Thomas J. McInerneyEVP & Chief Financial Officer

May 2006

2

Building Businesses Across the Consumer Spectrum

Media

Membership

Services

Retailing

3

Multiple Brands

4

Financial Results – Q1 2006

RevenueOperating Income

Before Amortization

Q1 06 Q1 05 Growth Q1 06 Q1 05 Growth

Retailing $ 769

$ 599 28% $ 62 $ 59 4%

Services 482 380 27% 82 63 30%

Media & Advertising 118 91208

%12 (1) NM

Membership & Subscriptions

178 154 16% 29 27 8%

Emerging 8 4 111% (6) (3) -119%

Corporate & Other (5) (9) 46% (20) (34) 42%

Total $1,551

$ 1,136

36%$

158$

11142%

Adjusted* $1,266

$ 1,136

11%$

138$

12312%

$ in millions

* Excludes IAC Search & Media/Cornerstone/expenses and intercompany eliminations related to the spin-off.

5

Net Cash – March 31, 2006

* $1.3 billion gross debt less $365 million LendingTree Loans debt that is non-

recourse to IAC.

Cash / Restricted Cash& Marketable Securities

Net Cashpro forma

Debt*

$2.4 Billion

$1.5 Billion

$0.9 Billion

6

0.4%

10.8%

8.8%

2.3%

4.5%

6.0%4.9%

6.3%

7.9%8.6%

1.8%

5.5%

11.1%

Q1'03

Q1'04

Q1'05

Q1'06

Retailing: Get HSN Back On TrackTrailing Twelve Months Y/Y HSN Revenue Growth

7

OIBA +23% CAGR

Q1 ‘05 Q1 ‘06

Email Alerts (in millions)

220 325

TicketFast venues 1,802 2,295

TeamExchange teams

28 43

# Auctions Y/Y growth

NM+507

%

$ in millions

Ticketing: Capitalize on Strong Momentum

8

Lending: Grow Through Cyclical ContractionYear-Over-Year Growth

Source: U.S. mortgage market growth derived from MBAA data (April 2006).

2002 2003 2004 2005 Q1 '06 E

IAC Lending Revenue

U.S. Purchase

72%

42%

10%

131%

37%

17%0%

13%U.S. Refinance

44%

-42%

-12%

14%

58%

-33%

2%

9

Paid Subscribers

#1 ranking reflects reach position based upon unique visitors, including MSN Personals. Source:

ComScore, March 2006.

• 18 languages in 32 countries

• #1 in North America

• #1 in Europe / UK, Sweden,

Spain

• #1 in Australia

Global Strength

Subscribers at end of period, in thousands

Personals: Strengthen Worldwide Leadership

10

Source: comScore Q Search, March 2006.

Search: Take Ask.com to the Next Level

30.6%

16.5%

36.4%

8.9%

5.5%5.9%7.6%

13.2%

28.0%

42.7%

March 2005 March 2006

IAS Search & Media Properties

Share of U.S. Search Queries

12

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. These forward-looking statements include statements relating to anticipated financial performance, business prospects, new developments and similar matters, and/or statements that use words such as "anticipates," "estimates," "expects," "intends," "believes" and similar expressions. 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 2005, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and 2005 Annual Proxy Statement. 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.

Prepared May 2006

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Reconciliation Operating Income Before Amortization to Operating Income

$ in millions; rounding differences may exist

Q1'06 Q1'05 Q1'06 Q1'05

Operating Income Before Amortization 61.6$ 59.3$ 81.8$ 63.0$ Amortization of Non-Cash Items (16.7) (13.6) (13.3) (19.6) Operating Income 44.9$ 45.7$ 68.5$ 43.4$

Q1'06 Q1'05 Q1'06 Q1'05

Operating Income Before Amortization 11.6$ (0.9)$ 28.7$ 26.6$ Amortization of Non-Cash Items (18.0) (0.1) (11.6) (9.0)Operating Income (6.4)$ (1.0)$ 17.1$ 17.6$

Q1'06 Q1'05 Q1'06 Q1'05

Operating Income Before Amortization (5.8)$ (2.6)$ (19.7)$ (34.0)$ Amortization of Non-Cash Items (0.1) (0.1) (24.7) (12.7)Operating Income (5.9)$ (2.7)$ (44.4)$ (46.7)$

Retailing Services

Media & Advertising Membership & Subscriptions

Emerging Businesses Corporate and Other

14

Reconciliation Reported to Adjusted Revenue, Operating Income Before Amortization, and Operating Income

1Q'06 1Q'05 Growth

Revenue (as reported) 1,550.6$ 1,136.1$ 36%Excluding IAC Search & Media/Cornerstone (284.6)Revenue (Adjusted) 1,266.0 1,136.1 11%

Operating Income Before Amortization (as reported) 158.2$ 111.3$ 42%Excluding IAC Search & Media/Cornerstone/expenses and intercompany eliminations related to the Spin-off (20.2) 12.1Operating Income Before Amortization (Adjusted) 137.9$ 123.4$ 12%

Operating Income (as reported) 73.7$ 56.3$ 31%Excluding IAC Search & Media/Cornerstone/expenses and intercompany eliminations related to the Spin-off 0.3 12.1IAC (Adjusted) 74.0$ 68.4$ 8%

$ in millions; rounding differences may exist