Dara Khosrowshahi EVP Chief Financial Officer Deutsche Bank

Dara Khosrowshahi EVP & Chief Financial Officer Deutsche Bank Media Conference June 9, 2004

Important Safe Harbor Statement Under The Private Securities Litigation Reform Act Of 1995 This presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, particularly statements anticipating future growth in revenues and operating income before amortization. Words such as “believes, ” “could, ” “expects, ” “anticipates, ” “estimates, ” “intends, ” “plans, ” “projects, ” “seeks, ” or similar expressions used in connection with any discussion of future operating or financial performance identify forward-looking statements. These forward-looking statements are necessarily estimates reflecting the best judgment of IAC’s senior management and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties are described in IAC’s filings with the U. S. Securities and Exchange Commission (the “SEC”), including its Annual Report on Form 10 -K for the fiscal year ended 2003, especially in the Risk Factors and the Management’s Discussion and Analysis sections, its Quarterly Reports on Form 10 -Q and its Current Reports on Form 8 -K. Other unknown or unpredictable factors also could have material adverse effects on IAC’s future results, performance or achievements. In light of these risks and uncertainties, the forward-looking events discussed in this presentation may not occur. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date stated, or if no date is stated, as of the date of this presentation. IAC is not under any obligation and does not intend to make publicly available any update or other revisions to any of the forward-looking statements contained in this presentation to reflect circumstances existing after the date of this presentation or to reflect the occurrence of future events even if experience or future events make it clear that any expected results expressed or implied by those forward-looking statements will not be realized. 2 Prepared 6/9/04 with minor subsequent edits - Read important disclaimer(s)

Supplying Demand 40 mm Active CUSTOMERS 180 mm TRANSACTIONS $60 Billion Thousands of PRODUCTS & SERVICES 140, 000 SUPPLY PARTNERS 3 Prepared 6/9/04 with minor subsequent edits - Read important disclaimer(s) Customer data includes duplication.

Adding Value IAC aggregates CONSUMERS Cho ice Conv e on siti i u q / Pr odu ct D ept nienc h e/E ase o f Use Great Values formati In levan on / Re vity i s u l ce ss e n que i / Un Exc 4 SUPPLIERS Prepared 6/9/04 with minor subsequent edits - Read important disclaimer(s) Leading Brands Innovation & Technology Scale Merchandising Capital to Cus r Ac e m s nnel a h C n ributio e Dist l p i t l u M Market Segmentation Marketin g Streng th Yie ld M ana gem ent

Operating Multiple Brands 5 IAC Travel Electronic Retailing Ticketing Personals IAC Local & Media Services Financial Services & Real Estate Prepared 6/9/04 with minor subsequent edits - Read important disclaimer(s)

Delivering Strong Results LTM $ in millions IAC Travel Ticketing $1, 813 revenue $548 OIBA 30% margin $2, 288 revenue $202 OIBA 9% margin $750 revenue $150 OIBA 20% margin Personals IAC Local & Media Services Financial Services & Real Estate $193 revenue $35 OIBA 18% margin 6 Electronic Retailing Prepared 6/9/04 with minor subsequent edits - Read important disclaimer(s) $254 revenue $19 OIBA 8% margin $161 revenue $21 OIBA 13% margin Segment results for last twelve months (Q 2 ’ 03 – Q 1 ’ 04). IAC Travel revenue as if Hotels. com on net basis.

Leading the Market 7 IAC Travel Electronic Retailing Ticketing $220 B market $44 B online $2 T market $53 B online; $6 B TV $28 B market $3 B online 20% share online 28% share of TV 66% share online #1 #2 #1 Personals $1. 5 B market $450 M online IAC Local & Media Services $60 B market $4 B online Financial Services & Real Estate $5 T market $185 B online 30% share online 20% share online #1 #2 Prepared 6/9/04 with minor subsequent edits - Read important disclaimer(s) Ticketing includes event and movie ticketing. Data based on Jupiter and IAC estimates. Local includes directional advertising (newspapers, yellow pages, and coupons) only; excludes local TV/radio.

