IAC/InterActiveCorp : IAC June 2022 Investor Presentation

INVESTOR PRESENTATION

June 21, 2022

NON-GAAP FINANCIAL MEASURES

This presentation contains references to certain non-GAAP measures. This includes Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (Adjusted EBITDA), defined as operating income excluding: (1) stock-based compensation expense; (2) depreciation; and (3) acquisition-related items consisting of (i) amortization of intangible assets and impairments of goodwill and intangible assets, if applicable, and (ii) gains and losses recognized on changes in the fair value of contingent consideration arrangements. The reconciliations between GAAP measures and non-GAAP measures are included in the Appendix to this presentation.

FORWARD-LOOKING STATEMENTS

This presentation may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The use of words such as "anticipates," "estimates," "expects," "plans" and "believes," among others, generally identify forward-looking statements. These forward-looking statements include, among others, statements relating to: IAC's future financial performance, business prospects and strategy, anticipated trends and prospects in the industries in which IAC's businesses operate and other similar matters. Actual results could differ materially from those contained in these forward-looking statements for a variety of reasons, including, among others: (i) our ability to market our products and services in a successful and cost-effective manner, (ii) the display of links to websites offering our products and services in a prominent manner in search results, (iii) changes in our relationship with (or policies implemented by) Google, (iv) our continued ability to market, distribute and monetize our products and services through search engines, digital app stores and social media platforms, (v) the failure or delay of the markets and industries in which our businesses operate to migrate online and the continued growth and acceptance of online products and services as effective alternatives to traditional products and services, (vi) our continued ability to develop and monetize versions of our products and services for mobile and other digital devices, (vii) adverse economic events or trends that adversely impact advertising spending levels, (viii) risks related to our Print business (declining revenue, increased paper and postage costs, reliance on a single supplier to print our magazines and increased pension plan obligations), (ix) the ability of our Digital business to successfully expand the digital reach of our portfolio of publishing brands, (x) our ability to establish and maintain relationships with quality and trustworthy service professionals and caregivers, (xi) the ability of Angi Inc. to successfully implement its brand initiative and expand Angi Services (its pre-priced offerings), (xii) our ability to engage directly with users, subscribers, consumers, service professionals and caregivers on a timely basis, (xiii) our ability to access, collect and use personal data about our users and subscribers, (xiv) the ability of our Chairman and Senior Executive, certain members of his family and our Chief Executive Officer to exercise significant influence over the composition of our board of directors, matters subject to stockholder approval and our operations, (xv) risks related to our liquidity and indebtedness (the impact of our indebtedness on our ability to operate our business, our ability to generate sufficient cash to service our indebtedness and interest rate risk), (xvi) our inability to freely access the cash of Dotdash Meredith and /or Angi Inc. and their respective subsidiaries, (xvii) dilution with respect to our investment in Angi Inc., (xviii) our ability to compete, (xix) adverse economic events or trends (particularly those that adversely impact consumer confidence and spending behavior), either generally and/or in any of the markets in which our businesses operate, (xx) our ability to build, maintain and/or enhance our various brands, (xxi) the impact of the COVID-19 outbreak on our businesses, (xxii) our ability to protect our systems, technology and infrastructure from cyberattacks and to protect personal and confidential user information, (xxiii) the occurrence of data security breaches and/or fraud, (xxiv) increased liabilities and costs related to the processing, storage, use and disclosure of personal and confidential user information, (xxv) the integrity, quality, efficiency and scalability of our systems, technology and infrastructure (and those of third parties with whom we do business) and (xxvi) changes in key personnel. Certain of these and other risks and uncertainties are discussed in IAC's filings with the Securities and Exchange Commission. Other unknown or unpredictable factors that could also adversely affect IAC's business, financial condition and results of operations may arise from time to time. In light of these risks and uncertainties, these forward-looking statements may not prove to be accurate. Accordingly, you should not place undue reliance on these forward-looking statements, which only reflect the views of IAC's management as of the date of this document. IAC does not undertake to update these forward-looking statements.

MARKET AND INDUSTRY DATA

We obtained the market and certain other data used in this presentation from our own research, surveys or studies conducted by third parties and industry or general publications, and other publicly available sources. We have not independently verified such data, and we do not make any representations as to the accuracy of such information.

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IAC BUILDS COMPANIES

We are guided by curiosity, a questioning of​ the status quo, and a desire to invent or​ acquire new products and brands. From the​ single seed that started as IAC over 25 years ago have emerged eleven public​ companies and a generation of exceptional​ leaders. We will always evolve, but our​ basic principle of financially disciplined​

opportunism will never change.

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Started as Silver King in 1995 With a ~$250M Market Cap
								IPO	Separation
			IPO		Spin
Barry Diller								HomeAdvisor combination
named Chairman				Quad Spin
					with Angie's List
and CEO of
Silver King						Spin			Spin
August			2000		2005	2010		2015	2020	June
1995					2022
					Acquisition				Acquisition
	Acquisition		Joint Venture
					Acquisition	Launch	Acquisition	Acquisition
					Acquisition
			Acquisition
		Acquisitions
			Acquisition	Acquisitions	Acquisition		Minority	Minority
								Investment	Investment
SILVER
KING
1995	1996	1998	2001	2003
										4

Now 11 Public Companies and $60B+ in Value Created for Our Shareholders​

																						(2)
																																																																	$1.00 invested
										(1)																																																							$50
																																																																			in 1995 is
																																																																		$45		worth…
																						(3)																																										$40
																																																																			IAC
																																																																		$35
																																																																			$25
																						(4)																																										$30		13% CAGR
																																																																		$25		vs
																																																																		$20
																																																																			S&P
																																																																		$15
																																																																			$12
																																																																		$10		10% CAGR
																																																																		$5
																																																																		$-
1995	1997	1999	2001	2003		2005		2007	2009	2011	2013		2015		2017	2019	2021
SpinCos and Subsidiaries																																																													S&P

Note: Share prices throughout deck as of June 7, 2022

1. In 2011, Expedia spun-off TripAdvisor; In 2016, Trivago (majority held by Expedia) filed for an IPO
2. In 2010, Ticketmaster merged with LiveNation, with TKTM shareholders receiving ~50% of the new entity
3. In 2017, Liberty Interactive purchased HSNi and combined it with QVC Group, with HSNi shareholders receiving ~11% of the new entity, which later became Qurate Retail
4. In 2018, Marriott Vacations Worldwide acquired ILG, with ILG shareholders receiving ~43% of the new entity

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