities
that are or become convertible into or exercisable or exchangeable for shares of any series of Liberty Capital Common Stock provide specifically to the contrary, or the instrument, plan or agreement
evidencing such Convertible Securities or pursuant to which the same were issued grants to the Board of Directors the discretion to approve or authorize any adjustment or adjustments to the
conversion, exercise or exchange provisions of such Convertible Securities so as to obtain a result different from that which would otherwise occur pursuant to this paragraph&nbsp;(e)(iii), and the
Board of Directors so approves or authorizes such adjustment or adjustments, after any Capital Group Conversion Date or Capital Group Redemption Date on which all outstanding shares of Liberty Capital
Common Stock were converted or redeemed, any share of Liberty Capital Common Stock that is issued on conversion, exercise or exchange of any such Convertible Security will, immediately upon issuance
and without any notice or any other action on the part of the Corporation or its Board of Directors or the holder of such share of Liberty Capital Common Stock, be redeemed in exchange for, to the
extent assets of the Corporation are legally available therefor, the amount of $.01 per share in cash. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>General.</I></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;Not
later than the 10th&nbsp;Trading Day following the consummation of a Capital Group Disposition referred to in paragraph&nbsp;(e)(ii) of this Section&nbsp;A.2.,
the Corporation will announce publicly by press release (x)&nbsp;the Capital Group Net Proceeds of such Capital Group Disposition, (y)&nbsp;whether the Capital Group Disposition qualifies as an
Exempt Capital Group Disposition, and (z)&nbsp;if it does not so qualify at the time of such announcement (including in </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>36</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>the
event the Board of Directors had not sought stockholder approval to qualify such Capital Group Disposition as an Exempt Capital Group Disposition in connection with any required stockholder
approval obtained by the Corporation, if applicable), whether the Board of Directors will seek the approval of the holders of Liberty Capital Voting Securities entitled to vote thereon to qualify such
Capital Group Disposition as an Exempt Capital Group Disposition. Not later than the 30<SUP>th</SUP>&nbsp;Trading Day (and in the event a 10 Trading Day valuation period is required in connection
with the action selected by the Board of Directors pursuant to clause&nbsp;(I) of this paragraph&nbsp;(e)(iv)(A), not earlier than the 26<SUP>th</SUP>&nbsp;Trading Day) following the
consummation of such Capital Group Disposition, the Corporation will announce publicly by press release (to the extent applicable): </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I)&nbsp;&nbsp;&nbsp;which
of the actions specified in clauses&nbsp;(A), (B), (C), (D)&nbsp;or (E)&nbsp;of paragraph&nbsp;(e)(ii) of this Section&nbsp;A.2. the Corporation has
irrevocably determined to take; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II)&nbsp;&nbsp;as
applicable, the record date for determining holders entitled to receive any dividend to be paid pursuant to clause&nbsp;(A) or (E)&nbsp;of
paragraph&nbsp;(e)(ii), the Capital Group Redemption Selection Date for the redemption of shares of Liberty Capital Common Stock pursuant to clause&nbsp;(B)(II) or (E)&nbsp;of
paragraph&nbsp;(e)(ii) or the Capital Group Conversion Selection Date for the partial conversion of shares of Liberty Capital Common Stock pursuant to clause&nbsp;(E) of paragraph&nbsp;(e)(ii),
which record date, Capital Group Redemption Selection Date or Capital Group Conversion Selection Date will not be earlier than the 10th&nbsp;day following the date of such public announcement; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(III)&nbsp;the
anticipated dividend payment date, Capital Group Redemption Date and/or Capital Group Conversion Date, which in each case, will not be more than 85 Trading Days
following such Capital Group Disposition; and </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(IV)&nbsp;unless
the Board of Directors otherwise determines, that the Corporation will not be required to register a transfer of any shares of Liberty Capital Common Stock for a
period of 10 Trading Days (or such shorter period as such announcement may specify) next preceding the specified Capital Group Redemption Selection Date or Capital Group Conversion Selection Date. </FONT></P>

</UL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Corporation determines to undertake a redemption of shares of Liberty Capital Common Stock, in whole or in part, pursuant to clause&nbsp;(B) or (E)&nbsp;of
paragraph&nbsp;(e)(ii) of this Section&nbsp;A.2., or a conversion of shares of Liberty Capital Common Stock, in whole or in part, pursuant to clause&nbsp;(C), (D)&nbsp;or (E)&nbsp;of
paragraph&nbsp;(e)(ii), the Corporation will give notice of such redemption or conversion, not less than
15&nbsp;days prior to the Capital Group Redemption Date or Capital Group Conversion Date, as applicable, to holders of Liberty Capital Common Stock whose shares are to be redeemed or converted,
setting forth, as applicable: </FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;the
Capital Group Redemption Date or Capital Group Conversion Date; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;the
number of shares of Liberty Capital Common Stock held by such holder to be redeemed or converted or, if applicable, stating that all outstanding shares of Liberty
Capital Common Stock will be redeemed or converted and, if shares of Liberty Capital Common Stock are to be converted, whether such shares will be converted into Liberty Starz Common Stock or Liberty
Interactive Common Stock, and the series thereof issuable to the holders of each series of Liberty Capital Common Stock; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;in
the case of a redemption or a conversion, in each case, in whole or in part, of outstanding shares of Liberty Capital Common Stock, the kind and amount of per share
consideration to be received with respect to each share of Liberty Capital Common Stock to be redeemed or converted and the Capital Group Outstanding Interest Fraction as of the date of such notice
(and if such Capital Group Outstanding Interest Fraction is less </FONT></P>

</UL>
</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>37</FONT></P>

<HR NOSHADE>
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<UL>
<UL>
<UL>
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<P style="font-family:times;"><FONT SIZE=2>than
one (1), the Starz Group's Fractional Interest in the Capital Group and the Interactive Group's Fractional Interest in the Capital Group, in each case, as of such date); </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;with
respect to a partial redemption under clause&nbsp;(B)(II) or (E)&nbsp;of paragraph&nbsp;(e)(ii), if the Board of Directors has made a Capital Group
Inter-Group Partial Redemption Election, the Number of Shares Issuable with Respect to the Capital Group Inter-Group Interest, the Starz Group's Fractional Interest in the Capital Group and the
Interactive Group's Fractional Interest in the Capital Group, in each case, as of the Capital Group Redemption Selection Date and the portion of the Capital Group Inter-Group Redemption Amount
attributable to each Group other than the Capital Group; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;with
respect to a dividend under clause&nbsp;(A) or (E)&nbsp;of paragraph&nbsp;(e)(ii), the Number of Shares Issuable with Respect to the Capital Group Inter-Group
Interest, the Starz Group's Fractional Interest in the Capital Group and the Interactive Group's Fractional Interest in the Capital Group, in each case, as of the record date for the dividend and the
portion of the Capital Group Inter-Group Dividend Amount attributable to each Group other than the Capital Group, if applicable; and </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&nbsp;&nbsp;the
place or places where certificates representing shares of Liberty Capital Common Stock properly endorsed or assigned for transfer (unless the Corporation waives such
requirement) are to be surrendered. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;In
the event of any conversion of shares of Liberty Capital Common Stock pursuant to paragraph&nbsp;(b)(vi) or (vii)&nbsp;of this Section&nbsp;A.2., not less than
15&nbsp;days prior to the Capital Group Conversion Date, the Corporation will (I)&nbsp;announce publicly by press release that all outstanding shares of Liberty Capital Common Stock will be
converted pursuant to paragraph&nbsp;(b)(vi) or (vii)&nbsp;of this Section&nbsp;A.2. on the Capital Group Conversion Date set forth in such press release and (II)&nbsp;give notice of such
conversion to each holder of outstanding shares of Liberty Capital Common Stock, setting forth: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;the
Capital Group Conversion Date, which will not be more than 45&nbsp;days following the Determination Date; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;a
statement that all outstanding shares of Liberty Capital Common Stock will be converted; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;the
per share number and series of shares of Liberty Starz Common Stock or Liberty Interactive Common Stock to be received with respect to each share of each series of
Liberty Capital Common Stock; and </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;the
place or places where certificates representing shares of Liberty Capital Common Stock properly endorsed or assigned for transfer (unless the Corporation waives such
requirement) are to be surrendered. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;If
the Corporation obtains the Capital Group Redemption Stockholder Approval and determines to redeem shares of Liberty Capital Common Stock pursuant to
paragraph&nbsp;(e)(i), the Corporation will, announce publicly by press release promptly following the Approval Date: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I)&nbsp;&nbsp;&nbsp;that
the Corporation intends to redeem shares of Liberty Capital Common Stock for securities of a Distributed Capital Group Subsidiary pursuant to
paragraph&nbsp;(e)(i) of this Section&nbsp;A.2.; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II)&nbsp;&nbsp;if
applicable, the Capital Group Redemption Selection Date, which will not be earlier than the 10th&nbsp;day following the date of the press release; </FONT></P>

</UL>
</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>38</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<UL>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(III)&nbsp;the
anticipated Capital Group Redemption Date, which will not be later than the 85th&nbsp;Trading Day following the date of the press release; and </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(IV)&nbsp;unless
the Board of Directors otherwise determines, that the Corporation will not be required to register a transfer of any shares of Liberty Capital Common Stock for a
period of 10 Trading Days (or such shorter period as such announcement may specify) next preceding the specified Capital Group Redemption Selection Date. </FONT></P>

</UL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not
less than 15&nbsp;days prior to the Capital Group Redemption Date, the Corporation will give notice of such redemption to holders of Liberty Capital Common Stock whose shares are
to be redeemed, setting forth: </FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;the
Capital Group Redemption Date; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;the
number of shares of Liberty Capital Common Stock held by such holder to be redeemed or, if applicable, stating that all outstanding shares of Liberty Capital Common
Stock will be redeemed; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;the
class or series of securities of the Distributed Capital Group Subsidiary to be received with respect to each share of each series of Liberty Capital Common Stock to
be redeemed and the Capital Group Outstanding Interest Fraction as of the date of such notice, if any (and if such Capital Group Outstanding Interest Fraction is less than one (1), the Starz Group's
Fractional Interest in the Capital Group and the Interactive Group's Fractional Interest in the Capital Group, in each case, as of such date); </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;if
the Board of Directors has made a Capital Group Inter-Group Redemption Election, the number of Capital Group Inter-Group Interest Subsidiary Securities attributable
to each Group other than the Capital Group, and the Number of Shares Issuable to the Starz Group with Respect to the Capital Group Inter-Group Interest and the Number of Shares Issuable to the
Interactive Group with Respect to the Capital Group Inter-Group Interest, in each case, used in determining such number and attribution of Capital Group Inter-Group Interest Subsidiary Securities; and </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;the
place or places where certificates representing shares of Liberty Capital Common Stock properly endorsed or assigned for transfer (unless the Corporation waives such
requirement) are to be surrendered. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;&nbsp;The
Corporation will give such notice to holders of Convertible Securities convertible into or exercisable or exchangeable for Liberty Capital Common Stock as may be
required by the terms of such Convertible Securities or as the Board of Directors may otherwise deem appropriate in connection
with a dividend, redemption or conversion of shares of Liberty Capital Common Stock pursuant to this Section&nbsp;A.2., as applicable. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E)&nbsp;&nbsp;All
public announcements (including any proxy materials to the extent approval of the stockholders of the Corporation is sought or required) made pursuant to
clauses&nbsp;(A), (B)&nbsp;or (C)&nbsp;of this paragraph&nbsp;(e)(iv) will include such further statements, and the Corporation reserves the right to make such further public announcements, as
may be required by law or the rules of the principal national securities exchange on which the Liberty Capital Common Stock is listed or as the Board of Directors may, in its discretion, deem
appropriate. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F)&nbsp;&nbsp;Any
notice sent to a holder of Liberty Capital Common Stock pursuant to clauses&nbsp;(A), (B), (C)&nbsp;or (D)&nbsp;of this paragraph&nbsp;(e)(iv) will be sent
by first-class mail, postage prepaid to such holder's address as the same appears on the transfer books of the Corporation. </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>39</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<UL>
</UL>
</UL>
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 </FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G)&nbsp;&nbsp;Neither
the failure to mail any notice required by this paragraph&nbsp;(e)(iv) to any particular holder of Liberty Capital Common Stock nor any defect therein will
affect the sufficiency thereof with respect to any other holder of outstanding shares of Liberty Capital Common Stock, or the validity of any action taken pursuant to this Certificate. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H)&nbsp;&nbsp;No
adjustments in respect of dividends will be made upon the conversion or redemption of any shares of Liberty Capital Common Stock; </FONT> <FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT><FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>, that,
except as otherwise contemplated by paragraph&nbsp;(e)(ii)(E), if the Capital
Group Conversion Date or the Capital Group Redemption Date with respect to any shares of Liberty Capital Common Stock will be subsequent to the record date for the payment of a dividend or other
distribution thereon or with respect thereto, but prior to the payment of such dividend or distribution, the holders of record of such shares of Liberty Capital Common Stock at the close of business
on such record date will be entitled to receive the dividend or other distribution payable on or with respect to such shares on the date set for payment of such dividend or other distribution,
notwithstanding the prior conversion or redemption of such shares. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I)&nbsp;&nbsp;&nbsp;Before
any holder of shares of Liberty Capital Common Stock will be entitled to receive a certificate or certificates representing shares of any kind of capital stock or
cash, securities or other assets to be received by such holder with respect to shares of Liberty Capital Common Stock pursuant to paragraph&nbsp;(b) of this Section&nbsp;A.2. or this
paragraph&nbsp;(e), such holder will surrender at such place as the Corporation will specify certificates representing such shares of Liberty Capital Common Stock, properly endorsed or assigned for
transfer (unless the Corporation will waive such requirement). The Corporation will as soon as practicable after such surrender of a certificate or certificates representing shares of Liberty Capital
Common Stock, deliver, or cause to be delivered, at the office of the transfer agent for the shares or other securities to be delivered, to the holder for whose account shares of Liberty Capital
Common Stock were so surrendered, or to the nominee or nominees of such holder, a certificate or certificates representing the number of whole shares of the kind of capital stock or cash, securities
or other assets to which such Person will be entitled as aforesaid, together with any payment for fractional securities contemplated by paragraph&nbsp;(e)(iv)(K). If less than all of the shares of
Liberty Capital Common Stock represented by any one certificate are to be redeemed or converted, the Corporation will issue and deliver a new certificate for the shares of Liberty Capital Common Stock
not redeemed or converted. The Corporation will not be required to register a transfer of (I)&nbsp;any shares of Liberty Capital Common Stock for the period preceding any selection of shares to be
redeemed or
converted set forth in the applicable public announcement or notice or (II)&nbsp;any shares of Liberty Capital Common Stock selected for redemption or conversion. Shares selected for redemption may
not thereafter be converted pursuant to paragraph&nbsp;(b)(i)(A) of this Section&nbsp;A.2. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(J)&nbsp;&nbsp;&nbsp;From
and after any applicable Capital Group Conversion Date or Capital Group Redemption Date, all rights of a holder of shares of Liberty Capital Common Stock that were
converted or redeemed on such Capital Group Conversion Date or Capital Group Redemption Date, as applicable, will cease except for the right, upon surrender of a certificate or certificates
representing such shares of Liberty Capital Common Stock, to receive a certificate or certificates representing shares of the kind and amount of capital stock or cash, securities (other than capital
stock) or other assets for which such shares were converted or redeemed, as applicable, together with any payment for fractional securities contemplated by paragraph&nbsp;(e)(iv)(K) of this
Section&nbsp;A.2. and such holder will have no other or further rights in respect of the shares of Liberty Capital Common Stock so converted or redeemed, including, but not limited to, any rights
with respect to any cash, securities or other assets which are reserved or otherwise designated by the Corporation as being held for the </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>40</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<UL>
<UL>
<BR>

<P style="font-family:times;"><FONT SIZE=2>satisfaction
of the Corporation's obligations to pay or deliver any cash, securities or other assets upon the conversion, exercise or exchange of any Convertible Securities outstanding as of the date
of such conversion or redemption. No holder of a certificate which immediately prior to the applicable Capital Group Conversion Date or Capital Group Redemption Date represented shares of Liberty
Capital Common Stock will be entitled to receive any dividend or other distribution with respect to shares of any kind of capital stock into or in exchange for which the Liberty Capital Common Stock
was converted or redeemed until surrender of such holder's certificate for a certificate or certificates representing shares of such kind of capital stock. Upon such surrender, there will be paid to
the holder the amount of any dividends or other distributions (without interest) which theretofore became payable with respect to a record date after the Capital Group Conversion Date or Capital Group
Redemption Date, as the case may be, but that were not paid by reason of the foregoing, with respect to the number of whole shares of the kind of capital stock represented by the certificate or
certificates issued upon such surrender. From and after a Capital Group Conversion Date or Capital Group Redemption Date, as the case may be, the Corporation will, however, be entitled to treat
certificates representing shares of Liberty Capital Common Stock that have not yet been surrendered for conversion or redemption in accordance with clause&nbsp;(I) above as evidencing the ownership
of the number of whole shares of the kind or kinds of capital stock for which the shares of Liberty Capital Common Stock represented by such certificates will have been converted or redeemed in
accordance with paragraph&nbsp;(b) of this Section&nbsp;A.2 or this paragraph&nbsp;(e), notwithstanding the failure of the holder thereof to surrender such certificates. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(K)&nbsp;&nbsp;The
Corporation will not be required to issue or deliver fractional shares of any class or series of capital stock or any other securities in a smaller than authorized
denomination to any holder of Liberty Capital Common Stock upon any conversion, redemption, dividend or other distribution pursuant to paragraph&nbsp;(b) of this Section&nbsp;A.2 or this
paragraph&nbsp;(e). In connection with the determination of the number of shares of any class or series of capital stock that will be issuable or the amount of other securities that will be
deliverable to any holder of record of Liberty Capital Common Stock upon any such conversion, redemption, dividend or other distribution (including any fractions of shares or securities), the
Corporation may aggregate the shares of Liberty Capital Common Stock held at the relevant time by such holder of record. If the aggregate number of shares of capital stock or other
securities to be issued or delivered to any holder of Liberty Capital Common Stock includes a fraction, the Corporation will pay a cash adjustment in lieu of such fraction in an amount equal to the
value of such fraction as of the Trading Day specified by the Board of Directors for such purpose (without interest). For purposes of the preceding sentence, </FONT> <FONT SIZE=2><I>"value"</I></FONT><FONT SIZE=2> of any fraction will equal the
amount (rounded, if necessary, to the nearest whole cent) obtained by multiplying such fraction by the Fair Value
of one such share or the minimum authorized denomination of such other security as of such specified Trading Day. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(L)&nbsp;&nbsp;Any
deadline for effecting a dividend, redemption or conversion prescribed by this paragraph&nbsp;(e) may be extended if deemed necessary or appropriate, in the
discretion of the Board of Directors, to enable the Corporation to comply with the U.S. federal securities laws, including the rules and regulations promulgated thereunder. </FONT></P>

</UL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Redemption and Other Provisions Relating to the Liberty Starz Common Stock.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Redemption for Securities of one or more Starz Group Subsidiaries</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;At any time at which a Subsidiary of the
Corporation holds, directly or indirectly, assets and liabilities attributed to the Starz Group, the Corporation may, at its option and subject to assets of the Corporation being legally available
therefor but subject (in addition to any other approval of the Corporation's stockholders (or any series thereof) required under the DGCL in respect of such redemption, if any) to the Corporation
having received the Starz Group Redemption Stockholder Approval (and, </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>41</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=41,EFW="2195631",CP="LIBERTY MEDIA CORPORATION",DN="2",CHK=2571,FOLIO='41',FILE='DISK129:[09ZEF1.09ZEF76801]QS76801A.;4',USER='DSCHWAR',CD='19-NOV-2009;12:25' -->
<A NAME="page_qs76801_1_42"> </A>
<UL>

<P style="font-family:times;"><FONT SIZE=2>to
the extent applicable, the Capital Group Redemption Stockholder Approval and/or the Interactive Group Redemption Stockholder Approval), redeem outstanding shares of Liberty Starz Common Stock (such
shares of Liberty Starz Common Stock to be redeemed, the "</FONT><FONT SIZE=2><B>Starz Group Redemption Shares</B></FONT><FONT SIZE=2>") for securities of such Subsidiary (a
"</FONT><FONT SIZE=2><B>Distributed Starz Group Subsidiary</B></FONT><FONT SIZE=2>"), as provided herein. The number of Starz Group Redemption Shares will be determined, by the Board of Directors, by
multiplying (A)&nbsp;the number of outstanding shares of Liberty Starz Common Stock as of the Starz Group Redemption Selection Date, by (B)&nbsp;the percentage of the Fair Value of the Starz Group
that is represented by the Fair Value of the Corporation's equity interest in the Distributed Starz Group Subsidiary which is attributable to the Starz Group, in each case, as determined by the Board
of Directors as of a date selected by the Board of Directors, as such percentage may be adjusted by the Board of Directors in its discretion to reflect the effects of a Starz Group Inter-Group
Redemption Election and to take into account other things deemed relevant by the Board of Directors. The aggregate number of securities of the Distributed Starz Group Subsidiary to be delivered (the
"</FONT><FONT SIZE=2><B>Starz Group Distribution Subsidiary Securities</B></FONT><FONT SIZE=2>") in redemption of the Starz Group Redemption Shares will be equal to: (A)&nbsp;if the Board of
Directors makes a Starz Group Inter-Group Redemption Election as described below, the amount (rounded, if necessary, to the nearest whole number) obtained by multiplying (x)&nbsp;the product of
(I)&nbsp;the number of securities of the Distributed Starz Group Subsidiary owned by the Corporation and (II)&nbsp;the percentage of the Fair Value of the Corporation's equity interest in the
Distributed Starz Group Subsidiary that is represented by the Fair Value of the Corporation's equity interest in the Distributed Starz Group Subsidiary which is attributable to the Starz Group
(subject to adjustment to reflect the effects of a Starz Group Inter-Group Redemption Election) (such product, the "</FONT><FONT SIZE=2><B>Distributable Starz Group Subsidiary
Securities</B></FONT><FONT SIZE=2>"), by (y)&nbsp;the Starz Group Outstanding
Interest Fraction, in each case, as of the Starz Group Redemption Selection Date, or (B)&nbsp;if the Board of Directors does not make a Starz Group Inter-Group Redemption Election, all of the
Distributable Starz Group Subsidiary Securities, in each case, subject to adjustment as provided below. The number of securities of the Distributed Starz Group Subsidiary to be delivered in redemption
of each Starz Group Redemption Share will be equal to the amount (rounded, if necessary, to the nearest five decimal places) obtained by dividing (x)&nbsp;the number of Starz Group Distribution
Subsidiary Securities, by (y)&nbsp;the number of Starz Group Redemption Shares. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Starz Group Outstanding Interest Fraction is less than one (1)&nbsp;on the Starz Group Redemption Selection Date for any redemption pursuant to this paragraph&nbsp;(f)(i) and
if (but only if) the Board of Directors so determines in its discretion (a "</FONT><FONT SIZE=2><B>Starz Group Inter-Group Redemption Election</B></FONT><FONT SIZE=2>"), then concurrently with the
distribution of the Starz Group Distribution Subsidiary Securities in redemption of Starz Group Redemption Shares, the Corporation will attribute to the Capital Group and the Interactive Group an
aggregate number of Distributable Starz Group Subsidiary Securities (the "</FONT><FONT SIZE=2><B>Starz Group Inter-Group Interest Subsidiary Securities</B></FONT><FONT SIZE=2>") equal to the
difference between the total number of Distributable Starz Group Subsidiary Securities and the number of Starz Group Distribution Subsidiary Securities, subject to adjustment as provided below. The
Starz Group Inter-Group Interest Subsidiary Securities will be allocated between the Capital Group and the Interactive Group by multiplying the number of Starz Group Inter-Group Interest Subsidiary
Securities by (x), in the case of the Capital Group, the Capital Group's Fractional Interest in the Starz Group as of the Starz Group Redemption Selection Date and, (y)&nbsp;in the case of the
Interactive Group, the Interactive Group's Fractional Interest in the Starz Group as of the Starz Group Redemption Selection Date. If a Starz Group Inter-Group Redemption Election is made, then:
(I)&nbsp;the Number of Shares Issuable with Respect to the Starz Group Inter-Group Interest will be decreased as described in subparagraph&nbsp;(ii)(D) of the definition of "Number of Shares
Issuable with Respect to the Starz Group Inter-Group Interest" in paragraph&nbsp;(j) of this Section&nbsp;A.2.; (II)&nbsp;the attribution of Starz Group Inter-Group Interest Subsidiary
Securities to be made to the Capital Group and the Interactive Group may, at the discretion of the Board of </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>42</FONT></P>

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<BR>

<P style="font-family:times;"><FONT SIZE=2>Directors,
be reflected by an allocation or by a direct transfer of Starz Group Inter-Group Interest Subsidiary Securities to each such Group in accordance with the foregoing allocation; and
(III)&nbsp;the Board of Directors may determine that the Starz Group Inter-Group Interest Subsidiary Securities so allocated or transferred to the Capital Group and the Interactive Group will be
distributed to holders of shares of Liberty Capital Common Stock as a Share Distribution pursuant to paragraph&nbsp;(d)(i)(D) and to holders of shares of Liberty Interactive Common Stock as a Share
Distribution pursuant to paragraph&nbsp;(d)(iii)(D) of this Section&nbsp;A.2. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
at the time of a redemption of Liberty Starz Common Stock pursuant to this paragraph&nbsp;(f)(i), there are outstanding any Convertible Securities convertible into or exercisable or
exchangeable for shares of Liberty Starz Common Stock that would become convertible into or exercisable or exchangeable for Distributable Starz Group Subsidiary Securities as a result of such
redemption, and the obligation to deliver securities of such Distributed Starz Group Subsidiary upon exercise, exchange or conversion of such Convertible Securities is not assumed or otherwise
provided for by the Distributed Starz Group Subsidiary, then the Board of Directors may make such adjustments as it determines to be appropriate to the number of Starz Group Redemption Shares, the
number of Starz Group Distribution Subsidiary Securities and the number of Starz Group Inter-Group Interest Subsidiary Securities (and any related
adjustment to the Number of Shares Issuable with Respect to the Starz Group Inter-Group Interest, including any adjustments to the foregoing allocation between the Capital Group and the Interactive
Group) to take into account the securities of the Distributed Starz Group Subsidiary into which such Convertible Securities are convertible or for which such Convertible Securities are exercisable or
exchangeable. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event that not all outstanding shares of Liberty Starz Common Stock are to be redeemed in accordance with this paragraph&nbsp;(f)(i) for Starz Group Distribution Subsidiary
Securities, then (1)&nbsp;the number of shares of each series of Liberty Starz Common Stock to be redeemed in accordance with this paragraph&nbsp;(f)(i) will be determined by multiplying the
aggregate number of Starz Group Redemption Shares by a fraction, the numerator of which is the aggregate number of shares of such series and the denominator of which is the aggregate number of shares
of all series of Liberty Starz Common Stock, in each case, outstanding as of the Starz Group Redemption Selection Date, and (2)&nbsp;the outstanding shares of each series of Liberty Starz Common
Stock to be redeemed in accordance with this paragraph&nbsp;(f)(i) will be redeemed by the Corporation pro rata among the holders of each series of Liberty Starz Common Stock or by such other method
as may be determined by the Board of Directors to be equitable. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the extent that a Distributed Starz Group Subsidiary to be distributed pursuant to this paragraph&nbsp;(f)(i) also holds, directly or indirectly, assets and liabilities attributed
to one or both of the Capital Group and the Interactive Group, then (x)&nbsp;such Distributed Starz Group Subsidiary will also be deemed a Distributed Capital Group Subsidiary for purposes of
paragraph&nbsp;(e)(i) (to the extent such Distributed Starz Group Subsidiary also holds assets and liabilities of the Capital Group) and/or a Distributed Interactive Group Subsidiary for purposes of
paragraph&nbsp;(g)(i) (to the extent such Distributed Starz Group Subsidiary also holds assets and liabilities of the Interactive Group) and (y)&nbsp;in connection with the redemption of Starz
Group Redemption Shares pursuant to this paragraph&nbsp;(f)(i) the Corporation will also redeem shares of Liberty Capital Common Stock pursuant to the provisions of paragraph&nbsp;(e)(i) (in the
event such Distributed Starz Group Subsidiary is also a Distributed Capital Group Subsidiary) and/or shares of Liberty Interactive Common Stock pursuant to the provisions of paragraph&nbsp;(g)(i)
(in the event such Distributed Starz Group Subsidiary is also a Distributed Interactive Group Subsidiary), as applicable, subject to the Corporation obtaining the Starz Group Redemption Stockholder
Approval and the applicable of the Capital Group Redemption Stockholder Approval and/or the Interactive Group Redemption Stockholder Approval. In connection with any such redemption of Liberty Capital
Common Stock, Liberty Starz Common Stock and/or Liberty Interactive Common Stock, as applicable, the Board </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>43</FONT></P>

