Liberty Media Corporation :::

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) the Liberty Interactive group, which includes Liberty's interests in QVC.com, Provide Commerce, Backcountry.com, BUYSEASONS, Bodybuilding.com, IAC/InterActiveCorp, and Expedia, (2) the Liberty Entertainment Group, which includes Liberty’s interests in the DIRECTV Group, Inc., Starz Entertainment, FUN Technologies, Inc., GSN, LLC, Wildblue Communications, Inc., and Liberty Sports Holdings LLC, and (3) the Liberty Capital group, which includes all businesses, assets and liabilities not attributed to the Interactive Group or the Entertainment Group including our subsidiaries Starz Media, LLC, Atlanta National League Baseball Club, Inc., and TruePosition, Inc., and minority equity investments in Time Warner Inc. and Sprint Nextel Corporation.

A tracking stock is a form of common stock that is intended to reflect or “track” the financial performance of a specific group of assets within a company. A tracking stock trades as a separate security and is intended to fluctuate in value depending on the financial performance of the group of assets it tracks, regardless of the performance of the remaining assets of the company. A tracking stock is not an asset-backed security and the holder of a tracking stock does not have an ownership interest in the assets which are attributed to that tracking stock. Instead, holders of tracking stock are stockholders of the company issuing the tracking stock, with a single board of directors, and are subject to all the risks and liabilities of that company. In the case of Liberty Media’s tracking stocks, a holder of either Liberty Interactive, Liberty Entertainment, Liberty Capital stock has an ownership interest in Liberty Media Corporation, which directly or indirectly owns all the businesses and assets attributed to the two tracking stock groups.

Over the past several years Liberty Media’s capital structure has become increasingly complex. Our management believes that this complexity has caused confusion among investors and is a reason why our stock traded at a discount to Liberty Media’s perceived net asset value. We have elected to issue tracking stocks to assist the capital markets in better understanding and valuing our businesses and to give investors a choice in the kinds of businesses in which they wish to invest. Because Liberty Media is the issuer of these three stocks, we have been able to maintain operating and other efficiencies, including possible income tax benefits and the ability to share the expense of various corporate functions, that might not be available if the stocks were issued by separate companies.

Liberty Media Corporation’s three tracking stocks, Liberty Interactive, Liberty Entertainment and Liberty Capital, are traded on NASDAQ under the symbols LINTA and LINTB, LMDIA and LMDIB, and LCAPA and LCAPB respectively.

AS A LIBERTY MEDIA SHAREHOLDER HOW MANY SHARES OF LIBERTY INTERACTIVE AND LIBERTY CAPITAL TRACKING STOCK DID I RECEIVE IN THE MAY 2006 RESTRUCTURING?

Each holder of Liberty Media Corporation Series A common stock received 0.25 of a share of Liberty Interactive Series A common stock and 0.05 of a share of Liberty Capital Series A common stock for each share of Old Liberty Series A common stock held; and
Each holder of Liberty Media Corporation Series B common stock received 0.25 of a share of Liberty Interactive Series B common stock and 0.05 of a share of Liberty Capital Series B common stock for each share of Old Liberty Series B common stock held.

AS A LIBERTY CAPITAL GROUP SHAREHOLDER HOW MANY SHARES OF LIBERTY ENTERTAINMENT TRACKING STOCK DID I RECEIVE IN THE MARCH 2008 RECLASSIFICATION?

With the reclassification of Liberty Capital in March 2008, each holder of Liberty Capital Group Series A common stock received 4 shares of Liberty Entertainment Series A common stock and maintained existing holdings of Liberty Capital Group Series A common stock.

Each holder of Liberty Capital Group Series B common stock received 4 shares of Liberty Entertainment Series B common stock and maintained existing holdings of Liberty Capital Group Series B common stock.

Shares of Liberty Interactive were not affected by the reclassification of the Liberty Capital common stock.

The businesses and assets attributed to Liberty Interactive are engaged in, or are ownership interests in companies that are engaged in, sales of goods and services primarily through television programming and the internet, and currently include our subsidiaries QVC and Provide Commerce and our interests in Expedia and IAC/InterActiveCorp.

The businesses and assets attributed to Liberty Entertainment are engaged in, or are ownership interests in companies that are engaged in, television and internet programming and distribution and currently include our subsidiaries Starz Entertainment, LLC, FUN Technologies, Inc., Liberty Sports Holdings LLC and our equity affiliates DIRECTV Group, Inc., GSN LLC, and Wildblue Communications, Inc.

