Investor Presentation Second Quarter 2016 Results Contact Investor Relations at (877) 640‐4856 or investors@lendingtree.com Forward Looking Statements Forward Looking Statements Certain statements herein are “forward‐looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Statements contained herein that are not clearly historical in nature are forward‐looking. In many cases, you can identify forward‐looking statements by terms such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or the negative of these terms or other comparable terminology. These forward‐looking statements speak only as of the date hereof and are based on the Company’s current plans and expectations and are subject to a number of known and unknown uncertainties and risks, many of which are beyond the Company’s control. As a consequence, current plans, anticipated actions and future financial position and results of operations may differ significantly from those expressed in any forward‐looking statements in the presentation. You should consider the risks in the Company’s periodic reports filed with the U.S. Securities and Exchange Commission (the “SEC”), including those described under the headings “Risk Factors” and “Cautionary Note Regarding Forward‐Looking Statements”. You are cautioned not to unduly rely on such forward‐looking statements when evaluating the information presented herein and we do not intend to update any of these forward‐looking statements except as may be required by applicable law. Non‐GAAP Financial Measures This presentation includes unaudited non‐GAAP financial measures, including Adjusted EBITDA, and the ratios based on these financial measures. We present non‐GAAP measures herein because our management believes that such information provides useful information about our operating performance. Non‐GAAP financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similar measures presented by other companies. The presentation of non‐GAAP financial measures is not intended to be a substitute for, and should not be considered in isolation from, the financial measures reported in accordance with GAAP. See the Appendix for a reconciliation of non‐GAAP financial measures to the comparable GAAP measures. Industry Data This presentation also contains industry data, forecasts and other information that we obtained from industry publications and surveys, public filings and internal company sources. Statements as to our ranking, market position and market estimates are based on independent industry publications, government publications, third‐party forecasts and management’s estimates and assumptions about our markets and our internal research. While we are not aware of any misstatements regarding our market, industry or similar data presented herein, such data involve risks and uncertainties and are subject to change based on various factors. Proven Leadership Team 1 Doug Lebda Gabe Dalporto Nikul Patel Sam Yount Chief Executive Officer & Founder Chief Financial Officer Chief Operating Officer Chief Marketing Officer Paul Tyma Neil Salvage Claudette Parham Carla Shumate Chief Technology Officer Chief Revenue Officer Chief People Officer SVP, Chief Accounting Officer, Treasurer LendingTree Today Empowering consumers to save money on any loan through fast, easy comparison shopping and delivering scale and efficiency for lenders 2 A Marketplace and Brand Built Over 20 Years The Marketplace For Loans 1996 Founded 3 2000 IPO 2003 Sale to IAC 2008 2012 Exited Spun out Mortgage from Origination IAC Business 2012‐15 Expanded Non‐ Mortgage Offerings Today Tomorrow THE Online Marketplace for Loans Increasing Consumer Lifetime Value through