<Page>
USA PROVIDES FINAL 2003 BUDGET TO INVESTMENT COMMUNITY
As filed with the Securities and Exchange Commission on February 6, 2003
On October 24, 2002, USA Interactive ("USA") released its preliminary budget for
2003. Today, we provide our final 2003 budget along with our year-end earnings
report. The budget was revised to reflect our 2002 results, some pending and all
recently completed transactions, and the current state of our businesses. In
conjunction with the release of future quarterly results, we will report how we
are performing against this budget.
PRESENTATION OF NON-GAAP MEASURES
USA believes that certain non-GAAP measures, including EBITA, Adjusted Net
Income, (previously referred to as "Cash Net Income"), Adjusted EPS (previously
referred to as "Cash EPS") and Free Cash Flow, are helpful to investors, when
presented in conjunction with the comparable GAAP measures. The non-GAAP
measures are not meant to replace or supersede the GAAP measures, but rather to
supplement the information to present the readers of the financial statements
the same information as management considers in assessing the results of
operations and performance of USA and its business units.
When presenting non-GAAP financial measures, USA will clearly present a
reconciliation of the most directly comparable GAAP measures. These non-GAAP
measures are consistent with how management views the results of operations in
assessing performance. The final rules on these measures were just released by
the SEC in January, so we, like the rest of the world, are in the process of
interpreting the rules. While we believe that the measures we present comply
with the rules, we will continue to monitor any developments in their
interpretation. Accordingly, we can give no assurance that we will be able to
provide these or comparable measures in future filings.
OUR NEW ORGANIZATION
In December, we organized our operations into three groups: Electronic
Retailing, Information and Services and Travel Services and will report our
results accordingly in 2003. And as we indicated in October, our previous
distinction between "Operating" and "Emerging" businesses has been eliminated.
This has also slightly changed some of our segment presentation as follows:
- As part of our purchase and integration of Ticketmaster, we have
eliminated the Ticketmaster public company corporate structure and
allocated overhead expenses to Ticketing, Personals and Citysearch as
appropriate.
- We have created a new Local services group, which includes Citysearch,
eVite and EPI, the acquisition of which is pending and which we have
assumed for all
Page 1
<Page>
purposes herein will close on April 1, 2003. These businesses will
work closely in creating promotions for hundreds of thousands of local
merchants.
- HSN - U.S. now includes Ingenious Designs Ltd. ("IDL"), which was
previously classified as an emerging business (inside International TV
Shopping and Other) since its original business plan was to develop
infomercial products as well as products for HSN. We have since
refocused IDL to develop exclusive product for HSN and believe that it
should be reported as part of the core HSN business as a result of that
change in strategy.
- TV Travel Shop is reported separately as part of the Travel Services
group, and International TV Shopping now includes just HSN Germany and
Euvia.
- We have added a segment called "Interactive Development." As part of
our continued expansion in the interactive commerce space, we have
determined that it is very important for us to continue to invest in
growth initiatives that will develop into new lines of business or will
help us leverage our scale in multiple lines of business. Initiatives
such as the potential launch of the U.S.-based TV travel network and
entry into new commerce verticals are included in this segment.
FINAL VS. PRELIMINARY BUDGET
As compared to our preliminary budget, USA expects 2003 revenue to be slightly
higher than previously budgeted, due to the inclusion of EPI and anticipated
revenue increases at Expedia and Ticketing which are expected to offset the
lower revised revenue budget for Hotels.com that it previously announced in
January.
With respect to EBITA, USA expects about 3% higher EBITA growth in 2003 as
compared to the preliminary budget. Again, the acquisition of EPI and
anticipated increases at Expedia, bolstered by an improved outlook at HSN
International, is expected to more than offset reductions at Hotels.com and
HSN-U.S. The lowering of EBITA at HSN-U.S. is based on a small reduction to
revenue growth and an increase in amortization of cable fees. (We made a mistake
in our calculation of amortization of cable fees in our preliminary budget and
have corrected it, based on the most recent data.)