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<!-- ZEQ.=4,SEQ=43,EFW="2195631",CP="LIBERTY MEDIA CORPORATION",DN="2",CHK=173949,FOLIO='43',FILE='DISK129:[09ZEF1.09ZEF76801]QS76801A.;4',USER='DSCHWAR',CD='19-NOV-2009;12:25' -->
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<P style="font-family:times;"><FONT SIZE=2>of
Directors will effect such redemption in accordance with the terms of paragraphs&nbsp;(e)(i), (f)(i) and (g)(i), as applicable, as determined by the Board of Directors in good faith, with such
changes and adjustments as the Board of Directors determines are reasonably necessary in order to effect such redemption in exchange for securities of a single Subsidiary holding the assets and
liabilities of more than one Group. In effecting such redemption, the Board of Directors may determine to redeem the Capital Group Redemption Shares, the Starz Group Redemption Shares and/or the
Interactive Group Redemption Shares, in exchange for one or more classes or series of securities of such Subsidiary, including, without limitation, for separate classes or series of securities of such
Subsidiary, (I)&nbsp;with the holders of Capital Group Redemption Shares to receive Capital Group Distribution Subsidiary Securities intended to track the performance of the former assets and
liabilities attributed to the
Capital Group held by such Subsidiary, (II)&nbsp;with holders of Starz Group Redemption Shares to receive Starz Group Distribution Subsidiary Securities intended to track the performance of the
former assets and liabilities attributed to the Starz Group held by such Subsidiary and/or (III)&nbsp;with holders of Interactive Group Redemption Shares to receive Interactive Group Distribution
Subsidiary Securities intended to track the performance of the former assets and liabilities attributed to the Interactive Group held by such Subsidiary, subject, in each case, to the applicable
limitations on the class and series of securities of the Distributed Starz Group Subsidiary set forth in the last paragraph of paragraphs&nbsp;(e)(i), (f)(i) and (g)(i), as applicable. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
redemption pursuant to this paragraph&nbsp;(f)(i) will occur on a Starz Group Redemption Date set forth in a notice to holders of Liberty Starz Common Stock (and Convertible
Securities convertible into or exercisable or exchangeable for shares of any series of Liberty Starz Common Stock (unless provision for notice is otherwise made pursuant to the terms of such
Convertible Securities)) pursuant to paragraph&nbsp;(f)(iv)(C). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
effecting a redemption of Liberty Starz Common Stock pursuant to this paragraph&nbsp;(f)(i), the Board of Directors may determine either to (x)&nbsp;redeem shares of each series
of Liberty Starz Common Stock in exchange for a single class or series of securities of the Distributed Starz Group Subsidiary without distinction among series of Liberty Starz Common Stock, on an
equal per share basis, (y)&nbsp;redeem shares of each series of Liberty Starz Common Stock in exchange for separate classes or series of securities of the Distributed Starz Group Subsidiary, on an
equal per share basis, or (z)&nbsp;redeem shares of one or more series of Liberty Starz Common Stock in exchange for a separate class or series of securities of the Distributed Starz Group
Subsidiary and, on an equal per share basis, redeem shares of all other series of Liberty Starz Common Stock in exchange for a different class or series of securities of the Distributed Starz Group
Subsidiary; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT><FONT SIZE=2><I>that</I></FONT><FONT SIZE=2>, in the case of clauses&nbsp;(y) and (z), (1)&nbsp;such separate classes
or series do not differ in any respect other than their relative voting rights (and any related differences in designation, conversion, redemption and share distribution provisions such as those set
forth in this Section&nbsp;A.2.), with holders of shares of Series&nbsp;B Liberty Starz Common Stock receiving securities of a class or series having the highest relative voting rights and the
holders of shares of each other series of Liberty Starz Common Stock receiving securities of a class or series having lesser relative voting rights, in each case, without regard to whether such rights
differ to a greater or lesser extent than the corresponding differences in voting rights (and any related differences in designation, conversion, redemption and share distribution provisions such as
those set forth in this Section&nbsp;A.2.) among the Series&nbsp;A Liberty Starz Common Stock, the Series&nbsp;B Liberty Starz Common Stock and the Series&nbsp;C Liberty Starz Common Stock,
and (2)&nbsp;in the event the securities to be received by the holders of shares of Liberty Starz Common Stock other than the Series&nbsp;B Liberty Starz Common Stock in such redemption consist of
different classes or series of securities, with each such class or series differing only with respect to the relative voting rights of such class or series (and any related differences in designation,
conversion, redemption and share distribution provisions such as those set forth in this Section&nbsp;A.2.), then such classes or series of securities will be distributed to the holders of each
series of Liberty Starz Common Stock (other than the Series&nbsp;B Liberty Starz </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>44</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>Common
Stock) (i)&nbsp;as the Board of Directors determines or (ii)&nbsp;such that the relative voting rights of the class or series of securities to be received by the holders of each series of
Liberty Starz Common Stock corresponds to the extent practicable to the relative voting rights (as compared to the other series of Liberty Starz Common Stock, other than the Series&nbsp;B Liberty
Starz Common Stock) of such
series of Liberty Starz Common Stock. If the Board of Directors has made a Starz Group Inter-Group Redemption Election, then the determination as to the classes or series of securities of the
Distributed Starz Group Subsidiary comprising the Starz Group Inter-Group Interest Subsidiary Securities to be so transferred or allocated to the Interactive Group and/or the Capital Group will be
made by the Board of Directors in its discretion. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Mandatory Dividend, Redemption or Conversion in Case of Starz Group Disposition</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;In the event of a Starz
Group Disposition (other than an Exempt Starz Group Disposition), the Corporation will, on or prior to the 85th&nbsp;Trading Day following the consummation of such Starz Group Disposition and in
accordance with the applicable provisions of this Section&nbsp;A.2., take the actions referred to in one of clauses&nbsp;(A), (B), (C), (D)&nbsp;or (E)&nbsp;below, as elected by the Board of
Directors: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;Subject
to the first sentence of paragraph&nbsp;(c)(ii) of this Section&nbsp;A.2. the Corporation may declare and pay a dividend payable in cash, securities (other
than shares of Common Stock) or other assets, or any combination thereof, to the holders of outstanding shares of Liberty Starz Common Stock, with an aggregate Fair Value (subject to adjustment as
provided below) equal to the Starz Group Allocable Net Proceeds of such Starz Group Disposition as of the record date for determining the holders entitled to receive such dividend, as the same may be
determined by the Board of Directors, with such dividend to be paid in accordance with the applicable provisions of paragraph&nbsp;(c)(ii) and (d)(ii) of this Section&nbsp;A.2.; or </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;Provided
that there are assets of the Corporation legally available therefor and the Starz Group Available Dividend Amount would have been sufficient to pay a dividend
pursuant to clause&nbsp;(A) of this paragraph&nbsp;(f)(ii) in lieu of effecting the redemption provided for in this clause&nbsp;(B), then: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I)&nbsp;&nbsp;&nbsp;if
such Starz Group Disposition involves all (not merely substantially all) of the assets of the Starz Group, the Corporation may redeem all outstanding shares of each
series of Liberty Starz Common Stock for cash, securities (other than shares of Common Stock) or other assets, or any combination thereof, with an aggregate Fair Value (subject to adjustment as
provided below) equal to the Starz Group Allocable Net Proceeds of such Starz Group Disposition as of the Starz Group Redemption Date, as determined by the Board of Directors, such aggregate amount to
be allocated among the shares of all series of Liberty Starz Common Stock outstanding as of the Starz Group Redemption Date on an equal per share basis (subject to the provisions of this
paragraph&nbsp;(f)(ii)); or </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II)&nbsp;&nbsp;if
such Starz Group Disposition involves substantially all (but not all) of the assets of the Starz Group, the Corporation may apply an aggregate amount (subject to
adjustment as provided below) of cash, securities (other than shares of Common Stock) or other assets, or any combination thereof, with a Fair Value equal to the Starz Group Allocable Net Proceeds of
such Starz Group Disposition as of the Starz Group Redemption Selection Date (the "</FONT><FONT SIZE=2><B>Starz Group Redemption Amount</B></FONT><FONT SIZE=2>") to the redemption of outstanding
shares of each series of Liberty Starz Common Stock, such Starz Group Redemption Amount to be allocated (subject to the provisions of this paragraph&nbsp;(f)(ii)) to the redemption of shares of each
series of Liberty Starz Common Stock in the ratio of (x)&nbsp;the number of shares of such series outstanding as of the Starz Group Redemption Selection Date to (y)&nbsp;the aggregate number of
shares of all series of Liberty Starz Common Stock outstanding as of such date, and the number of shares of each such series </FONT></P>

</UL>
</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>45</FONT></P>

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<UL>
<UL>
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<P style="font-family:times;"><FONT SIZE=2>to
be redeemed will equal the lesser of (1)&nbsp;the number of shares of such series outstanding as of the Starz Group Redemption Selection Date and (2)&nbsp;the whole number nearest the number
obtained by dividing the aggregate amount so allocated to the redemption of such series by the Average Market Value of the Liberty Starz Reference Share over the period of 10 consecutive Trading Days
beginning on the 16th&nbsp;Trading Day following the consummation of such Starz Group Disposition; </FONT><FONT SIZE=2><I>provided that,</I></FONT><FONT SIZE=2> if following the foregoing
allocation there remains any amount of the Starz Group Redemption Amount which is not being applied to the redemption of shares of a series of Liberty Starz Common Stock, then such excess amount will
be allocated to the redemption of shares of each series of Liberty Starz Common Stock that, following the initial allocation referred to above, would have shares outstanding and not redeemed, with the
number of outstanding and not redeemed shares to be redeemed from each such series to be calculated in accordance with clauses&nbsp;(1) and (2)&nbsp;of the immediately preceding sentence based
upon such excess amount of the Starz Group Redemption Amount. The outstanding shares of a series of Liberty Starz Common Stock to be redeemed will be selected on a pro rata basis among the holders of
such series or by such other method as the Board of Directors may determine to be equitable; or </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;The
Corporation may convert each outstanding share of Series&nbsp;A Liberty Starz Common Stock into a number (or fraction) of fully paid and non-assessable
shares of Series&nbsp;A Liberty Capital Common Stock, each outstanding share of Series&nbsp;B Liberty Starz Common Stock into a number (or fraction) of fully paid and non-assessable
shares of Series&nbsp;B Liberty Capital Common Stock, and each outstanding share of Series&nbsp;C Liberty Starz Common Stock into a number (or fraction) of fully paid and
non-assessable shares of Series&nbsp;C Liberty Capital Common Stock, in each case, equal to 110% of the average daily ratio (calculated to the nearest five decimal places) of
(I)&nbsp;the Average Market Value of the Liberty Starz Reference Share over the period of 10 consecutive Trading Days beginning on the 16th&nbsp;Trading Day following the consummation of such
Starz Group Disposition, to (II)&nbsp;the Average Market Value of the Liberty Capital Reference Share over the same 10-Trading Day period; or </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;&nbsp;The
Corporation may convert each outstanding share of Series&nbsp;A Liberty Starz Common Stock into a number (or fraction) of fully paid and non-assessable
shares of Series&nbsp;A Liberty Interactive Common Stock, each outstanding share of Series&nbsp;B Liberty Starz Common Stock into a number (or fraction) of fully paid and
non-assessable shares of Series&nbsp;B Liberty Interactive Common Stock, and each outstanding share of Series&nbsp;C Liberty Starz Common Stock into a
number (or fraction) of fully paid and non-assessable shares of Series&nbsp;C Liberty Interactive Common Stock, in each case, equal to 110% of the average daily ratio (calculated to the
nearest five decimal places) of (I)&nbsp;the Average Market Value of the Liberty Starz Reference Share over the period of 10 consecutive Trading Days beginning on the 16th&nbsp;Trading Day
following the consummation of such Starz Group Disposition, to (II)&nbsp;the Average Market Value of the Liberty Interactive Reference Share over the same 10-Trading Day period; or </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E)&nbsp;&nbsp;The
Corporation may combine the conversion of a portion of the outstanding shares of Liberty Starz Common Stock into Liberty Capital Common Stock or Liberty Interactive
Common Stock as contemplated by clauses&nbsp;(C) and (D)&nbsp;of this paragraph&nbsp;(f)(ii) with the payment of a dividend on or the redemption of shares of Liberty Starz Common Stock as
described below, subject to the limitations specified in clause&nbsp;(A) (in the case of a dividend) or clause&nbsp;(B) (in the case of a redemption) of this paragraph&nbsp;(f)(ii) (including
the limitations specified in other paragraphs of this Certificate referred to therein). In the event the Board of Directors elects the option described in this clause&nbsp;(E), the portion of the
outstanding shares of Liberty Starz Common Stock to be converted into fully paid and non-assessable shares of </FONT></P>

</UL>
</UL>
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<P style="font-family:times;"><FONT SIZE=2>Liberty
Capital Common Stock or Liberty Interactive Common Stock, as applicable, will be determined by the Board of Directors and will be so converted at the conversion rate determined in accordance
with clause&nbsp;(C) or clause&nbsp;(D) above, as applicable, and the Corporation will either (x)&nbsp;pay a dividend to the holders of record of all of the remaining shares of Liberty Starz
Common Stock outstanding, with such dividend to be paid in accordance with the applicable provisions of paragraphs&nbsp;(c)(ii) and (d)(ii) of this Section&nbsp;A.2., or (y)&nbsp;redeem all or a
portion of such remaining shares of Liberty Starz Common Stock. The aggregate amount of such dividend, in the case of a dividend, or the portion of the Starz Group Allocable Net Proceeds to be applied
to such redemption, in the case of a redemption, will be equal to the amount (rounded, if necessary, to the nearest whole number) obtained by multiplying (I)&nbsp;an amount equal to the Starz Group
Allocable Net Proceeds of such Starz Group Disposition as of, in the case of a dividend, the record date for determining the holders of Liberty Starz Common Stock entitled to receive such dividend
and, in the case of a redemption, the Starz Group Redemption Selection Date (in the case of a partial redemption) or the Starz Group Redemption Date (in the case of a full redemption), in each case,
before giving effect to the conversion of shares of Liberty Starz Common Stock in connection with such Starz Group Disposition in accordance with this clause&nbsp;(E) and any related adjustment to
the Number of Shares Issuable with Respect to the Starz Group Inter-Group Interest, by (II)&nbsp;one minus a fraction, the numerator of which will be the number of shares of Liberty Starz Common
Stock to be converted into shares of Liberty Capital Common Stock or Liberty Interactive Common Stock, as applicable, in accordance with this clause&nbsp;(E) and the denominator of which will be the
aggregate number of shares of Liberty Starz Common Stock outstanding as of the record date, Starz Group Redemption Selection Date or Starz Group Redemption Date used for purposes of clause&nbsp;(I)
of this sentence. In the event of a redemption concurrently with or following any such partial conversion of shares of Liberty Starz Common Stock, if the Starz Group Disposition was of all (not merely
substantially all) of the assets of the Starz Group, then all remaining outstanding shares of Liberty Starz Common Stock will be redeemed for cash, securities (other than shares of Common Stock) or
other assets, or any combination thereof, with an aggregate Fair Value equal to the portion of the Starz Group Allocable Net Proceeds to be applied to such redemption determined in accordance with
this clause&nbsp;(E), such aggregate amount to be allocated among all such shares to be redeemed on an equal per share basis (subject to the provisions of this paragraph&nbsp;(f)(ii)). In the
event of a redemption concurrently with or following any such partial conversion of shares of Liberty Starz Common Stock, if the Starz Group Disposition was of substantially all (but not all) of the
assets of the
Starz Group, then the number of shares of each series of Liberty Starz Common Stock to be redeemed will be determined in accordance with clause&nbsp;(B)(II) of this paragraph&nbsp;(f)(ii),
substituting for the Starz Group Redemption Amount referred to therein the portion of the Starz Group Allocable Net Proceeds to be applied to such redemption as determined in accordance with this
clause&nbsp;(E), and such shares will be redeemed for cash, securities (other than Common Stock) or other assets, or any combination thereof, with an aggregate Fair Value equal to such portion of
the Starz Group Allocable Net Proceeds and allocated among all such shares to be redeemed on an equal per share basis (subject to the provisions of this paragraph&nbsp;(f)(ii)). The aggregate number
of shares of Liberty Starz Common Stock to be converted in any partial conversion in accordance with this clause&nbsp;(E) will be allocated among the series of Liberty Starz Common Stock in the
ratio of the number of shares of each such series outstanding to the aggregate number of shares of all series of Liberty Starz Common Stock outstanding as of the Starz Group Conversion Selection Date,
and the shares of each such series to be converted will be selected on a pro rata basis or by such other method as the Board of Directors may determine to be equitable. In the case of a redemption,
the allocation of the cash, securities (other than shares of Common Stock) and/or other assets to be paid in redemption and, in the case of a partial </FONT></P>

</UL>
</UL>
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<P style='font-family:times;page-break-before:always'></p>

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<UL>

<P style="font-family:times;"><FONT SIZE=2>redemption,
the selection of shares to be redeemed will be made in the manner contemplated by clause&nbsp;(B) of this paragraph&nbsp;(f)(ii). </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of this paragraph&nbsp;(f)(ii): </FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;as
of any date, "</FONT><FONT SIZE=2><B>substantially all of the assets of the Starz Group</B></FONT><FONT SIZE=2>" means a portion of such assets that represents at
least 80% of the then-Fair Value of the assets of the Starz Group as of such date; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;in
the case of a Starz Group Disposition of assets in a series of related transactions, such Starz Group Disposition will not be deemed to have been consummated until
the consummation of the last of such transactions; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;if
the Board of Directors seeks the approval of the holders of Liberty Starz Voting Securities entitled to vote thereon to qualify a Starz Group Disposition as an Exempt
Starz Group Disposition and such approval is not obtained, the date on which such approval fails to be obtained will be treated as the date on which such Starz Group Disposition was consummated for
purposes of making the determinations and taking the actions prescribed by this paragraph&nbsp;(f)(ii) and paragraph&nbsp;(f)(iv), and no subsequent vote may be taken to qualify such Starz Group
Disposition as an Exempt Starz Group Disposition; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;in
the event of a redemption of a portion of the outstanding shares of Liberty Starz Common Stock pursuant to clause&nbsp;(B)(II) or (E)&nbsp;of this
paragraph&nbsp;(f)(ii) at a time when the Starz Group Outstanding Interest Fraction is less than one, if the Board of Directors so elects (a "</FONT><FONT SIZE=2><B>Starz Group Inter-Group
Partial Redemption Election</B></FONT><FONT SIZE=2>"), in its discretion, the Corporation will attribute to the Capital Group and the Interactive Group concurrently with such redemption an aggregate
amount (the "</FONT><FONT SIZE=2><B>Starz Group Inter-Group Redemption Amount</B></FONT><FONT SIZE=2>") of cash, securities (other than shares of Common Stock) or other assets, or any combination
thereof, subject to adjustment as described below, with an aggregate Fair Value equal to the difference between (x)&nbsp;the Starz Group Net Proceeds and (y)&nbsp;the portion of the Starz Group
Allocable Net Proceeds applied to such redemption as determined in accordance with clause&nbsp;(B)(II) or clause&nbsp;(E) of this paragraph&nbsp;(f)(ii). If the Board of Directors makes such
election, the Number of Shares Issuable with Respect to the Starz Group Inter-Group Interest will be decreased in the manner described in subparagraph&nbsp;(ii)(E) of the definition of "Number of
Shares Issuable with Respect to the Starz Group Inter-Group Interest" in paragraph&nbsp;(j) of this Section&nbsp;A.2. The Starz Group Inter-Group Redemption Amount will be attributed between the
Capital Group and the Interactive Group based upon the Capital Group's Fractional Interest in the Starz Group as of the Starz Group Redemption Selection Date and the Interactive Group's Fractional
Interest in the Starz Group as of the Starz Group Redemption Selection Date and may, at the discretion of the Board of Directors, be reflected by an allocation or by a direct transfer of cash,
securities and/or other assets; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;if
at the time of a Starz Group Disposition subject to this paragraph&nbsp;(f)(ii), there are outstanding any Convertible Securities convertible into or exercisable or
exchangeable for shares of Liberty Starz Common Stock that would give the holders thereof the right to receive any consideration related to such Starz Group Disposition upon conversion, exercise or
exchange or otherwise, or would adjust to give the holders equivalent economic rights, as a result of any dividend, redemption or other action taken by the Corporation with respect to the Liberty
Starz Common Stock pursuant to this paragraph&nbsp;(f)(ii), then the Board of Directors may make such adjustments to (x)&nbsp;the amount of consideration to be issued or delivered as contemplated
by this paragraph&nbsp;(f)(ii) as a dividend on or in redemption or conversion of shares of Liberty </FONT></P>

</UL>
</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>48</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_qs76801_1_49"> </A>
<UL>
<UL>
<UL>
<BR>

<P style="font-family:times;"><FONT SIZE=2>Starz
Common Stock and/or, if applicable, (y)&nbsp;the Starz Group Inter-Group Redemption Amount and the Number of Shares Issuable with Respect to the Starz Group Inter-Group Interest as it deems
appropriate to take into account the Liberty Starz Common Stock into which such Convertible Securities are convertible or for which such Convertible Securities are exercisable or exchangeable; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&nbsp;&nbsp;the
Corporation may pay the dividend or redemption price referred to in clause&nbsp;(A), (B)&nbsp;or (E)&nbsp;of this paragraph&nbsp;(f)(ii) payable to the
holders of Liberty Starz Common Stock in cash, securities (other than shares of Common Stock) or other assets, or any combination thereof, that the Board of Directors determines and which has an
aggregate Fair Value of not less than the amount allocated to such dividend or redemption pursuant to the applicable of clauses&nbsp;(A), (B)&nbsp;or (E)&nbsp;of this paragraph&nbsp;(f)(ii),
regardless of the form or nature of the proceeds received by the Corporation from the Starz Group Disposition; and </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)&nbsp;&nbsp;&nbsp;if
all or any portion of the redemption price referred to in clause&nbsp;(B) or (E)&nbsp;of this paragraph&nbsp;(f)(ii) payable to the holders of Liberty Starz
Common Stock is paid in the form of securities of an issuer other than the Corporation, the Board of Directors may determine to pay the redemption price, so payable in securities, in the form of
(x)&nbsp;identical securities, on an equal per share basis, to holders of each series of Liberty Starz Common Stock, (y)&nbsp;separate classes or series of securities, on an equal per
share basis, to the holders of each series of Liberty Starz Common Stock or (z)&nbsp;a separate class or series of securities to the holders of one or more series of Liberty Starz Common Stock and,
on an equal per share basis, a different class or series of securities to the holders of all other series of Liberty Starz Common Stock; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT> <FONT SIZE=2><I>that</I></FONT><FONT SIZE=2>, in
the case of clauses&nbsp;(y) and (z), (1)&nbsp;such separate classes or series do not differ in any respect other than their relative
voting rights (and any related differences in designation, conversion, redemption and share distribution provisions such as those set forth in this Section&nbsp;A.2.), with holders of shares of
Series&nbsp;B Liberty Starz Common Stock receiving securities of a class or series having the highest relative voting rights and the holders of shares of each other series of Liberty Starz Common
Stock receiving securities of a class or series having lesser relative voting rights, in each case, without regard to whether such rights differ to a greater or lesser extent than the corresponding
differences in voting rights (and any related differences in designation, conversion, redemption and share distribution provisions such as those set forth in this Section&nbsp;A.2.) among the
Series&nbsp;A Liberty Starz Common Stock, the Series&nbsp;B Liberty Starz Common Stock and the Series&nbsp;C Liberty Starz Common Stock and (2)&nbsp;in the event the securities to be received
by the holders of shares of Liberty Starz Common Stock other than the Series&nbsp;B Liberty Starz Common Stock consist of different classes or series of securities, with each such class or series
differing only with respect to the relative voting rights of such class or series (and any related differences in designation, conversion, redemption and share distribution provisions such as those
set forth in this Section&nbsp;A.2.), then such classes or series of securities will be distributed to the holders of each series of Liberty Starz Common Stock (other than the Series&nbsp;B
Liberty Starz Common Stock) (i)&nbsp;as the Board of Directors determines or (ii)&nbsp;such that the relative voting rights of the class or series of securities to be received by the holders of
each series of Liberty Starz Common Stock corresponds to the extent practicable to the relative voting rights (as compared to the other series of Liberty Starz Common Stock, other than the
Series&nbsp;B Liberty Starz Common Stock) of such series of Liberty Starz Common Stock. </FONT></P>

</UL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Certain Provisions Respecting Convertible Securities</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;Unless the provisions of any Convertible Securities
that are or become convertible into or exercisable or exchangeable for </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>49</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=10,SEQ=49,EFW="2195631",CP="LIBERTY MEDIA CORPORATION",DN="2",CHK=670336,FOLIO='49',FILE='DISK129:[09ZEF1.09ZEF76801]QS76801B.;2',USER='DSCHWAR',CD='19-NOV-2009;12:25' -->
<A NAME="page_qs76801_1_50"> </A>
<UL>

<P style="font-family:times;"><FONT SIZE=2>shares
of any series of Liberty Starz Common Stock provide specifically to the contrary, or the instrument, plan or agreement evidencing such Convertible Securities or pursuant to which the same were
issued grants to the Board of Directors the discretion to approve or authorize any adjustment or adjustments to the conversion, exercise or exchange provisions of such Convertible Securities so as to
obtain a result different from that which would otherwise occur pursuant to this paragraph&nbsp;(f)(iii), and the Board of Directors so approves or authorizes such adjustment or adjustments, after
any Starz Group Conversion Date or Starz Group Redemption Date on which all outstanding shares of Liberty Starz Common Stock were converted or redeemed, any share of Liberty Starz Common Stock that is
issued on conversion, exercise or exchange of any such Convertible Security will, immediately upon issuance and without any notice or any other action on the part of the Corporation or its Board of
Directors or the holder of such share of Liberty Starz Common Stock, be redeemed in exchange for, to the extent assets of the Corporation are legally available therefor, the amount of $.01 per share
in cash. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>General.</I></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;Not
later than the 10th&nbsp;Trading Day following the consummation of a Starz Group Disposition referred to in paragraph&nbsp;(f)(ii) of this Section&nbsp;A.2.,
the Corporation will announce publicly by press release (x)&nbsp;the Starz Group Net Proceeds of such Starz Group Disposition, (y)&nbsp;whether the Starz Group Disposition qualifies as an Exempt
Starz Group Disposition, and (z)&nbsp;if it does not so qualify at the time of such announcement (including in the event the Board of Directors had not sought stockholder approval to qualify such
Starz Group Disposition as an Exempt Starz Group Disposition in connection with any required stockholder approval obtained by the Corporation, if applicable), whether the Board of Directors will seek
the approval of the holders of Liberty Starz Voting Securities entitled to vote thereon to qualify such Starz Group Disposition as an Exempt Starz Group Disposition. Not later than the
30<SUP>th</SUP>&nbsp;Trading Day (and in the event a 10 Trading Day valuation period is required in connection with the action selected by the Board of Directors pursuant to clause&nbsp;(I) of
this paragraph&nbsp;(f)(iv)(A), not earlier than the 26th&nbsp;Trading Day) following the consummation of such Starz Group Disposition, the Corporation will announce publicly by press release (to
the extent applicable): </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I)&nbsp;&nbsp;&nbsp;which
of the actions specified in clauses&nbsp;(A), (B), (C), (D)&nbsp;or (E)&nbsp;of paragraph&nbsp;(f)(ii) of this Section&nbsp;A.2. the Corporation has
irrevocably determined to take; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II)&nbsp;&nbsp;as
applicable, the record date for determining holders entitled to receive any dividend to be paid pursuant to clause&nbsp;(A) or (E)&nbsp;of
paragraph&nbsp;(f)(ii), the Starz Group Redemption Selection Date for the redemption of shares of Liberty Starz Common Stock pursuant to clause&nbsp;(B)(II) or (E)&nbsp;of
paragraph&nbsp;(f)(ii) or the Starz Group Conversion Selection Date for the partial conversion of shares of Liberty Starz Common Stock pursuant to clause&nbsp;(E) of paragraph&nbsp;(f)(ii),
which record date, Starz Group Redemption Selection Date or Starz Group Conversion Selection Date will not be earlier than the 10th&nbsp;day following the date of such public announcement; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(III)&nbsp;the
anticipated dividend payment date, Starz Group Redemption Date and/or Starz Group Conversion Date, which in each case, will not be more than 85 Trading Days
following such Starz Group Disposition; and </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(IV)&nbsp;unless
the Board of Directors otherwise determines, that the Corporation will not be required to register a transfer of any shares of Liberty Starz Common Stock for a
period of 10 Trading Days (or such shorter period as such announcement may specify) next preceding the specified Starz Group Redemption Selection Date or Starz Group Conversion Selection Date. </FONT></P>

