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DATE: SUBJECT: DECEMBER 20, 2011 EXPEDIA, INC - DISTRIBUTION/REVERSE SPLIT OPTION SYMBOL: EXPE NEW SYMBOL: EXPE1 FUTURES SYMBOLS: EXPE1C/EXPE1D NEW SYMBOLS: EXPE2C/EXPE2D DATE: 12/21/11

CONTRACT ADJUSTMENT - OPTIONS EFFECTIVE DATE: OPTION SYMBOL: STRIKE PRICES: NUMBER OF CONTRACTS: MULTIPLIER: NEW DELIVERABLE PER CONTRACT SETTLEMENT ALLOCATION: CUSIPS: PRICING The underlying price for EXPE1 will be determined as follows: EXPE1 = .5 (EXPE) + .5 (TRIP) CONTRACT ADJUSTMENT - FUTURES EFFECTIVE DATE: December 21, 2011 December 21, 2011 EXPE changes to EXPE1 No Change No Change 100 (e.g., a premium of 1.50 yields $150; a strike of 30 yields $3,000) 1) 50 (New) Expedia, Inc. (EXPE) Common Shares 2) 50 (New) TripAdvisor, Inc. (TRIP) Common Shares EXPE: TRIP: 50% 50%

EXPE: 30212P303 TRIP: 896945201

FUTURES SYMBOL: NUMBER OF CONTRACTS: MULTIPLIER NEW DELIVERABLE PER CONTRACT: CUSIP: PRICING

EXPE1C changes to EXPE2C EXPE1D changes to EXPE2D No Change 100 (e.g., a premium of 1.50 yields $150)

1) 50 (New) Expedia, Inc. (EXPE) Common Shares 2) 50 (New) TripAdvisor, Inc. (TRIP) Common Shares EXPE: 30212P303 TRIP: 896945201

The underlying price for EXPE2C/EXPE2D will be determined as follows: EXPE2C = .5 (EXPE) + .5 (TRIP) BACKGROUND Expedia, Inc. (EXPE) has announced a 1-for-2 reverse stock split immediately followed by a distribution of TripAdvisor, Inc. (TRIP) Common Shares. The distribution ratio is 0.5 TRIP Common Share for each EXPE Common Share held prior to the reverse stock split. The reverse split and distribution became effective on December 20, 2011. DISCLAIMER This Information Memo provides an unofficial summary of the terms of corporate events affecting listed options or futures prepared for the convenience of market participants. OCC accepts no responsibility for the accuracy or completeness of the summary, particularly for information which may be relevant to investment decisions. Option or futures investors should independently ascertain and evaluate all information concerning this corporate event(s). The determination to adjust options and the nature of any adjustment is made by a panel of The OCC Securities Committee pursuant to OCC By-Laws, Article VI, Sections 11 and 11A. The adjustment panel is comprised of representatives from OCC and each exchange which trades the affected option. The determination to adjust futures and the nature of any adjustment is made by OCC pursuant to OCC ByLaws, Article XII, Sections 3, 4, or 4A, as applicable. For both options and futures, each adjustment decision is made on a case by case basis. Adjustment decisions are based on information available at the time and are subject to change as additional information becomes available or if there are material changes to the terms of the corporate event(s) occasioning the adjustment.

CATEGORY: CONTRACT ADJUSTMENT ALL CLEARING MEMBERS ARE REQUESTED TO IMMEDIATELY ADVISE ALL BRANCH OFFICES AND CORRESPONDENTS ON THE ABOVE.
Questions regarding this memo can be addressed to Member Services at (800) 544-6091. Within Canada call (800) 424-7320. CATEGORY: CONTRACT ADJUSTMENT

For questions regarding this memo, call 1-888-OPTIONS or email options@theocc.com.