SPE INTERNAL Overview of Liberty and Direc TV

SPE INTERNAL Overview of Liberty and Direc. TV 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 1

Liberty Media Corporation was Comprised of 3 Tracking Stocks • • • • • Liberty Capital Liberty Interactive Liberty Entertainment “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%) Lodge. Net Entertainment (9%) Mac. Neil / Lehrer Productions (67%) Motorola (3%) Overture Films (100%) Priceline. com (1%) Sprint Nextel Corporation (3%) Starz Media (100%) Time Warner (3%) True. Position (100%) Viacom (1%) WFRV / WJMN Television (100%) • • • • Backcountry. com (81%) • Direc. TV (54%) Bodybuilding. com (83%) Borba (25%) BUYSEASONS (100%) • FUN Technologies (100%) • GSN (50%) • Liberty Sports Holdings (100%) • Starz Entertainment (100%) • Wildblue Communications (37%) Expedia (24%) GSI Commerce (19. 7%) HSN (30%) IAC / Interactive. Corp (30%) Interval Leisure Group (30%) Provide Commerce (100%) QVC (100%) Ticketmaster (30%) Tree. com (Lending Tree) (30%) NOTE: Percentages in parenthesis represent Liberty ownership stake; figures are approximations and when applicable, apply conversion to common stock. Note: Checking if Picks. Pal, Inc. (73%) is already in this entity 2

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 Capital Liberty Interactive Liberty Entertainment Inc. “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%) Lodge. Net Entertainment (9%) Mac. Neil / Lehrer Productions (67%) Motorola (3%) Overture Films (100%) Priceline. com (1%) Sprint Nextel Corporation (3%) Starz Media (100%) Time Warner (3%) True. Position (100%) Viacom (1%) WFRV / WJMN Television (100%) • • • • Backcountry. com (81%) • Direc. TV (52%) • Direc. TV (54%) Bodybuilding. com (83%) • FUN Technologies (100%) Assets Transferred to Liberty Entertainment Inc. • GSN (50%) (Split-off Entity) • Liberty Sports Holdings (100%) • FUN Technologies (100%) • GSN (50%) • Liberty Sports Holdings (100%) • Starz Entertainment (100%) • Picks. Pal, Inc (73%) • Wildblue Communications (37%) Borba (25%) BUYSEASONS (100%) Expedia (24%) GSI Commerce (19. 7%) HSN (30%) IAC / Interactive. Corp (30%) Interval Leisure Group (30%) Provide Commerce (100%) QVC (100%) Ticketmaster (30%) Tree. com (Lending Tree) (30%) 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 3

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 10 Shares Liberty Entertainment “LMDIA” , “LMDIB” • Starz Entertainment (100%) • Wildblue Communications (37%) 100 90 Shares • 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 • 0. 1 of each share of LMDIA or LMDIB will remain outstanding as the Liberty Entertainment tracking stock Liberty Entertainment Inc. “LEI” • Direc. TV (54%) • FUN Technologies (100%) • GSN (50%) • Liberty Sports Holdings (100%) • Picks. Pal, Inc (73%) • This structure will enable holders of LMDIA or LMDIB stock to retain their pro-rata ownership stake in LEI 4

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 Direc. TV *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 5

Overview of the November 2009 Split-off, Subsequent Merger of LEI with Direc. TV, and Decrease in Malone’s Voting Interest 6

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 Capital Liberty Interactive Liberty Entertainment Inc. “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%) • Lodge. Net Entertainment (9%) • Mac. Neil / Lehrer Productions (67%) • Motorola (3%) • Overture Films (100%) • Priceline. com (1%) • Sprint Nextel Corporation (3%) • Starz Media (100%) • Time Warner (3%) • True. Position (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 / Interactive. Corp (30%) • Interval Leisure Group (30%) • Provide Commerce (100%) • QVC (100%) • Ticketmaster (30%) • Tree. com (Lending Tree) (30%) • Assets FUN Technologies (100%) Transferred to Liberty • Entertainment Inc. GSN (50%) (Split-off Entity) • Liberty Sports Holdings (100%) • • • Direc. TV (52%) Direc. TV Group (54%) • GSN/FUN Technologies (65%) • Liberty Sports Holdings (100%) Starz Entertainment (100%) Wildblue Communications (37%) • Picks. Pal, Inc (73%) 7

LEI Was Subsequently Merged into Direc. TV Ownership (at the formation of the ‘new’ DIRECTV) Equity OLD “LEI” Stockholders NEW 1 • • Direc. TV Group (54%) DIRECTV “Holding” (Ticker: DTV) FUN Technologies (100%) • • GSN (50%) John Malone Other Holders (Incl. Insiders & 5% Holders) Total Liberty Sports Holdings (100%) Direc. TV Group Stockholders (excluding LEI) • Institutional / Mutual Fund Holders Voting 54. 0% 42. 0% 0. 2% 23. 8% 45. 8% 34. 2% 100. 0% • Direc. TV Group (100%) Former LEI 55. 0% 66. 0% • GSN/FUN Technologies (65%) Former Direc. TV 45. 0% 34. 0% • Liberty Sports Holdings (100%) 100. 0% Total 8 Direc. TV Group (46%) Current Ownership Equity Institutional / Mutual Fund Holders 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. Note: 1. LEI still exists as a wholly-owned subsidiary of DIRECTV Voting 87. 1% John Malone 3. 3% Public and Other 9. 6% 100. 0% Total 8