</UL>
</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>50</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=11,SEQ=50,EFW="2195631",CP="LIBERTY MEDIA CORPORATION",DN="2",CHK=75376,FOLIO='50',FILE='DISK129:[09ZEF1.09ZEF76801]QS76801C.;2',USER='DSCHWAR',CD='19-NOV-2009;12:25' -->
<A NAME="page_qs76801_1_51"> </A>
<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Corporation determines to undertake a redemption of shares of Liberty Starz Common Stock, in whole or in part, pursuant to clause&nbsp;(B) or (E)&nbsp;of
paragraph&nbsp;(f)(ii) of this Section&nbsp;A.2., or a conversion of
shares of Liberty Starz Common Stock, in whole or in part, pursuant to clause&nbsp;(C), (D)&nbsp;or (E)&nbsp;of paragraph&nbsp;(f)(ii), the Corporation will give notice of such redemption or
conversion, not less than 15&nbsp;days prior to the Starz Group Redemption Date or Starz Group Conversion Date, as applicable, to holders of Liberty Starz Common Stock whose shares are to be
redeemed or converted, setting forth, as applicable: </FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;the
Starz Group Redemption Date or Starz Group Conversion Date; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;the
number of shares of Liberty Starz Common Stock held by such holder to be redeemed or converted or, if applicable, stating that all outstanding shares of Liberty
Starz Common Stock will be redeemed or converted and, if shares of Liberty Starz Common Stock are to be converted, whether such shares will be converted into Liberty Capital Common Stock or Liberty
Interactive Common Stock, and the series thereof issuable to the holders of each series of Liberty Starz Common Stock; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;in
the case of a redemption or a conversion, in each case, in whole or in part, of outstanding shares of Liberty Starz Common Stock, the kind and amount of per share
consideration to be received with respect to each share of Liberty Starz Common Stock to be redeemed or converted and the Starz Group Outstanding Interest Fraction as of the date of such notice (and
if such Starz Group Outstanding Interest Fraction is less than one (1), the Capital Group's Fractional Interest in the Starz Group and the Interactive Group's Fractional Interest in the Starz Group,
in each case, as of such date); </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;with
respect to a partial redemption under clause&nbsp;(B)(II) or (E)&nbsp;of paragraph&nbsp;(f)(ii), if the Board of Directors has made a Starz Group Inter-Group
Partial Redemption Election, the Number of Shares Issuable with Respect to the Starz Group Inter-Group Interest, the Capital Group's Fractional Interest in the Starz Group and the Interactive Group's
Fractional Interest in the Starz Group, in each case, as of the Starz Group Redemption Selection Date and the portion of the Starz Group Inter-Group Redemption Amount attributable to each Group other
than the Starz Group; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;with
respect to a dividend under clause&nbsp;(A) or (E)&nbsp;of paragraph&nbsp;(f)(ii), the Number of Shares Issuable with Respect to the Starz Group Inter-Group
Interest, the Capital Group's Fractional Interest in the Starz Group and the Interactive Group's Fractional Interest in the Starz Group, in each case, as of the record date for the dividend and the
portion of the Starz Group Inter-Group Dividend Amount attributable to each Group other than the Starz Group, if applicable; and </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&nbsp;&nbsp;the
place or places where certificates representing shares of Liberty Starz Common Stock properly endorsed or assigned for transfer (unless the Corporation waives such
requirement) are to be surrendered. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;In
the event of any conversion of shares of Liberty Starz Common Stock pursuant to paragraph&nbsp;(b)(iv) or (v)&nbsp;of this Section&nbsp;A.2., not less than
15&nbsp;days prior to the Starz Group Conversion Date, the Corporation will (I)&nbsp;announce publicly by press release that all outstanding shares of Liberty Starz Common Stock will be converted
pursuant to paragraph&nbsp;(b)(iv) or (v)&nbsp;of this Section&nbsp;A.2. on the Starz Group Conversion Date set forth in such press release and (II)&nbsp;give notice of such conversion to each
holder of outstanding shares of Liberty Starz Common Stock, setting forth: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;the
Starz Group Conversion Date, which will not be more than 45&nbsp;days following the Determination Date; </FONT></P>

</UL>
</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>51</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_qs76801_1_52"> </A>
<UL>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;a
statement that all outstanding shares of Liberty Starz Common Stock will be converted; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;the
per share number and series of shares of Liberty Capital Common Stock or Liberty Interactive Common Stock to be received with respect to each share of each series of
Liberty Starz Common Stock; and </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;the
place or places where certificates representing shares of Liberty Starz Common Stock properly endorsed or assigned for transfer (unless the Corporation waives such
requirement) are to be surrendered. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;If
the Corporation obtains the Starz Group Redemption Stockholder Approval and determines to redeem shares of Liberty Starz Common Stock pursuant to
paragraph&nbsp;(f)(i), the Corporation will, announce publicly by press release promptly following the Approval Date: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I)&nbsp;&nbsp;&nbsp;that
the Corporation intends to redeem shares of Liberty Starz Common Stock for securities of a Distributed Starz Group Subsidiary pursuant to paragraph&nbsp;(f)(i) of
this Section&nbsp;A.2.; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II)&nbsp;&nbsp;if
applicable, the Starz Group Redemption Selection Date, which will not be earlier than the 10th&nbsp;day following the date of the press release; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(III)&nbsp;the
anticipated Starz Group Redemption Date, which will not be later than the 85th&nbsp;Trading Day following the date of the press release; and </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(IV)&nbsp;unless
the Board of Directors otherwise determines, that the Corporation will not be required to register a transfer of any shares of Liberty Starz Common Stock for a
period of 10 Trading Days (or such shorter period as such announcement may specify) next preceding the specified Starz Group Redemption Selection Date. </FONT></P>

</UL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not
less than 15&nbsp;days prior to the Starz Group Redemption Date, the Corporation will give notice of such redemption to holders of Liberty Starz Common Stock whose shares are to be
redeemed, setting forth: </FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;the
Starz Group Redemption Date; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;the
number of shares of Liberty Starz Common Stock held by such holder to be redeemed or, if applicable, stating that all outstanding shares of Liberty Starz Common
Stock will be redeemed; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;the
class or series of securities of the Distributed Starz Group Subsidiary to be received with respect to each share of each series of Liberty Starz Common Stock to be
redeemed and the Starz Group Outstanding Interest Fraction as of the date of such notice, if any (and if such Starz Group Outstanding Interest Fraction is less than one (1), the Capital Group's
Fractional Interest in the Starz Group and the Interactive Group's Fractional Interest in the Starz Group, in each case, as of such date); </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;if
the Board of Directors has made a Starz Group Inter-Group Redemption Election, the number of Starz Group Inter-Group Interest Subsidiary Securities attributable to
each Group other than the Starz Group, and the Number of Shares Issuable to the Capital Group with Respect to the Starz Group Inter-Group Interest and the Number of Shares Issuable to the Interactive
Group with Respect to the Starz Group Inter-Group Interest, in each case, used in determining such number and attribution of Starz Group Inter-Group Interest Subsidiary Securities; and </FONT></P>

</UL>
</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>52</FONT></P>

<HR NOSHADE>
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<UL>
<UL>
</UL>
</UL>
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 </FONT></P>

<UL>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;the
place or places where certificates representing shares of Liberty Starz Common Stock properly endorsed or assigned for transfer (unless the Corporation waives such
requirement) are to be surrendered. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;&nbsp;The
Corporation will give such notice to holders of Convertible Securities convertible into or exercisable or exchangeable for Liberty Starz Common Stock as may be
required by the terms of such Convertible Securities or as the Board of Directors may otherwise deem appropriate in connection with a dividend, redemption or conversion of shares of Liberty Starz
Common Stock pursuant to this Section&nbsp;A.2., as applicable. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E)&nbsp;&nbsp;All
public announcements (including any proxy materials to the extent approval of the stockholders of the Corporation is sought or required) made pursuant to
clauses&nbsp;(A), (B)&nbsp;or (C)&nbsp;of this paragraph&nbsp;(f)(iv) will include such further statements, and the Corporation reserves the right to make such further public announcements, as
may be required by law or the rules of the principal national securities exchange on which the Liberty Starz Common Stock is listed or as the Board of Directors may, in its discretion, deem
appropriate. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F)&nbsp;&nbsp;Any
notice sent to a holder of Liberty Starz Common Stock pursuant to clauses&nbsp;(A), (B), (C)&nbsp;or (D)&nbsp;of this paragraph&nbsp;(f)(iv) will be sent by
first-class mail, postage prepaid to such holder's address as the same appears on the transfer books of the Corporation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G)&nbsp;&nbsp;Neither
the failure to mail any notice required by this paragraph&nbsp;(f)(iv) to any particular holder of Liberty Starz Common Stock nor any defect therein will
affect the sufficiency thereof with respect to any other holder of outstanding shares of Liberty Starz Common Stock, or the validity of any action taken pursuant to this Certificate. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H)&nbsp;&nbsp;No
adjustments in respect of dividends will be made upon the conversion or redemption of any shares of Liberty Starz Common Stock; </FONT> <FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT><FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>, that,
except as otherwise contemplated by paragraph&nbsp;(f)(ii)(E), if the Starz
Group Conversion Date or the Starz Group Redemption Date with respect to any shares of Liberty Starz Common Stock will be subsequent to the record date for the payment of a dividend or other
distribution thereon or with respect thereto, but prior to the payment of such dividend or distribution, the holders of record of such shares of Liberty Starz Common Stock at the close of business on
such record date will be entitled to receive the dividend or other distribution payable on or with respect to such shares on the date set for payment of such dividend or other distribution,
notwithstanding the prior conversion or redemption of such shares. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I)&nbsp;&nbsp;&nbsp;Before
any holder of shares of Liberty Starz Common Stock will be entitled to receive a certificate or certificates representing shares of any kind of capital stock or
cash, securities or other assets to be received by such holder with respect to shares of Liberty Starz Common Stock pursuant to paragraph&nbsp;(b) of this Section&nbsp;A.2. or this
paragraph&nbsp;(f), such holder will surrender at such place as the Corporation will specify certificates representing such shares of Liberty Starz Common Stock, properly endorsed or assigned for
transfer (unless the Corporation will waive such requirement). The Corporation will as soon as practicable after such surrender of a certificate or certificates representing shares of Liberty Starz
Common Stock, deliver, or cause to be delivered, at the office of the transfer agent for the shares or other securities to be delivered, to the holder for whose account shares of Liberty Starz Common
Stock were so surrendered, or to the nominee or nominees of such holder, a certificate or certificates representing the number of whole shares of the kind of capital stock or cash, securities or other
assets to which such Person will be entitled as aforesaid, together with any payment for fractional securities contemplated by paragraph&nbsp;(f)(iv)(K). If less than all of the shares of Liberty
Starz Common Stock represented by any one certificate are to be redeemed or converted, the Corporation will issue and deliver a new certificate for the shares of Liberty Starz Common Stock not
redeemed or converted. </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>53</FONT></P>

<HR NOSHADE>
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<UL>
<BR>

<P style="font-family:times;"><FONT SIZE=2>The
Corporation will not be required to register a transfer of (I)&nbsp;any shares of Liberty Starz Common Stock for the period preceding any selection of shares to be redeemed or converted set
forth in the applicable public announcement or notice or (II)&nbsp;any shares of Liberty Starz Common Stock selected for redemption or conversion. Shares selected for redemption may not thereafter
be converted pursuant to paragraph&nbsp;(b)(i)(B) of this Section&nbsp;A.2. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(J)&nbsp;&nbsp;&nbsp;From
and after any applicable Starz Group Conversion Date or Starz Group Redemption Date, all rights of a holder of shares of Liberty Starz Common Stock that were
converted or redeemed on such Starz Group Conversion Date or Starz Group Redemption Date, as applicable, will cease except for the right, upon surrender of a certificate or certificates representing
such shares of Liberty Starz Common Stock, to receive a certificate or certificates representing shares of the kind and amount of capital stock or cash, securities (other than capital stock) or other
assets for which such shares were converted or redeemed, as applicable, together with any payment for fractional securities contemplated by paragraph&nbsp;(f)(iv)(K) of this Section&nbsp;A.2. and
such holder will have no other or further rights in respect of the shares of Liberty Starz Common Stock so converted or redeemed, including, but not limited to, any rights with respect to any cash,
securities or other assets which are reserved or otherwise designated by the Corporation as being held for the satisfaction of the Corporation's obligations to pay or deliver any cash, securities or
other assets upon the conversion, exercise or exchange of any Convertible Securities outstanding as of the date of such conversion or redemption. No holder of a
certificate which immediately prior to the applicable Starz Group Conversion Date or Starz Group Redemption Date represented shares of Liberty Starz Common Stock will be entitled to receive any
dividend or other distribution with respect to shares of any kind of capital stock into or in exchange for which the Liberty Starz Common Stock was converted or redeemed until surrender of such
holder's certificate for a certificate or certificates representing shares of such kind of capital stock. Upon such surrender, there will be paid to the holder the amount of any dividends or other
distributions (without interest) which theretofore became payable with respect to a record date after the Starz Group Conversion Date or Starz Group Redemption Date, as the case may be, but that were
not paid by reason of the foregoing, with respect to the number of whole shares of the kind of capital stock represented by the certificate or certificates issued upon such surrender. From and after a
Starz Group Conversion Date or Starz Group Redemption Date, as the case may be, the Corporation will, however, be entitled to treat certificates representing shares of Liberty Starz Common Stock that
have not yet been surrendered for conversion or redemption in accordance with clause&nbsp;(I) above as evidencing the ownership of the number of whole shares of the kind or kinds of capital stock
for which the shares of Liberty Starz Common Stock represented by such certificates will have been converted or redeemed in accordance with paragraph&nbsp;(b) of this Section&nbsp;A.2 or this
paragraph&nbsp;(f), notwithstanding the failure of the holder thereof to surrender such certificates. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(K)&nbsp;&nbsp;The
Corporation will not be required to issue or deliver fractional shares of any class or series of capital stock or any other securities in a smaller than authorized
denomination to any holder of Liberty Starz Common Stock upon any conversion, redemption, dividend or other distribution pursuant to paragraph&nbsp;(b) of this Section&nbsp;A.2. or this
paragraph&nbsp;(f). In connection with the determination of the number of shares of any class or series of capital stock that will be issuable or the amount of other securities that will be
deliverable to any holder of record of Liberty Starz Common Stock upon any such conversion, redemption, dividend or other distribution (including any fractions of shares or securities), the
Corporation may aggregate the shares of Liberty Starz Common Stock held at the relevant time by such holder of record. If the aggregate number of shares of capital stock or other securities to be
issued or delivered to any holder of Liberty Starz Common Stock includes a fraction, the Corporation will pay a cash adjustment in lieu of such fraction in an amount equal to the </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>54</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>value
of such fraction as of the Trading Day specified by the Board of Directors for such purpose (without interest). For purposes of the preceding sentence, </FONT> <FONT SIZE=2><I>"value"</I></FONT><FONT SIZE=2> of any fraction will equal the amount
(rounded, if necessary, to the nearest whole cent) obtained by multiplying such fraction by the Fair Value
of one such share or the minimum authorized denomination of such other security as of such specified Trading Day. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(L)&nbsp;&nbsp;Any
deadline for effecting a dividend, redemption or conversion prescribed by this paragraph&nbsp;(f) may be extended if deemed necessary or appropriate, in the
discretion of the Board of Directors, to enable the Corporation to comply with the U.S. federal securities laws, including the rules and regulations promulgated thereunder. </FONT></P>

</UL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Redemption and Other Provisions Relating to the Liberty Interactive Common Stock.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Redemption for Securities of one or more Interactive Group Subsidiaries</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;At any time at which a Subsidiary
of the Corporation holds, directly or indirectly, assets and liabilities attributed to the Interactive Group, the Corporation may, at its option and subject to assets of the Corporation being legally
available therefor, but subject (in addition to any other approval of the Corporation's stockholders (or any series thereof) required under the DGCL in respect of such redemption, if any) to the
Corporation having received the Interactive Group Redemption Stockholder Approval (and, to the extent applicable, the Capital Group Redemption Stockholder Approval and/or the Starz Group Redemption
Stockholder Approval), redeem outstanding shares of Liberty Interactive Common Stock (such shares of Liberty Interactive Common Stock to be redeemed, the "</FONT><FONT SIZE=2><B>Interactive Group
Redemption Shares</B></FONT><FONT SIZE=2>") for securities of such Subsidiary (a "</FONT><FONT SIZE=2><B>Distributed Interactive Group Subsidiary</B></FONT><FONT SIZE=2>"), as provided herein. The
number of Interactive Group Redemption Shares will be determined, by the Board of Directors, by multiplying (A)&nbsp;the number of outstanding shares of Liberty Interactive Common Stock as of the
Interactive Group Redemption Selection Date, by (B)&nbsp;the percentage of the Fair Value of the Interactive Group that is represented by the Fair Value of the Corporation's equity interest in the
Distributed Interactive Group Subsidiary which is attributable to the Interactive Group, in each case, as determined by the Board of Directors as of a date selected by the Board of Directors, as such
percentage may be adjusted by the Board of Directors in its discretion to reflect the effects of an Interactive Group Inter-Group Redemption Election and to take into account other things deemed
relevant by the Board of Directors. The aggregate number of securities of the Distributed Interactive Group Subsidiary to be delivered (the "</FONT><FONT SIZE=2><B>Interactive Group Distribution
Subsidiary Securities</B></FONT><FONT SIZE=2>") in redemption of the Interactive Group Redemption Shares will be equal to: (A)&nbsp;if the Board of Directors makes an Interactive Group Inter-Group
Redemption Election as described below, the amount (rounded, if necessary, to the nearest whole number) obtained by multiplying (x)&nbsp;the product of (I)&nbsp;the number of securities of the
Distributed Interactive Group Subsidiary owned by the Corporation and (II)&nbsp;the percentage of the Fair Value of the Corporation's equity interest in the Distributed Interactive Group Subsidiary
that is represented by the Fair Value of the Corporation's equity interest in the Distributed Interactive Group Subsidiary which is attributable to the Interactive Group (subject to adjustment to
reflect the effects of an Interactive Group Inter-Group Redemption Election) (such product, the "</FONT><FONT SIZE=2><B>Distributable Interactive Group Subsidiary
Securities</B></FONT><FONT SIZE=2>"), by (y)&nbsp;the Interactive Group Outstanding Interest Fraction, in each case, as of the Interactive Group Redemption Selection Date, or (B)&nbsp;if the Board
of Directors does not make an Interactive Group Inter-Group Redemption Election, all of the Distributable Interactive Group Subsidiary Securities, in each case, subject to adjustment as provided
below. The number of securities of the Distributed Interactive Group Subsidiary to be delivered in redemption of each Interactive Group Redemption Share will be equal to the amount (rounded, if
necessary, to the nearest five decimal places) obtained by dividing (x)&nbsp;the number of Interactive Group Distribution Subsidiary Securities, by (y)&nbsp;the number of Interactive Group
Redemption Shares. </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>55</FONT></P>

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<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Interactive Group Outstanding Interest Fraction is less than one (1)&nbsp;on the Interactive Group Redemption Selection Date for any redemption pursuant to this
paragraph&nbsp;(g)(i) and if (but only if) the Board of Directors so determines in its discretion (an "</FONT><FONT SIZE=2><B>Interactive Group Inter-Group Redemption
Election</B></FONT><FONT SIZE=2>"), then concurrently with the distribution of the Interactive Group Distribution Subsidiary Securities in redemption of Interactive Group Redemption Shares, the
Corporation will attribute to the Capital Group and the Starz Group an aggregate number of Distributable Interactive Group Subsidiary
Securities (the "</FONT><FONT SIZE=2><B>Interactive Group Inter-Group Interest Subsidiary Securities</B></FONT><FONT SIZE=2>") equal to the difference between the total number of Distributable
Interactive Group Subsidiary Securities and the number of Interactive Group Distribution Subsidiary Securities, subject to adjustment as provided below. The Interactive Group Inter-Group Interest
Subsidiary Securities will be allocated between the Capital Group and the Starz Group by multiplying the number of Interactive Group Inter-Group Interest Subsidiary Securities by (x), in the case of
the Capital Group, the Capital Group's Fractional Interest in the Interactive Group as of the Interactive Group Redemption Selection Date and, (y)&nbsp;in the case of the Starz Group, the Starz
Group's Fractional Interest in the Interactive Group as of the Interactive Group Redemption Selection Date. If an Interactive Group Inter-Group Redemption Election is made, then: (I)&nbsp;the Number
of Shares Issuable with Respect to the Interactive Group Inter-Group Interest will be decreased in the manner described in subparagraph&nbsp;(ii)(D) of the definition of "Number of Shares Issuable
with Respect to the Interactive Group Inter-Group Interest" in paragraph&nbsp;(j) of this Section&nbsp;A.2.; (II)&nbsp;the attribution of Interactive Group Inter-Group Interest Subsidiary
Securities to be made to the Capital Group and the Starz Group may, at the discretion of the Board of Directors, be reflected by an allocation or by a direct transfer of Interactive Group Inter-Group
Interest Subsidiary Securities to each such Group in accordance with the foregoing allocation; and (III)&nbsp;the Board of Directors may determine that the Interactive Group Inter-Group Interest
Subsidiary Securities so allocated or transferred to the Capital Group and the Starz Group will be distributed to holders of shares of Liberty Capital Common Stock as a Share Distribution pursuant to
paragraph&nbsp;(d)(i)(D) and to holders of shares of Liberty Starz Common Stock as a Share Distribution pursuant to paragraph&nbsp;(d)(ii)(D) of this Section&nbsp;A.2. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
at the time of a redemption of Liberty Interactive Common Stock pursuant to this paragraph&nbsp;(g)(i), there are outstanding any Convertible Securities convertible into or
exercisable or exchangeable for shares of Liberty Interactive Common Stock that would become convertible into or exercisable or exchangeable for Distributable Interactive Group Subsidiary Securities
as a result of such redemption, and the obligation to deliver securities of such Distributed Interactive Group Subsidiary upon exercise, exchange or conversion of such Convertible Securities is not
assumed or otherwise provided for by the Distributed Interactive Group Subsidiary, then the Board of Directors may make such adjustments as it determines to be appropriate to the number of Interactive
Group Redemption Shares, the number of Interactive Group Distribution Subsidiary Securities and the number of Interactive Group Inter-Group Interest Subsidiary Securities (and any related adjustment
to the Number of Shares Issuable with Respect to the Interactive Group Inter-Group Interest, including any adjustments to the foregoing allocation between the Capital Group and the Starz Group) to
take into account the securities of the Distributed Interactive Group Subsidiary into which such Convertible Securities are convertible or for which such Convertible Securities are exercisable or
exchangeable. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event that not all outstanding shares of Liberty Interactive Common Stock are to be redeemed in accordance with this paragraph&nbsp;(g)(i) for Interactive Group Distribution
Subsidiary Securities, then (1)&nbsp;the number of shares of each series of Liberty Interactive Common Stock to be redeemed in accordance with this paragraph&nbsp;(g)(i) will be determined by
multiplying the aggregate number of Interactive Group Redemption Shares by a fraction, the numerator of which is the aggregate number of shares of such series and the denominator of which is the
aggregate number of shares of all series of Liberty Interactive Common Stock, in each case, outstanding as of the </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>56</FONT></P>

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<BR>

<P style="font-family:times;"><FONT SIZE=2>Interactive
Group Redemption Selection Date, and (2)&nbsp;the outstanding shares of each series of Liberty Interactive Common Stock to be redeemed in accordance with this paragraph&nbsp;(g)(i)
will be redeemed by the Corporation pro rata among the holders of each series of Liberty Interactive Common Stock or by such other method as may be determined by the Board of Directors to be
equitable. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the extent that a Distributed Interactive Group Subsidiary to be distributed pursuant to this paragraph&nbsp;(g)(i) also holds, directly or indirectly, assets and liabilities
attributed to one or both of the Capital Group and the Starz Group, then (x)&nbsp;such Distributed Interactive Group Subsidiary will also be deemed a Distributed Capital Group Subsidiary for
purposes of paragraph&nbsp;(e)(i) (to the extent such Distributed Interactive Group Subsidiary also holds assets and liabilities of the Capital Group) and/or a Distributed Starz Group Subsidiary for
purposes of paragraph&nbsp;(f)(i) (to the extent such Distributed Interactive Group Subsidiary also holds assets and liabilities of the Starz Group) and (y)&nbsp;in connection with the redemption
of Interactive Group Redemption Shares pursuant to this paragraph&nbsp;(g)(i) the Corporation will also redeem shares of Liberty Capital Common Stock pursuant to the provisions of
paragraph&nbsp;(e)(i) (in the event such Distributed Interactive Group Subsidiary is also a Distributed Capital Group Subsidiary) and/or shares of Liberty Starz Common Stock pursuant to the
provisions of paragraph&nbsp;(f)(i) (in the event such Distributed Interactive Group Subsidiary is also a Distributed Starz Group Subsidiary), as applicable, subject to the Corporation obtaining the
Interactive Group Redemption Stockholder Approval and the applicable of the Capital Group Redemption Stockholder Approval and/or the Starz Group Redemption Stockholder Approval. In connection with any
such redemption of Liberty Capital Common Stock, Liberty Starz Common Stock and/or Liberty Interactive Common Stock, as applicable, the Board of Directors will effect such redemption in accordance
with the terms of paragraphs&nbsp;(e)(i), (f)(i) and (g)(i), as applicable, as determined by the Board of Directors in good faith, with such changes and adjustments as the Board of Directors
determines are reasonably necessary in order to effect such redemption in exchange for securities of a single Subsidiary holding the assets and liabilities of more than one Group. In effecting such
redemption, the Board of Directors may determine to redeem the Capital Group Redemption Shares, the Starz Group Redemption Shares and/or the Interactive Group Redemption Shares, in exchange for one or
more classes or series of securities of such Subsidiary, including, without limitation, for separate classes or series of securities of such Subsidiary, (I)&nbsp;with the holders of Capital Group
Redemption Shares to receive Capital Group Distribution Subsidiary Securities intended to track the performance of the former assets and liabilities attributed to the Capital Group held by such
Subsidiary, (II)&nbsp;with holders of Starz Group Redemption Shares to receive Starz Group Distribution Subsidiary Securities intended to track the performance of the former assets and liabilities
attributed to the Starz Group held by such Subsidiary and/or (III)&nbsp;with holders of Interactive Group Redemption Shares to receive Interactive Group Distribution Subsidiary Securities intended
to track the performance of the former assets and liabilities attributed to the Interactive Group held by such Subsidiary, subject, in each case, to the applicable limitations on the class and series
of securities of the Distributed Interactive Group Subsidiary set forth in the last paragraph of paragraphs&nbsp;(e)(i), (f)(i) and (g)(i), as applicable. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
redemption pursuant to this paragraph&nbsp;(g)(i) will occur on an Interactive Group Redemption Date set forth in a notice to holders of Liberty Interactive Common Stock (and
Convertible Securities convertible into or exercisable or exchangeable for shares of any series of Liberty Interactive Common Stock (unless provision for notice is otherwise made pursuant to the terms
of such Convertible Securities)) pursuant to paragraph&nbsp;(g)(iv)(C). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
effecting a redemption of Liberty Interactive Common Stock pursuant to this paragraph&nbsp;(g)(i), the Board of Directors may determine either to (x)&nbsp;redeem shares of each
series of Liberty Interactive Common Stock in exchange for a single class or series of securities of the </FONT></P>

</UL>
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<UL>
<BR>

<P style="font-family:times;"><FONT SIZE=2>Distributed
Interactive Group Subsidiary without distinction among series of Liberty Interactive Common Stock, on an equal per share basis, (y)&nbsp;redeem shares of each series of Liberty
Interactive Common Stock in exchange for separate classes or series of securities of the Distributed Interactive Group Subsidiary, on an equal per share basis, or (z)&nbsp;redeem shares of one or
more series of Liberty Interactive Common Stock in exchange for a separate class or series of securities of the Distributed Interactive Group Subsidiary and, on an equal per share basis, redeem shares
of all other series of Liberty Interactive Common Stock in exchange for a different class or series of securities of the Distributed Interactive Group Subsidiary; </FONT> <FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT><FONT
SIZE=2><I>that</I></FONT><FONT SIZE=2>, in the case of clauses&nbsp;(y) and (z), (1)&nbsp;such separate classes or series do
not differ in any respect other than their relative voting rights (and any related differences in designation, conversion, redemption and share distribution provisions such as those set forth in this
Section&nbsp;A.2.), with holders of shares of Series&nbsp;B Liberty Interactive Common Stock receiving securities of a class or series having the highest relative voting rights and the holders of
shares of each other series of Liberty Interactive Common Stock receiving securities of a class or series having lesser relative voting rights, in each case, without regard to whether such rights
differ to a greater or lesser extent than the corresponding differences in voting rights (and any related differences in designation, conversion, redemption and share distribution provisions such as
those set forth in this Section&nbsp;A.2.) among the Series&nbsp;A Liberty Interactive Common Stock, the Series&nbsp;B Liberty Interactive Common Stock and the Series&nbsp;C Liberty
Interactive Common Stock, and (2)&nbsp;in the event the securities to be received by the holders of shares of Liberty Interactive Common Stock other than the Series&nbsp;B Liberty Interactive
Common Stock in such redemption consist of different classes or series of securities, with each such class or series differing only with respect to the relative voting rights of such class or series
(and any related differences in designation, conversion, redemption and share distribution provisions such as those set forth in this Section&nbsp;A.2.), then such classes or series of securities
will be distributed to the holders of each series of Liberty Interactive Common Stock (other than the Series&nbsp;B Liberty Interactive Common Stock) (i)&nbsp;as the Board of Directors determines
or (ii)&nbsp;such that the relative voting rights of the class or series of securities to be received by the holders of each series of Liberty Interactive Common Stock corresponds to the extent
practicable to the relative voting rights (as compared to the other series of Liberty Interactive Common Stock, other than the Series&nbsp;B Liberty Interactive Common Stock) of such series of
Liberty Interactive Common Stock. If the Board of Directors has made an Interactive Group Inter-Group Redemption Election, then the determination as to the classes or series of securities of the
Distributed Interactive Group Subsidiary comprising the Interactive Group Inter-Group Interest Subsidiary Securities to be so transferred or allocated to the Capital Group and/or the Starz Group will
be made by the Board of Directors in its discretion. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Mandatory Dividend, Redemption or Conversion in Case of Interactive Group Disposition</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;In the event of an
Interactive Group Disposition (other than an Exempt Interactive Group Disposition), the Corporation will, on or prior to the 85th&nbsp;Trading Day following the consummation of such Interactive
Group Disposition and in accordance with the applicable provisions of this Section&nbsp;A.2., take the actions referred to in one of clauses&nbsp;(A), (B), (C), (D)&nbsp;or (E)&nbsp;below, as
elected by the Board of Directors: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;Subject
to the first sentence of paragraph&nbsp;(c)(iii) of this Section&nbsp;A.2. the Corporation may declare and pay a dividend payable in cash, securities (other
than shares of Common Stock) or other assets, or any combination thereof, to the holders of outstanding shares of Liberty Interactive Common Stock, with an aggregate Fair Value (subject to adjustment
as provided below) equal to the Interactive Group Allocable Net Proceeds of such Interactive Group Disposition as of the record date for determining the holders entitled to receive such dividend, as
the same may be determined by the Board of Directors, with such dividend to be paid in accordance with the applicable provisions of paragraph&nbsp;(c)(iii) and (d)(iii) of this Section&nbsp;A.2.;
or </FONT></P>