Operating Income is expected to be 31% higher than the preliminary budget, due
to the inclusion of EPI and due to a reduction in amortization of intangibles
relating to the step-up in basis of HSN as a result of the Vivendi transaction
and other acquisitions completed in 2002 and 2003, including the acquisitions of
Interval and TV Travel Shop, the Ticketmaster merger and the pending acquisition
of EPI.
Net income available to common shareholders is now expected to increase even
more substantially, due to the increase in Operating Income and decreases in
book taxes due to additional deferred taxes. This is offset by higher net
interest expense due to a $750 million bond offering that we completed in Q4 of
2002. While the issuance of the bonds
Page 2
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causes modest short-term earnings dilution, we believe that our long-term return
on that capital will exceed its cost.
GAAP EPS is now expected to grow even more dramatically in 2003 than previously
anticipated. Adjusted Net Income remains basically unchanged from the
preliminary budget, as the drivers of increases in Operating Income and Net
Income are primarily non-cash. Adjusted EPS is down 5% from the preliminary
budget due to a higher 2003 shares outstanding figure based on the most recent
data.
Free Cash Flow is expected to be 4% to 5% lower than the preliminary budget. The
inclusion of EPI and changes in various segments are expected to partially
offset increases in capital expenditures (primarily relating to various real
estate projects) and increased interest expense due to the company's recently
completed bond offering. Net Cash from operating activities is expected to be
about 2% higher than the preliminary budget. Because of USA's business
fundamentals, working capital is currently a positive source of free cash flow
for USA. However, it could be less robust depending on economic conditions, and
in the event of sudden changes in economic conditions, could even decline.
As we did in our preliminary budget, we continue to budget for cash
distributions by VUE to USA under the parties' partnership agreement, including
tax distributions relating to the VUE preferred interests. As we have already
publicly disclosed, Vivendi is disputing these payments.
Our final budget also includes estimates for the amortization of non-cash
compensation. Our long-term goal is that non-cash compensation (after adjusting
for taxes and minority interest) will range from 5% to 8% of Adjusted Net
Income. While we have transitioned the significant majority of our equity
compensation to restricted stock, our public subsidiaries may issue some
employee stock options in 2003 as they complete the transition to 100%
restricted stock. As we have announced previously, USA will prospectively
expense options issuances for GAAP purposes.
It is important to note that our 2003 budget represents USA management's best
estimate of the company's performance for the upcoming year based on the current
state of the economy. This budget does not take into account a war scenario or
any other major domestic or world event which significantly might affect our
businesses.
Please feel free to contact USA Investor Relations at 212-314-7400, or at
IR@USAINTERACTIVE.COM if you have any questions or for further information.
Page 3
<Page>
USA INTERACTIVE
2003 BUDGET
Pro Forma for Vivendi and Expedia transactions and
Ticketmaster merger
($ IN MILLIONS EXCEPT PER SHARE AMOUNTS)
<Table>
<Caption>
2003 GROWTH
PRO FORMA PRO FORMA -----------------------------------------------------------------
2001 2002 Q1 Q2 Q3 Q4 FY '01-'02' 02-'03
----------------------------------------------------------------------------------------------
REVENUE
ELECTRONIC RETAILING:
HSN - U.S. $ 1,558 $ 1,615 $ 430 $ 421 $ 432 $ 523 $ 1,805 4% 12%
International TV shopping (a) 271 309 97 92 91 106 387 14% 25%
