Liberty Interactive Corporation Acquires Voting Control of TripAdvisor, Inc.

  Liberty Interactive Corporation Acquires Voting Control of TripAdvisor, Inc.

Business Wire

ENGLEWOOD, Colo. -- December 11, 2012

Liberty Interactive Corporation (“Liberty”) (Nasdaq: LINTA, LINTB, LVNTA,
LVNTB) and TripAdvisor, Inc. (“TripAdvisor”) (Nasdaq: TRIP) announced today
that Liberty has purchased a total of 4,799,848 shares of common stock of
TripAdvisor from Barry Diller and The Diller-von Furstenberg Family Foundation
at a price of $62.50 per share. As part of the transaction, Mr. Diller’s right
to control the vote of the shares of TripAdvisor’s common stock and Class B
common stock that are beneficially owned by Liberty has been terminated and
Liberty now controls a majority voting stake in TripAdvisor. Giving effect to
the transactions, Liberty owns and controls 18,159,752 shares of common stock
and 12,799,999 shares of Class B common stock of TripAdvisor, representing
approximately 22% of the equity and 57% of the total votes of all classes of
TripAdvisor common stock. Liberty has attributed the shares of TripAdvisor
common stock that it owns to its Liberty Ventures tracking stock group.

Concurrently with the transaction, Mr. Diller resigned as Chairman of the
Board of Directors and as Senior Executive of TripAdvisor, but will continue
serving as a director of TripAdvisor. TripAdvisor will make an announcement
when the Board of Directors has elected a new Chairman of the Board of
Directors.

“Ever since we acquired TripAdvisor in 2004 it's been one of the smoothest and
most trouble-free growth stories I've ever known,” said Barry Diller. “During
that time it grew from a startup with $23 million in annual revenues to a $5
billion plus public company with a global brand that operates the world's
largest travel site. Its great progress has happened because of the superb
talents of its co-founder and CEO, Steve Kaufer, and the team he leads. My
only reason for resigning as Chairman and disposing of my interests is that I
have more obligations than time and transferring control of TripAdvisor to
Liberty is something I'm very comfortable with – Liberty has proven itself a
fine steward and leader of its controlled businesses.”

“It has been a pleasure to work with Barry and we appreciate his outstanding
leadership through the years. I thank him for his numerous contributions and
look forward to his continued involvement with our Company as a member of our
Board,” said Steve Kaufer, co-founder and CEO of TripAdvisor. “Liberty has
been an important stockholder of ours and we look forward to continuing this
relationship in the future.”

“We are pleased to take voting control of our longstanding stake in
TripAdvisor,” said Greg Maffei, Liberty President and CEO. “TripAdvisor is an
established leader in the travel industry and our increased investment in the
company is a strong addition to our portfolio.”

About Liberty Interactive Corporation

Liberty Interactive Corporation operates and owns interests in a broad range
of digital commerce businesses. Those interests are currently attributed to
two tracking stock groups: Liberty Interactive Group and Liberty Ventures
Group. The Liberty Interactive Group (Nasdaq: LINTA, LINTB) is primarily
focused on digital commerce and consists of Liberty Interactive Corporation’s
subsidiaries Backcountry.com, Bodybuilding.com, Celebrate Interactive
(including Evite and Liberty Advertising), CommerceHub, MotoSport, Provide
Commerce, QVC, Right Start, and Liberty Interactive Corporation’s interests in
HSN and Lockerz. The Liberty Ventures Group (Nasdaq: LVNTA, LVNTB) consists of
Liberty Interactive Corporation’s non-consolidated assets, including interests
in AOL, Expedia, Interval Leisure Group, Time Warner, Time Warner Cable,
Tree.com (Lending Tree), TripAdvisor and various green energy investments.

About TripAdvisor

TripAdvisor^® is the world's largest travel site,* enabling travelers to plan
and have the perfect trip. TripAdvisor offers trusted advice from real
travelers and a wide variety of travel choices and planning features with
seamless links to booking tools. TripAdvisor branded sites make up the largest
travel community in the world, with more than 60 million unique monthly
visitors*, and over 75 million reviews and opinions. The sites operate in 30
countries worldwide, includingChina underdaodao.com. TripAdvisor also
includes TripAdvisor for Business, a dedicated division that provides the
tourism industry access to millions of monthly TripAdvisor visitors.

TripAdvisor, Inc. (NASDAQ: TRIP) manages and operates websites under 19 other
travel media brands, and together the sites attract more than 74 million 
unique monthly visitors.** TripAdvisor, Inc.'s travel media brands include
www.airfarewatchdog.com, www.bookingbuddy.com, www.cruisecritic.com,
www.everytrail.com, www.familyvacationcritic.com, www.flipkey.com,
www.holidaylettings.co.uk, www.holidaywatchdog.com,
www.independenttraveler.com, www.onetime.com,www.seatguru.com,
www.sniqueaway.com, www.smartertravel.com, www.tingo.com,
www.travel-library.com, www.travelpod.com, www.virtualtourist.com,
www.whereivebeen.com, and www.kuxun.cn.

*Source: comScore Media Metrix for TripAdvisor Sites, Worldwide, July 2012

**Source: comScore Media Metrix forTripAdvisor, Inc.and its subsidiaries,
Worldwide, July 2012

©2012 TripAdvisor, Inc. All rights reserved.

Safe Harbor Statement

Statements in this press release regarding management’s future expectations,
beliefs, intentions, goals, strategies, plans or prospects, including, without
limitation, statements relating to TripAdvisor, Liberty or the transactions
described herein may constitute forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995 and other federal
securities laws. Forward-looking statements can be identified by terminology
such as “anticipate,” “believe,” “could,” “could increase the likelihood,”
“estimate,” “expect,” “intend,” “is planned,” “may,” “should,” “will,” “will
enable,” “would be expected,” “look forward,” “may provide,” “would” or
similar terms, variations of such terms or the negative of those terms.
Investors are cautioned that statements in this press release, which are not
strictly historical statements, including, without limitation, the expected
closing date, the expected leadership changes, and other statements regarding
management’s plans, objectives and strategies, constitute forward-looking
statements. Such forward-looking statements involve known and unknown risks,
uncertainties and other factors including those risks, uncertainties and
factors detailed in Liberty’s and/or TripAdvisor’s filings with the Securities
and Exchange Commission. As a result of such risks, uncertainties and factors,
Liberty’s or TripAdvisor’s actual results may differ materially from any
future results, performance or achievements discussed in or implied by the
forward-looking statements contained herein. Liberty and TripAdvisor are
providing the information in this press release as of this date and assumes no
obligations to update the information included in this press release or revise
any forward-looking statements, whether as a result of new information, future
events or otherwise.

Contact:

Liberty Interactive Corporation
Courtnee Ulrich, 720-875-5420