</UL>
</UL>
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<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;Provided
that there are assets of the Corporation legally available therefor and the Interactive Group Available Dividend Amount would have been sufficient to pay a
dividend pursuant to clause&nbsp;(A) of this paragraph&nbsp;(g)(ii) in lieu of effecting the redemption provided for in this clause&nbsp;(B), then: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I)&nbsp;&nbsp;&nbsp;if
such Interactive Group Disposition involves all (not merely substantially all) of the assets of the Interactive Group, the Corporation may redeem all outstanding
shares of each series of Liberty Interactive Common Stock for cash, securities (other than shares of Common Stock) or other assets, or any combination thereof, with an aggregate Fair Value (subject to
adjustment as provided below) equal to the Interactive Group Allocable Net Proceeds of such Interactive Group Disposition as of the Interactive Group Redemption Date, as determined by the Board of
Directors, such aggregate amount to be allocated among the shares of all series of Liberty Interactive Common Stock outstanding as of the Interactive Group Redemption Date on an equal per share basis
(subject to the provisions of this paragraph&nbsp;(g)(ii)); or </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II)&nbsp;&nbsp;if
such Interactive Group Disposition involves substantially all (but not all) of the assets of the Interactive Group, the Corporation may apply an aggregate amount
(subject to adjustment as provided below) of cash, securities (other than shares of Common Stock) or other assets, or any combination thereof, with a Fair Value equal to the Interactive Group
Allocable Net Proceeds of such Interactive Group Disposition as of the Interactive Group Redemption Selection Date (the "</FONT><FONT SIZE=2><B>Interactive Group Redemption
Amount</B></FONT><FONT SIZE=2>") to the redemption of outstanding shares of each series of Liberty Interactive Common Stock, such Interactive Group Redemption Amount to be allocated (subject to the
provisions of this paragraph&nbsp;(g)(ii)) to the redemption of shares of each series of Liberty Interactive Common Stock in the ratio of (x)&nbsp;the number of shares of such series outstanding
as of the Interactive Group
Redemption Selection Date to (y)&nbsp;the aggregate number of shares of all series of Liberty Interactive Common Stock outstanding as of such date, and the number of shares of each such series to be
redeemed will equal the lesser of (1)&nbsp;the number of shares of such series outstanding as of the Interactive Group Redemption Selection Date and (2)&nbsp;the whole number nearest the number
obtained by dividing the aggregate amount so allocated to the redemption of such series by the Average Market Value of the Liberty Interactive Reference Share over the period of 10 consecutive Trading
Days beginning on the 16th&nbsp;Trading Day following the consummation of such Interactive Group Disposition; </FONT><FONT SIZE=2><I>provided that,</I></FONT><FONT SIZE=2> if following the
foregoing allocation there remains any amount of the Interactive Group Redemption Amount which is not being applied to the redemption of shares of a series of Liberty Interactive Common Stock, then
such excess amount will be allocated to the redemption of shares of each series of Liberty Interactive Common Stock that, following the initial allocation referred to above, would have shares
outstanding and not redeemed, with the number of outstanding and not redeemed shares to be redeemed from each such series to be calculated in accordance with clauses&nbsp;(1) and (2)&nbsp;of the
immediately preceding sentence based upon such excess amount of the Interactive Group Redemption Amount. The outstanding shares of a series of Liberty Interactive Common Stock to be redeemed will be
selected on a pro rata basis among the holders of such series or by such other method as the Board of Directors may determine to be equitable; or </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;The
Corporation may convert each outstanding share of Series&nbsp;A Liberty Interactive Common Stock into a number (or fraction) of fully paid and
non-assessable shares of Series&nbsp;A Liberty Capital Common Stock, each outstanding share of Series&nbsp;B Liberty Interactive Common Stock into a number (or fraction) of fully paid
and non-assessable shares of Series&nbsp;B Liberty Capital Common Stock, and each outstanding share of Series&nbsp;C Liberty Interactive </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>59</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_qu76801_1_60"> </A>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>Common
Stock into a number (or fraction) of fully paid and non-assessable shares of Series&nbsp;C Liberty Capital Common Stock, in each case, equal to 110% of the average daily ratio
(calculated to the nearest five decimal places) of (I)&nbsp;the Average Market Value of the Liberty Interactive Reference Share over the period of 10 consecutive Trading Days beginning on the
16th&nbsp;Trading Day following the consummation of such Interactive Group Disposition, to (II)&nbsp;the Average Market Value of the Liberty Capital Reference Share over the same
10-Trading Day period; or </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;&nbsp;The
Corporation may convert each outstanding share of Series&nbsp;A Liberty Interactive Common Stock into a number (or fraction) of fully paid and
non-assessable shares of Series&nbsp;A Liberty Starz Common Stock, each outstanding share of Series&nbsp;B Liberty Interactive Common Stock into a number (or fraction) of fully paid
and non-assessable shares of Series&nbsp;B Liberty Starz Common Stock, and each outstanding share of Series&nbsp;C Liberty Interactive Common Stock into a number (or fraction) of fully
paid and non-assessable shares of Series&nbsp;C Liberty Starz Common Stock, in each case, equal to 110% of the average daily ratio (calculated to the nearest five decimal places) of
(I)&nbsp;the Average Market Value of the Liberty Interactive Reference Share over the period of 10 consecutive Trading Days beginning on the 16th&nbsp;Trading Day following the consummation of
such Capital Group Disposition, to (II)&nbsp;the Average Market Value of the Liberty Starz Reference Share over the same 10-Trading Day period; or </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E)&nbsp;&nbsp;The
Corporation may combine the conversion of a portion of the outstanding shares of Liberty Interactive Common Stock into Liberty Capital Common Stock or Liberty Starz
Common Stock as contemplated by clauses&nbsp;(C) and (D)&nbsp;of this paragraph&nbsp;(g)(ii) with the payment of a dividend on or the redemption of shares of Liberty Interactive Common Stock as
described below, subject to the limitations specified in clause&nbsp;(A) (in the case of a dividend) or clause&nbsp;(B) (in the case of a redemption) of this paragraph&nbsp;(g)(ii) (including
the limitations specified in other paragraphs of this Certificate referred to therein). In the event the Board of Directors elects the option described in this clause&nbsp;(E), the portion of the
outstanding shares of Liberty Interactive Common Stock to be converted into fully paid and non-assessable shares of Liberty Capital Common Stock or Liberty Starz Common Stock, as
applicable, will be determined by the Board of Directors and will be so converted at the conversion rate determined in accordance with clause&nbsp;(C) or clause&nbsp;(D) above, as applicable, and
the Corporation will either (x)&nbsp;pay a dividend to the holders of record of all of the remaining shares of Liberty Interactive Common Stock outstanding, with such dividend to be paid in
accordance with the applicable provisions of paragraphs&nbsp;(c)(iii) and (d)(iii) of this Section&nbsp;A.2., or (y)&nbsp;redeem all or a portion of such remaining shares of Liberty Interactive
Common Stock. The aggregate amount of such dividend, in the case of a dividend, or the portion of the Interactive Group Allocable Net Proceeds to be applied to such redemption, in the case of a
redemption, will be equal to the amount (rounded, if necessary, to the nearest whole number) obtained by multiplying (I)&nbsp;an amount equal to the Interactive Group Allocable Net Proceeds of such
Interactive Group Disposition as of, in the case of a dividend, the record date for determining the holders of Liberty Interactive Common Stock entitled to receive such dividend and, in the case of a
redemption, the Interactive Group Redemption Selection Date (in the case of a partial redemption) or the Interactive Group Redemption Date (in the case of a full redemption), in each case, before
giving effect to the conversion of shares of Liberty Interactive Common Stock in connection with such Interactive Group Disposition in accordance with this clause&nbsp;(E) and any related adjustment
to the Number of Shares Issuable with Respect to the Interactive Group Inter-Group Interest, by (II)&nbsp;one minus a fraction, the numerator of which will be the number of shares of Liberty
Interactive Common Stock to be converted into shares of Liberty Capital Common Stock or Liberty Starz Common Stock, as applicable, in accordance with this clause&nbsp;(E) and the denominator of </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>60</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_qu76801_1_61"> </A>
<UL>
<UL>
<BR>

<P style="font-family:times;"><FONT SIZE=2>which
will be the aggregate number of shares of Liberty Interactive Common Stock outstanding as of the record date, Interactive Group Redemption Selection Date or Interactive Group Redemption Date
used for purposes of clause&nbsp;(I) of this sentence. In the event of a redemption concurrently with or following any such partial conversion of shares of Liberty Interactive Common Stock, if the
Interactive Group Disposition was of all (not merely substantially all) of the assets of the Interactive Group, then all remaining outstanding shares of Liberty Interactive Common Stock will be
redeemed for cash, securities (other than shares of Common Stock) or other assets, or any combination thereof, with an aggregate Fair Value equal to the portion of the Interactive Group Allocable Net
Proceeds to be applied to such redemption determined in accordance with this clause&nbsp;(E), such aggregate amount to be allocated among all such shares to be redeemed on an equal per share basis
(subject to the provisions of this paragraph&nbsp;(g)(ii)). In the event of a redemption concurrently with or following any such partial conversion of shares of Liberty Interactive Common Stock, if
the Interactive Group Disposition was of substantially all (but not all) of the assets of the Interactive Group, then the number of shares of each series of Liberty Interactive Common Stock to be
redeemed will be determined in accordance with clause&nbsp;(B)(II) of this paragraph&nbsp;(g)(ii), substituting for the Interactive Group Redemption Amount referred to therein the portion of the
Interactive Group Allocable Net Proceeds to be applied to such redemption as determined in accordance with this clause&nbsp;(E), and such shares will be redeemed for cash, securities (other than
Common Stock) or other assets, or any combination thereof, with an aggregate Fair Value equal to such portion of the Interactive Group Allocable Net Proceeds and allocated among all such shares
redeemed on an equal per share basis (subject to the provisions of this
paragraph&nbsp;(g)(ii)). The aggregate number of shares of Liberty Interactive Common Stock to be converted in any partial conversion in accordance with this clause&nbsp;(E) will be allocated
among the series of Liberty Interactive Common Stock in the ratio of the number of shares of each such series outstanding to the aggregate number of shares of all series of Liberty Interactive Common
Stock outstanding as of the Interactive Group Conversion Selection Date, and the shares of each such series to be converted will be selected on a pro rata basis or by such other method as the Board of
Directors may determine to be equitable. In the case of a redemption, the allocation of the cash, securities and/or other assets to be paid in redemption and, in the case of a partial redemption, the
selection of shares to be redeemed will be made in the manner contemplated by clause&nbsp;(B) of this paragraph&nbsp;(g)(ii). </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of this paragraph&nbsp;(g)(ii): </FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;as
of any date, "</FONT><FONT SIZE=2><B>substantially all of the assets of the Interactive Group</B></FONT><FONT SIZE=2>" means a portion of such assets that represents
at least 80% of the then-Fair Value of the assets of the Interactive Group as of such date; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;in
the case of an Interactive Group Disposition of assets in a series of related transactions, such Interactive Group Disposition will not be deemed to have been
consummated until the consummation of the last of such transactions; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;if
the Board of Directors seeks the approval of the holders of Liberty Interactive Voting Securities entitled to vote thereon to qualify an Interactive Group Disposition
as an Exempt Interactive Group Disposition and such approval is not obtained, the date on which such approval fails to be obtained will be treated as the date on which such Interactive Group
Disposition was consummated for purposes of making the determinations and taking the actions prescribed by this paragraph&nbsp;(g)(ii) and paragraph&nbsp;(g)(iv), and no subsequent vote may be
taken to qualify such Interactive Group Disposition as an Exempt Interactive Group Disposition; </FONT></P>

</UL>
</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>61</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_qu76801_1_62"> </A>
<UL>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;in
the event of a redemption of a portion of the outstanding shares of Liberty Interactive Common Stock pursuant to clause&nbsp;(B)(II) or (E)&nbsp;of this
paragraph&nbsp;(g)(ii) at a time when the Interactive Group Outstanding Interest Fraction is less than one, if the Board of Directors so elects (an "</FONT><FONT SIZE=2><B>Interactive Group
Inter-Group Partial Redemption Election</B></FONT><FONT SIZE=2>"), in its discretion, the Corporation will attribute to the Capital Group and the Starz Group concurrently with such redemption an
aggregate amount (the "</FONT><FONT SIZE=2><B>Interactive Group Inter-Group Redemption Amount</B></FONT><FONT SIZE=2>") of cash, securities (other than shares of Common Stock) or other assets, or any
combination thereof, subject to adjustment as described below, with an aggregate Fair Value equal to the difference between (x)&nbsp;the Interactive Group Net Proceeds and (y)&nbsp;the portion of
the Interactive Group Allocable Net Proceeds applied to such redemption as
determined in accordance with clause&nbsp;(B)(II) or clause&nbsp;(E) of this paragraph&nbsp;(g)(ii). If the Board of Directors makes such election, the Number of Shares Issuable with Respect to
the Interactive Group Inter-Group Interest will be decreased in the manner described in subparagraph&nbsp;(ii)(E) of the definition of "Number of Shares Issuable with Respect to the Interactive
Group Inter-Group Interest" in paragraph&nbsp;(j) of this Section&nbsp;A.2. The Interactive Group Inter-Group Redemption Amount will be attributed between the Capital Group and the Starz Group
based upon the Capital Group's Fractional Interest in the Interactive Group as of the Interactive Group Redemption Selection Date and the Starz Group's Fractional Interest in the Interactive Group as
of the Interactive Group Redemption Selection Date and may, at the discretion of the Board of Directors, be reflected by an allocation or by a direct transfer of cash, securities and/or other assets; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;if
at the time of an Interactive Group Disposition subject to this paragraph&nbsp;(g)(ii), there are outstanding any Convertible Securities convertible into or
exercisable or exchangeable for shares of Liberty Interactive Common Stock that would give the holders thereof the right to receive any consideration related to such Interactive Group Disposition upon
conversion, exercise or exchange or otherwise, or would adjust to give the holders equivalent economic rights, as a result of any dividend, redemption or other action taken by the Corporation with
respect to the Liberty Interactive Common Stock pursuant to this paragraph&nbsp;(g)(ii), then the Board of Directors may make such adjustments to (x)&nbsp;the amount of consideration to be issued
or delivered as contemplated by this paragraph&nbsp;(g)(ii) as a dividend on or in redemption or conversion of shares of Liberty Interactive Common Stock and/or, if applicable, (y)&nbsp;the
Interactive Group Inter-Group Redemption Amount and the Number of Shares Issuable with Respect to the Interactive Group Inter-Group Interest as it deems appropriate to take into account the Liberty
Interactive Common Stock into which such Convertible Securities are convertible or for which such Convertible Securities are exercisable or exchangeable; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&nbsp;&nbsp;the
Corporation may pay the dividend or redemption price referred to in clause&nbsp;(A), (B)&nbsp;or (E)&nbsp;of this paragraph&nbsp;(g)(ii) payable to the
holders of Liberty Interactive Common Stock in cash, securities (other than shares of Common Stock) or other assets, or any combination thereof, that the Board of Directors determines and which has an
aggregate Fair Value of not less than the amount allocated to such dividend or redemption pursuant to the applicable of clauses&nbsp;(A), (B)&nbsp;or (E)&nbsp;of this paragraph&nbsp;(g)(ii),
regardless of the form or nature of the proceeds received by the Corporation from the Interactive Group Disposition; and </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)&nbsp;&nbsp;&nbsp;if
all or any portion of the redemption price referred to in clause&nbsp;(B) or (E)&nbsp;of this paragraph&nbsp;(g)(ii) payable to the holders of Liberty
Interactive Common Stock is paid in the form of securities of an issuer other than the Corporation, the Board of Directors may determine to pay the redemption price, so payable in securities, in the
form of </FONT></P>

</UL>
</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>62</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_qu76801_1_63"> </A>
<UL>
<UL>
<UL>
<BR>

<P style="font-family:times;"><FONT SIZE=2>(x)&nbsp;identical
securities, on an equal per share basis, to holders of each series of Liberty Interactive Common Stock, (y)&nbsp;separate classes or series of securities, on an equal per share
basis, to the holders of each series of Liberty Interactive Common Stock or (z)&nbsp;a separate class or series of securities to the holders of one or more series of Liberty Interactive Common Stock
and, on an equal per share basis, a different class or series of securities to the holders of all other series of Liberty Interactive Common Stock; </FONT> <FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT><FONT SIZE=2><I>that</I></FONT><FONT
SIZE=2>, in the case of clauses&nbsp;(y) and (z), (1)&nbsp;such separate classes or series do
not differ in
any respect other than their relative voting rights (and any related differences in designation, conversion, redemption and share distribution provisions such as those set forth in this
Section&nbsp;A.2.), with holders of shares of Series&nbsp;B Liberty Interactive Common Stock receiving securities of a class or series having the highest relative voting rights and the holders of
shares of each other series of Liberty Interactive Common Stock receiving securities of a class or series having lesser relative voting rights, in each case, without regard to whether such rights
differ to a greater or lesser extent than the corresponding differences in voting rights (and any related differences in designation, conversion, redemption and share distribution provisions such as
those set forth in this Section&nbsp;A.2.) among the Series&nbsp;A Liberty Interactive Common Stock, the Series&nbsp;B Liberty Interactive Common Stock and the Series&nbsp;C Liberty
Interactive Common Stock and (2)&nbsp;in the event the securities to be received by the holders of shares of Liberty Interactive Common Stock other than the Series&nbsp;B Liberty Interactive
Common Stock consist of different classes or series of securities, with each such class or series differing only with respect to the relative voting rights of such class or series (and any related
differences in designation, conversion, redemption and share distribution provisions such as those set forth in this Section&nbsp;A.2.), then such classes or series of securities will be distributed
to the holders of each series of Liberty Interactive Common Stock (other than the Series&nbsp;B Liberty Interactive Common Stock) (i)&nbsp;as the Board of Directors determines or (ii)&nbsp;such
that the relative voting rights of the class or series of securities to be received by the holders of each series of Liberty Interactive Common Stock corresponds to the extent practicable to the
relative voting rights (as compared to the other series of Liberty Interactive Common Stock, other than the Series&nbsp;B Liberty Interactive Common Stock) of such series of Liberty Interactive
Common Stock. </FONT></P>

</UL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Certain Provisions Respecting Convertible Securities</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;Unless the provisions of any Convertible Securities
that are or become convertible into or exercisable or exchangeable for shares of any series of Liberty Interactive Common Stock provide specifically to the contrary, or the instrument, plan or
agreement evidencing such Convertible Securities or pursuant to which the same were issued grants to the Board of Directors the discretion to approve or authorize any adjustment or adjustments to the
conversion, exercise or exchange provisions of such Convertible Securities so as to obtain a result different from that which would otherwise occur pursuant to this paragraph&nbsp;(g)(iii), and the
Board of Directors so approves or authorizes such adjustment or adjustments, after any Interactive Group Conversion Date or Interactive Group Redemption Date on which all outstanding shares of Liberty
Interactive Common Stock were converted or redeemed, any share of Liberty Interactive Common Stock that is issued on conversion, exercise or exchange of any such Convertible Security will, immediately
upon issuance and without any notice or any other action on the part of the Corporation or its Board of Directors or the holder of such share of Liberty Interactive Common Stock, be redeemed in
exchange for, to the extent assets of the Corporation are legally available therefor, the amount of $.01 per share in cash. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>General.</I></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;Not
later than the 10th&nbsp;Trading Day following the consummation of an Interactive Group Disposition referred to in paragraph&nbsp;(g)(ii) of this
Section&nbsp;A.2., the Corporation will </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>63</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_qu76801_1_64"> </A>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>announce
publicly by press release (x)&nbsp;the Interactive Group Net Proceeds of such Interactive Group Disposition, (y)&nbsp;whether the Interactive Group Disposition qualifies as an Exempt
Interactive Group Disposition, and (z)&nbsp;if it does not so qualify at the time of the announcement (including in the event the Board of Directors had not sought stockholder approval to qualify
such Interactive Group Disposition as an Exempt Interactive Group Disposition in connection with any required stockholder approval obtained by the Corporation, if applicable), whether the Board of
Directors will seek the approval of the holders of Liberty Interactive Voting Securities entitled to vote thereon to qualify such Interactive Group Disposition as an Exempt Interactive Group
Disposition. Not later than the 30<SUP>th</SUP>&nbsp;Trading Day (and in the event a 10 Trading Day valuation period is required in connection with the action selected by the Board of Directors
pursuant to clause&nbsp;(I) of this paragraph&nbsp;(g)(iv)(A), not earlier than the 26th&nbsp;Trading Day) following the consummation of such Interactive Group Disposition, the Corporation will
announce publicly by press release (to the extent applicable): </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I)&nbsp;&nbsp;&nbsp;which
of the actions specified in clauses&nbsp;(A), (B), (C), (D)&nbsp;or (E)&nbsp;of paragraph&nbsp;(g)(ii) of this Section&nbsp;A.2. the Corporation has
irrevocably determined to take; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II)&nbsp;&nbsp;as
applicable, the record date for determining holders entitled to receive any dividend to be paid pursuant to clause&nbsp;(A) or (E)&nbsp;of
paragraph&nbsp;(g)(ii), the Interactive Group Redemption Selection Date for the redemption of shares of Liberty Interactive Common Stock pursuant to clause&nbsp;(B)(II) or (E)&nbsp;of
paragraph&nbsp;(g)(ii) or the Interactive Group Conversion Selection Date for the partial conversion of shares of Liberty Interactive Common Stock pursuant to clause&nbsp;(E) of
paragraph&nbsp;(g)(ii), which record date, Interactive Group Redemption Selection Date or Interactive Group Conversion Selection Date will not be earlier than the 10th&nbsp;day following the date
of such public announcement; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(III)&nbsp;the
anticipated dividend payment date, Interactive Group Redemption Date and/or Interactive Group Conversion Date, which in each case, will not be more than 85 Trading
Days following such Interactive Group Disposition; and </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(IV)&nbsp;unless
the Board of Directors otherwise determines, that the Corporation will not be required to register a transfer of any shares of Liberty Interactive Common Stock
for a period of 10 Trading Days (or such shorter period as such announcement may specify) next preceding the specified Interactive Group Redemption Selection Date or Interactive Group Conversion
Selection Date. </FONT></P>

</UL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Corporation determines to undertake a redemption of shares of Liberty Interactive Common Stock, in whole or in part, pursuant to clause&nbsp;(B) or (E)&nbsp;of
paragraph&nbsp;(g)(ii) of this Section&nbsp;A.2., or a conversion of shares of Liberty Interactive Common Stock, in whole or in part, pursuant to clause&nbsp;(C), (D)&nbsp;or (E)&nbsp;of
paragraph&nbsp;(g)(ii), the Corporation will give notice of such redemption or conversion, not
less than 15&nbsp;days prior to the Interactive Group Redemption Date or Interactive Group Conversion Date, as applicable, to holders of Liberty Interactive Common Stock whose shares are to be
redeemed or converted, setting forth, as applicable: </FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;the
Interactive Group Redemption Date or Interactive Group Conversion Date; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;the
number of shares of Liberty Interactive Common Stock held by such holder to be redeemed or converted or, if applicable, stating that all outstanding shares of
Liberty Interactive Common Stock will be redeemed or converted and, if shares of Liberty Interactive Common Stock are to be converted, whether such shares will be converted into Liberty Capital Common
Stock or Liberty Starz Common Stock, and the series thereof issuable to the holders of each series of Liberty Interactive Common Stock; </FONT></P>

</UL>
</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>64</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<UL>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;in
the case of a redemption or a conversion, in each case, in whole or in part, of outstanding shares of Liberty Interactive Common Stock, the kind and amount of per
share consideration to be received with respect to each share of Liberty Interactive Common Stock to be redeemed or converted and the Interactive Group Outstanding Interest Fraction as of the date of
such notice (and if such Interactive Group Outstanding Interest Fraction is less than one (1), the Capital Group's Fractional Interest in the Interactive Group and the Starz Group's Fractional
Interest in the Interactive Group, in each case, as of such date); </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;with
respect to a partial redemption under clause&nbsp;(B)(II) or (E)&nbsp;of paragraph&nbsp;(g)(ii), if the Board of Directors has made an Interactive Group
Inter-Group Partial Redemption Election, the Number of Shares Issuable with Respect to the Interactive Group Inter-Group Interest, the Capital Group's Fractional Interest in the Interactive Group and
the Starz Group's Fractional Interest in the Interactive Group, in each case, as of the Interactive Group Redemption Selection Date and the portion of the Interactive Group Inter-Group Redemption
Amount attributable to each Group other than the Interactive Group; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;with
respect to a dividend under clause&nbsp;(A) or (E)&nbsp;of paragraph&nbsp;(g)(ii), the Number of Shares Issuable with Respect to the Interactive Group
Inter-Group Interest, the Capital Group's Fractional Interest in the Interactive Group and the Starz Group's Fractional Interest in the Interactive Group, in each case, as of the record date for the
dividend and the portion of the Interactive Group Inter-Group Dividend Amount attributable to each Group other than the Interactive Group, if applicable; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&nbsp;&nbsp;the
place or places where certificates representing shares of Liberty Interactive Common Stock properly endorsed or assigned for transfer (unless the Corporation waives
such requirement) are to be surrendered. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;In
the event of any conversion of shares of Liberty Interactive Common Stock pursuant to paragraph&nbsp;(b)(ii) or (iii)&nbsp;of this Section&nbsp;A.2., not less
than 15&nbsp;days prior to the Interactive Group Conversion Date, the Corporation will (I)&nbsp;announce publicly by press release that all outstanding shares of Liberty Interactive Common Stock
will be converted pursuant to paragraph&nbsp;(b)(ii) or (iii)&nbsp;of this Section&nbsp;A.2. on the Interactive Group Conversion Date set forth in such press release and (II)&nbsp;give notice
of such conversion to each holder of outstanding shares of Liberty Interactive Common Stock, setting forth: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;the
Interactive Group Conversion Date, which will not be more than 45&nbsp;days following the Determination Date; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;a
statement that all outstanding shares of Liberty Interactive Common Stock will be converted; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;the
per share number and series of shares of Liberty Capital Common Stock or Liberty Starz Common Stock to be received with respect to each share of each series of
Liberty Interactive Common Stock; and </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;the
place or places where certificates representing shares of Liberty Interactive Common Stock properly endorsed or assigned for transfer (unless the Corporation waives
such requirement) are to be surrendered. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;If
the Corporation obtains the Interactive Group Redemption Stockholder Approval and determines to redeem shares of Liberty Interactive Common Stock pursuant to </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>65</FONT></P>

<HR NOSHADE>
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<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>paragraph&nbsp;(g)(i),
the Corporation will, announce publicly by press release promptly following the Approval Date: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I)&nbsp;&nbsp;&nbsp;that
the Corporation intends to redeem shares of Liberty Interactive Common Stock for securities of a Distributed Interactive Group Subsidiary pursuant to
paragraph&nbsp;(g)(i) of this Section&nbsp;A.2.; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II)&nbsp;&nbsp;if
applicable, the Interactive Group Redemption Selection Date, which will not be earlier than the 10th&nbsp;day following the date of the press release; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(III)&nbsp;the
anticipated Interactive Group Redemption Date, which will not be later than the 85th&nbsp;Trading Day following the date of the press release; and </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(IV)&nbsp;unless
the Board of Directors otherwise determines, that the Corporation will not be required to register a transfer of any shares of Liberty Interactive Common Stock
for a period of 10 Trading Days (or such shorter period as such announcement may specify) next preceding the specified Interactive Group Redemption Selection Date. </FONT></P>

</UL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not
less than 15&nbsp;days prior to the Interactive Group Redemption Date, the Corporation will give notice of such redemption to holders of Liberty Interactive Common Stock whose
shares are to be redeemed, setting forth: </FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;the
Interactive Group Redemption Date; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;the
number of shares of Liberty Interactive Common Stock held by such holder to be redeemed or, if applicable, stating that all outstanding shares of Liberty Interactive
Common Stock will be redeemed; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;the
class or series of securities of the Distributed Interactive Group Subsidiary to be received with respect to each share of each series of Liberty Interactive Common
Stock to be redeemed and the Interactive Group Outstanding Interest Fraction as of the date of such notice, if any (and if such Interactive Group Outstanding Interest Fraction is less than one (1),
the Capital Group's Fractional Interest in the Interactive Group and the Starz Group's Fractional Interest in the Interactive Group, in each case, as of such date); </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;if
the Board of Directors has made an Interactive Group Inter-Group Redemption Election, the number of Interactive Group Inter-Group Interest Subsidiary Securities
attributable to each Group other than the Interactive Group, and the Number of Shares Issuable to the Capital Group with Respect to the Interactive Group Inter-Group Interest and the Number of Shares
Issuable to the Starz Group with Respect to the Interactive Group Inter-Group Interest, in each case, used in determining such number and attribution of Interactive Group Inter-Group Interest
Subsidiary Securities; and </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;the
place or places where certificates representing shares of Liberty Interactive Common Stock properly endorsed or assigned for transfer (unless the Corporation waives
such requirement) are to be surrendered. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;&nbsp;The
Corporation will give such notice to holders of Convertible Securities convertible into or exercisable or exchangeable for Liberty Interactive Common Stock as may be
required by the terms of such Convertible Securities or as the Board of Directors may otherwise deem appropriate in connection with a dividend, redemption or conversion of shares of Liberty
Interactive Common Stock pursuant to this Section&nbsp;A.2., as applicable. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E)&nbsp;&nbsp;All
public announcements (including any proxy materials to the extent approval of the stockholders of the Corporation is sought or required) made pursuant to
clauses&nbsp;(A), </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>66</FONT></P>