The businesses and assets attributed to Liberty Capital are all of Liberty Media’s businesses and assets other than those attributed to Liberty Interactive and Liberty Entertainment and include our subsidiaries Starz Media LLC, Atlanta National League Baseball Club Inc., and TruePosition, Inc., and our interests in Time Warner, Inc., Sprint Nextel Corporation and Motorola, Inc.

What is the difference between the SERIES A (LINTA/LMDIB/LCAPA) and series B Stock (LINTB/LCAPB)?

How do I purchase Liberty INTERACTIVE, LIBERTY ENTERTAINMENT AND LIBERTY CAPITAL TRACKING STOCK?

Liberty has no direct stock purchase plan. You can purchase Liberty Interactive, Liberty Entertainment or Liberty Capital stock through a broker.

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What happened to Liberty Media corporation and the L ticker symbol? cAN i STILL PURCHASE L SHARES?

Liberty Media Corporation is the owner of all the businesses and assets that are attributed to Liberty Interactive, Liberty Entertainment and Liberty Capital. Its common equity is publicly traded as three tracking stocks. Those tracking stocks are intended to reflect the performance of three groups of businesses and assets, Liberty Interactive, Liberty Entertainment and Liberty Capital. On May 9, 2006, shares of Liberty Media Corporation were exchanged for shares of the Liberty Interactive and Liberty Capital tracking stocks and the old Liberty Media Corporation Series A and Series B shares, which traded under the L and LMC.B ticker symbols, ceased trading. Investors can no longer purchase L or LMC.B shares. On March 3, 2008, holders of Liberty Capital tracking stock were issued shares of Liberty Entertainment tracking stock.

The issuance of the Liberty Interactive, Liberty Entertainment and Liberty Capital tracking stocks was structured not to be taxable to Liberty shareholders.

As a shareholder of L you should have received a letter of transmittal to submit with your shares. If you did not receive this document or have misplaced this document, please call Computershare, Liberty's transfer agent at (866) 367-6355 (toll free) or (781) 575-3580 and a customer service representative will be able to assist you.

Shareholders of LCAPA on March 3, 2008, do not need to take any action to obtain their shares of Liberty Entertainment common stock. Holders of book-entry shares of Liberty Capital common stock will have their Liberty Entertainment shares credited to their accounts promptly following the closing. Holders of certificated shares of Liberty Capital common stock will receive certificates representing their shares of Liberty Entertainment common stock shortly following the closing.

Liberty has never paid a dividend in the past and does not currently intend to pay cash dividends on any class of Liberty stock.

Liberty’s board of directors has authorized the repurchase of up to $3 billion of Liberty Interactive common stock , up to $1 billion of Liberty Entertainment common stock, and up to $300 million of Liberty Capital common stock. Liberty will report its share repurchase activities on a quarterly basis.

Yes. Liberty’s annual meeting occurred on May 1, 2007. A web cast of the meeting can be found on the event calendar page under the Investors section of the web site.

Liberty will report within 40 days after the end of the first, second and third quarters of 2008 and within 75 days after year-end 2008.

Liberty Media Corporation financial statements can be found on our web site under the Investor Relations section or through the SEC section or at www.sec.gov.

How do I obtain information about my account or transfer ownership of my stock?

To contact Liberty's transfer agent, Computershare, please go to the Investor Relations section or you can call them directly at either of the following numbers:
(866) 367-6355 (toll free) or (781) 575-3580

For more information on calculating your cost basis (tax basis) please visit the Investor Relations page of this Web site.

We can add your name to one of our distribution lists, via our Contact Us page, you can view the News Release section of this Web site or you can visit our Event Calendar pages on this Web site.

Discovery Holding Company (Nasdaq: DISCA/DISCB) and Liberty Global (Nasdaq: LBTYA/LBTYK) are separate public companies and are not affiliated with Liberty Media Corporation or its Liberty Interactive Group, Liberty Entertainment Group or Liberty Capital Group.

Were my shares of Discovery Holding Company or Liberty Global affected by the restructuring?

Shares of Discovery Holding Company and Liberty Global were not affected by the issuance of the Liberty Interactive, Liberty Entertainment Group and Liberty Capital tracking stocks.

You can contact us via e-mail at investor@libertymedia.com or call our investor line at (877) 772-1518.


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