Liberty Media Corporation

Corporate Governance Guidelines

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The Board of Directors (the “Board”) of Liberty Media Corporation (the “Company”) has adopted these Corporate Governance Guidelines as a framework for Board governance over the affairs of the Company for the benefit of its shareholders and employees.

The Company’s officers and employees, under the direction of its Chief Executive Officer and the oversight of the Board, conduct the Company’s business with the goal of enhancing the long-term value of the Company for the benefit of its shareholders.  The Board is elected by the shareholders to oversee the management of the Company and to help assure that the interests of the shareholders are served.

Under the Company’s charter documents, the Company is to have a staggered board comprised of not less than three members, with the exact number to be fixed from time to time by the Board (subject to the rights of holders of any series of preferred stock which the Company may issue in the future).  While the Board currently believes that the optimal number of members of the Board is between six and nine, it retains the discretion to change the number of members from time to time as changing circumstances may warrant.

Candidates for nomination or reelection to the Board will be identified by the Nominating and Corporate Governance Committee and recommended to the Board for approval.

Each director should meet the qualifications for Board membership set forth below.

A majority of the Board will consist of directors who are independent, as determined in accordance with the independence requirements set forth in the Corporate Governance Rules of The Nasdaq Stock Market, Inc. and all other legal and regulatory requirements.

The Nominating and Corporate Governance Committee of the Board has determined that candidates for nomination or reelection to the Board should possess the following qualifications, among others:

The business and affairs of the Company will be managed under the direction of the Board in accordance with applicable law.  To promote the discharge of this responsibility and the efficient conduct of the Board’s business, the Board has developed a number of specific expectations of directors.

Each director will have unabridged access to senior management and other employees of the Company in order to become and remain informed about the Company’s business and for any other purpose relevant to the fulfillment of the responsibilities of a member of the Board.

Anyone who wants to report a concern relating to the Company’s Code of Business Conduct and Ethics or the Company’s accounting, internal accounting controls or auditing matters may communicate that concern directly to the Audit Committee of the Board or to any one or more of the non-employee directors of the Company.  Any such communication may be confidential or anonymous and may be made by mail, phone or fax or via a web-based reporting system, in each case to the address, phone or fax numbers or website address specified in the “Code of Business Conduct and Ethics” available on the Company’s website.  Questions or concerns relating to accounting, internal controls, auditing or officer conduct will be sent to the Chairman of the Audit Committee and any other non-employee director designated by the Board to receive such questions or concerns and at the same time will be reviewed and addressed by one or more members of management in the same way that other concerns are addressed by the Company.  The status of all outstanding concerns addressed to non-employee directors will be reported to the Chairman of the Audit Committee on a regular basis.  The Chairman of the Audit Committee (or any other non-employee director designated by the Board) may direct that a matter be presented to the Board, the Audit Committee or another committee designated by the Board and may direct that various actions, including the retention of one or more outside advisors or counsel, be taken to assure that a concern is properly addressed.