<HR NOSHADE>
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<UL>
<UL>
<BR>

<P style="font-family:times;"><FONT SIZE=2>(B)&nbsp;or
(C)&nbsp;of this paragraph&nbsp;(g)(iv) will include such further statements, and the Corporation reserves the right to make such further public announcements, as may be required by
law or the rules of the principal national securities exchange on which the Liberty Interactive Common Stock is listed or as the Board of Directors may, in its discretion, deem appropriate. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F)&nbsp;&nbsp;Any
notice sent to a holder of Liberty Interactive Common Stock pursuant to clauses&nbsp;(A), (B), (C)&nbsp;or (D)&nbsp;of this paragraph&nbsp;(g)(iv) will be
sent by first-class mail, postage prepaid to such holder's address as the same appears on the transfer books of the Corporation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G)&nbsp;&nbsp;Neither
the failure to mail any notice required by this paragraph&nbsp;(g)(iv) to any particular holder of Liberty Interactive Common Stock nor any defect therein will
affect the sufficiency thereof with respect to any other holder of outstanding shares of Liberty Interactive Common Stock, or the validity of any action taken pursuant to this Certificate. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H)&nbsp;&nbsp;No
adjustments in respect of dividends will be made upon the conversion or redemption of any shares of Liberty Interactive Common Stock; </FONT> <FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT><FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>,
that, except as otherwise contemplated by paragraph&nbsp;(g)(ii)(E), if the
Interactive Group Conversion Date or the Interactive Group Redemption Date with respect to any shares of Liberty Interactive Common Stock will be subsequent to the record date for the payment of a
dividend or other distribution thereon or with respect thereto, but prior to the payment of such dividend or distribution, the holders of record of such shares of Liberty Interactive Common Stock at
the close of business on such record date will be entitled to receive the dividend or other distribution payable on or with respect to such shares on the date set for payment of such dividend or other
distribution, notwithstanding the prior conversion or redemption of such shares. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I)&nbsp;&nbsp;&nbsp;Before
any holder of shares of Liberty Interactive Common Stock will be entitled to receive a certificate or certificates representing shares of any kind of capital
stock or cash, securities (other than capital stock) or other assets to be received by such holder with respect to shares of Liberty Interactive Common Stock pursuant to paragraph&nbsp;(b) of this
Section&nbsp;A.2. or pursuant to this paragraph&nbsp;(g), such holder will surrender at such place as the Corporation will specify certificates representing such shares of Liberty Interactive
Common Stock, properly endorsed or assigned for transfer (unless the
Corporation will waive such requirement). The Corporation will as soon as practicable after such surrender of certificates representing shares of Liberty Interactive Common Stock, deliver, or cause to
be delivered, at the office of the transfer agent for the shares or other securities to be delivered, to the holder for whose account shares of Liberty Interactive Common Stock were so surrendered, or
to the nominee or nominees of such holder, a certificate or certificates representing the number of whole shares of the kind of capital stock or cash, securities (other than capital stock) or other
assets to which such Person will be entitled as aforesaid, together with any payment for fractional securities contemplated by paragraph&nbsp;(g)(iv)(K). If less than all of the shares of Liberty
Interactive Common Stock represented by any one certificate are to be redeemed or converted, the Corporation will issue and deliver a new certificate for the shares of Liberty Interactive Common Stock
not redeemed or converted. The Corporation will not be required to register a transfer of (I)&nbsp;any shares of Liberty Interactive Common Stock for the period preceding any selection of shares to
be redeemed or converted set forth in the applicable public announcement or notice or (II)&nbsp;any shares of Liberty Interactive Common Stock selected for redemption or conversion. Shares selected
for redemption may not thereafter be converted pursuant to paragraph&nbsp;(b)(i)(C) of this Section&nbsp;A.2. </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>67</FONT></P>

<HR NOSHADE>
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 </FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(J)&nbsp;&nbsp;&nbsp;From
and after any applicable Interactive Group Conversion Date or Interactive Group Redemption Date, all rights of a holder of shares of Liberty Interactive Common
Stock that were converted or redeemed on such Interactive Group Conversion Date or Interactive Group Redemption Date, as applicable, will cease except for the right, upon surrender of a certificate or
certificates representing such shares of Liberty Interactive Common Stock, to receive a certificate or certificates representing shares of the kind and amount of capital stock or cash, securities
(other than capital stock) or other assets for which such shares were converted or redeemed, as applicable, together with any payment for fractional securities contemplated by
paragraph&nbsp;(g)(iv)(K) of this Section&nbsp;A.2. and such holder will have no other or further rights in respect of the shares of Liberty Interactive Common Stock so converted or redeemed,
including, but not limited to, any rights with respect to any cash, securities or other assets which are reserved or otherwise designated by the Corporation as being held for the satisfaction of the
Corporation's obligations to pay or deliver any cash, securities or other assets upon the conversion, exercise or exchange of any Convertible Securities outstanding as of the date of such conversion
or redemption. No holder of a certificate which immediately prior to the applicable Interactive Group Conversion Date or Interactive Group Redemption Date represented shares of Liberty Interactive
Common Stock will be entitled to receive any dividend or other distribution with respect to shares of any kind of capital stock into or in exchange for which the Liberty Interactive Common Stock was
converted or redeemed until surrender of such holder's certificate for a certificate or certificates representing shares of such kind of capital stock. Upon such surrender, there will be paid to the
holder the amount of any dividends or other distributions (without interest) which theretofore became payable with respect to a record date after the Interactive Group Conversion Date or Interactive
Group Redemption Date, as the case may be, but that were not paid by reason of the foregoing, with respect to the number of whole shares of the kind of capital stock represented by the certificate or
certificates issued upon such surrender. From and after an Interactive Group Conversion Date or Interactive Group Redemption Date, as the case may be, the Corporation will, however, be entitled to
treat certificates representing shares of Liberty Interactive Common Stock that have not yet been surrendered for conversion or redemption in accordance with clause&nbsp;(I) above as evidencing the
ownership of the number of whole shares of the kind or kinds of capital stock for which the shares of Liberty Interactive Common Stock represented by such certificates will have been converted or
redeemed in accordance with paragraph&nbsp;(b) of this Section&nbsp;A.2 or this paragraph&nbsp;(g), notwithstanding the failure of the holder thereof to surrender such certificates. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(K)&nbsp;&nbsp;The
Corporation will not be required to issue or deliver fractional shares of any class or series of capital stock or any other securities in a smaller than authorized
denomination to any holder of Liberty Interactive Common Stock upon any conversion, redemption, dividend or other distribution pursuant to paragraph&nbsp;(b) of this Section&nbsp;A.2. or this
paragraph&nbsp;(g). In connection with the determination of the number of shares of any class or series of capital stock that will be issuable or the amount of other securities that will be
deliverable to any holder of record of Liberty Interactive Common Stock upon any such conversion, redemption, dividend or other distribution (including any fractions of shares or securities), the
Corporation may aggregate the shares of Liberty Interactive Common Stock held at the relevant time by such holder of record. If the aggregate number of shares of capital stock or other securities to
be issued or delivered to any holder of Liberty Interactive Common Stock includes a fraction, the Corporation will pay a cash adjustment in lieu of such fraction in an amount equal to the value of
such fraction as of the Trading Day specified by the Board of Directors for such purposes (without interest). For purposes of the preceding sentence, </FONT> <FONT SIZE=2><I>"value"</I></FONT><FONT SIZE=2> of any fraction will equal the amount
(rounded, if necessary, to the nearest whole cent) obtained by </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>68</FONT></P>

<HR NOSHADE>
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<UL>
<UL>
<BR>

<P style="font-family:times;"><FONT SIZE=2>multiplying
such fraction by the Fair Value of one such share or the minimum authorized denomination of such other security as of such specified Trading Day. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(L)&nbsp;&nbsp;Any
deadline for effecting a dividend, redemption or conversion prescribed by this paragraph&nbsp;(g) may be extended if deemed necessary or appropriate, in the
discretion of the Board of Directors, to enable the Corporation to comply with the U.S. federal securities laws, including the rules and regulations promulgated thereunder. </FONT></P>

</UL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Liquidation and Dissolution.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>General</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;In the event of a liquidation, dissolution or winding up of the Corporation, whether voluntary or
involuntary, after payment or provision for payment of the debts and liabilities of the Corporation and subject to the prior payment in full of the preferential amounts to which any series of
Preferred Stock is entitled, the holders of shares of Liberty Capital Common Stock, the holders of shares of Liberty Starz Common Stock and the holders of shares of Liberty Interactive Common Stock
will be entitled to receive their proportionate interests in the assets of the Corporation remaining for distribution to holders of Common Stock (regardless of the Group to which such assets are then
attributed) in proportion to the respective number of liquidation units per share of Liberty Capital Common Stock, Liberty Starz Common Stock and Liberty Interactive Common Stock. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
the consolidation or merger of the Corporation with or into any other Person or Persons nor the sale, transfer or lease of all or substantially all of the assets of the
Corporation will itself be deemed to be a liquidation, dissolution or winding up of the Corporation within the meaning of this paragraph&nbsp;(h). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Liquidation Units</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;The liquidation units per share of each series of Common Stock will be as follows: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;each
share of Liberty Capital Common Stock will have a number of liquidation units (including a fraction of one liquidation unit) equal to 0.14613 (which is equal to the
number of liquidation units applicable to each share of Liberty Capital Common Stock on the day immediately prior to the Effective Date); </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;each
share of Liberty Starz Common Stock will have a number of liquidation units (including a fraction of one liquidation unit) equal to 0.21347 (which is equal to the
number of liquidation units applicable to each share of Liberty Capital Common Stock on the day immediately prior to the Effective Date); and </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;each
share of Liberty Interactive Common Stock will have a number of liquidation units (including a fraction of one liquidation unit) equal to 0.22778 (which is equal to
the number of liquidation units applicable to each share of Liberty Interactive Common Stock on the day immediately prior to the Effective Date); </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT><FONT SIZE=2><I>that</I></FONT><FONT SIZE=2>, if, after the Effective Date, the Corporation, at any time or from time to time,
subdivides (by stock split, reclassification or otherwise) or combines (by reverse stock split, reclassification or otherwise) the outstanding shares of Liberty Capital Common Stock, Liberty Starz
Common Stock or Liberty Interactive Common Stock, or declares and pays a dividend or distribution in shares of Liberty Capital Common Stock, Liberty Starz Common Stock or Liberty Interactive Common
Stock to holders of Liberty Capital Common Stock, Liberty Starz Common Stock or Liberty Interactive Common Stock, as applicable, the per share liquidation units of the Liberty Capital Common Stock,
Liberty Starz Common Stock or Liberty Interactive Common Stock, as applicable, will be appropriately adjusted as determined by the Board of Directors, so as to avoid any dilution in the aggregate,
relative liquidation rights of the shares of Liberty Capital Common Stock, Liberty Starz Common Stock and Liberty Interactive Common Stock. </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>69</FONT></P>

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<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever
an adjustment is made to liquidation units under this paragraph&nbsp;(h), the Corporation will promptly thereafter prepare and file&nbsp;a statement of such adjustment with
the Secretary of the Corporation. Neither the failure to prepare nor the failure to file any such statement will affect the validity of such adjustment. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Determinations by the Board of Directors.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Any determinations made by the Board of Directors under any
provision in this Section&nbsp;A.2. will be final and binding on all stockholders of the Corporation, except as may otherwise be required by law. In addition, if different consideration is
distributed to different series of Common Stock in a Share Distribution, the determination of the Board of Directors that such Share Distribution was made on an equal per share basis will be final and
binding on all stockholders of the Corporation, except as may otherwise be required by law. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Certain Definitions.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Unless the context otherwise requires, the terms defined in this paragraph&nbsp;(j)
will have, for all purposes of this Certificate, the meanings herein specified: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Approval Date</B></FONT><FONT SIZE=2>" means the date upon which the Corporation has received each of the Capital Group Redemption Stockholder Approval, the
Starz Group Redemption Stockholder Approval and/or the Interactive Group Redemption Stockholder Approval, to the extent required pursuant to this Section&nbsp;A.2. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Average Market Value</B></FONT><FONT SIZE=2>" of a share of any series of Common Stock or other Publicly Traded capital stock means the average of the daily
Market Values of one share of such series of Common Stock or such other capital stock over the applicable period prescribed in this Certificate. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Board of Directors</B></FONT><FONT SIZE=2>" means (i)&nbsp;the Board of Directors of the Corporation and (ii)&nbsp;any duly authorized committee thereof
acting at the direction of the Board of Directors (including, without limitation, the Executive Committee). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Capital Group</B></FONT><FONT SIZE=2>" means, as of any date: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;the
direct and indirect interest of the Corporation as of the Effective Date (x)&nbsp;in all of the businesses in which the Corporation is or has been engaged,
directly or indirectly (either itself or through direct or indirect Subsidiaries, affiliates, joint ventures or other investments or any of the predecessors or successors of any of the foregoing), and
(y)&nbsp;in the respective assets and liabilities of the Corporation and its Subsidiaries, other than any businesses, assets or liabilities attributable to the Starz Group or the Interactive Group
as of the Effective Date; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;all
assets, liabilities and businesses acquired by the Corporation or any of its Subsidiaries for the account of the Capital Group, or contributed, allocated or
transferred to the Capital Group (including the net proceeds of any issuances, sales or incurrences for the account of the Capital Group of shares of Liberty Capital Common Stock, Convertible
Securities convertible into or exercisable or exchangeable for shares of Liberty Capital Common Stock, or indebtedness or Preferred Stock attributed to the Capital Group), in each case, after the
Effective Date and as determined by the Board of Directors; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;the
proceeds of any Disposition of any of the foregoing; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;an
Inter-Group Interest in the Starz Group equal to one (1)&nbsp;minus the Starz Group Outstanding Interest Fraction allocable to the Capital Group as of such date;
and </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;an
Inter-Group Interest in the Interactive Group equal to one (1)&nbsp;minus the Interactive Group Outstanding Interest Fraction allocable to the Capital Group as of
such date; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>provided that</I></FONT><FONT SIZE=2> the Capital Group will not include (A)&nbsp;any assets, liabilities or businesses disposed of after the Effective Date, including,
without limitation, by dividend, to holders of Liberty Capital Common Stock or in redemption of shares of Liberty Capital Common Stock, from and after the date of such Disposition or (B)&nbsp;any
assets, liabilities or businesses transferred or allocated after the </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>70</FONT></P>

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<P style='font-family:times;page-break-before:always'></p>
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<UL>
<BR>

<P style="font-family:times;"><FONT SIZE=2>Effective
Date from the Capital Group to the Starz Group or the Interactive Group (other than through the Capital Group's Inter-Group Interest in the Starz Group or the Interactive Group, if any,
pursuant to clause&nbsp;(iv) or (v)&nbsp;above), including, without limitation, any Capital Group Inter-Group Dividend Amount or Capital Group Inter-Group Redemption Amount, from and after the
date of such transfer or allocation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Capital Group Allocable Net Proceeds</B></FONT><FONT SIZE=2>" means, with respect to any Capital Group Disposition, (i)&nbsp;if at the time of such Capital
Group Disposition, the Capital Group Outstanding Interest Fraction is one (1), the Capital Group Net Proceeds of such Capital Group Disposition, or (ii)&nbsp;if at the time of such Capital Group
Disposition the Capital Group Outstanding Interest Fraction is less than one (1), the amount (rounded, if necessary, to the nearest whole number) obtained by multiplying (x)&nbsp;the Capital Group
Net Proceeds of such Capital Group Disposition, by (y)&nbsp;the Capital Group Outstanding Interest Fraction as of such date. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Capital Group Available Dividend Amount,</B></FONT><FONT SIZE=2>" as of any date, means an amount equal to the amount (rounded, if necessary, to the nearest
whole number) obtained by multiplying (x)&nbsp;the Capital Group Outstanding Interest Fraction, by (y)&nbsp;either: (i)&nbsp;the excess of (A)&nbsp;an amount equal to the total assets of the
Capital Group less the total liabilities (not including Preferred Stock attributed to the Capital Group) of the Capital Group as of such date over (B)&nbsp;the aggregate par value of, or any greater
amount determined to be capital in respect of, all outstanding shares of Liberty Capital Common Stock and each series of Preferred Stock attributed to the Capital Group or (ii)&nbsp;in case there is
no such excess, an amount equal to the Corporation Earnings (Loss) Attributable to the Capital Group (if positive) for the fiscal year in which such date occurs and/or the preceding fiscal year. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Capital Group Conversion Date</B></FONT><FONT SIZE=2>" means any date and time fixed by the Board of Directors for a conversion of shares of Liberty Capital
Common Stock pursuant to this Section&nbsp;A.2. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Capital Group Conversion Selection Date</B></FONT><FONT SIZE=2>" means any date and time fixed by the Board of Directors as the date and time upon which shares
to be converted of each series of Liberty Capital Common Stock will be selected for conversion pursuant to this Section&nbsp;A.2. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Capital Group Disposition</B></FONT><FONT SIZE=2>" means the Disposition, in one transaction or a series of related transactions, by the Corporation and its
Subsidiaries of all or substantially all of the assets of the Capital Group to one or more Persons. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Capital Group Net Proceeds</B></FONT><FONT SIZE=2>" means, as of any date, with respect to any Capital Group Disposition, an amount, if any, equal to the Fair
Value of what remains of the gross proceeds of such Disposition to the Corporation after any payment of, or reasonable provision for, (i)&nbsp;any taxes payable by the Corporation or any of its
Subsidiaries in respect of such Disposition or in respect of any resulting dividend or redemption pursuant to clause&nbsp;(A), (B)&nbsp;or (E)&nbsp;of paragraph&nbsp;(e)(ii) of this
Section&nbsp;A.2. (or that would have been payable but for the utilization of tax benefits attributable to the Starz Group or the Interactive Group), (ii)&nbsp;any transaction costs, including,
without limitation, any legal, investment banking and accounting fees and expenses and (iii)&nbsp;any liabilities and other obligations (contingent or otherwise) of, or attributed to, the Capital
Group, including, without limitation, any liabilities for deferred taxes, any indemnity or guarantee obligations incurred in connection with the Disposition or any liabilities for future purchase
price adjustments and any preferential amounts plus any accumulated and unpaid dividends and other obligations in respect of Preferred Stock attributed to the Capital Group. For purposes of this
definition, any assets of the Capital Group remaining after such Disposition will constitute "reasonable provision" for such amount of taxes, costs, liabilities and other obligations (contingent or
otherwise) as can be supported by such assets. </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>71</FONT></P>

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<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Capital Group Outstanding Interest Fraction,</B></FONT><FONT SIZE=2>" as of any date, means a fraction the numerator of which is the aggregate number of shares
of Liberty Capital Common Stock outstanding on such date and the denominator of which is the amount obtained by adding (i)&nbsp;such aggregate number of shares of Liberty Capital Common Stock
outstanding on such date, plus (ii)&nbsp;the Number of Shares Issuable with Respect to the Capital Group Inter-Group Interest as of such date</FONT><FONT SIZE=2><B>,  </B></FONT><FONT SIZE=2><I>provided that</I></FONT><FONT SIZE=2> such fraction will
in no event be greater than one. If the holders of any Convertible Securities that are convertible into or exercisable
or exchangeable for shares of Liberty Capital Common Stock are entitled to participate in any dividend (for purposes of paragraphs&nbsp;(c)(i), (d)(i) or (e)(ii) of this Section&nbsp;A.2.) or
redemption (for purposes of paragraph&nbsp;(e) of this Section&nbsp;A.2.) with respect to the Liberty Capital Common Stock (other than by means of an antidilution adjustment), such shares so
issuable upon conversion, exercise or exchange will be taken into account in calculating the Capital Group Outstanding Interest Fraction and
any related calculations under the applicable provisions of this Section&nbsp;A.2. in such manner as the Board of Directors determines to be appropriate. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Capital Group Redemption Date</B></FONT><FONT SIZE=2>" means any date and time fixed by the Board of Directors for a redemption of shares of Liberty Capital
Common Stock pursuant to this Section&nbsp;A.2. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Capital Group Redemption Selection Date</B></FONT><FONT SIZE=2>" means the date and time fixed by the Board of Directors on which shares of Liberty Capital
Common Stock are to be selected for redemption pursuant to this Section&nbsp;A.2. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Capital Group Related Business Transaction</B></FONT><FONT SIZE=2>" means any Disposition of all or substantially all of the assets of the Capital Group in which
the Corporation receives as proceeds of such Disposition primarily equity securities (including, without limitation, capital stock, securities convertible into capital stock or other equity
securities, partnership, limited partnership or limited liability company interests and other types of equity securities, without regard to the voting power or contractual or other management or
governance rights related to such equity securities) of the purchaser or acquiror of such assets of the Capital Group, any entity which succeeds (by merger, formation of a joint venture enterprise or
otherwise) to such assets of the Capital Group, or a third party issuer, if a significant portion of the business or businesses in which such purchaser, acquiror or third party issuer is engaged or
proposes to engage consists of one or more businesses similar or complementary to the businesses attributable to the Capital Group prior to such Disposition, as determined in good faith by the Board
of Directors. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Capital Group Share Distribution Ratio</B></FONT><FONT SIZE=2>" means, as to any Share Distribution consisting of shares of Capital Group Common Stock, the
number of shares (including any fraction of a share), of Capital Group Common Stock issuable to a holder for each outstanding share of the applicable series of Common Stock owned by such holder as of
the record date for such Share Distribution (rounded, if necessary, to the nearest five decimal places). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Certificate</B></FONT><FONT SIZE=2>" means this Restated Certificate of Incorporation, as it may be amended from time to time, including any amendments effected
pursuant to the filing of any Preferred Stock Designation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Code</B></FONT><FONT SIZE=2>" means the Internal Revenue Code of 1986, as amended. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Control</B></FONT><FONT SIZE=2>" means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a
Person whether through the ownership of voting securities, by contract or otherwise; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT><FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>,
that for purposes of clause&nbsp;(iii) of the definition of "Exempt Capital Group Disposition", "Exempt Starz Group Disposition" or "Exempt Interactive Group Disposition" set forth in this
paragraph&nbsp;(j), the Corporation will, without limitation of the foregoing, in any event be deemed to Control any Person in which the Corporation beneficially owns (after giving effect to the
applicable Disposition) (i)&nbsp;voting securities </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>72</FONT></P>

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<UL>
<BR>

<P style="font-family:times;"><FONT SIZE=2>having
25% or more of the total voting power of the voting securities of such Person then outstanding, provided that, immediately after giving effect to such Disposition, no other Person that is not
Controlled by the Corporation beneficially owns voting securities of such Person having voting power greater than the voting power of the voting securities beneficially owned by the Corporation or
(ii)&nbsp;equity securities representing 50% or more of the common equity interest or economic equity interest in such Person. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Convertible Securities</B></FONT><FONT SIZE=2>" means (x)&nbsp;any securities of the Corporation (other than any series of Common Stock) or any Subsidiary
thereof that are convertible into or exercisable or exchangeable for any shares of any series of Common Stock, whether upon conversion, exercise, exchange, pursuant to antidilution provisions of such
securities or otherwise, and (y)&nbsp;any securities of any other Person that are convertible into or exercisable or exchangeable for, securities of such Person or any other Person, whether upon
conversion, exercise, exchange, pursuant to antidilution provisions of such securities or otherwise. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Corporation Earnings (Loss) Attributable to the Capital Group</B></FONT><FONT SIZE=2>" for any period, means the net earnings or loss of the Capital Group for
such period determined on a basis consistent with the determination of the net earnings or loss of the Capital Group for such period as presented in the reconciling schedules to the consolidated
financial statements of the Corporation for such period, including income and expenses of the Corporation attributed to the operations of the Capital Group on a substantially consistent basis,
including, without limitation, corporate administrative costs, net interest and income taxes. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Corporation Earnings (Loss) Attributable to the Interactive Group</B></FONT><FONT SIZE=2>" for any period, means the net earnings or loss of the Interactive
Group for such period determined on a basis consistent with the determination of the net earnings or loss of the Interactive Group for such period as presented in the reconciling schedules to the
consolidated financial statements of the Corporation for such period, including income and expenses of the Corporation attributed to the operations of the Interactive Group on a substantially
consistent basis, including, without limitation, corporate administrative costs, net interest and income taxes. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Corporation Earnings (Loss) Attributable to the Starz Group</B></FONT><FONT SIZE=2>" for any period, means the net earnings or loss of the Starz Group for such
period determined on a basis consistent with the determination of the net earnings or loss of the Starz Group for such period as presented in the reconciling schedules to the consolidated financial
statements of the Corporation for such period, including income and
expenses of the Corporation attributed to the operations of the Starz Group on a substantially consistent basis, including, without limitation, corporate administrative costs, net interest and income
taxes. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Determination Date</B></FONT><FONT SIZE=2>" means the date designated by the Board of Directors for determination of any applicable Optional Conversion Ratio. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Disposition</B></FONT><FONT SIZE=2>" means the sale, transfer, exchange, assignment or other disposition (whether by merger, consolidation, sale or contribution
of assets or stock or otherwise) of assets. The term "Disposition" does not include the consolidation or merger of the Corporation with or into any other Person or Persons or any other business
combination involving the Corporation as a whole. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Effective Date</B></FONT><FONT SIZE=2>" means the date on which this Restated Certificate of Incorporation is filed with the Secretary of State of Delaware. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Exempt Capital Group Disposition</B></FONT><FONT SIZE=2>" means any of the following: (i)&nbsp;the Disposition of all or substantially all of the Corporation's
assets in one transaction or a series of related transactions in connection with the liquidation, dissolution or winding up of the Corporation within the meaning of paragraph&nbsp;(h) of this
Section&nbsp;A.2., (ii)&nbsp;a dividend, other distribution or redemption in accordance with any provision of paragraph&nbsp;(c), (d)&nbsp;or (e)&nbsp;of this Section&nbsp;A.2.,
(iii)&nbsp;a Capital </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>73</FONT></P>

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<BR>

<P style="font-family:times;"><FONT SIZE=2>Group
Disposition to any Person that the Corporation, directly or indirectly, after giving effect to the Disposition, Controls, (iv)&nbsp;a Capital Group Disposition in connection with a Capital
Group Related Business Transaction, or (v)&nbsp;a Capital Group Disposition as to which the Board of Directors obtains the requisite approval of the holders of Liberty Capital Voting Securities to
classify such Capital Group Disposition as an Exempt Capital Group Disposition in accordance with paragraph&nbsp;(a)(iv). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Exempt Interactive Group Disposition</B></FONT><FONT SIZE=2>" means any of the following: (i)&nbsp;the Disposition of all or substantially all of the
Corporation's assets in one transaction or a series of related transactions in connection with the liquidation, dissolution or winding up of the Corporation within the meaning of paragraph&nbsp;(h)
of this Section&nbsp;A.2., (ii)&nbsp;a dividend, other distribution or redemption in accordance with any provision of paragraph&nbsp;(c), (d)&nbsp;or (g)&nbsp;of this Section&nbsp;A.2.,
(iii)&nbsp;an Interactive Group Disposition to any Person that the Corporation, directly or indirectly, after giving effect to the Disposition, Controls, (iv)&nbsp;an Interactive Group Disposition
in connection with an Interactive Group Related Business Transaction, or (v)&nbsp;an Interactive Group Disposition as to which the Board of Directors obtains the requisite approval of the holders of
Liberty Interactive Voting Securities to classify such Interactive Group Disposition as an Exempt Interactive Group Disposition in accordance with paragraph&nbsp;(a)(iv). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Exempt Starz Group Disposition</B></FONT><FONT SIZE=2>" means any of the following: (i)&nbsp;the Disposition of all or substantially all of the Corporation's
assets in one transaction or a series of related transactions in connection with the liquidation, dissolution or winding up of the Corporation within the meaning of paragraph&nbsp;(h) of this
Section&nbsp;A.2., (ii)&nbsp;a dividend, other distribution or redemption in accordance with any provision of paragraph&nbsp;(c), (d)&nbsp;or (f)&nbsp;of this Section&nbsp;A.2.,
(iii)&nbsp;a Starz Group Disposition to any Person that the Corporation, directly or indirectly, after giving effect to the Disposition, Controls, (iv)&nbsp;a Starz Group Disposition in connection
with a Starz Group Related Business Transaction, or (v)&nbsp;a Starz Group Disposition as to which the Board of Directors obtains the requisite approval of the holders of Liberty Starz Voting
Securities to classify such Starz Group Disposition as an Exempt Starz Group Disposition in accordance with paragraph&nbsp;(a)(iv). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Fair Value</B></FONT><FONT SIZE=2>" means, as of any date: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;in
the case of any equity security or debt security that is Publicly Traded, the Market Value thereof, as of such date; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;in
the case of any equity security or debt security that is not Publicly Traded, the fair value per share of stock or per other unit of such security, on a fully
distributed basis, as determined by an independent investment banking firm experienced in the valuation of securities selected in good faith by the Board of Directors, or, if no such investment
banking firm is selected, as determined in the good faith judgment of the Board of Directors; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;in
the case of cash denominated in U.S. dollars, the face amount thereof and in the case of cash denominated in other than U.S. dollars, the face amount thereof
converted into U.S. dollars at the rate published in The Wall Street Journal on such date or, if not so published, at such rate as shall be determined in good faith by the Board of Directors based
upon such information as the Board of Directors shall in good faith determine to be appropriate; and </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;in
the case of assets or property other than securities or cash, the "Fair Value" thereof shall be determined in good faith by the Board of Directors based upon such
information (including, if deemed desirable by the Board of Directors, appraisals, valuation reports or opinions of experts) as the Board of Directors shall in good faith determine to be appropriate. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Group</B></FONT><FONT SIZE=2>" means the Capital Group, the Starz Group or the Interactive Group. </FONT></P>

