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GCI Liberty reports completion of auto conversion of shares, reattribution

GCI Liberty Inc. on March 8 effected the automatic conversion as of 4:21 p.m. ET of each share of its GCI Liberty Class A-1 and Class B-1 common stock into 0.63 of a share of GCI Liberty Class A common stock and 0.2 of a share of GCI Liberty Series A cumulative redeemable preferred stock.

Also, Liberty Interactive Corp. closed the reattribution of certain assets and liabilities attributed to its Ventures Group to the QVC Group, the companies said. The reattributed assets and liabilities consisted of cash, Liberty Interactive's interests in ILG and FTD, certain green energy investments, exchangeable debentures of Liberty Interactive LLC and certain tax benefits.

The final valuations of assets and liabilities to be reattributed will be provided after closing. Prior to market open on March 9, Liberty Interactive will contribute to GCI Liberty, in exchange for shares of GCI Liberty Class A and Class B common stock, entire equity interests in Liberty Broadband Corp. Inc., Charter Communications Inc., Lending Tree and Evite and certain other assets and liabilities attributed to its Ventures Group following the reattribution.

Liberty Interactive expects to complete the redemption of its Series A and Series B Liberty Ventures common stock in exchange for shares of GCI Liberty stock at 4:01 p.m. ET on March 9.

Following the auto conversion, GCI Liberty delisted its Class A-1 common stock, and as a result, such securities will no longer trade on the Nasdaq Global Select Market. In addition, GCI Liberty's Class B-1 common stock will no longer be quoted on the OTC Markets. GCI Liberty's Class A common stock and preferred stock are expected to commence trading in the regular way under the symbols GLIBA and GLIBP, respectively, on March 12. GCI Liberty intends to cause its Class B common stock to be quoted on the OTC Markets as soon as is practical following the closing date.

Liberty Interactive also intends to delist its Series A and Series B Liberty Ventures common stock following the split-off and, as a result, such securities will cease to be traded on the Nasdaq Global Select Market following market close March 9.