Repeat Engagement Key Investment Highlights Leading Online Loan Marketplace #1 in Mortgages; Leading Player in Personal Loans and Auto Loans with Massive Opportunities in Credit Cards, Small Business Loans and Student Loans Dominant Brand Drives Sustainable Competitive Advantage and Expansion Opportunities Massive Industry Shift to Online Accelerating Growth and Profitability Results Driven Leadership Team with Proven Track Record 4 A True Online Marketplace A True Online Marketplace Enabling Consumers and Lenders to Shop for Each Other Free Credit Scores Tools & Resources Access to Multiple Offers Cost‐Efficient Customer Acquisition Highly Targeted, Predictable Volume Clicks, Calls and Data Leads Real‐Time Reporting & Analytics 5 Retail Banks Mortgage Small Business Lenders Auto Lenders P2P Lenders Student Loans Credit Cards Lenders Consumers Ratings & Reviews Delivering a Fast, Easy Experience that Gets Results 58% Easy Three Minute Process of potential homebuyers stated “getting the best deal” (price) is their most important feature when considering a mortgage(1) Live Competitive Quotes Intuitive Mobile Experience 1) Internal data. 6 Proven Savings Unparalleled Scale and Brand $24bn+ Annual Loan Originations Facilitated(1) 1) Last 12 months originations based on lender‐reported funding data and internal estimates. 7 400+ ~$1.5bn Strategic Relationships with Top Tier Lenders Lifetime Brand Investment The Iconic Brand ~$1.5 billion Lifetime Brand Investment Aided Brand Awareness 68% Click Through Rate Conversion Rate 41% Revenue Per Lead 22% 13% Our Sustainable Competitive Advantage Source: LendingTree Consumer Research Study conducted by S. Radoff Associates, LLC, February 2015. 1,722 online surveys. Prospects defined as creditworthy current or prospective homeowners who are in the market for either a primary mortgage or refinancing. Awareness and familiarity of selected companies within category defined by companies that offer mortgages online. Credit Karma aided brand awareness from LendingTree Consumer Research Study conducted by S. Radoff Associates, LLC, YTD September 2015. 1,761 online surveys. Regardless of whether you mentioned any of these companies previously, which of the following companies have you heard of when it comes to shopping for loans and credit products online? 8 Large Scale, Fully Diversified Marketing Mix Fully Mobile‐Enabled Marketing Strategy to Strengthen Brand and Leadership 9 Television SEM SEO Display Partnerships Native Advertising Social Media Email Partnering with Top Tier Lenders Across the Spectrum Our Lending Partners Multiple Products 10 Increasing Consumer Lifetime Value Through My LendingTree From the Old Transaction Model… …To the New Relationship Model Periodic, mortgage‐centric transactions Recurring, highly diversified transactions Represents Savings Alerts Building Strong, Recurring User Engagement 11 My LendingTree: Driving Engaged, Repeat Consumers My LendingTree Cumulative User Growth 3.3+ million users Free Credit Score Driving Customer Retention Delivering Engaging Consumer Experiences Market‐Based Savings Alerts Through Rich Data & Analytics Providing Leverage to Paid Marketing Jun‐14 Sep‐14 Dec‐14 Mar‐15 Jun‐15 Sep‐15 Dec‐15 Mar‐16 Jun‐16 Leveraging data to provide real time, market‐based pricing Source: Internal data. 12 Seamless transaction Delivering targeted transaction‐ready consumers to lenders Our Market Opportunity Evolving Model Supported by Strong Tailwinds Leveraged Squarely to Key Consumer Trends Benefiting From Secular Shift Towards Online US Financial Services Industry Digital Ad Spend(1) ($ in billions) $14.0 12.4 11.5 $12.0 Simplification 10.4 