Mining Big Opportunities IAC Travel • Online migration • Corporate • International • Destination services Personals • 90 mm singles • Matching technology • International • Social networking 8 Prepared 6/9/04 with minor subsequent edits - Read important disclaimer(s) Electronic Retailing Ticketing • Close gap w/ QVC • Multi-channel • Turnaround Germany • Unsold tickets • Box office share • Direct marketing • International IAC Local & Media Services Financial Services & Real Estate • Search • Pay for performance • Digital offers • Online migration • Real estate • New products

Travel 9 Prepared 6/9/04 with minor subsequent edits - Read important disclaimer(s)

IACT Portfolio $$$$ $ Simple 10 Prepared 6/9/04 with minor subsequent edits - Read important disclaimer(s) Air tickets Hotel rooms Rental cars Complex Packages Complex itineraries Business travel

IACT Portfolio vs. Competitors 11 Prepared 6/9/04 with minor subsequent edits - Read important disclaimer(s)

IACT is Outpacing the Market $ in millions Expedia Travelocity Orbitz Hotels. com Priceline Trip Network 12 Prepared 6/9/04 with minor subsequent edits - Read important disclaimer(s)

U. S. Hotel Occupancy Rates Peak times Low times: hotels need help 13 Prepared 6/9/04 with minor subsequent edits - Read important disclaimer(s) Source: Smith Travel Research

IACT Key Challenges § Occupancy rates § Marketing costs § Pricing § Raw margins 14 Prepared 6/9/04 with minor subsequent edits - Read important disclaimer(s)

Worldwide Opportunity $3, 000 $2. 6 trillion $2, 500 $2, 000 Destination Services $1, 500 $850 billion $1, 000 $500 Other $220 billion Travel U. S. US $U. S. 15 Europe Prepared 6/9/04 with minor subsequent edits - Read important disclaimer(s) Global Travel + Tourism

Europe is Tracking the U. S. $ in millions Gross Bookings U. S. (Jan ‘ 98 - Dec ‘ 00) 16 Prepared 6/9/04 with minor subsequent edits - Read important disclaimer(s) Europe (Jan ‘ 02 - Mar ‘ 04)

IACT Waves of Growth Domestic 2002 Europe 2004 Corporate 2005 Classic 2006 Asia 2007 17 Prepared 6/9/04 with minor subsequent edits - Read important disclaimer(s)

Integrating Naturally 18 Prepared 6/9/04 with minor subsequent edits - Read important disclaimer(s)

Integrating Naturally § $58 mm intra-IACT in Q 1 § $75 mm in sourcing savings over 3 yrs. § Best practices Paid search marketing § Credit fraud protection § Information technology § § People movement § Shared learning & expertise 19 Prepared 6/9/04 with minor subsequent edits - Read important disclaimer(s)

Growth 5 -Year OIBA Goal = $3, 000 $ in millions 2003 OIBA = $860 Travel $524 Goods $223 Ticketing Financial & Realty Personals x Local Services $144 CAGR Goal 25% to 35% $2, 000 20% to 25% $550 15% to 20% 80% to 25% 90% to 45% 30% to 5 0% $280 $130 $100 $150 20 Prepared 6/9/04 with minor subsequent edits - Read important disclaimer(s) 2003 and 2008 total OIBA is after corporate and other expenses

IAC’s Competitive Advantage § 43 leading brands § Strong balance sheet § Ability to invest aggressively in new growth areas § Shared learning and natural relationships across Businesses § Diversity & reduced volatility 21 Prepared 6/9/04 with minor subsequent edits - Read important disclaimer(s)

Harnessing the power of interactivity to make people’s lives easier, everywhere and everyday.

Reconciliations $ in millions 23 Prepared 6/9/04 with minor subsequent edits - Read important disclaimer(s) LTM results for Financial Services and Real Estate include Lendiing. Tree as of Q 1 2003.