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2015 Investor 2015 Investor Day November 12, 2015 Forward-Looking Statement This presentation includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about business strategies, market potential, the proposed spin-offs of Liberty Expedia Holdings, Inc. and CommerceHub, Inc., the anticipated benefits and synergies resulting from our acquisition of zulily, future financial prospects, international expansion, new service and product offerings, the monetization of our non-core assets, our pending investment in Liberty Broadband Corporation in conjunction with Charter Communications, Inc.’s acquisition of Time Warner Cable Inc., our expected ownership interest in Interval Leisure Group, Inc. following the announced transaction with Starwood Hotels and Resorts Worldwide, Inc., the continuation of our stock repurchase program, the estimated liabilities under exchangeable debentures and the ability of invested cash flows to meet obligations under the debentures and other matters that are not historical facts. These forward-looking statements involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, including, without limitation, possible changes in market acceptance of new products or services, our ability to satisfy the conditions to the proposed spin-offs, competitive issues, regulatory matters affecting our businesses, continued access to capital on terms acceptable to Liberty Interactive, changes in law and government regulations that may impact the derivative instruments that hedge certain of our financial risks and market conditions conducive to stock repurchases. These forward-looking statements speak only as of the date of this presentation, and Liberty Interactive expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in Liberty Interactive’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Please refer to the publicly filed documents of Liberty Interactive, including the most recent Forms 10-Q and 10-K for additional information about Liberty Interactive and about the risks and uncertainties related to Liberty Interactive’s business which may affect the statements made in this presentation. During today’s presentation we will discuss certain non-GAAP financial measures including adjusted OIBDA, adjusted OIBDA margin and free cash flow. Please refer to the Appendix at the end of the Liberty Ventures Group portion of this presentation for definitions and applicable GAAP reconciliations. The Appendix will be available on our website www.libertyinteractive.com throughout this meeting. 2 Agenda 8:00 – 9:00 Experience Liberty & Breakfast 9:00 – 9:05 Welcome…………………....... Courtnee Chun Ulrich 9:05 – 9:15 QVC Group…….……............ Greg Maffei & Chris Shean 9:15 – 9:45 QVC………………................ Mike George 9:45 – 9:55 zulily ………………............... Darrell Cavens 9:55 – 10:10 Liberty Ventures……………… Greg Maffei & Chris Shean 10:10 – 10:25 CommerceHub…....……..…… Frank Poore 10:25 – 10:35 Liberty Broadband …....……… Greg Maffei 10:35 – 11:00 Charter……………...………... Tom Rutledge 11:00 – 11:45 Q&A………………………..… John Malone & Greg Maffei 3 “May the zu be with Q” Greg Maffei – President & CEO 4 Liberty Interactive – Evolution Continues… One year ago “Today” Announced Spin-offs 5 Liberty Interactive Corporation – Composite Performance • Composite LIC(1) value up 122% to $41.93 / share since LVNTA tracker creation (8/9/12) • 28% CAGR versus 13% S&P and 18% NASDAQ • Combined market cap (QVC+LVNT+LTRP) $21.6b, up from $10.3b (LINTA on 8/9/12) $45 $40 $35 $30 $25 $20 of ShareValue Per Composite $15 QVCA Price LVNTA Incremental Price LVNTA Rights - Incremental Price LTRPA Incremental Price LVNTA Reattribution Note: Includes value of LVNTA rights offering and LTRPA value as of 11/5/15. 1) See slide 7 for build-up of composite LIC 6 Composite LIC $41.93 (1) $6.07 $3.08 $26.65 $4.27 $1.85 (1) QVCA LVNTA LVNTA Rights LTRPA Reattribution Composite LIC LINTA/QVCA Ventures Rights LTRPA Reattribution Composite LIC $26.65 (2) $42.73 (2) $30.83 (2) * $970m + Digital * 11% CAGR * 1 LVNT share * 20% discount to * 1-for-1 Commerce * LINTA traded since creation of for every 20 20-day VWAP distribution out companies for at $18.85 on tracking stock on LINTA shares of LVNT approx. $2.5b 8/9/12: 28% 8/9/12 * 1 right for every (8/27/14) shares of LVNT CAGR (8/9/12) 3 LVNT shares * 0.14217 LVNT held * 2-for-1 split for 1 QVCA (4/11/14) (8/9/12) (10/20/14) 1 QVCA (LVNT x 2)/20 (2 LVNT) x (1/20) x (1/3) (LTRPA x 2)/20 (0.14217 x LVNT) plus (2 LTRP) x (1/20) x (1/3) minus ($44.985)(80%)(1/3)(1/20) (1) Assumes ownership of LINT shares pre-LVNT tracking stock issuance and held through 11/5/15. (2) Share price as of 11/5/15. 