</UL>
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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Interactive Group</B></FONT><FONT SIZE=2>" means, as of any date: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;the
direct and indirect interest of the Corporation, as of the Effective Date, in QVC,&nbsp;Inc., Provide Commerce,&nbsp;Inc., Backcountry.com,&nbsp;Inc.,
BuySeasons,&nbsp;Inc., Bodybuilding.com,&nbsp;LLC, IAC/InterActiveCorp, Expedia,&nbsp;Inc., HSN,&nbsp;Inc., Interval Leisure Group,&nbsp;Inc., Ticketmaster Entertainment,&nbsp;Inc. and
Tree.com,&nbsp;Inc. and each of their Subsidiaries (including any successor to QVC,&nbsp;Inc., Provide Commerce,&nbsp;Inc., Backcountry.com,&nbsp;Inc., BuySeasons,&nbsp;Inc.,
Bodybuilding.com,&nbsp;LLC, IAC/InterActiveCorp, Expedia,&nbsp;Inc., HSN,&nbsp;Inc., Interval Leisure Group,&nbsp;Inc., Ticketmaster Entertainment,&nbsp;Inc., Tree.com,&nbsp;Inc. or any
such Subsidiary by merger, consolidation or sale of all or substantially all of its assets, whether or not in connection with an Interactive Group Related Business Transaction) and their respective
assets, liabilities and businesses; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;all
other assets, liabilities and businesses of the Corporation or any of its Subsidiaries to the extent attributed to the Interactive Group as of the Effective Date; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;all
assets, liabilities and businesses acquired by the Corporation or any of its Subsidiaries for the account of the Interactive Group, or contributed, allocated or
transferred to the Interactive Group (including the net proceeds of any issuances, sales or incurrences for the account of the Interactive Group of shares of Liberty Interactive Common Stock,
Convertible Securities convertible into or exercisable or exchangeable for shares of Liberty Interactive Common Stock, or indebtedness or Preferred Stock attributed to the Interactive Group), in each
case, after the Effective Date and as determined by the Board of Directors; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;the
proceeds of any Disposition of any of the foregoing; and </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;an
Inter-Group Interest in the Capital Group equal to one (1)&nbsp;minus the Capital Group Outstanding Interest Fraction allocable to the Interactive Group as of such
date; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;an
Inter-Group Interest in the Starz Group equal to one (1)&nbsp;minus the Starz Group Outstanding Interest Fraction allocable to the Interactive Group as of such
date; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>provided that</I></FONT><FONT SIZE=2> the Interactive Group will not include (A)&nbsp;any assets, liabilities or businesses disposed of after the Effective Date, including,
without limitation, by dividend, to holders of Liberty Interactive Common Stock or in redemption of shares of Liberty Interactive Common Stock, from and after the date of such Disposition or
(B)&nbsp;any assets, liabilities or businesses transferred or allocated after the Effective Date from the Interactive Group to the Capital Group or the Starz Group (other than through the
Interactive Group's Inter-Group Interest in the Capital Group or the Starz Group, if any, pursuant to clause&nbsp;(v) or (vi)&nbsp;above), including, without limitation, any Interactive Group
Inter-Group
Dividend Amount or Interactive Group Inter-Group Redemption Amount, from and after the date of such transfer or allocation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Interactive Group Allocable Net Proceeds</B></FONT><FONT SIZE=2>" means, with respect to any Interactive Group Disposition, (i)&nbsp;if at the time of such
Interactive Group Disposition, the Interactive Group Outstanding Interest Fraction is one (1), the Interactive Group Net Proceeds of such Interactive Group Disposition, or (ii)&nbsp;if at the time
of such Interactive Group Disposition the Interactive Group Outstanding Interest Fraction is less than one (1), the amount (rounded, if necessary, to the nearest whole number) obtained by multiplying
(x)&nbsp;the Interactive Group Net Proceeds of such Interactive Group Disposition, by (y)&nbsp;the Interactive Group Outstanding Interest Fraction as of such date. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Interactive Group Available Dividend Amount,</B></FONT><FONT SIZE=2>" as of any date, means an amount equal to the amount (rounded, if necessary, to the nearest
whole number) obtained by multiplying (x)&nbsp;the Interactive Group Outstanding Interest Fraction, by (y)&nbsp;either: (i)&nbsp;the excess of (A)&nbsp;an amount equal to the total assets of
the Interactive Group less the total liabilities (not including Preferred </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>75</FONT></P>

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<UL>
<BR>

<P style="font-family:times;"><FONT SIZE=2>Stock
attributed to the Interactive Group) of the Interactive Group as of such date over (B)&nbsp;the aggregate par value of, or any greater amount determined to be capital in respect of, all
outstanding shares of Liberty Interactive Common Stock and each series of Preferred Stock attributed to the Interactive Group or (ii)&nbsp;in case there is no such excess, an amount equal to the
Corporation Earnings (Loss) Attributable to the Interactive Group (if positive) for the fiscal year in which such date occurs and/or the preceding fiscal year. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Interactive Group Conversion Date</B></FONT><FONT SIZE=2>" means any date and time fixed by the Board of Directors for a conversion of shares of Liberty
Interactive Common Stock pursuant to this Section&nbsp;A.2. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Interactive Group Conversion Selection Date</B></FONT><FONT SIZE=2>" means any date and time fixed by the Board of Directors as the date upon which shares to be
converted of each series of Liberty Interactive Common Stock will be selected for conversion pursuant to this Section&nbsp;A.2. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Interactive Group Disposition</B></FONT><FONT SIZE=2>" means the Disposition, in one transaction or a series of related transactions, by the Corporation and its
Subsidiaries of all or substantially all of the assets of the Interactive Group to one or more Persons. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Interactive Group Net Proceeds</B></FONT><FONT SIZE=2>" means, as of any date, with respect to any Interactive Group Disposition, an amount, if any, equal to the
Fair Value of what remains of the gross proceeds of such Disposition to the Corporation after any payment of, or reasonable provision for, (i)&nbsp;any taxes payable by the Corporation or any of its
Subsidiaries in respect of such Disposition or in respect of any
resulting dividend or redemption pursuant to clause&nbsp;(A), (B)&nbsp;or (E)&nbsp;of paragraph&nbsp;(g)(ii) of this Section&nbsp;A.2. (or that would have been payable but for the
utilization of tax benefits attributable to the Capital Group or the Starz Group), (ii)&nbsp;any transaction costs, including, without limitation, any legal, investment banking and accounting fees
and expenses and (iii)&nbsp;any liabilities and other obligations (contingent or otherwise) of, or attributed to, the Interactive Group, including, without limitation, any liabilities for deferred
taxes, any indemnity or guarantee obligations incurred in connection with the Disposition or any liabilities for future purchase price adjustments and any preferential amounts plus any accumulated and
unpaid dividends and other obligations in respect of Preferred Stock attributed to the Interactive Group. For purposes of this definition, any assets of the Interactive Group remaining after such
Disposition will constitute "reasonable provision" for such amount of taxes, costs, liabilities and other obligations (contingent or otherwise) as can be supported by such assets. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Interactive Group Outstanding Interest Fraction,</B></FONT><FONT SIZE=2>" as of any date, means a fraction the numerator of which is the aggregate number of
shares of Liberty Interactive Common Stock outstanding on such date and the denominator of which is the amount obtained by adding (i)&nbsp;such aggregate number of shares of Liberty Interactive
Common Stock outstanding on such date, plus (ii)&nbsp;the Number of Shares Issuable with Respect to the Interactive Group Inter-Group Interest as of such date</FONT><FONT SIZE=2><B>,  </B></FONT><FONT SIZE=2><I>provided that</I></FONT><FONT SIZE=2>
such fraction will in no event be greater than one. If the holders of any Convertible Securities that are convertible into or exercisable
or exchangeable for shares of Liberty Interactive Common Stock are entitled to participate in any dividend (for purposes of paragraphs&nbsp;(c)(iii), (d)(iii) or (g)(ii) of this Section&nbsp;A.2.)
or redemption (for purposes of paragraph&nbsp;(g) of this Section&nbsp;A.2.) with respect to the Liberty Interactive Common Stock (other than by means of an antidilution adjustment), such shares
so issuable upon conversion, exercise or exchange will be taken into account in calculating the Interactive Group Outstanding Interest Fraction and any related calculations under the applicable
provisions of this Section&nbsp;A.2. in such manner as the Board of Directors determines to be appropriate. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Interactive Group Redemption Date</B></FONT><FONT SIZE=2>" means any date and time fixed by the Board of Directors for a redemption of shares of Liberty
Interactive Common Stock pursuant to this Section&nbsp;A.2. </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>76</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Interactive Group Redemption Selection Date</B></FONT><FONT SIZE=2>" means the date and time fixed by the Board of Directors on which shares of Liberty
Interactive Common Stock are to be selected for redemption pursuant to this Section&nbsp;A.2. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Interactive Group Related Business Transaction</B></FONT><FONT SIZE=2>" means any Disposition of all or substantially all of the assets of the Interactive Group
in which the Corporation receives as proceeds of such Disposition primarily capital stock or other equity securities (including, without limitation, capital stock, securities convertible into equity
securities, partnership, limited partnership or limited liability company interests and other types of equity securities, without regard to the voting power or contractual or other
management or governance rights related to such equity securities) of the purchaser or acquiror of such assets of the Interactive Group, any entity which succeeds (by merger, formation of a joint
venture enterprise or otherwise) to such assets of the Interactive Group, or a third party issuer, if a significant portion of the business or businesses in which such purchaser, acquiror or third
party issuer is engaged or proposes to engage consists of one or more businesses similar or complementary to the businesses attributable to the Interactive Group prior to such Disposition, as
determined in good faith by the Board of Directors. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Interactive Group Share Distribution Ratio</B></FONT><FONT SIZE=2>" means, as to any Share Distribution consisting of shares of Interactive Group Common Stock,
the number of shares (including any fraction of a share) of Interactive Group Common Stock issuable to a holder for each outstanding share of the applicable series of Common Stock owned by such holder
as of the record date for such Share Distribution (rounded, if necessary, to the nearest five decimal places). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Inter-Group Interest</B></FONT><FONT SIZE=2>" means, as of any date and with respect to any Group, the proportionate undivided interest, if any, that such Group
may be deemed to hold as of such date in the assets, liabilities and businesses of either of the other Groups in accordance with this Certificate. An Inter-Group Interest in the Capital Group held by
(x)&nbsp;the Starz Group is expressed in terms of the Number of Shares Issuable to the Starz Group with Respect to the Capital Group Inter-Group Interest and (y)&nbsp;the Interactive Group is
expressed in terms of the Number of Shares Issuable to the Interactive Group with Respect to the Capital Group Inter-Group Interest. An Inter-Group Interest in the Starz Group held by (x)&nbsp;the
Capital Group is expressed in terms of the Number of Shares Issuable to the Capital Group with Respect to the Starz Group Inter-Group Interest and (y)&nbsp;the Interactive Group is expressed in
terms of the Number of Shares Issuable to the Interactive Group with Respect to the Starz Group Inter-Group Interest. An Inter-Group Interest in the Interactive Group held by (x)&nbsp;the Capital
Group is expressed in terms of the Number of Shares Issuable to the Capital Group with Respect to the Interactive Group Inter-Group Interest and (y)&nbsp;the Starz Group is expressed in terms of the
Number of Shares Issuable to the Starz Group with Respect to the Interactive Group Inter-Group Interest. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Liberty Capital Reference Share</B></FONT><FONT SIZE=2>" means one share of Series&nbsp;A Liberty Capital Common Stock, </FONT> <FONT SIZE=2><I>unless</I></FONT><FONT SIZE=2> (i)&nbsp;on any single Trading Day as of which a valuation
determination is being made or on the first Trading Day of any Trading Day period
with respect to which a valuation determination is being made, in each case, under this Section&nbsp;A.2., the number of shares outstanding of any other Publicly Traded series of Liberty Capital
Common Stock exceeds the number of shares outstanding of the Series&nbsp;A Liberty Capital Common Stock, and (ii)&nbsp;the Board of Directors determines to base such valuation determination on
such other Publicly Traded series of Liberty Capital Common Stock in lieu of basing it on one share of Series&nbsp;A Liberty Capital Common Stock, in which case the term
"</FONT><FONT SIZE=2><B>Liberty Capital Reference Share</B></FONT><FONT SIZE=2>" will mean one share of such other Publicly Traded series of Liberty Capital Common Stock. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Liberty Capital Voting Securities</B></FONT><FONT SIZE=2>" means the Series&nbsp;A Liberty Capital Common Stock, the Series&nbsp;B Liberty Capital Common
Stock and any series of Preferred Stock which by the terms of </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>77</FONT></P>

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<BR>

<P style="font-family:times;"><FONT SIZE=2>its
Preferred Stock Designation is designated as a Liberty Capital Voting Security, </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT><FONT SIZE=2><I>that</I></FONT><FONT SIZE=2> each
such series of Preferred Stock will be entitled to vote together with the other Liberty Capital Voting Securities only as and to the extent expressly provided for in the applicable Preferred Stock
Designation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Liberty Interactive Reference Share</B></FONT><FONT SIZE=2>" means one share of Series&nbsp;A Liberty Interactive Common Stock, </FONT> <FONT SIZE=2><I>unless</I></FONT><FONT SIZE=2> (i)&nbsp;on any single Trading Day as of which a
valuation determination is being made or on the first Trading Day of any Trading Day period
with respect to which a valuation determination is being made, in each case, under this Section&nbsp;A.2., the number of shares outstanding of any other Publicly Traded series of Liberty Interactive
Common Stock exceeds the number of shares outstanding of the Series&nbsp;A Liberty Interactive Common Stock, and (ii)&nbsp;the Board of Directors determines to base such valuation determination on
such other Publicly Traded series of Liberty Interactive Common Stock in lieu of basing it on one share of Series&nbsp;A Interactive Capital Common Stock, in which case the term
"</FONT><FONT SIZE=2><B>Liberty Interactive Reference Share</B></FONT><FONT SIZE=2>" will mean one share of such other Publicly Traded series of Liberty Interactive Common Stock. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Liberty Interactive Voting Securities</B></FONT><FONT SIZE=2>" means the Series&nbsp;A Liberty Interactive Common Stock, the Series&nbsp;B Liberty
Interactive Common Stock and any series of Preferred Stock which by the terms of its Preferred Stock Designation is designated as a Liberty Interactive Voting Security, </FONT> <FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT><FONT
SIZE=2><I>that</I></FONT><FONT SIZE=2> each such series of Preferred Stock will be entitled to vote together with the other
Liberty Interactive Voting Securities only as and to the extent expressly provided for in the applicable Preferred Stock Designation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Liberty Starz Reference Share</B></FONT><FONT SIZE=2>" means one share of Series&nbsp;A Liberty Starz Common Stock, </FONT> <FONT SIZE=2><I>unless</I></FONT><FONT SIZE=2> (i)&nbsp;on any single Trading Day as of which a valuation
determination is being made or on the first Trading Day of any Trading Day period
with respect to which a valuation determination is being made, in each case, under this Section&nbsp;A.2., the number of shares outstanding of any other Publicly Traded series of Liberty Starz
Common Stock exceeds the number of shares outstanding of the Series&nbsp;A Liberty Starz Common Stock, and (ii)&nbsp;the Board of Directors determines to base such valuation determination on such
other Publicly Traded series of Liberty Starz Common Stock in lieu of basing it on one share of Series&nbsp;A Liberty Starz Common Stock, in which case the term "</FONT><FONT SIZE=2><B>Liberty
Starz Reference Share</B></FONT><FONT SIZE=2>" will mean one share of such other Publicly Traded series of Liberty Starz Common Stock. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Liberty Starz Voting Securities</B></FONT><FONT SIZE=2>" means the Series&nbsp;A Liberty Starz Common Stock, the Series&nbsp;B Liberty Starz Common Stock and
any series of Preferred Stock which by the terms of its Preferred Stock Designation is designated as a Liberty Starz Voting Security, </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT> <FONT SIZE=2><I>that</I></FONT><FONT SIZE=2> each
such series of Preferred Stock will be entitled to vote together with the other Liberty Starz Voting Securities only as and to the extent
expressly provided for in the applicable Preferred Stock Designation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Market Value</B></FONT><FONT SIZE=2>" of a share of any Publicly Traded stock on any Trading Day means the average of the high and low reported sales prices
regular way of a share of such stock on such Trading Day or in case no such reported sale takes place on such Trading Day the average of the reported closing bid and asked prices regular way of a
share of such stock on such Trading Day, in either case on the New York Stock Exchange, or if the shares of such stock are not listed on the New York Stock Exchange on such Trading Day, on any tier of
the Nasdaq Stock Market, or if the shares of such stock are not listed on any tier of the Nasdaq Stock Market on such Trading Day, the average of the closing bid and asked prices of a share of such
stock in the over-the-counter market on such Trading Day as furnished by any New York Stock Exchange member firm selected from time to time by the Corporation, or if such
closing bid and asked prices are not made available by any such New York Stock Exchange member firm on such Trading Day, the market value of a share of such stock as determined by the Board of
Directors, </FONT><FONT SIZE=2><I>provided that</I></FONT><FONT SIZE=2>, for purposes </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>78</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>of
determining the Average Market Value for any period, (i)&nbsp;the "Market Value" of a share of stock on any day during such period prior to the "ex" date or any similar date for any dividend paid
or to be paid with respect to such stock will be reduced by the fair market value of the per share amount of such dividend as determined by the Board of Directors and (ii)&nbsp;the "Market Value" of
a share of stock on any day during such period prior to (A)&nbsp;the effective date of any subdivision (by stock split or otherwise) or combination (by reverse stock split or otherwise) of
outstanding shares of such stock or (B)&nbsp;the "ex" date or any similar date for any dividend with respect to any such stock in shares of such stock will be appropriately adjusted to reflect such
subdivision, combination, dividend or distribution. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Number of Shares Issuable with Respect to the Capital Group Inter-Group Interest</B></FONT><FONT SIZE=2>" will initially be zero, and will from time to time
thereafter be (without duplication): </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;adjusted,
if before such adjustment such number is greater than zero, as determined by the Board of Directors to be appropriate to reflect subdivisions (by stock split
or otherwise) and combinations (by reverse stock split or otherwise) of the Liberty Capital Common Stock and dividends of shares of Liberty Capital Common Stock to holders of Liberty Capital Common
Stock (and, to the extent the Capital Group Outstanding Interest Fraction is less than one (1)&nbsp;as of the record date for such dividend, the applicable treatment of such dividend, as determined
by the Board of Directors, with respect to the Number of Shares Issuable to the Starz Group with Respect to the Capital Group Inter-Group Interest and the Number of Shares Issuable to the Interactive
Group with Respect to the Capital Group Inter-Group Interest) and other reclassifications of Liberty Capital Common Stock; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;decreased
(but not below zero), if before such adjustment such number is greater than zero, by action of the Board of Directors (without duplication): (A)&nbsp;by a
number equal to the aggregate number of shares of Liberty Capital Common Stock issued or sold by the Corporation, the proceeds of which are attributed to the Starz Group or the Interactive Group;
(B)&nbsp;by a number equal to the aggregate number of shares of Liberty Capital Common Stock issued or delivered upon conversion, exercise or exchange of any Convertible Securities that the Board of
Directors has determined are attributable to the Starz Group or the Interactive Group; (C)&nbsp;in accordance with the applicable provisions of paragraph&nbsp;(c) of this Section&nbsp;A.2.;
(D)&nbsp;in the event the Board of Directors makes a Capital Group
Inter-Group Redemption Election, by a number equal to the amount (rounded, if necessary, to the nearest whole number) obtained by multiplying (x)&nbsp;the Number of Shares Issuable with Respect to
the Capital Group Inter-Group Interest, as of the Capital Group Redemption Selection Date, by (y)&nbsp;the percentage of the Fair Value of the Capital Group that is represented by the Fair Value of
the Corporation's equity interest in the applicable Distributed Capital Group Subsidiary which is attributable to the Capital Group, as determined by the Board of Directors under
paragraph&nbsp;(e)(i) for purposes of such redemption; (E)&nbsp;in the event the Board of Directors makes a Capital Group Inter-Group Partial Redemption Election, by a number equal to the amount
(rounded, if necessary, to the nearest whole number) obtained by multiplying the Capital Group Inter-Group Redemption Amount by the amount (rounded, if necessary, to the nearest whole number) obtained
by dividing the aggregate number of shares of Liberty Capital Common Stock redeemed pursuant to paragraph&nbsp;(e)(ii)(B)(II) or (e)(ii)(E), as applicable, of this Section&nbsp;A.2., by the
applicable Capital Group Redemption Amount; and (F)&nbsp;by a number equal to the amount (rounded, if necessary, to the nearest whole number) obtained by dividing (x)&nbsp;the aggregate Fair
Value, as of a date within 90&nbsp;days of the determination to be made pursuant to this clause&nbsp;(F), of assets attributed to the Capital Group that are transferred or allocated from the
Capital Group to the Starz Group or the Interactive Group in consideration of a reduction in the Number of Shares Issuable with Respect to the Capital Group Inter-Group Interest allocable to that
Group, by (y)&nbsp;the Fair Value of the Liberty Capital Reference Share as of the date of such transfer or allocation; </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>79</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;increased,
by action of the Board of Directors, (A)&nbsp;by a number equal to the aggregate number of shares of Liberty Capital Common Stock that are retired,
redeemed or otherwise cease to be outstanding (x)&nbsp;following their purchase or redemption with funds or other assets attributed to the Starz Group or the Interactive Group, (y)&nbsp;following
their retirement or redemption for no consideration if immediately prior thereto, they were owned of record by an asset or business attributed to the Starz Group or the Interactive Group, or
(z)&nbsp;following their conversion into shares of Liberty Starz Common Stock or Liberty Interactive Common Stock, as applicable, pursuant to clause&nbsp;(C), (D)&nbsp;or (E)&nbsp;of
paragraph&nbsp;(e)(ii) of this Section&nbsp;A.2.; (B)&nbsp;in accordance with the applicable provisions of paragraph&nbsp;(c) of this Section&nbsp;A.2.; and (C)&nbsp;by a number equal to,
as applicable, the amount (rounded, if necessary, to the nearest whole number) obtained by dividing (I)&nbsp;the Fair Value, as of a date within 90&nbsp;days of the determination to be made
pursuant to this clause&nbsp;(C), of assets theretofore attributed to the Starz Group or the Interactive Group that are contributed to the Capital Group in consideration of an increase in the Number
of Shares Issuable with Respect to the Capital Group Inter-Group Interest allocable to that Group, by (II)&nbsp;the Fair Value of the Liberty Capital Reference Share as of the date of such
contribution; and </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;increased
or decreased under such other circumstances as the Board of Directors determines to be appropriate or required by the other terms of this Section&nbsp;A.2.
to reflect the economic substance of any other event or circumstance, </FONT><FONT SIZE=2><I>provided that</I></FONT><FONT SIZE=2> in each case, the adjustment will be made in a manner that is fair
and equitable to holders of all series of Common Stock and intended to reflect the relative economic interest of the Starz Group or the Interactive Group in the Capital Group. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
accordance with the foregoing, the Board of Directors will determine upon each change in the Number of Shares Issuable with Respect to the Capital Group Inter-Group Interest, the
amount, if any, of such change which is to be allocated to the Starz Group and the amount, if any, of such change which is to be allocated to the Interactive Group. The aggregate Number of Shares
Issuable with Respect to the Capital Group Inter-Group Interest which are allocated at the applicable date of determination by the Board of Directors in accordance with the provisions of this
Section&nbsp;A.2. to (A)&nbsp;the Starz Group is referred to herein as the "</FONT><FONT SIZE=2><B>Number of Shares Issuable to the Starz Group with Respect to the Capital Group Inter-Group
Interest</B></FONT><FONT SIZE=2>" and (B)&nbsp;the Interactive Group is referred to herein as the "</FONT><FONT SIZE=2><B>Number of Shares Issuable to the Interactive Group with Respect to the
Capital Group Inter-Group Interest</B></FONT><FONT SIZE=2>". </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever
a change in the Number of Shares Issuable with Respect to the Capital Group Inter-Group Interest occurs, the Corporation will promptly thereafter prepare and file&nbsp;a
statement of such change, and the applicable amounts to be allocated to the Starz Group and the Interactive Group, with the Secretary of the Corporation. Neither the failure to prepare nor the failure
to file any such statement will affect the validity of such change. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Number of Shares Issuable with Respect to the Interactive Group Inter-Group Interest</B></FONT><FONT SIZE=2>" will initially be zero, and will from time to time
thereafter be (without duplication): </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;adjusted,
if before such adjustment such number is greater than zero, as determined by the Board of Directors to be appropriate to reflect subdivisions (by stock split
or otherwise) and combinations (by reverse stock split or otherwise) of the Liberty Interactive Common Stock and dividends of shares of Liberty Interactive Common Stock to holders of Liberty
Interactive Common Stock (and, to the extent the Interactive Group Outstanding Interest Fraction is less than one (1)&nbsp;as of the record date for such dividend, the applicable treatment of such
dividend, as determined by the Board of Directors, with respect to the Number of Shares Issuable to the Capital Group with Respect to the Interactive Group Inter-Group Interest and the Number of
Shares Issuable to the Starz Group with Respect to the Interactive Group Inter-Group Interest) and other reclassifications of Liberty Interactive Common Stock; </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>80</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;decreased
(but not below zero), if before such adjustment such number is greater than zero, by action of the Board of Directors (without duplication): (A)&nbsp;by a
number equal to the aggregate number of shares of Liberty Interactive Common Stock issued or sold by the Corporation, the proceeds of which are attributed to the Capital Group or the Starz Group;
(B)&nbsp;by a number equal to the aggregate number of shares of Liberty Interactive Common Stock issued or delivered upon conversion, exercise or exchange of any Convertible Securities that the
Board of Directors has determined are attributable to the Capital Group or the Starz Group; (C)&nbsp;in accordance with the applicable provisions of
paragraph&nbsp;(c) of this Section&nbsp;A.2.; (D)&nbsp;in the event the Board of Directors makes an Interactive Group Inter-Group Redemption Election, by a number equal to the amount (rounded,
if necessary, to the nearest whole number) obtained by multiplying (x)&nbsp;the Number of Shares Issuable with Respect to the Interactive Group Inter-Group Interest, as of the Interactive Group
Redemption Selection Date, by (y)&nbsp;the percentage of the Fair Value of the Interactive Group that is represented by the Fair Value of the Corporation's equity interest in the applicable
Distributed Interactive Group Subsidiary which is attributable to the Interactive Group, as determined by the Board of Directors under paragraph&nbsp;(g)(i) for purposes of such redemption;
(E)&nbsp;in the event the Board of Directors makes an Interactive Group Inter-Group Partial Redemption Election, by a number equal to the amount (rounded, if necessary, to the nearest whole number)
obtained by multiplying the Interactive Group Inter-Group Redemption Amount by the amount (rounded, if necessary, to the nearest whole number) obtained by dividing the aggregate number of shares of
Liberty Interactive Common Stock redeemed pursuant to paragraph&nbsp;(g)(ii)(B)(II) or (g)(ii)(E), as applicable, of this Section&nbsp;A.2., by the applicable Interactive Group Redemption Amount;
and (F)&nbsp;by a number equal to the amount (rounded, if necessary, to the nearest whole number) obtained by dividing (x)&nbsp;the aggregate Fair Value, as of date within 90&nbsp;days of the
determination to be made pursuant to this clause&nbsp;(F), of assets attributed to the Interactive Group that are transferred or allocated from the Interactive Group to the Capital Group or the
Starz Group in consideration of a reduction in the Number of Shares Issuable with Respect to the Interactive Group Inter-Group Interest allocable to that Group, by (y)&nbsp;the Fair Value of the
Liberty Interactive Reference Share as of the date of such transfer or allocation; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;increased,
by action of the Board of Directors, (A)&nbsp;by a number equal to the aggregate number of shares of Liberty Interactive Common Stock that are retired,
redeemed or otherwise cease to be outstanding (x)&nbsp;following their purchase or redemption with funds or other assets attributed to the Capital Group or the Starz Group, (y)&nbsp;following
their retirement or redemption for no consideration if immediately prior thereto, they were owned of record by an asset or business attributed to the Capital Group or the Starz Group, or
(z)&nbsp;following their conversion into shares of Liberty Capital Common Stock or Liberty Starz Common Stock, as applicable, pursuant to clause&nbsp;(C), (D)&nbsp;or (E)&nbsp;of
paragraph&nbsp;(g)(ii) of this Section&nbsp;A.2.; (B)&nbsp;in accordance with the applicable provisions of paragraph&nbsp;(c) of this Section&nbsp;A.2.; and (C)&nbsp;by a number equal to,
as applicable, the amount (rounded, if necessary, to the nearest whole number) obtained by dividing (I)&nbsp;the Fair Value, as of a date within 90&nbsp;days of the determination to be made
pursuant to this clause&nbsp;(C), of assets theretofore attributed to the Capital Group or the Starz Group that are contributed to the Interactive Group in consideration of an increase in the Number
of Shares Issuable with Respect to the Interactive Group Inter-Group Interest allocable to that Group, by (II)&nbsp;the Fair Value of the Liberty Interactive Reference Share as of the date of such
contribution; and </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;increased
or decreased under such other circumstances as the Board of Directors determines to be appropriate or required by the other terms of this Section&nbsp;A.2.
to reflect the economic substance of any other event or circumstance, </FONT><FONT SIZE=2><I>provided that</I></FONT><FONT SIZE=2> in each case, the adjustment will be made in a manner that is fair
and equitable to holders of all series of Common Stock and intended to reflect the relative economic interest of the Capital Group or the Starz Group in the Interactive Group. </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>81</FONT></P>