----------------------------------------------------------------------------------------------
Total Electronic Retailing 1,829 1,924 527 513 523 628 2,192 5% 14%
INFORMATION & SERVICES:
Ticketing (b) 580 655 171 195 168 161 695 13% 6%
Personals (c) 49 125 40 46 48 51 184 154% 47%
Local services (d) 46 31 8 49 33 158 247 -33% 703%
PRC 299 295 73 76 82 85 316 -1% 7%
ECS / Styleclick (e) 34 39 3 - - - 3 15% -91%
----------------------------------------------------------------------------------------------
Total Information & Services 1,008 1,146 295 366 331 455 1,446 14% 26%
TRAVEL SERVICES:
Expedia 297 589 186 212 228 219 845 98% 43%
Hotels.com 536 945 245 305 355 345 1,250 76% 32%
Interval (f) N/A 39 56 54 59 56 226 N/A N/A
TV Travel Shop (g) N/A 26 16 16 21 13 66 N/A N/A
----------------------------------------------------------------------------------------------
Total Travel Services 833 1,599 503 587 664 633 2,387 92% 49%
Interactive Development 1 - - - - - -
Disengaged HSN homes 102 (2) - - - - -
Intersegment elimination (7) (11) (4) (4) (4) (5) (16)
----------------------------------------------------------------------------------------------
TOTAL REVENUE $ 3,766 $ 4,657 $ 1,322 $ 1,461 $ 1,514 $ 1,712 $ 6,008 24% 29%
==============================================================================================
EBITA
ELECTRONIC RETAILING:
HSN - U.S. $ 127 $ 163 $ 35 $ 45 $ 46 $ 65 $ 192 28% 18%
International TV shopping (a) (26) (12) 2 1 (0) 5 8 52% NM
----------------------------------------------------------------------------------------------
Total Electronic Retailing 101 151 38 46 46 70 200 49% 33%
INFORMATION & SERVICES:
Ticketing (b) 74 108 28 39 26 26 119 45% 10%
Personals (c) 15 28 4 11 13 10 38 93% 35%
Local services (d) (40) (32) (7) (7) (19) 60 27 19% NM
PRC 3 (3) 0 1 2 3 7 NM NM
ECS / Styleclick (e) (62) (27) (2) (3) (0) - (5) 57% 82%
----------------------------------------------------------------------------------------------
Total Information & Services (10) 75 24 41 22 99 186 NM 149%
TRAVEL SERVICES:
Expedia 50 158 41 57 63 60 221 218% 40%
Hotels.com 80 128 26 40 52 51 169 60% 32%
Interval (f) N/A 2 17 11 16 14 58 N/A N/A
TV Travel Shop (g) N/A (7) (0) 0 4 (3) 0 N/A N/A
----------------------------------------------------------------------------------------------
Total Travel Services 130 281 83 108 135 122 448 117% 59%
Interactive Development (h) (1) (3) (2) (6) (10) (12) (30)
Corporate expense and other
adjustments (38) (56) (13) (13) (13) (13) (53) -46% 5%
Disengaged HSN homes 11 - - - - - -
----------------------------------------------------------------------------------------------
TOTAL EBITA* $ 193 $ 448 $ 129 $ 177 $ 180 $ 265 $ 751 133% 68%
==============================================================================================
ATTRIBUTABLE EBITA EXCLUDING
INTERVAL AND EPI* $ 149 $ 331 $ 85 $ 129 $ 133 $ 145 $ 493 122% 49%
Net Income $ (132) $ (54) $ 7 $ 35 $ 27 $ 80 $ 149 59% NM
GAAP EPS (diluted) $ (0.27) $ (0.11) $ 0.01 $ 0.06 $ 0.05 $ 0.14 $ 0.27 60% NM
Adjusted Net Income* $ 123 $ 236 $ 72 $ 104 $ 95 $ 143 $ 414 92% 76%
Adjusted EPS* $ 0.24 $ 0.45 $ 0.14 $ 0.18 $ 0.17 $ 0.25 $ 0.75 90% 64%
Diluted Shares Outstanding:
GAAP EPS 480 492 527 529 532 534 534
Adjusted EPS 512 518 529 551 534 555 555
</Table>
For 2004, USA currently anticipates growth in: revenues and EBITA of
approximately 24% and 46%, respectively; Operating Income of approximately 120%;
each of Net Income and GAAP EPS (diluted) of approximately 130%; and each of
Adjusted Net Income and Adjusted EPS of approximately 35%.
* EXCLUDES NON-RECURRING ITEMS, INCLUDING RESTRUCTURING CHARGES. ADJUSTED EPS
WAS PREVIOUSLY REFERRED TO AS CASH EPS.
Page 1 of 9
READ IMPORTANT FOOTNOTES AND DISCLAIMER AT THE END
OF THIS DOCUMENT
As filed with the Securities and Exchange Commission
on February 6, 2003.
