Expedia, Inc. Announces Initial Public Offering

REDMOND, Wash., Nov. 10, 1999 — Expedia, Inc. (Nasdaq: EXPE) today announced the initial public offering of its common stock on the Nasdaq National Market under the trading symbol EXPE. The initial public offering price for the 5,200,000 shares offered by the company was $14.00 per share. Goldman, Sachs & Co. and Morgan Stanley Dean Witter are joint book-running managers for the offering.

Expedia, Inc. is a leading provider of branded online travel services for leisure and small business travelers and operates its own Web site, located at http://expedia.com , with localized versions in the United Kingdom, Germany, and Canada ( http://expedia.co.uk , http://expedia.de , http://expedia.ca ).

The Expedia.com TM travel service offers consumers one-stop travel shopping and reservation services. It provides reliable, real-time access to schedule, pricing and availability information for more than 450 airlines, 40,000 hotels, all major car rental companies and thousands of cruise and vacation options.

Prior to its IPO, Expedia, Inc. was a wholly owned subsidiary of Microsoft Corporation (Nasdaq: MSFT). Following the initial public offering, Expedia, Inc. will become a separate company, but will have a contractual relationship with and be majority-owned by Microsoft. As part of the contractual relationship, Expedia, Inc. will continue to be the exclusive provider of travel services on the MSN TM network of Internet services.

A copy of the Prospectus relating to the offering may be obtained from Goldman, Sachs & Co. at 85 Broad Street, New York, NY 10004, 212-902-1000 and Morgan Stanley & Co. Incorporated at 1585 Broadway, New York, NY 10036, 212-761-4000.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state.

Expedia and Expedia.com are registered trademarks of Expedia, Inc. Microsoft, and MSN are either registered trademarks or trademarks of Microsoft Corp. in the United States and/or other countries.

Other product and company names herein may be trademarks of their respective owners.

For more information, press only:

Expedia, Inc.: Andrea Riggs, Edelman Public Relations, 312-240-2799, [email protected]

Microsoft Corp.: Tom Pilla, Microsoft Corporate Communications, 425-936-0756, [email protected]

For investors and analysts only:

Expedia, Inc.: Investor Relations, 877-696-3973

For online press information on Expedia.com:


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