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 </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
accordance with the foregoing, the Board of Directors will determine upon each change in the Number of Shares Issuable with Respect to the Interactive Group Inter-Group Interest, the
amount, if any, of such change which is to be allocated to the Capital Group and the amount, if any, of such change which is to be allocated to the Starz Group. The aggregate Number of Shares Issuable
with Respect to the Interactive Group Inter-Group Interest which are allocated at any applicable date of determination by the Board of Directors in accordance with the provisions of this
Section&nbsp;A.2. to (A)&nbsp;the Capital Group is referred to herein as the "</FONT><FONT SIZE=2><B>Number of Shares Issuable to the Capital Group with Respect to the Interactive Group
Inter-Group Interest</B></FONT><FONT SIZE=2>" and (B)&nbsp;the Starz Group is referred to herein as the "</FONT><FONT SIZE=2><B>Number of Shares Issuable to the Starz Group with Respect to the
Interactive Group Inter-Group Interest</B></FONT><FONT SIZE=2>". </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever
a change in the Number of Shares Issuable with Respect to the Interactive Group Inter-Group Interest occurs, the Corporation will promptly thereafter prepare and file&nbsp;a
statement of such change and the applicable amounts to be allocated to the Capital Group and the Starz Group, with the Secretary of the Corporation. Neither the failure to prepare nor the failure to
file any such statement will affect the validity of such change. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Number of Shares Issuable with Respect to the Starz Group Inter-Group Interest</B></FONT><FONT SIZE=2>" will initially be zero, and will from time to time
thereafter be (without duplication): </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;adjusted,
if before such adjustment such number is greater than zero, as determined by the Board of Directors to be appropriate to reflect subdivisions (by stock split
or otherwise) and combinations (by reverse stock split or otherwise) of the Liberty Starz Common Stock and dividends of shares of Liberty Starz Common Stock to holders of Liberty Starz Common Stock
(and, to the extent the Starz Group Outstanding Interest Fraction is less than one (1)&nbsp;as of the record date for such dividend, the applicable treatment of such dividend, as determined by the
Board of Directors, with respect to the Number of Shares Issuable to the Capital Group with Respect to the Starz Group Inter-Group Interest and the Number of Shares Issuable to the Interactive Group
with Respect to the Starz Group Inter-Group Interest) and other reclassifications of Liberty Starz Common Stock; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;decreased
(but not below zero), if before such adjustment such number is greater than zero, by action of the Board of Directors (without duplication): (A)&nbsp;by a
number equal to the aggregate number of shares of Liberty Starz Common Stock issued or sold by the Corporation, the proceeds of which are attributed to the Capital Group or the Interactive Group;
(B)&nbsp;by a number equal to the aggregate number of shares of Liberty Starz Common Stock issued or delivered upon conversion, exercise or exchange of any Convertible Securities that the Board of
Directors has determined are attributable to the Capital Group or the Interactive Group; (C)&nbsp;in accordance with the applicable provisions of paragraph&nbsp;(c) of this Section&nbsp;A.2.;
(D)&nbsp;in the event the Board of Directors makes a Starz Group Inter-Group Redemption Election, by a number equal to the amount (rounded, if necessary, to the nearest whole number) obtained by
multiplying (x)&nbsp;the Number of Shares Issuable with Respect to the Starz Group Inter-Group Interest, as of the Starz Group Redemption Selection Date, by (y)&nbsp;the percentage of the Fair
Value of the Starz Group that is represented by the Fair Value of the Corporation's equity interest in the applicable Distributed Starz Group Subsidiary which is attributable to the Starz Group, as
determined by the Board of Directors under paragraph&nbsp;(f)(i) for purposes of such redemption; (E)&nbsp;in the event the Board of Directors makes a Starz Group Inter-Group Partial Redemption
Election, by a number equal to the amount (rounded, if necessary, to the nearest whole number) obtained by multiplying the Starz Group Inter-Group Redemption Amount by the amount (rounded, if
necessary, to the nearest whole number) obtained by dividing the aggregate number of shares of Liberty Starz Common Stock redeemed pursuant to paragraph&nbsp;(f)(ii)(B)(II) or (f)(ii)(E), as
applicable, of this Section&nbsp;A.2., by the applicable Starz Group Redemption Amount; and (F)&nbsp;by a number equal to the amount (rounded, if necessary, to the nearest whole number) obtained
by dividing (x)&nbsp;the </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>82</FONT></P>

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<UL>
<BR>

<P style="font-family:times;"><FONT SIZE=2>aggregate
Fair Value, as of a date within 90&nbsp;days of the determination to be made pursuant to this clause&nbsp;(F), of assets attributed to the Starz Group that are transferred or allocated
from the Starz Group to the Capital Group or Interactive Group in consideration of a reduction in the Number of Shares Issuable with Respect to the Starz Group Inter-Group Interest allocable to that
Group, by (y)&nbsp;the Fair Value of the Liberty Starz Reference Share as of the date of such transfer or allocation; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;increased,
by action of the Board of Directors, (A)&nbsp;by a number equal to the aggregate number of shares of Liberty Starz Common Stock that are retired, redeemed
or otherwise cease to be outstanding (x)&nbsp;following their purchase or redemption with funds or other assets attributed to the Capital Group or Interactive Group, (y)&nbsp;following their
retirement or redemption for no consideration if immediately prior thereto, they were owned of record by an asset or business attributed to the Capital Group or Interactive Group, or
(z)&nbsp;following their conversion into shares of Liberty Capital Common Stock or Liberty Interactive Common Stock, as applicable, pursuant to clause&nbsp;(C), (D)&nbsp;or (E)&nbsp;of
paragraph&nbsp;(f)(ii) of this Section&nbsp;A.2.; (B)&nbsp;in accordance with the applicable provisions of paragraph&nbsp;(c) of this Section&nbsp;A.2.; and (C)&nbsp;by a number equal to,
as applicable, the amount (rounded, if necessary, to the nearest whole number) obtained by dividing (I)&nbsp;the Fair Value, as of a date within 90&nbsp;days of the determination to be made
pursuant to this clause&nbsp;(C), of assets theretofore attributed to the Capital Group or Interactive Group that are contributed to the Starz Group in consideration of an increase in the Number of
Shares Issuable with Respect to the Starz Group Inter-Group Interest allocable to that Group, by (II)&nbsp;the Fair Value of the Liberty Starz Reference Share as of the date of such contribution;
and </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;increased
or decreased under such other circumstances as the Board of Directors determines to be appropriate or required by the other terms of this Section&nbsp;A.2.
to reflect the economic substance of any other event or circumstance, provided that in each case, the adjustment will be made in a manner that is fair and equitable to holders of all series of Common
Stock and intended to reflect the relative economic interest of the Capital Group and the Interactive Group in the Starz Group. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
accordance with the foregoing, the Board of Directors will determine upon each change in the Number of Shares Issuable with Respect to the Starz Group Inter-Group Interest, the
amount, if any, of such change which is to be allocated to the Capital Group and the amount, if any, of such change which is to be allocated to the Interactive Group. The aggregate Number of Shares
Issuable with Respect to the Starz Group Inter-Group Interest which are allocated at the applicable date of determination by the Board of Directors in accordance with the provisions of this
Section&nbsp;A.2. to (A)&nbsp;the Capital Group is referred to herein as the "</FONT><FONT SIZE=2><B>Number of Shares Issuable to the Capital Group with Respect to the Starz Group Inter-Group
Interest</B></FONT><FONT SIZE=2>" and (B)&nbsp;the Interactive Group is referred to herein as the "</FONT><FONT SIZE=2><B>Number of Shares Issuable to the Interactive Group with Respect to the
Starz Group Inter-Group Interest</B></FONT><FONT SIZE=2>". </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever
a change in the Number of Shares Issuable with Respect to the Starz Group Inter-Group Interest occurs, the Corporation will promptly thereafter prepare and file&nbsp;a
statement of such change and the applicable amounts to be allocated to the Capital Group and the Interactive Group with the Secretary of the Corporation. Neither the failure to prepare nor the failure
to file any such statement will affect the validity of such change. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Optional Conversion Ratio</B></FONT><FONT SIZE=2>" means the applicable of the Interactive/Capital Group Optional Conversion Ratio, the Interactive/Starz Group
Optional Conversion Ratio, the Starz/Capital Group Optional Conversion Ratio, the Starz/ Interactive Group Optional Conversion Ratio, the Capital/Interactive Group Optional Conversion Ratio and the
Capital/Starz Group Optional Conversion Ratio. </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>83</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>outstanding</B></FONT><FONT SIZE=2>", when used with respect to the shares of any series of Common Stock, will include, without limitation, the shares of such
series, if any, held by any Subsidiary of the Corporation, except as otherwise provided by applicable law with respect to the exercise of voting rights. No shares of any series of Common Stock (or
Convertible Securities that are convertible into or exercisable or exchangeable for Common Stock) held by the Corporation in its treasury will be deemed outstanding, nor will any shares be deemed
outstanding which are attributable to the Number of Shares Issuable with Respect to the Capital Group Inter-Group Interest, the Number of Shares Issuable with Respect to the Starz Group Inter-Group
Interest or the Number of Shares Issuable with Respect to the Interactive Group Inter-Group Interest. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Person</B></FONT><FONT SIZE=2>" means a natural person, corporation, limited liability company, partnership, joint venture, trust, unincorporated association or
other legal entity. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Publicly Traded</B></FONT><FONT SIZE=2>" means, with respect to shares of capital stock or other securities, that such shares or other securities are traded on a
U.S. securities exchange or quoted on the over-the-counter market. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Share Distribution</B></FONT><FONT SIZE=2>" means a dividend payable in shares of any class or series of capital stock, Convertible Securities or other equity
securities of the Corporation or any other Person. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Starz Group</B></FONT><FONT SIZE=2>" means, as of any date: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;the
direct and indirect interest of the Corporation, as of the Effective Date, in Starz Entertainment,&nbsp;LLC, WildBlue Communications,&nbsp;Inc. and each of their
Subsidiaries (including any successor to Starz Entertainment,&nbsp;LLC, WildBlue Communications,&nbsp;Inc. or any such Subsidiary by merger, consolidation or sale of all or substantially all of
its assets, whether or not in connection with a Starz Group Related Business Transaction) and their respective assets, liabilities and businesses; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;all
other assets, liabilities and businesses of the Corporation or any of its Subsidiaries to the extent attributed to the Starz Group as of the Effective Date; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;all
assets, liabilities and businesses acquired by the Corporation or any of its Subsidiaries for the account of the Starz Group, or contributed, allocated or
transferred to the Starz Group (including the net proceeds of any issuances, sales or incurrences for the account of the Starz Group of shares of Liberty Starz Common Stock, Convertible Securities
convertible into or exercisable or exchangeable for shares of Liberty Starz Common Stock, or indebtedness or Preferred Stock attributed to the Starz Group), in each case, after the Effective Date and
as determined by the Board of Directors; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;the
proceeds of any Disposition of any of the foregoing; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;an
Inter-Group Interest in the Capital Group equal to one (1)&nbsp;minus the Capital Group Outstanding Interest Fraction allocable to the Starz Group as of such date;
and </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;an
Inter-Group Interest in the Interactive Group equal to one (1)&nbsp;minus the Interactive Group Outstanding Interest Fraction allocable to the Starz Group as of
such date; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>provided that</I></FONT><FONT SIZE=2> the Starz Group will not include (A)&nbsp;any assets, liabilities or businesses disposed of after the Effective Date, including, without
limitation, by dividend, to holders of Liberty Starz Common Stock or in redemption of shares of Liberty Starz Common Stock, from and after the date of such Disposition or (B)&nbsp;any assets,
liabilities or businesses transferred or allocated after the Effective Date from the Starz Group to the Capital Group or the Interactive Group (other than through the Starz Group's Inter-Group
Interest in the Capital Group or the Interactive Group, if any, pursuant to clause&nbsp;(v) or (vi)&nbsp;above), including, without limitation, any Starz Group Inter- </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>84</FONT></P>

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<UL>
<BR>

<P style="font-family:times;"><FONT SIZE=2>Group
Dividend Amount or Starz Group Inter-Group Redemption Amount, from and after the date of such transfer or allocation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Starz Group Allocable Net Proceeds</B></FONT><FONT SIZE=2>" means, with respect to any Starz Group Disposition, (i)&nbsp;if at the time of such Starz Group
Disposition, the Starz Group Outstanding Interest Fraction is one (1), the Starz Group Net Proceeds of such Starz Group Disposition, or (ii)&nbsp;if at the time of such Starz Group Disposition the
Starz Group Outstanding Interest Fraction is less than one (1), the amount (rounded, if necessary, to the nearest whole number) obtained by multiplying (x)&nbsp;the Starz Group Net Proceeds of such
Starz Group Disposition, by (y)&nbsp;the Starz Group Outstanding Interest Fraction as of such date. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Starz Group Available Dividend Amount,</B></FONT><FONT SIZE=2>" as of any date, means an amount equal to the amount (rounded, if necessary, to the nearest whole
number) obtained by multiplying (x)&nbsp;the Starz Group Outstanding Interest Fraction, by (y)&nbsp;either: (i)&nbsp;the excess of (A)&nbsp;an amount equal to the total assets of the Starz
Group less the total liabilities (not including Preferred Stock attributed to the Starz Group) of the Starz Group as of such date over (B)&nbsp;the aggregate par value of, or any greater amount
determined to be capital in respect of, all outstanding shares of Liberty Starz Common Stock and each series of Preferred Stock attributed to the Starz Group or (ii)&nbsp;in case there is no such
excess, an amount equal to the Corporation Earnings (Loss) Attributable to the Starz Group (if positive) for the fiscal year in which such date occurs and/or the preceding fiscal year. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Starz Group Conversion Date</B></FONT><FONT SIZE=2>" means any date and time fixed by the Board of Directors for a conversion of shares of Liberty Starz Common
Stock pursuant to this Section&nbsp;A.2. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Starz Group Conversion Selection Date</B></FONT><FONT SIZE=2>" means any date and time fixed by the Board of Directors as the date and time upon which shares to
be converted of each series of Liberty Starz Common Stock will be selected for conversion pursuant to this Section&nbsp;A.2. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Starz Group Disposition</B></FONT><FONT SIZE=2>" means the Disposition, in one transaction or a series of related transactions, by the Corporation and its
Subsidiaries of all or substantially all of the assets of the Starz Group to one or more Persons. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Starz Group Net Proceeds</B></FONT><FONT SIZE=2>" means, as of any date, with respect to any Starz Group Disposition, an amount, if any, equal to the Fair Value
of what remains of the gross proceeds of such Disposition to the Corporation after any payment of, or reasonable provision for, (i)&nbsp;any taxes payable by the Corporation or any of its
Subsidiaries in respect of such Disposition or in respect of any resulting dividend or redemption pursuant to clause&nbsp;(A), (B)&nbsp;or (E)&nbsp;of paragraph&nbsp;(f)(ii) of this
Section&nbsp;A.2. (or that would have been payable but for the utilization of tax benefits attributable to the Capital Group or the Interactive Group), (ii)&nbsp;any transaction costs, including,
without limitation, any legal, investment banking and accounting fees and expenses and (iii)&nbsp;any liabilities and other obligations (contingent or otherwise) of, or attributed to, the Starz
Group, including, without limitation, any liabilities for deferred taxes, any indemnity or guarantee obligations incurred in connection with the Disposition or any liabilities for future purchase
price adjustments and any preferential amounts plus any accumulated and unpaid dividends and other obligations in respect of Preferred Stock attributed to the Starz Group. For purposes of this
definition, any assets of the Starz Group remaining after such Disposition will constitute "reasonable provision" for such amount of taxes, costs, liabilities and other obligations (contingent or
otherwise) as can be supported by such assets. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Starz Group Outstanding Interest Fraction,</B></FONT><FONT SIZE=2>" as of any date, means a fraction the numerator of which is the aggregate number of shares of
Liberty Starz Common Stock outstanding on such date and the denominator of which is the amount obtained by adding (i)&nbsp;such aggregate number of shares of Liberty Starz Common Stock outstanding
on such date, plus (ii)&nbsp;the Number of Shares </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>85</FONT></P>

<HR NOSHADE>
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<UL>
<BR>

<P style="font-family:times;"><FONT SIZE=2>Issuable
with Respect to the Starz Group Inter-Group Interest as of such date</FONT><FONT SIZE=2><B>, </B></FONT><FONT SIZE=2><I>provided that</I></FONT><FONT SIZE=2> such fraction will in no event be
greater than one. If the holders of any Convertible Securities that are convertible into or exercisable or exchangeable for shares of Liberty Starz Common Stock are entitled to participate in any
dividend (for purposes of paragraphs&nbsp;(c)(ii), (d)(ii) or (f)(ii) of this Section&nbsp;A.2.) or redemption (for purposes of paragraph&nbsp;(f) of this Section&nbsp;A.2.) with respect to
the Liberty Starz Common Stock (other than by means of an antidilution adjustment), such shares so issuable upon conversion, exercise or exchange will be taken into account in calculating the Starz
Group Outstanding Interest Fraction and any related calculations under the applicable provisions of this Section&nbsp;A.2. in such manner as the Board of Directors determines to be appropriate. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Starz Group Redemption Date</B></FONT><FONT SIZE=2>" means any date and time fixed by the Board of Directors for a redemption of shares of Liberty Starz Common
Stock pursuant to this Section&nbsp;A.2. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Starz Group Redemption Selection Date</B></FONT><FONT SIZE=2>" means the date and time fixed by the Board of Directors on which shares of Liberty Starz Common
Stock are to be selected for redemption pursuant to this Section&nbsp;A.2. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Starz Group Related Business Transaction</B></FONT><FONT SIZE=2>" means any Disposition of all or substantially all of the assets of the Starz Group in which the
Corporation receives as proceeds of such Disposition primarily equity securities (including, without limitation, capital stock, securities convertible into capital stock or other equity securities,
partnership, limited partnership or limited liability company interests and other types of equity securities, without regard to the voting power or contractual or other management or governance rights
related to such equity securities) of the purchaser or acquiror of such assets of the Starz Group, any entity which succeeds (by merger, formation of a joint venture enterprise or otherwise) to such
assets of the Starz Group, or a third party issuer, if a significant portion of the business or businesses in which such purchaser, acquiror or third party issuer is engaged or proposes to engage
consists of one or more businesses similar or complementary to the businesses attributable to the Starz Group prior to such Disposition, as determined in good faith by the Board of Directors. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Starz Group Share Distribution Ratio</B></FONT><FONT SIZE=2>" means, as to any Share Distribution consisting of shares of Starz Group Common Stock, the number of
shares (including any fraction of a share) of Starz Group Common Stock issuable to a holder for each outstanding share of the applicable series of Common Stock owned by such holder as of the record
date for such Share Distribution (rounded, if necessary, to the nearest five decimal places). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Subsidiary</B></FONT><FONT SIZE=2>," when used with respect to any Person, means (i)(A) a corporation of which a majority in voting power of its share capital or
capital stock with voting power, under ordinary circumstances, to elect directors is at the time, directly or indirectly, owned by such Person, by a Subsidiary of such Person, or by such Person and
one or more Subsidiaries of such Person, whether or not such power is subject to a voting agreement or similar encumbrance, (B)&nbsp;a partnership or limited liability company in which such Person
or a Subsidiary of such Person is, at the date of determination, (1)&nbsp;in the case of a partnership, a general partner of such partnership with the power affirmatively to direct the policies and
management of such partnership or (2)&nbsp;in the case of a limited liability company, the managing member or, in the absence of a managing member, a member with the power affirmatively to direct
the policies and management of such limited liability company, or (C)&nbsp;any other Person (other than a corporation) in which such Person, a Subsidiary of such Person or such Person and one or
more Subsidiaries of such Person, directly or indirectly, at the date of determination thereof, has (1)&nbsp;the power to elect or direct the election of a majority of the members of the governing
body of such Person, whether or not such power is subject to a voting agreement or similar Encumbrance, or (2)&nbsp;in the absence of such a governing body, at least a majority ownership interest or
(ii)&nbsp;any other Person of which an aggregate of more </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>86</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<UL>
<BR>

<P style="font-family:times;"><FONT SIZE=2>than
50% of the equity interests are, at the time, directly or indirectly, owned by such Person and/or one or more Subsidiaries of such Person. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Trading Day</B></FONT><FONT SIZE=2>" means each day on which the relevant share or security is traded on the New York Stock Exchange or the Nasdaq Stock Market
or quoted on the over-the-counter market. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Voting Securities</B></FONT><FONT SIZE=2>" means the Liberty Capital Voting Securities, the Liberty Starz Voting Securities, the Liberty Interactive Voting
Securities and any series of Preferred Stock which by the terms of its Preferred Stock Designation is designated as a Voting Security, </FONT><FONT SIZE=2><I>provided that</I></FONT><FONT SIZE=2>
each such series of Preferred Stock will be entitled to vote together with the other Voting Securities only as and to the extent expressly provided for in the applicable Preferred Stock Designation. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>The following terms have the meanings ascribed thereto in the sections set forth opposite such terms:</I></FONT></P>

</UL>
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<TD WIDTH="200pt" style="font-family:times;"></TD>
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<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:91pt;"><FONT SIZE=1><B>Additional Defined Terms

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 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Section </B></FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Capital Group Distribution Subsidiary Securities</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Article&nbsp;IV, Section&nbsp;A.2(e)(i)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Capital Group's Fractional Interest in the Interactive Group</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Article&nbsp;IV, Section&nbsp;A.2(c)(iii)(A)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Capital Group's Fractional Interest in the Starz Group</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Article&nbsp;IV, Section&nbsp;A.2(c)(ii)(A)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Capital Group Inter-Group Dividend</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Article&nbsp;IV, Section&nbsp;A.2(c)(i)(A)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Capital Group Inter-Group Dividend Amount</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Article&nbsp;IV, Section&nbsp;A.2(c)(i)(A)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Capital Group Inter-Group Interest Subsidiary Securities</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Article&nbsp;IV, Section&nbsp;A.2(e)(i)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Capital Group Inter-Group Partial Redemption Election</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Article&nbsp;IV, Section&nbsp;A.2(e)(ii)(E)(4)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Capital Group Inter-Group Redemption Amount</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Article&nbsp;IV, Section&nbsp;A.2(e)(ii)(E)(4)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Capital Group Inter-Group Redemption Election</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Article&nbsp;IV, Section&nbsp;A.2(e)(i)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Capital/Interactive Group Optional Conversion Ratio</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Article&nbsp;IV, Section&nbsp;A.2(b)(vi)(B)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Capital Group Redemption Amount</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Article&nbsp;IV, Section&nbsp;A.2(e)(ii)(B)(II)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Capital Group Redemption Shares</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Article&nbsp;IV, Section&nbsp;A.2(e)(i)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Capital Group Redemption Stockholder Approval</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Article&nbsp;IV, Section&nbsp;A.2(a)(v)(A)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Capital/Starz Group Optional Conversion Ratio</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Article&nbsp;IV, Section&nbsp;A.2(b)(vii)(B)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Common Stock</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Article&nbsp;IV(a)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Corporation</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Article&nbsp;I</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>DGCL</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Article&nbsp;III</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Distributable Capital Group Subsidiary Securities</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Article&nbsp;IV, Section&nbsp;A.2(e)(i)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Distributed Capital Group Subsidiary</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Article&nbsp;IV, Section&nbsp;A.2(e)(i)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Distributable Interactive Group Subsidiary Securities</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Article&nbsp;IV, Section&nbsp;A.2(g)(i)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Distributed Interactive Group Subsidiary</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Article&nbsp;IV, Section&nbsp;A.2(g)(i)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Distributed Starz Group Subsidiary</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Article&nbsp;IV, Section&nbsp;A.2(f)(i)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Distributable Starz Group Subsidiary Securities</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Article&nbsp;IV, Section&nbsp;A.2(f)(i)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Interactive Group Distribution Subsidiary Securities</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Article&nbsp;IV, Section&nbsp;A.2(g)(i)</FONT></TD>
</TR>
</TABLE></DIV>
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 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>87</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:91pt;"><FONT SIZE=1><B>Additional Defined Terms

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 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Section </B></FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Interactive Group's Fractional Interest in the Capital Group</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Article&nbsp;IV, Section&nbsp;A.2(c)(i)(A)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Interactive Group's Fractional Interest in the Starz Group</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Article&nbsp;IV, Section&nbsp;A.2(c)(ii)(A)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Interactive Group Inter-Group Dividend</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Article&nbsp;IV, Section&nbsp;A.2(c)(iii)(A)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Interactive Group Inter-Group Dividend Amount</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Article&nbsp;IV, Section&nbsp;A.2(c)(iii)(A)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Interactive Group Inter-Group Interest Subsidiary Securities</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Article&nbsp;IV, Section&nbsp;A.2(g)(i)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Interactive Group Inter-Group Partial Redemption Election</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Article&nbsp;IV, Section&nbsp;A.2(g)(ii)(E)(4)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Interactive Group Inter-Group Redemption Amount</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Article&nbsp;IV, Section&nbsp;A.2(g)(ii)(E)(4)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Interactive Group Inter-Group Redemption Election</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Article&nbsp;IV, Section&nbsp;A.2(g)(i)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Interactive/Capital Group Optional Conversion Ratio</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Article&nbsp;IV, Section&nbsp;A.2(b)(ii)(B)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Interactive/Starz Group Optional Conversion Ratio</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Article&nbsp;IV, Section&nbsp;A.2(b)(iii)(B)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Interactive Group Redemption Amount</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Article&nbsp;IV, Section&nbsp;A.2(g)(ii)(B)(II)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Interactive Group Redemption Shares</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Article&nbsp;IV, Section&nbsp;A.2(g)(i)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Interactive Group Redemption Stockholder Approval</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Article&nbsp;IV, Section&nbsp;A.2(a)(v)(C)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Liberty Capital Common Stock</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Article&nbsp;IV, Section&nbsp;A.1</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Liberty Interactive Common Stock</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Article&nbsp;IV, Section&nbsp;A.1</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Liberty Starz Common Stock</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Article&nbsp;IV, Section&nbsp;A.1</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Liquidation Unit Determination Period</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Article&nbsp;IV, Section&nbsp;A.2(h)(ii)(A)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Preferred Stock</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Article&nbsp;IV(b)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Preferred Stock Designation</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Article&nbsp;IV, Section&nbsp;B</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>proceeding</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Article&nbsp;V, Section&nbsp;E.2(a)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Series&nbsp;A Liberty Capital Common Stock</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Article&nbsp;IV, Section&nbsp;A.1</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Series&nbsp;A Liberty Interactive Common Stock</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Article&nbsp;IV, Section&nbsp;A.1</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Series&nbsp;A Liberty Starz Common Stock</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Article&nbsp;IV, Section&nbsp;A.1</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Series&nbsp;B Liberty Capital Common Stock</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Article&nbsp;IV, Section&nbsp;A.1</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Series&nbsp;B Liberty Interactive Common Stock</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Article&nbsp;IV, Section&nbsp;A.1</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Series&nbsp;B Liberty Starz Common Stock</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Article&nbsp;IV, Section&nbsp;A.1</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Series&nbsp;C Liberty Capital Common Stock</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Article&nbsp;IV, Section&nbsp;A.1</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Series&nbsp;C Liberty Interactive Common Stock</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Article&nbsp;IV, Section&nbsp;A.1</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Series&nbsp;C Liberty Starz Common Stock</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Article&nbsp;IV, Section&nbsp;A.1</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Starz Group Distribution Subsidiary Securities</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Article&nbsp;IV, Section&nbsp;A.2(f)(i)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Starz Group's Fractional Interest in the Capital Group</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Article&nbsp;IV, Section&nbsp;A.2(c)(i)(A)</FONT></TD>
</TR>
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 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>88</FONT></P>

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<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:91pt;"><FONT SIZE=1><B>Additional Defined Terms