<Page>
USA INTERACTIVE
2003 BUDGET
Pro Forma for Vivendi and Expedia transactions and
Ticketmaster merger
($ IN MILLIONS EXCEPT PER SHARE AMOUNTS)
<Table>
<Caption>
2003 GROWTH
PRO FORMA PRO FORMA -----------------------------------------------------------------
2001 2002 Q1 Q2 Q3 Q4 FY '01-'02' 02-'03
----------------------------------------------------------------------------------------------
OPERATING INCOME
ELECTRONIC RETAILING:
HSN - U.S. $ 72 83 $ 18 $ 28 $ 30 $ 48 $ 123 14% 49%
International TV shopping (a) (25) (12) 2 0 (0) 5 7 54% NM
----------------------------------------------------------------------------------------------
Total Electronic Retailing 47 71 20 29 29 53 130 51% 83%
INFORMATION & SERVICES:
Ticketing (b) 33 67 20 31 18 19 87 103% 30%
Personals (c) 9 23 2 9 11 8 29 156% 29%
Local services (d) (117) (81) (19) (23) (35) 44 (33) 31% 59%
PRC 3 (3) 0 1 2 3 7 NM NM
ECS / Styleclick (e) (62) (32) (2) (3) (0) - (5) 49% 83%
----------------------------------------------------------------------------------------------
Total Information & Services (135) (26) 1 15 (4) 73 85 81% NM
TRAVEL SERVICES:
Expedia (13) 94 16 38 45 42 140 NM 50%
Hotels.com 62 106 20 32 45 43 141 71% 33%
Interval (f) N/A (5) 11 5 9 8 33 N/A N/A
TV Travel Shop (g) N/A (11) (2) (2) 2 (5) (7) N/A N/A
----------------------------------------------------------------------------------------------
Total Travel Services 49 184 44 74 101 88 307 277% 67%
Interactive Development (2) (5) (6) (10) (14) (16) (44)
Corporate expense and other
adjustments (60) (74) (32) (32) (32) (32) (129) -24% -75%
Disengaged HSN homes 11 - - - - - -
Intersegment Elimination - - - - - - -
OPERATING INCOME EXCLUDING ----------------------------------------------------------------------------------------------
NON-RECURRING ITEMS $ (90) $ 150 $ 27 $ 76 $ 80 $ 166 $ 348 NM 132%
==============================================================================================
Non-recurring items (26) (122) - - - - -
----------------------------------------------------------------------------------------------
OPERATING INCOME $ (116) $ 28 $ 27 $ 76 $ 80 $ 166 $ 348 NM 1140%
==============================================================================================
</Table>
<Table>
<Caption>
FREE CASH FLOW (i) 2002 2003 '02 - '03
----------------------------
Net income before preferred dividend $ 10 $ 168 1538%
Depreciation and amortization 429 631 47%
Noncash interest income (23) (39) -68%
Equity losses of unconsolidated affiliates 122 (3) NM
Minority interest (benefit) / expense 34 78 130%
Other changes in working capital and other 169 247 46%
----------------------------
Net Cash provided by Operating Activities $ 741 $ 1,083 46%
Capital expenditures (153) (254) -66%
Investments in HSN International (32) (4) 87%
Preferred dividend (10) (13) -28%
----------------------------
FREE CASH FLOW $ 545 $ 811 49%
============================
</Table>
For 2004, USA currently anticipates growth in each of Free Cash Flow and Net
Cash Provided by Operating Activities of approximately 25%.
Page 2 of 9
READ IMPORTANT FOOTNOTES AND DISCLAIMER AT THE END
OF THIS DOCUMENT
As filed with the Securities and Exchange Commission
on February 6, 2003.