9.4 $10.0 8.4 7.3 $8.0 6.2 $6.0 $4.0 $2.0 $0.0 Transparency 2014 2015 2016 2017 2018 2019 2020 Digital ad spending by the financial services industry should continue to grow at a healthy clip The number of US mobile financial services users to double from 45 million in 2012 to nearly 90 million in 2017 Insights Nearly half (49.4%) of all consumer interactions with banks and financial services companies now occur online 1) Frost & Sullivan, “Financial Services Digital Marketers: Four Opportunities to Improve the Customer Experience,” June 2015, eMarketer: “US Financial Services Industry Digital Ad Spending, 2014‐2020,” March 2016. 13 Massive Market Opportunity Adjacent Opportunities ~$19bn (3) US Bank & Credit Union Marketing Spending ~1.8% Penetration (4) Total Addressable Market ~$9.4bn (2) US Financial Services Online Advertising Served Market ~$2.0bn (1) Core Target Market ~17% Market Share (4) Core Sources: 1) Mortgage Brokers Association, Wall Street research, Wall Street Journal, Department of Education, Federal Reserve, Scotsman Guide, RealtyTrac, Booz & Co., company filings, internal estimates. 2) eMarketer, May 2015, includes advertising that appears on desktop and laptop computers as well as mobile phones and tablets; inclusive of $2.0bn core target market as per internal estimates. 3) The Financial Brand and Aite Group, "2015 State of Bank & Credit Union Marketing" as cited in Aite Group blog post, Jan 28, 2015. 4) Market share and penetration percentages are based on LTM revenue (as of June 30, 2016) of $337.1mm. 14 ~3.6% Penetration (4) Highly Attractive Vertical with Ample Growth Runway 1 Total Market Size Est. Online Ad Market Significant loan origination volume to drive TAM expansion 1 2 Fragmented Suppliers / Buyers 2 Meaningful opportunity for increased digital penetration High Value Purchase Frequency Mobile Adoption Inventory Differentiation 3 Key Online Players 3 Market Cap(4) Source: Capital IQ and Wall Street Research. 1) Wall Street Research. 2) Board of Governors of the Federal Reserve System, Department of Education, Federal Reserve Bank of New York, Mortgage Brokers Association, Scotsman Guide, Wall Street Journal, internal data. 3) eMarketer, U.S. Financial Services Industry Digital Ad Spending, 2013‐2019, May 2015. Inclusive of internal estimate of ~$2.0bn for online lead generation. 4) Capital IQ 5) Combination of Priceline market cap: $66.6bn, Expedia market cap: $18.9bn and TripAdvisor market cap: $10.1bn. Market cap as of July 22, 2016. 6) Combination of LendingTree market cap: $1.4bn and Bankrate market cap: $0.8bn. Market cap as of July 22, 2016. 15 Substantial value upside relative to similar markets Attractive Revenue Model Highly Levered to Exponential Growth # Loan Requests Factors Driving Our Operational Improvements & Expansion: 70% Match Rate % 65% Match Rate # of Matches 4x 3x # of Matches Price per Lead $25 Revenue Exponential EBITDA Improvement From Operating Leverage 16 Expansion opportunity for new and existing lenders $30 Avg. Price Per Lead Source: Internal data. Matching the right people with the right lenders to optimize traffic quality Focus on improved lender conversion rates Enabling Lenders to Grow in a Cost‐Effective Way Facilitating Highly Cost Efficient Loan Volume for Our Marketplace Lenders Close Fees(1) Refinance Mortgage $10 – $55 – 20 – 180 Purchase Mortgage $3 – $35 – 35 – 240 Home Equity $10 – $35 – Auto Loans $1 – $12 $135 – $180 Personal Loans $5 – $15 $25 – $200 140 – 650 Small Biz Loans – $180 – $2,500 200 – 375 Products Source: Internal data. 1) Reflects 10th / 90th percentiles as of October 26, 2015. 2) Reflects 70th percentile as of Q1 2015. 