Quotes from the IACI spin-off conference call

| About: IAC/InterActiveCorp (IAC)

Uncovering value through the spin-off: "...we did not think it was wise for us to grow larger in travel inside IAC, because then all of our other assets would be completely obscured."

Whether the spin-off will impede IACI's ability to bundle destination services with travel: "I don't think that it is going to have any real impact on our ability to offer destination content... We have a nice leg up on our competitors because of our relationship today with the sister companies, EPI, Ticketmaster, Citysearch, for example. Over the next months we will work to create long-term agreements so that we can have these relationships in place for some time going forward."

Whether the spin-off will impede the roll-out of loyalty programs across the IACI brands: "...we have got about 36 actually different arrangements between the Travel companies and between what will be in Expedia and IAC.

Each one of those is going to be hardwired as a commercial agreement."

Future growth prospects of the travel business: "The travel marketplace as you know, the domestic travel business in the U.S. alone is a $190 billion business. European online travel is estimated at 20 billion but 5 percent online. And Asia-Pacific is just getting started; the penetration there is 1.5 percent.

So we think the expansion opportunities in travel are huge in scope."

(Quotes are from the CCBN StreetEvents transcript)

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