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SPE INTERNAL

SPE INTERNAL. Overview of Liberty and DirecTV structures and ownership in GSN. Overview of Liberty’s Structure, GSN Ownership, and Plans for Split-off Prior to the April 2009 GSN-FUN Transaction with SPE. Liberty Capital. Liberty Interactive. Liberty Entertainment.

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SPE INTERNAL

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  1. SPE INTERNAL Overview of Liberty and DirecTV structures and ownership in GSN

  2. Overview of Liberty’s Structure, GSN Ownership, and Plans for Split-off Prior to the April 2009 GSN-FUN Transaction with SPE

  3. Liberty Capital Liberty Interactive Liberty Entertainment Liberty Media Corporation was Comprised of 3 Tracking Stocks “LCAPA” , “LCAPB” “LINTA” , “LINTB” “LMDIA” , “LMDIB” • Atlanta National Baseball Club (100%) • Current Group (8%) • Embarq Corporation (3%) • Hallmark Entertainment Invest. (11%) • Jingle Networks (9%) • Kroenke Arena Company (6.5%) • Leisure Arts (100%) • LodgeNet Entertainment (9%) • MacNeil / Lehrer Productions (67%) • Motorola (3%) • Overture Films (100%) • Priceline.com (1%) • Sprint Nextel Corporation (3%) • Starz Media (100%) • Time Warner (3%) • TruePosition (100%) • Viacom (1%) • WFRV / WJMN Television (100%) • Backcountry.com (81%) • Bodybuilding.com (83%) • Borba (25%) • BUYSEASONS (100%) • Expedia (24%) • GSI Commerce (19.7%) • HSN (30%) • IAC / InteractiveCorp (30%) • Interval Leisure Group (30%) • Provide Commerce (100%) • QVC (100%) • Ticketmaster (30%) • Tree.com (Lending Tree) (30%) • DirecTV (54%) • FUN Technologies (100%) • GSN (50%) • Liberty Sports Holdings (100%) • Starz Entertainment (100%) • Wildblue Communications (37%) • Note: Checking if PicksPal, Inc. (73%) is already in this entity NOTE: Percentages in parenthesis represent Liberty ownership stake; figures are approximations and when applicable, apply conversion to common stock.

  4. Liberty Planned to Split-Off A Subset of its Liberty Entertainment (LMDIA) Assets Into a Separately Traded Public Entity Note: prior to April 2009, Liberty held 50% of GSN and 100% of FUN New Wholly-Owned Subsidiary Liberty Media Corp Tracking Stocks Liberty Entertainment Inc. Liberty Capital Liberty Entertainment Liberty Interactive “LCAPA” , “LCAPB” “LINTA” , “LINTB” “LMDIA” , “LMDIB” “LEI” • Atlanta National Baseball Club (100%) • Current Group (8%) • Embarq Corporation (3%) • Hallmark Entertainment Invest. (11%) • Jingle Networks (9%) • Kroenke Arena Company (6.5%) • Leisure Arts (100%) • LodgeNet Entertainment (9%) • MacNeil / Lehrer Productions (67%) • Motorola (3%) • Overture Films (100%) • Priceline.com (1%) • Sprint Nextel Corporation (3%) • Starz Media (100%) • Time Warner (3%) • TruePosition (100%) • Viacom (1%) • WFRV / WJMN Television (100%) • Backcountry.com (81%) • Bodybuilding.com (83%) • Borba (25%) • BUYSEASONS (100%) • Expedia (24%) • GSI Commerce (19.7%) • HSN (30%) • IAC / InteractiveCorp (30%) • Interval Leisure Group (30%) • Provide Commerce (100%) • QVC (100%) • Ticketmaster (30%) • Tree.com (Lending Tree) (30%) • DirecTV (52%) • FUN Technologies (100%) • GSN (50%) • Liberty Sports Holdings (100%) • Starz Entertainment (100%) • Wildblue Communications (37%) • DirecTV (54%) • FUN Technologies (100%) • GSN (50%) • Liberty Sports Holdings (100%) • PicksPal, Inc (73%) Assets Transferred to Liberty Entertainment Inc. (Split-off Entity) • After the Split-Off: • Liberty Media will continue to utilize its three tracking stocks • Liberty Media will also own Liberty Entertainment, Inc. a publicly traded subsidiary