17 Lender Cost per Funded Loan (bps)(2) Match Fees(1) # of Leads Total Originated Purchased Volume X Avg. Price Per Lead 5 – 170 75 – 130 Financial Highlights Financial Highlights Strong and Consistent Revenue Growth Across Cycles 18 #1 Market Share in Mortgage Rapid Growth in Non‐Mortgage Attractive Operating Leverage Supporting Growth Strong and Consistent Revenue Growth Annual Revenue ($ in millions) Quarterly Revenue by Revenue Segment ($ in millions) $100.0 $450.0 $380– $390 $400.0 $94.7 $94.3 $90.0 $78.3 $80.0 $350.0 $39.7 $38.3 $69.8 $70.0 $300.0 $31.4 $60.0 $254.2 $96.0 ‐ $99.0 $55.1 $250.0 $25.6 $50.9 $50.0 $200.0 $40.0 $167.4 $4.4 $139.2 $150.0 $37.4 $36.4 $40.0 $5.8 $42.2 $41.3 $7.5 $43.9 $9.3 $13.9 $17.9 $10.7 $4.7 $30.0 $55.0 $56.0 (1) $100.0 $94.3 $20.0 $50.0 $44.2 $37.0 $37.2 $33.0 $31.7 $34.2 $34.7 $32.0 $33.2 $10.0 $‐ $‐ 2012 2013 2014 2015 (2) 2016 (2) Q3 '13 Q4 '13 Q1 '14 Q2 '14 Q3 '14 Q4 '14 Q1 '15 Q2 '15 Q3 '15 Q4 '15 Q1 '16 Q2 '16 Q3 '16 Mortgage Non‐mortgage 1) Reflects “Adjusted Exchanges” revenue which is non‐GAAP. GAAP revenue for such period was $77.4mm. For definitions and reconciliations of this measure please refer to our Q4 ‘13 earnings press release dated 3/10/14. 2) Reflects company guidance as of Q2 ‘16 earnings release. 19 $46.9 Secular Growth Through Execution Mortgage Segment Industry Originations(1) ($ in billions) LendingTree Mortgage Revenue ($ in millions) $250 $2,500 $202.1 $2,092 $2,000 $200 $1,886 $1,771 $165.3 $1,697 $150 $1,500 $134.1 $123.1 $1,218 $100 $1,000 $76.2 $500 $50 $0 2012 2013 2014 Refinance 2015 2016E $0 2012 (2) 2013 2014 2015 Purchase 1) Survey of estimates from MBA, Fannie Mae and Freddie Mac. 2) Reflects “Adjusted Exchanges” revenue which is non‐GAAP. GAAP mortgage revenue for such period was $61.2mm. For definitions and reconciliations of this measure, please refer to our Q4 ‘13 earnings press release dated 3/10/14 3) Last twelve months as of Q2 ‘16 earnings release 20 LTM (3) Non‐Mortgage Categories Diversifying Revenue Rates and Purchase/Refinance Mix are Becoming Less Relevant as New Products Gain Share and Diversify Revenues Non‐Mortgage Products Non‐Mortgage as a Percent of Total Revenue 42% 40% 41% 37% 32% 27% Reverse Mortgage Student Loans Small Business Loans 24% 23% 18% Home Equity 15% 10% 12% 13% Personal Loans Credit Cards Auto Loans Q2 '13 Q3 '13 Q4 '13 Q1 ' 14 Q2 '14 Q3 '14 Q4 '14 Q1 '15 Q2 '15 Q3 '15 Q4 '15 Q1 '16 Q2 '16 21 Focus on Growing VMM Dollars Annual Variable Marketing Margin Quarterly Variable Marketing Margin ($ in millions) ($ in millions) $40.0 $137.0 – $140.0 150% $35.0 ‐ $36.5 $140.0 80% $34.1 $34.0 $35.0 $120.0 130% 70% $30.0 110% $28.0 60% $100.0 $95.0 $24.3 $25.0 50% $21.2 $21.4 50% $80.0 42% $65.2 $58.6 $60.0 37% $20.0 (3) 36% $15.0 $47.1 30% $40.0 70% $17.5 40% 39% 90% $16.7 $16.3 $15.8 $15.1 $15.2 45% 42% (3) 40% 39% 38% 37% 40% 40% 37% 36% 36% 36% 35% 50% $10.0 30% $5.0 10% 20% $20.0 10% $‐ 0% 2012 1) 2) 3) 22 (1) 2013 2014 2015 2016 (2) 2012 variable marketing expense is adjusted to use Adjusted Exchanges revenue rather than revenue for the calculation. Based on company guidance as of Q2 ‘16 earnings release Calculated off of the midpoint of company VMM and Revenue guidance $‐ ‐10% Q3 '13 Q4 '13 Q1 '14 Q2'14 Q3 '14 Q4 '14 Q1 '15 Q2 '15 Q3 '15 Q4 '15 Q1 '16 Q2 '16 Q3 '16 (2) Attractive and Expanding EBITDA Margins Rapid Growth in Adjusted EBITDA Profitability(1) Annual Adj. EBITDA ($ in millions) Quarterly Adj. EBITDA ($ in millions) $64.0 – $66.0 $70.0 $20.0 20% $18.0 $60.0 $16.7 $16.0 (3) $50.0 16% 35% $15.8 18% 17% $16.5– $17.5 30% $14.0 16% 15% $40.8 $40.0 13% $12.0 $12.0 $11.0 $10.0 14% $8.9 $8.9 13% $30.0 (3) $8.0 $21.8 12% $6.0 $18.7 $20.0 $14.2 $4.0 $5.4 $5.9 16% 14% $5.5 $4.5 13% 10% $10.0 $5.8 $6.0 18% 16% 16% 15% 17% 20% 18% 17% 15% 14% 14% 10% $2.0 $‐ 2012 2013 2014 2015 (2) 2016 8% 11% $‐ 5% Q3 '13 Q4 '13 Q1 '14 Q2'14 Q3 '14 Q4 '14 Q1 '15 Q2 '15 Q3 '15 Q4 '15 Q1 '16 Q2 '16 Q3 '16 Note: 2012 figure reflects Adjusted Exchanges EBITDA which is defined as Adjusted EBITDA from continuing operations, plus modeled revenue for leads provided to HLC, minus the selling and marketing expense allocated to HLC. 1) See appendix for reconciliation to net income(loss) from continuing operations. 2) Based on company guidance as of Q2 ‘16 earnings release 3) Calculated off of the midpoint of company EBITDA and Revenue guidance 23 25% (2) Key Investment Highlights Leading Online Loan Marketplace #1 in Mortgages; Leading Player in Personal Loans and Auto Loans with Massive Opportunities in Credit Cards, Small Business Loans and Student Loans Dominant Brand Drives Sustainable Competitive Advantage and Expansion Opportunities Massive Industry Shift to Online Accelerating Growth and Profitability Results Driven Leadership Team with Proven Track Record 24 Appendix Non‐GAAP Adjusted EBITDA Reconciliation Year Ending December 31, (Amounts in millions) 2012 (1) 2014 2015 Q1 Q2 ‐ ‐ ‐ ‐ ‐ Adj: Combined Revenue and Marketing (10.94) ‐ ‐ ‐ ‐ ‐ Adj: Shared compensation costs allocated to HLC 0.49 ‐ ‐ ‐ ‐ ‐ $ 3.78 $ 18.72 $ 21.83 $ 40.82 $ 15.80 $ 16.66 Adjusted Exchanges EBITDA Adjusted EBITDA $ 14.23 2013 2016 Adjustments: Depreciation (4.11) (3.50) (3.25) (3.01) (1.00) (1.17) Amortization of intangibles (0.36) (0.15) (0.14) (0.15) (0.03) (0.07) Interest expense (0.88) (0.02) (0.00) (0.17) (0.14) (0.14) Income tax (expense) benefit 1.48 0.45 0.48 (4.80) (3.57) Impairment of long‐lived assets 0.00 0.00 (0.81) 0.00 Discretionary cash bonus 0.00 (0.92) 0.00 Trust contribution 0.00 (0.35) 0.00 Non‐cash compensation (4.59) (5.63) (7.28) (8.37) (2.63) (2.43) Loss on disposal of assets (0.74) (0.17) (0.28) (0.75) (0.13) (0.14) Estimated settlement for unclaimed property 0.00 0.00 0.00 (0.13) 0.00 0.00 Acquisition expense 0.00 0.00 (0.06) (0.08) 0.00 (0.14) Restructuring and severance 0.06 (0.16) (0.37) (0.42) 0.00 (0.07) Litigation settlements and contingencies 3.10 (8.96) 10.62 (0.17) 0.08 Net income (loss) from continuing operations $ (2.25) $ (0.67) $ (0.49) $ 47.18 18.83 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.61 $ 6.91 $ 9.00 1) 2012 figure reflects Adjusted Exchanges EBITDA which is defined as Adjusted EBITDA from continuing operations, plus modeled revenue for leads provided to HLC, minus the selling and marketing expense allocated to HLC. 25 Pro Forma Adjusted Exchanges Reconciliation (Amounts in millions) Revenue Mortgage Revenue Adjustment: Modeled revenue for leads sent to HLC Adjusted Mortgage Exchange Revenue Non‐mortgage revenue Corporate Revenue Total Adjusted Exchanges Revenue Selling & Marketing Expense Exchanges Marketing Expense Adjustment: Shared Variable Marketing Allocated to HLC Adjusted Exchanges Marketing Expense Other Marketing Adjusted EBITDA Adjustment: Combined Revenue & Marketing Adjustment: Shared Compensation Costs Allocated to HLC Adjusted Exchanges EBITDA 26 Year Ending December 31, 2012 2013 2014 77.4 NA NA 61.2 123.1 134.1 16.9 ‐ ‐ 78.0 123.1 134.1 14.6 15.5 33.3 1.7 0.6 ‐ 94.3 139.2 167.4 48.9 91.1 112.7 41.3 80.7 102.2 5.9 ‐ ‐ 47.2 80.7 102.2 7.7 10.4 10.6 3.8 18.7 21.8 10.9 ‐ ‐ (0.5) ‐ ‐ 14.2 18.7 21.8 2015 NA 165.3 ‐ 165.3 88.9 ‐ 254.2 172.8 159.2 ‐ 159.2 13.6 40.8 ‐ ‐ 40.8 2016 Q1 Q2 NA NA 55.0 56.0 ‐ ‐ 55.0 56.0 39.7 38.3 ‐ ‐ 94.7 94.3 65.1 64.5 60.6 60.3 ‐ ‐ 60.6 60.3 4.5 4.2 15.8 16.7 ‐ ‐ ‐ ‐ 15.8 16.7