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<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Section </B></FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Starz Group's Fractional Interest in the Interactive Group</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Article&nbsp;IV, Section&nbsp;A.2(c)(iii)(A)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Starz Group Inter-Group Dividend</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Article&nbsp;IV, Section&nbsp;A.2(c)(ii)(A)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Starz Group Inter-Group Dividend Amount</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Article&nbsp;IV, Section&nbsp;A.2(c)(ii)(A)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Starz Group Inter-Group Redemption Election</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Article&nbsp;IV, Section&nbsp;A.2(f)(i)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Starz Group Inter-Group Interest Subsidiary Securities</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Article&nbsp;IV, Section&nbsp;A.2(f)(i)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Starz/Capital Group Optional Conversion Ratio</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Article&nbsp;IV, Section&nbsp;A.2(b)(iv)(B)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Starz/Interactive Group Optional Conversion Ratio</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Article&nbsp;IV, Section&nbsp;A.2(b)(v)(B)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Starz Group Inter-Group Partial Redemption Election</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Article&nbsp;IV, Section&nbsp;A.2(f)(ii)(E)(4)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Starz Group Inter-Group Redemption Amount</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Article&nbsp;IV, Section&nbsp;A.2(f)(ii)(E)(4)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Starz Group Redemption Amount</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Article&nbsp;IV, Section&nbsp;A.2(f)(ii)(B)(II)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Starz Group Redemption Shares</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Article&nbsp;IV, Section&nbsp;A.2(f)(i)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Starz Group Redemption Stockholder Approval</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Article&nbsp;IV, Section&nbsp;A.2(a)(v)(B)</FONT></TD>
</TR>
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 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Reclassification.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Corporation will not reclassify, subdivide or combine one series of Liberty Capital
Common Stock without reclassifying, subdividing or combining each other series of Liberty Capital Common Stock on an equal per share basis. The Corporation will not reclassify, subdivide or combine
one series of Liberty Starz Common Stock without reclassifying, subdividing or combining each other series of Liberty Starz Common Stock on an equal per share basis. The Corporation will not
reclassify, subdivide or combine one series of Liberty Interactive Common Stock without reclassifying, subdividing or combining each other series of Liberty Interactive Common Stock on an equal per
share basis. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Transfer Taxes.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Corporation will pay any and all documentary, stamp or similar issue or transfer taxes
that may be payable in respect of the issue or delivery of a certificate or certificates representing any shares of capital stock and/or other securities on conversion or redemption of shares of
Common Stock pursuant to this Section&nbsp;A.2. The Corporation will not, however, be required to pay any tax that may be payable in respect of any issue or delivery of a certificate or certificates
representing any shares of capital stock in a name other than that in which the shares of Common Stock so converted or redeemed were registered and no such issue or delivery will be made unless and
until the Person requesting the same has paid to the Corporation or its transfer agent the amount of any such tax, or has established to the satisfaction of the Corporation or its transfer agent that
such tax has been paid. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> SECTION&nbsp;B  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> PREFERRED STOCK  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Preferred Stock may be divided and issued in one or more series from time to time, with such powers, designations, preferences and
relative, participating, optional or other rights and qualifications, limitations or restrictions thereof, as will be stated and expressed in a resolution or resolutions providing for the issue of
each such series adopted by the Board of Directors (a "</FONT><FONT SIZE=2><B>Preferred Stock Designation</B></FONT><FONT SIZE=2>"). The Board of Directors, in the Preferred Stock Designation with
respect to a series of </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>89</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>Preferred
Stock (a copy of which will be filed as required by law), will, without limitation of the foregoing, fix the following with respect to such series of Preferred Stock: </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;the
distinctive serial designations and the number of authorized shares of such series, which may be increased or decreased, but not below the number of shares thereof
then outstanding, by a certificate made, signed and filed as required by law (except where otherwise provided in a Preferred Stock Designation); </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;the
dividend rate or amounts, if any, for such series, the date or dates from which dividends on all shares of such series will be cumulative, if dividends on stock of
such series will be cumulative, and the relative preferences or rights of priority, if any, or participation, if any, with respect to payment of dividends on shares of such series; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;the
rights of the shares of such series in the event of any voluntary or involuntary liquidation, dissolution or winding up of the Corporation, if any, and the
relative preferences or rights of priority, if any, of payment of shares of such series; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;the
right, if any, of the holders of such series to convert or exchange such stock into or for other classes or series of a class of stock or indebtedness of the
Corporation or of another Person, and the terms and conditions of such conversion or exchange, including provision for the adjustment of the conversion or exchange rate in such events as the Board of
Directors may determine; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;the
voting powers, if any, of the holders of such series, including whether such series will be designated as a Capital Group Voting Security, a Starz Group Voting
Security, an Interactive Group Voting Security and/or a Voting Security and, if so designated, the terms and conditions on which such series may vote together with the holders of any other class or
series of capital stock of the Corporation; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;the
terms and conditions, if any, for the Corporation to purchase or redeem shares of such series; and </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;any
other relative rights, powers, preferences and limitations, if any, of such series. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Directors is hereby expressly authorized to exercise its authority with respect to fixing and designating various series of the Preferred Stock and determining the relative
rights, powers and preferences, if any, thereof to the full extent permitted by applicable law, subject to any stockholder vote that may be required by this Certificate. All shares of any one series
of the Preferred Stock will be alike in every particular. Except to the extent otherwise expressly provided in the Preferred Stock Designation for a series of Preferred Stock, the holders of shares of
such series will have no voting rights except as may be required by the laws of the State of Delaware. Further, unless otherwise expressly provided in the Preferred Stock Designation for a series of
Preferred Stock, no consent or vote of the holders of shares of Preferred Stock or any series thereof will be required for any amendment to this Certificate that would increase the number of
authorized shares of Preferred Stock or the number of authorized shares of any series thereof or decrease the number of authorized shares of Preferred Stock or the number of authorized shares of any
series thereof (but not below the number of authorized shares of Preferred Stock or such series, as the case may be, then outstanding). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as may be provided by the Board of Directors in a Preferred Stock Designation or by law, shares of any series of Preferred Stock that have been redeemed (whether through the
operation of a sinking fund or otherwise) or purchased by the Corporation, or which, if convertible or exchangeable, have been converted into or exchanged for shares of stock of any other class or
classes will have the status of authorized and unissued shares of Preferred Stock and may be reissued as a part of the series of which they were originally a part or may be reissued as part of a new
series of Preferred Stock to be created by a Preferred Stock Designation or as part of any other series of Preferred Stock. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>90</FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> ARTICLE V  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> DIRECTORS  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> SECTION&nbsp;A  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> NUMBER OF DIRECTORS  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The governing body of the Corporation will be a Board of Directors. Subject to any rights of the holders of any series of Preferred
Stock to elect additional directors, the number of directors will not be less than three (3)&nbsp;and the exact number of directors will be fixed by the Board of Directors by resolution. Election of
directors need not be by written ballot. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> SECTION&nbsp;B  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> CLASSIFICATION OF THE BOARD  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise fixed by or pursuant to the provisions of Article&nbsp;IV hereof relating to the rights of the holders of any
series of Preferred Stock to separately elect additional directors, which additional directors are not required to be classified pursuant to the terms of such series of Preferred Stock, the Board of
Directors will be divided into three classes: Class&nbsp;I, Class&nbsp;II and Class&nbsp;III. Each class will consist, as nearly as possible, of a number of directors equal to
one-third (<SUP>1</SUP>/<SMALL>3</SMALL>) of the number of members of the Board of Directors authorized as provided in Section&nbsp;A of this Article&nbsp;V. The term of office of the initial
Class&nbsp;I directors will expire at the annual meeting of stockholders in 2011; the term of office of the initial Class&nbsp;II directors will expire at the annual meeting of stockholders in
2012; and the term of office of the initial Class&nbsp;III directors will expire at the annual meeting of stockholders in 2010. At each annual meeting of stockholders of the Corporation the
successors of that class of directors whose term expires at that meeting will be elected to hold office for a term expiring at the annual meeting of stockholders held in the third year following
the year of their election. The directors of each class will hold office until their respective successors are elected and qualified or until such director's earlier death, resignation or removal. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> SECTION&nbsp;C  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> REMOVAL OF DIRECTORS  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the rights of the holders of any series of Preferred Stock, directors may be removed from office only for cause upon the
affirmative vote of the holders of at least a majority of the total voting power of the then outstanding Voting Securities entitled to vote thereon, voting together as a single class. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> SECTION&nbsp;D  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> NEWLY CREATED DIRECTORSHIPS AND VACANCIES  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the rights of holders of any series of Preferred Stock, vacancies on the Board of Directors resulting from death,
resignation, removal, disqualification or other cause, and newly created directorships resulting from any increase in the number of directors on the Board of Directors, will be filled only by the
affirmative vote of a majority of the remaining directors then in office (even though less than a quorum) or by the sole remaining director. Any director elected in accordance with the preceding
sentence will hold office for the remainder of the full term of the class of directors in which the vacancy occurred or to which the new directorship is apportioned, and until such director's
successor will have been elected and qualified or until such director's earlier death, resignation or removal. No decrease in the number of directors constituting the Board of Directors will shorten
the term of any incumbent director, except as may be provided with respect to any additional director elected by the holders of the applicable series of Preferred Stock. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>91</FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> SECTION&nbsp;E  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> LIMITATION ON LIABILITY AND INDEMNIFICATION  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limitation On Liability.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;To the fullest extent permitted by the DGCL as the same exists or may hereafter be
amended, a director of the Corporation will not be liable to the Corporation or any of its stockholders for monetary damages for breach of fiduciary duty as a director. Any repeal or modification of
this paragraph&nbsp;1 will be prospective only and will not adversely affect any limitation, right or protection of a director of the Corporation existing at the time of such repeal or modification. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indemnification.</B></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Right to Indemnification</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;The Corporation will indemnify, to the fullest extent permitted by applicable law
as it presently exists or may hereafter be amended, any person who was or is made or is threatened to be made a party or is otherwise involved in any action, suit or proceeding, whether civil,
criminal, administrative or investigative (a </FONT><FONT SIZE=2><I>"proceeding"</I></FONT><FONT SIZE=2>) by reason of the fact that he, or a person for whom he is the legal representative, is or was
a director or officer of the Corporation or is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation or of a partnership, joint venture,
trust, enterprise or nonprofit entity, including service with respect to employee benefit plans, against all liability and loss suffered and expenses (including attorneys' fees) incurred by such
person. Such right of indemnification will inure whether or not the claim asserted is based on matters which antedate the adoption of this Section&nbsp;E. The Corporation will be required to
indemnify or make advances to a person in connection with a proceeding (or part thereof) initiated by such person only if the proceeding (or part thereof) was authorized by the Board of Directors. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Prepayment of Expenses</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;The Corporation will pay the expenses (including attorneys' fees) incurred by a
director or officer in defending any proceeding in advance of its final disposition, provided, however, that the payment of expenses incurred by a director or officer in advance of the final
disposition of the proceeding will be made only upon receipt of an undertaking by the director or officer to repay all amounts advanced if it should be ultimately determined that the director or
officer is not entitled to be indemnified under this paragraph or otherwise. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Claims</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;If a claim for indemnification or payment of expenses under this paragraph is not paid in full
within 60&nbsp;days after a written claim therefor has been received by the Corporation, the claimant may file suit to recover the unpaid amount of such claim and, if successful, will be entitled to
be paid the expense of prosecuting such claim to the fullest extent permitted by Delaware law. In any such action the Corporation will have the burden of proving that the claimant was not entitled to
the requested indemnification or payment of expenses under applicable law. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Non-Exclusivity of Rights</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;The rights conferred on any person by this paragraph will not be
exclusive of any other rights which such person may have or hereafter acquire under any statute, provision of this Certificate, the Bylaws, agreement, vote of stockholders or resolution of
disinterested directors or otherwise. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Other Indemnification</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;The Corporation's obligation, if any, to indemnify any person who was or is serving
at its request as a director, officer, employee or agent of another corporation, partnership, joint venture, trust, enterprise or nonprofit entity will be reduced by any amount such person may collect
as indemnification from such other corporation, partnership, joint venture, trust, enterprise or nonprofit entity. </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>92</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amendment or Repeal.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Any amendment, modification or repeal of the foregoing provisions of this
Section&nbsp;E will not adversely affect any right or protection hereunder of any person in respect of any act or omission occurring prior to the time of such amendment, modification or repeal. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> SECTION&nbsp;F  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> AMENDMENT OF BYLAWS  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In furtherance and not in limitation of the powers conferred by the DGCL, the Board of Directors, by action taken by the affirmative
vote of not less than 75% of the members of the Board of Directors then in office, is hereby expressly authorized and empowered to adopt, amend or repeal any provision of the Bylaws of this
Corporation. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> ARTICLE VI  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> TERM  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The term of existence of this Corporation shall be perpetual. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> ARTICLE VII  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> STOCK NOT ASSESSABLE  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The capital stock of this Corporation shall not be assessable. It shall be issued as fully paid, and the private property of the
stockholders shall not be liable for the debts, obligations or liabilities of this Corporation. This Certificate shall not be subject to amendment in this respect. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> ARTICLE VIII  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> MEETINGS OF STOCKHOLDERS  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> SECTION&nbsp;A  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> ANNUAL AND SPECIAL MEETINGS  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the rights of the holders of any series of Preferred Stock, stockholder action may be taken only at an annual or special
meeting. Except as otherwise provided in a Preferred Stock Designation with respect to any series of Preferred Stock or unless otherwise prescribed by law or by another provision of this Certificate,
special meetings of the stockholders of the Corporation, for any purpose or purposes, will be called by the Secretary of the Corporation (i)&nbsp;upon the written request of the holders of not less
than 66<SUP>2</SUP>/<SMALL>3</SMALL>% of the total voting power of the then outstanding Voting Securities entitled to vote thereon or (ii)&nbsp;at the request of at least 75% of the members of the Board of
Directors then in office. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> SECTION&nbsp;B  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> ACTION WITHOUT A MEETING  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise provided in a Preferred Stock Designation with respect to any series of Preferred Stock, no action required to be
taken or which may be taken at any annual meeting or special meeting of stockholders may be taken without a meeting, and the power of stockholders to consent in writing, without a meeting, to the
taking of any action is specifically denied. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>93</FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> ARTICLE IX  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> ACTIONS REQUIRING SUPERMAJORITY STOCKHOLDER VOTE  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the rights of the holders of any series of Preferred Stock, the affirmative vote of the holders of at least
66<SUP>2</SUP>/<SMALL>3</SMALL>% of the total voting power of the then outstanding Voting Securities entitled to vote thereon, voting together as a single class at a meeting specifically called for such purpose,
will be required in order for the Corporation to take any action to authorize: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;the
amendment, alteration or repeal of any provision of this Certificate or the addition or insertion of other provisions herein; </FONT> <FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT><FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>, that this
clause&nbsp;(i) will not apply to any such amendment, alteration, repeal,
addition or insertion (A)&nbsp;as to which the laws of the State of Delaware, as then in effect, do not require the consent of this Corporation's stockholders, or (B)&nbsp;that at least 75% of the
members of the Board of Directors then in office have approved; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;the
adoption, amendment or repeal of any provision of the Bylaws of the Corporation; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT> <FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>, that this clause&nbsp;(ii) will not apply to, and no
vote of the stockholders of the Corporation will be required to authorize, the adoption,
amendment or repeal of any provision of the Bylaws of the Corporation by the Board of Directors in accordance with the power conferred upon it pursuant to Section&nbsp;F of Article&nbsp;V of this
Certificate; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;the
merger or consolidation of this Corporation with or into any other corporation; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT> <FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>, that this clause&nbsp;(iii) will not apply to any such
merger or consolidation (A)&nbsp;as to which the laws of the State of Delaware, as
then in effect, do not require the consent of this Corporation's stockholders, or (B)&nbsp;that at least 75% of the members of the Board of Directors then in office have approved; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;the
sale, lease or exchange of all, or substantially all, of the property or assets of the Corporation; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT> <FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>, that this clause&nbsp;(iv) will not
apply to any such sale, lease or exchange that at least 75% of the members of the Board of Directors then
in office have approved; or </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;the
dissolution of the Corporation; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT><FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>, that this
clause&nbsp;(v) will not apply to such dissolution if at least 75% of the members of the Board of Directors then in office have approved such dissolution. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing
contained in Section&nbsp;A.2 of this Certificate shall in any way limit, modify or otherwise affect any voting requirement set forth in this Article&nbsp;IX. Any stockholder
approval required pursuant to this Article&nbsp;IX or the DGCL will be in addition to, and not in lieu of, any approval of the holders of Liberty Capital Common Stock, Liberty Starz Common Stock or
Liberty Interactive Common Stock required pursuant to Section&nbsp;A.2. of this Certificate. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
rights at any time conferred upon the stockholders of the Corporation, pursuant to this Certificate are granted subject to the provisions of this Article&nbsp;IX." </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>94</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>IN WITNESS WHEREOF</B></FONT><FONT SIZE=2>, the undersigned has executed this Restated Certificate of Incorporation this 19th&nbsp;day of November, 2009. </FONT></P>
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&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2><B> LIBERTY MEDIA CORPORATION</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;CHARLES Y. TANABE<BR>


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</FONT>
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<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Name:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Charles Y. Tanabe</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Title:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><I> Executive Vice President and General Counsel</I></FONT></TD>
</TR>
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<P><br><A NAME="09ZEF76805_2">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<UL>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_qm76801_1">Exhibit 3.1</A></FONT><BR>
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<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>a2195631zex-99_1.htm
<DESCRIPTION>EX-99.1
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<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#09ZEF76805_3">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>
<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><A
NAME="page_sa76805_1_1"> </A>


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<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> Exhibit&nbsp;99.1  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="sa76805_split-off_and_merger_approved___spl03174"> </A>
<A NAME="toc_sa76805_1"> </A>
<BR></FONT><FONT SIZE=2><B>  Split-Off and Merger Approved at Liberty Media's Special Meeting of Stockholders    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ENGLEWOOD, Colo., November&nbsp;19, 2009&#151;Liberty Media Corporation ("Liberty Media") (NASDAQ: LCAPA, LCAPB, LINTA, LINTB,
LMDIA, LMDIB) announced that, at the previously announced special meeting of stockholders held on November&nbsp;19, 2009 at 9:30&nbsp;a.m., ET time, the holders of Liberty Entertainment common
stock entitled to vote thereat, approved, among other things, the split-off (the "Split-Off") of Liberty Entertainment,&nbsp;Inc. ("LEI") from Liberty Media and the business
combination transaction between The DIRECTV Group,&nbsp;Inc. ("DIRECTV") and LEI (the "DTV Business Combination"). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assuming
all other conditions to the Split-Off and the DTV Business Combination are satisfied or waived, Liberty Media will redeem 90% of the outstanding shares of Liberty
Entertainment common stock in exchange for all of the outstanding shares of common stock of LEI at 5:00 pm, NYC time, tonight. Liberty Media will redeem 0.9 of each outstanding share of Liberty
Entertainment common stock for 0.9 of a share of the corresponding series of common stock of LEI. Immediately after the completion of the Split-Off, the parties will complete the DTV
Business Combination and each of LEI and DIRECTV will become wholly owned subsidiaries of a new public company to be named DIRECTV ("Holdings"). In the DTV Business Combination, (i)&nbsp;all shares
of LEI common stock will be exchanged for shares of Holdings Class&nbsp;A common stock, other than the shares of LEI Series&nbsp;B common stock held by John C. Malone, Chairman of the Boards of
Liberty
Media, and certain related persons, which will be exchanged for shares of Holdings Class&nbsp;B common stock, and (ii)&nbsp;each share of DIRECTV common stock will be exchanged for one share of
Holdings Class&nbsp;A common stock. Each share of Holdings Class&nbsp;A common stock will entitle the holder to one vote per share, and each share of Holdings Class&nbsp;B common stock will
entitle the holder to 15 votes per share and to certain limited consent rights. The final exchange ratio for the LEI shares in the DTV Business Combination will be announced following the completion
of the transactions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liberty
Media also intends to complete the redesignation of the Liberty Entertainment common stock as Liberty Starz common stock immediately following the completion of the DTV Business
Combination this evening. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including the completion of the
Split-Off and DTV Business Combination. 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. These forward looking statements speak only as of the date of this press release, and Liberty Media 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 Media's expectations with regard thereto or any change in events, conditions or circumstances on
which any such statement is based.</I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> Additional Information  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing in this press release shall constitute a solicitation to buy or an offer to sell shares of LEI, any of the Liberty Media
tracking stocks or shares of the new company to be issued pursuant to the merger agreement with DIRECTV. The offer and sale of shares in the proposed Split-Off and the DTV Business
Combination will only be made pursuant to the effective registration statements on file with the Securities and Exchange Commission ("SEC"). Liberty Media stockholders and other investors are urged to
read the effective registration statements, including the definitive proxy statement/prospectuses contained therein, because they contain important information about these transactions. Copies of the
effective registration statements and the definitive proxy statement/prospectuses are available free of charge at the SEC's website (http://www.sec.gov). Copies of the filings together with the
materials </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>1</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>incorporated
by reference therein can also be obtained, without charge, by directing a request to D.F. King&nbsp;&amp;&nbsp;Co.,&nbsp;Inc. at (800)&nbsp;628-8532. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> Participants in a Solicitation  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The directors and executive officers of Liberty Media and other persons may be deemed to be participants in the solicitation of proxies
in respect of proposals to approve the transactions. Information regarding the directors and executive officers of each of Liberty Media, LEI and the new DIRECTV and other participants in the proxy
solicitation and a description of their respective direct and indirect interests, by security holdings or otherwise are available in the definitive proxy materials filed with the SEC. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> About Liberty Media Corporation  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liberty Media owns interests in a broad range of electronic retailing, media, communications and entertainment businesses. Those
interests are attributed to three tracking stock groups: (1)&nbsp;the Liberty Interactive group (NASDAQ: LINTA, LINTB), which includes Liberty Media's interests in QVC, Provide Commerce,
Backcountry.com, BUYSEASONS, Bodybuilding.com, IAC/InterActiveCorp, and Expedia, (2)&nbsp;the Liberty Entertainment group (NASDAQ: LMDIA, LMDIB), which includes Liberty Media's interests in The
DIRECTV Group,&nbsp;Inc., Starz Entertainment and WildBlue Communications,&nbsp;Inc., and (3)&nbsp;the Liberty Capital group (NASDAQ: LCAPA, LCAPB), which includes all businesses, assets and
liabilities not attributed to the Interactive group or the Entertainment group including its subsidiaries Starz Media,&nbsp;LLC, Atlanta National League Baseball Club,&nbsp;Inc., and
TruePosition,&nbsp;Inc., Liberty Media's interest in SIRIUS XM Radio,&nbsp;Inc., and minority equity investments in Time Warner&nbsp;Inc. and Sprint Nextel Corporation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Contact:<BR>
Courtnee Ulrich<BR>
720-875-5420 </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>2</FONT></P>

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<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_sa76805_1">Split-Off and Merger Approved at Liberty Media's Special Meeting of Stockholders</A></FONT><BR>
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<TYPE>EX-99.2
<SEQUENCE>4
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<DESCRIPTION>EX-99.2
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<HTML>
<HEAD>
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<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#09ZEF76805_4">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>
<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><A
NAME="page_sc76805_1_1"> </A>


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<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> Exhibit&nbsp;99.2  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="sc76805_liberty_media_completes_split-__lib02796"> </A>
<A NAME="toc_sc76805_1"> </A>
<BR></FONT><FONT SIZE=2><B>  Liberty Media Completes Split-Off and Merger with The DIRECTV Group,&nbsp;Inc.    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ENGLEWOOD, Colo., November&nbsp;19, 2009&#151;Liberty Media Corporation ("Liberty Media") (NASDAQ: LCAPA, LCAPB, LINTA, LINTB,
LSTZA, LSTZB) today announced that it has completed its previously announced split-off (the "Split-Off") of Liberty Entertainment,&nbsp;Inc. ("LEI") from Liberty Media and
the business combination transaction between The DIRECTV Group,&nbsp;Inc. ("DIRECTV") and LEI (the "DTV Business Combination"). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liberty
Media has completed the redemption of 90% of the outstanding shares of Liberty Entertainment common stock in exchange for all of the outstanding shares of common stock of LEI. In
the redemption, 0.9 of each outstanding share of Liberty Entertainment common stock was redeemed for 0.9 of a share of the corresponding series of common stock of LEI. LEI holds Liberty Media's 57%
interest in DIRECTV, a 100% interest in Liberty Sports Holdings,&nbsp;LLC, a 65% interest in Game Show Network,&nbsp;LLC and approximately $120&nbsp;million in cash and cash equivalents, and is
the obligor on approximately $2&nbsp;billion of indebtedness. All of the businesses, assets and liabilities that were attributed to Liberty Media's Entertainment group that are not held by LEI have
remained with Liberty Media and continue to be attributed to the Entertainment group, which Liberty Media has redesignated as the Liberty Starz group. The Series&nbsp;A and Series&nbsp;B Liberty
Starz common stock will begin regular way trading at the open of business on Friday, November&nbsp;20, 2009, under the symbols "LSTZA" and
"LSTZB," respectively. There will be approximately 50&nbsp;million shares of Liberty Starz Series&nbsp;A common stock (NASDAQ: LSTZA) and approximately 2.4&nbsp;million shares of Liberty Starz
Series&nbsp;B common stock (NASDAQ: LSTZB) outstanding when trading begins. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Immediately
following the Split-Off, the parties completed the DTV Business Combination and each of LEI and DIRECTV have become wholly owned subsidiaries of a new public
holding company named DIRECTV ("Holdings"). In the DTV Business Combination, (i)&nbsp;each share of LEI Series&nbsp;A common stock was exchanged for 1.11130 shares of Holdings Class&nbsp;A
common stock, (ii)&nbsp;each share of LEI Series&nbsp;B common stock (other than shares held by John C. Malone, Chairman of the Boards of Liberty Media, LEI and DIRECTV, and certain related
persons) was exchanged for 1.11130 shares of Holdings Class&nbsp;A common stock, and (iii)&nbsp;each share of DIRECTV common stock was exchanged for one share of Holdings Class&nbsp;A common
stock. Additionally, immediately prior to the completion of the mergers, Mr.&nbsp;Malone and certain related persons contributed each of their shares of LEI Series&nbsp;B common stock to Holdings
for 1.11130 shares of Holdings Class&nbsp;B common stock. Each share of Holdings Class&nbsp;A common stock entitles the holder to one vote per share, and each share of Holdings Class&nbsp;B
common stock entitles the holder to 15 votes per share and to certain limited consent rights. The Holdings Class&nbsp;A common stock will begin regular way trading at the open of business on Friday,
November&nbsp;20, 2009, under the symbol "DTV." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> About Liberty Media Corporation  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liberty Media owns interests in a broad range of electronic retailing, media, communications and entertainment businesses. Those
interests are attributed to three tracking stock groups: (1)&nbsp;the Liberty Interactive group (NASDAQ: LINTA, LINTB), which includes Liberty Media's interests in QVC, Provide Commerce,
Backcountry.com, BUYSEASONS, Bodybuilding.com, IAC/InterActiveCorp, and Expedia, (2)&nbsp;the Liberty Starz group (NASDAQ: LSTZA, LSTZB), which includes Liberty Media's interests in Starz
Entertainment and WildBlue Communications,&nbsp;Inc., and (3)&nbsp;the Liberty Capital group (NASDAQ: LCAPA, LCAPB), which includes all businesses, assets and liabilities not attributed to the
Interactive group or the Entertainment group including its subsidiaries Starz Media,&nbsp;LLC, Atlanta National League Baseball Club,&nbsp;Inc., and TruePosition,&nbsp;Inc., Liberty Media's
interest in SIRIUS XM Radio,&nbsp;Inc., and minority equity investments in Time Warner&nbsp;Inc. and Sprint Nextel Corporation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Contact:<BR>
Courtnee Ulrich<BR>
720-875-5420 </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>1</FONT></P>

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<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_sc76805_1">Liberty Media Completes Split-Off and Merger with The DIRECTV Group, Inc.</A></FONT><BR>
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<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> Exhibit&nbsp;99.3  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="se76805_c_o_r_r_e_c_t_i_o_n_#151;liberty_media_corporation/"> </A>
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<BR></FONT><FONT SIZE=2><B>  C O R R E C T I O N&#151;Liberty Media Corporation/    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the news release, "Liberty Media Corporation Announces Starz Entertainment to Host Conference Call," issued
17-Nov-2009 by Liberty Media Corporation over PR Newswire, we are advised by the company to disregard the seventh paragraph, which began: "In addition, the conference call will
be broadcast...." This paragraph has been removed from the complete, corrected release, which follows: </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Liberty Media Corporation Announces Starz Entertainment to Host Conference Call  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ENGLEWOOD, Colo., Nov.&nbsp;17 /PRNewswire-FirstCall/&#151;Liberty Media Corporation (Nasdaq: LMDIA, LMDIB) announced it will
host a conference call in conjunction with Deutsche Bank, beginning at 12:00 pm (ET) on November&nbsp;19, 2009. On that call, Starz Entertainment management will discuss Starz Entertainment
operations. During the call, Liberty Media may make observations concerning its historical operating performance and outlook and may discuss the pending split-off of a majority of the
assets and liabilities of the Entertainment Group and the related, proposed business combination with The DIRECTV Group,&nbsp;Inc., as well as the related redesignation of the Liberty Entertainment
tracking stock as Liberty Starz tracking stock. The Series&nbsp;A and Series&nbsp;B Liberty Starz tracking stocks are currently trading on a when-issued basis under the symbols "LSTAV"
and "LSTBV," respectively. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
conference call will be available via teleconference, please dial in at least 10 minutes prior to the start of the call. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Domestic&#151;(800)&nbsp;309-8606 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>International&#151;(706)&nbsp;679-0645 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Access
Code&#151;42317331 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Replays
of the conference call can be accessed for one week by dialing (800)&nbsp;642-1687 or (706)&nbsp;645-9291 (outside USA) plus the pass code# 42317331. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> Additional Information  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing in this press release shall constitute a solicitation to buy or an offer to sell shares of LEI, any of the Liberty Media
tracking stocks or shares of the new company to be issued pursuant to the Merger Agreement with DIRECTV. The offer and sale of shares in the proposed Split-Off and the DTV Business
Combination will only be made pursuant to the effective registration statements on file with the SEC. Liberty Media stockholders and other investors are urged to read the effective registration
statements, including the definitive proxy statement/prospectuses contained therein, because they contain important information about these transactions. Copies of the effective registration
statements and the definitive proxy statement/prospectuses are 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 can also be obtained, without charge, by directing a request to Liberty Media Corporation, 12300 Liberty Boulevard, Englewood, Colorado 80112, Attention: Investor Relations,
Telephone: (720)&nbsp;875-5408. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> Participants in a Solicitation  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The directors and executive officers of Liberty Media and other persons may be deemed to be participants in the solicitation of proxies
in respect of proposals to approve the transactions. Information regarding the directors and executive officers of each of Liberty Media, LEI
and the new DIRECTV and other participants in the proxy solicitation and a description of their respective direct and indirect interests, by security holdings or otherwise are available in the
definitive proxy materials filed with the SEC. </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><B> About Liberty Media Corporation  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liberty Media Corporation owns interests in a broad range of electronic retailing, media, communications and entertainment businesses.
Those interests are attributed to three tracking stock groups: (1)&nbsp;the Liberty Interactive group (Nasdaq: LINTA, LINTB), which includes Liberty's interests in QVC, Provide Commerce,
Backcountry.com, BUYSEASONS, Bodybuilding.com, IAC/InterActiveCorp, and Expedia, (2)&nbsp;the Liberty Entertainment group (Nasdaq: LMDIA, LMDIB), which includes Liberty's interests in The DIRECTV
Group,&nbsp;Inc., Starz Entertainment, FUN Technologies,&nbsp;Inc., GSN,&nbsp;LLC, WildBlue Communications,&nbsp;Inc., and Liberty Sports Holdings&nbsp;LLC, and (3)&nbsp;the Liberty
Capital group (Nasdaq: LCAPA, LCAPB), which includes all businesses, assets and liabilities not attributed to the Interactive group or the Entertainment group including its subsidiaries Starz
Media,&nbsp;LLC, Atlanta National League Baseball Club,&nbsp;Inc., and TruePosition,&nbsp;Inc., and minority equity investments in Time Warner&nbsp;Inc., Time Warner Cable, and Sprint Nextel
Corporation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>CONTACT:
Courtnee Ulrich, +1-720-875-5420, for Liberty Media Corporation </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>2</FONT></P>

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