We Encourage Our People to Speak Out

Promoting Honest and Ethical Conduct

Liberty Media Corporation exhibits and promotes the highest standards of honest and ethical conduct in all our dealings relating to the business of the Company. That means, among other things, that we will work to develop business relationships through open and honest communications. No one should take unfair advantage of another through manipulation, concealment, or abuse of privileged information, misrepresentation of material facts, or any other unfair practice.

Reporting Illegal or Unethical Behavior

Each employee has the right and the obligation to seek and obtain guidance about a compliance issue or business practice. Employees should contact the appropriate Corporate Compliance Contact Person concerning observed illegal or unethical behavior. Employees also may discuss these matters with an immediate supervisor or other manager, a human resources manager, or the legal department of their business unit.

No Retaliation

The Company will not permit retaliation against any employee who, in good faith, seeks advice concerning, or who reports or complains of violations of, this Code or other illegal or unethical conduct. If, however, an employee makes a false report of a violation or of questionable behavior for the purpose of harming another person, the reporting employee will be subject to disciplinary action.

How to Ask Questions and Communicate Concerns

If you want guidance regarding a particular practice or compliance issue, or if you wish to report a violation or questionable behavior, you should contact your Corporate Compliance Contact Person. The Corporate Compliance Contact Person will be different for various employees, but generally will be a person in the legal department of your business unit or, in the absence of a more specific designation, the Chief Legal Officer of Liberty Media Corporation or a person designated by that officer. If you want to contact your Corporate Compliance Contact Person but are not sure of his or her identity, you should contact the legal department of your business unit or the Chief Legal Officer of Liberty Media Corporation for that information.

You may also call the Liberty Compliance Line at (866) 222-1232 if you are calling from a location within the United States or Canada. The Liberty Compliance Line is operated by a third-party vendor and is available 24 hours a day, seven days a week. Your calls will be taken in confidence and your concerns reported to Company personnel for appropriate action. Your calls to the Liberty Compliance Line may be made on an anonymous basis.

If you wish to communicate via a confidential web-based reporting system, you may contact the third-party vendor at: liberty.tnwreports.com.

Your identity will be kept confidential, and your concerns reported to Company personnel for appropriate action.

You may also send a letter or fax to the Chief Legal Officer at Liberty Media Corporation, 12300 Liberty Boulevard, Englewood, Colorado 80112, fax number (720) 875-5382. Letters and faxes may be submitted anonymously.