7 QVC Operational Highlights • OneQ initiative • Share global infrastructure and best practices • Improve speed to deploy new capabilities and technologies • Streamline regional overhead • Multi-channel launch of QVC France • TV programming launched early August • Expanding China JV • Added distribution in Shanghai market in July • JV now reaches 111m homes • Highly competitive market, but QVC continues to strengthen its brand positioning • Confident that QVC’s differentiated consumer experience will be successful in Chinese market • New US shipping and handling policy • Positively received by customer base 8 QVC: Building Impressive Bench Strength at QVC Around the World • Strategic international management moves demonstrate deep pool of talent QVC can deploy • OneQ leverages worldwide capabilities and human capital across markets • Sending commerce leaders to international locations to fortify newer markets Steve Hofmann Head of QVC, International Doug Howe Former: Head of QVC, Europe Mike Fitzharris Head of Global Merchandising Head of QVC, Japan Former: Merchandising and Planning, US Mathias Bork Former: COO UK Head of QVC, Germany Former: Chief Merchandising, Germany Mary Campbell Head of Global Platforms Steve Bridgeman Gregg Bertoni Former: Head of Platforms, US Head of QVC, France Head of QVC, China Former: CMO,COO, UK Former: Head of QVC, Italy Paolo Penati Head of QVC, Italy Former: CFO, CMO, COO Italy 9 zulily Acquisition • Acquired leading, pure-play eCommerce platform with similar focus on discovery, customer engagement and experiential shopping • Only scale eCommerce platform that shares QVC’s DNA • Strong base of evergreen customers with attractive loyalty characteristics and unit economics • Expands QVC Group’s reach to key “millennial moms” demographic • Complementary core competencies will enhance customer experience and accelerate growth • Leverages fulfillment, procurement and back office efficiencies • Exciting opportunities for new product categories, cross-promotion, video commerce and international expansion • Already cross-promoting TSVs on zulily.com • Retain highly skilled management team 10 zulily Valuation Framework – Attractive Risk / Reward • zulily provides meaningful strategic and financial upside to QVC • Reasonable range of OIBDA CAGRs rapidly blends down purchase Group price multiple • Demographic adjacencies and cross selling and international • Excludes benefit of interim cash flow generation and strategic opportunities represent meaningful, but hard to quantify, upside importance to QVC Group • Strong topline growth with expected margin expansion driven by • Revenue synergies hard to quantify, but each $100m represents 1% economies of scale and synergies of pro-forma consolidated revenue(3) • zulily purchase price represents only 11% of QVC Group’s • Accelerated growth rate should increase blended OIBDA multiple enterprise value at deal closing $17b(1) 20% 15% $243m(5) 10% $196m(5) Base zulily $157m(5) $1.9b(2) OIBDA $98m(4) Note: OIBDA forecast is illustrative only and does not represent guidance. (1) QVC Group enterprise value as of October 1st (closing date of zulily acquisition). (2) Enterprise value at closing using QVCA market price. (3) Based on QVC consensus 2015E revenue of $8.8b and pre-transaction announcement zulily guidance of $1.35b 2015E revenue. Multiple of (4) Midpoint of pre-transaction announcement zulily guidance for 2015 of $62.5m, plus Purchase potential cost synergies of $35m, for illustrative purposes only. Do not expect to 20x 12x 10x 8x (2) achieve full run rate cost synergies until 2018. Price (5) Compounding $98m of 2015E OIBDA at illustrative CAGRs through 2020. 11 Illustrative only – not guidance QVC is Delivery Channel Agnostic – Content For Her Wherever She Is QVC is eCommerce powerhouse with huge promotional edge through TV • QVC is available on… • 48% of total US revenue was eCommerce in Q3-15, of which 52% was mobile • 70% of US new customer revenue from online • #3 in U.S. Mobile Commerce Multi-Category (Internet Retailers) • Cord-cutting less relevant for QVC demographic • zulily acquisition will help better address needs of millennial audience Apple TV • Distributors of all varieties (including skinny bundles/OTT offerings) have natural incentive to carry QVC programming Apple Watch • Unique programmer / distributor relationship with QVC (QVC as source of revenue rather than a cost) • Should create long term optionality for QVC to use new distribution formats over time if relevant to our customers • Unclear how media consumption patterns will
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