  5. 10 Shares Liberty Entertainment “LMDIA” , “LMDIB” • Starz Entertainment (100%) • Wildblue Communications (37%) 90 Shares Liberty Entertainment Inc. “LEI” • DirecTV (54%) • FUN Technologies (100%) • GSN (50%) • Liberty Sports Holdings (100%) • PicksPal, Inc (73%) After the Split-off, a Shareholder that previously held 100 Shares of Liberty Entertainment Tracking Stock would hold 10 Shares of Liberty Ent. Tracking Stock and 90 Shares of Liberty Entertainment Inc. (LEI) Note: prior to April 2009, Liberty held 50% of GSN and 100% of FUN • 0.9 of each share of LMDIA or LMDIB will be redeemed for 0.9 of a share of LEI Series A or B stock 100 • 0.1 of each share of LMDIA or LMDIB will remain outstanding as the Liberty Entertainment tracking stock Shares • This structure will enable holders of LMDIA or LMDIB stock to retain their pro-rata ownership stake in LEI

  6. John Malone Controlled Roughly 34% of Votes in Liberty Media Corp. John Malone Liberty Media Voting Rights by Tracking Stock* John Malone Share Ownership by Tracking stock After the Split-off, John Malone will control 34% of the votes in Liberty Entertainment Inc., which will own 54% of DirecTV *B shares entitle owner to 10 votes for every share owned Note: Liberty Media Proxy suggests Malone has more shares in LMDIB than total shares outstanding—the discrepancy appears immaterial

  7. Overview of the November 2009 Split-off, Subsequent Merger of LEI with DirecTV, and Decrease in Malone’s Voting Interest

  8. In November 2009, Liberty Split-Off a Subset of Assets Including GSN Note: After April 2009, Liberty holds 65% of GSN/FUN Liberty Media Corp Tracking Stocks Liberty Entertainment Inc. Liberty Capital Liberty Entertainment Liberty Interactive “LCAPA” , “LCAPB” “LINTA” , “LINTB” “LMDIA” , “LMDIB” “LEI” • Atlanta National Baseball Club (100%) • Current Group (8%) • Embarq Corporation (3%) • Hallmark Entertainment Invest. (11%) • Jingle Networks (9%) • Kroenke Arena Company (6.5%) • Leisure Arts (100%) • LodgeNet Entertainment (9%) • MacNeil / Lehrer Productions (67%) • Motorola (3%) • Overture Films (100%) • Priceline.com (1%) • Sprint Nextel Corporation (3%) • Starz Media (100%) • Time Warner (3%) • TruePosition (100%) • Viacom (1%) • WFRV / WJMN Television (100%) • Backcountry.com (81%) • Bodybuilding.com (83%) • Borba (25%) • BUYSEASONS (100%) • Expedia (24%) • GSI Commerce (19.7%) • HSN (30%) • IAC / InteractiveCorp (30%) • Interval Leisure Group (30%) • Provide Commerce (100%) • QVC (100%) • Ticketmaster (30%) • Tree.com (Lending Tree) (30%) • DirecTV (52%) • FUN Technologies (100%) • GSN (50%) • Liberty Sports Holdings (100%) • Starz Entertainment (100%) • Wildblue Communications (37%) • PicksPal, Inc (73%) • DirecTV Group (54%) • GSN/FUN Technologies (65%) • Liberty Sports Holdings (100%) Assets Transferred to Liberty Entertainment Inc. (Split-off Entity)

  9. DirecTV Group Stockholders (excluding LEI) “LEI” Stockholders • DirecTV Group (54%) • FUN Technologies (100%) • GSN (50%) • Liberty Sports Holdings (100%) • DirecTV Group (46%) LEI Was Subsequently Merged into DirecTV OLD NEW1 • DirecTV Group (100%) • GSN/FUN Technologies (65%) • Liberty Sports Holdings (100%) DIRECTV “Holding” (Ticker: DTV) On April 6, 2010, DIRECTV announced the Malones would exchange their Class B Stock for Class A stock each having one vote per share. This resulted in a reduction of the percentage of stockholder vote controlled by the Malones to approximately 3% of vote and value. 8 Note: 1. LEI still exists as a wholly-owned subsidiary of DIRECTV

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