<Page>
USA INTERACTIVE
2003 BUDGET
Pro Forma for Vivendi and Expedia transactions and Ticketmaster merger
($ IN MILLIONS EXCEPT PER SHARE AMOUNTS)
<Table>
<Caption>
PRO FORMA PRO FORMA BUDGET GROWTH GROWTH
2001 2002 2003 '01 - '02 '02 - '03
-------------------------------------------------------
P&L
Revenue $ 3,766 $ 4,657 $ 6,008
Operating expenses (3,573) (4,209) (5,257)
-------------------------------------------------------
EBITA 193 448 751 133% 68%
======================================================
Amortization of non-cash compensation, distribution and marketing (73) (72) (113)
Amortization of other intangibles (non-cash) (j) (205) (194) (270)
Disengagement costs (4) (32) (20)
-------------------------------------------------------
Operating income (90) 150 348 NM 132%
Interest and dividend income 84 103 82
Equity losses of unconsolidated affiliates and other (39) (21) (7)
-------------------------------------------------------
Income before taxes and minority interest (44) 232 424 NM 83%
Income tax expense (40) (110) (177)
Minority interest expense (k) (1) (51) (78)
Impact of dilutive securities (k) - (6) (6)
-------------------------------------------------------
Net income before preferred dividend (84) 65 162 NM 150%
Preferred dividend (13) (13) (13)
-------------------------------------------------------
Net income available to common shareholders, before non-recurring $ (97) $ 52 $ 149 NM 188%
items =======================================================
After-tax impact of non-recurring items (35) (105) -
-------------------------------------------------------
Net income available to common shareholders $ (132) $ (54) $ 149 59% NM
=======================================================
GAAP diluted shares outstanding 480 492 534
GAAP EPS (diluted) $ (0.27) $ (0.11) $ 0.27 60% NM
=======================================================
Adjusted Net Income calculation:
Net income available to common shareholders $ (132) $ (54) $ 149
After-tax impact of non-recurring items 35 105 -
Preferred dividend - - 13
Equity Income from 5.44% common interest in VUE (l) - (6) -
Amortization of non-cash items 278 266 383
Less: related tax and minority interest (58) (76) (131)
-------------------------------------------------------
ADJUSTED NET INCOME $ 123 $ 236 $ 414 92% 76%
=======================================================
Adjusted EPS diluted shares outstanding 512 518 555
ADJUSTED EPS $ 0.24 $ 0.45 $ 0.75 90% 64%
=======================================================
GAAP EPS diluted shares outstanding calculation: (m)
Basic shares outstanding 480 492 508
Treasury method options, warrants and restricted stock (n)(o) 0 0 26
------------------------------
GAAP diluted shares outstanding 480 492 534
Adjusted EPS diluted shares outstanding calculation: (m)
Basic shares outstanding 480 492 508
Treasury method options and warrants (n)(o) 31 26 26
Restricted stock (o) 0 0 2
Common shares issuable for convertible preferred (p) 0 - 19
------------------------------
Adjusted EPS diluted shares outstanding 512 518 555
==============================
</Table>
Page 3 of 9
READ IMPORTANT FOOTNOTES AND DISCLAIMER AT THE END
OF THIS DOCUMENT
As filed with the Securities and Exchange Commission
on February 6, 2003.
<Page>
USA INTERACTIVE
2003 BUDGET
Pro Forma for Vivendi and Expedia transactions and Ticketmaster merger
IMPORTANT: This Budget reflects USA management's expectations for performance in
2003 and its preliminary outlook for 2004 based on the current state of the
economy. This budget does not take into account a war scenario or other major
domestic or world event which significantly might affect our businesses.
DEFINITIONS
EBITA is defined as Operating Income plus: amortization of (1) non-cash
distribution and marketing expense, (2) non-cash compensation expense, (3) other
intangibles (and goodwill in 2001), and (4) disengagement related payments to
cable operators and marketing expenses related to the transfer of HSN's
distribution to cable (which has been accomplished). Excludes non-recurring
items.
Attributable EBITA is defined as EBITA, less the percentage of EBITA
attributable to minority shareholders of USA's public and other non-wholly owned
subsidiaries.
Adjusted Net Income is defined as net income available to common shareholders
plus: amortization of (1) non-cash distribution and marketing expense, (2)
non-cash compensation, (3) other intangibles (and goodwill in 2001), net of
related tax and minority interest expense and (4) equity income from USA's 5.44%
common interest in VUE. Excludes non-recurring items. All amounts are presented
on a fully diluted, treasury method basis except with respect to restricted
stock, all of which is treated as outstanding for purposes of Adjusted EPS.
Free Cash Flow is defined as Net Cash Provided by Operating Activities, less
capital expenditures, other investments relating to operations and preferred
dividends paid. Free Cash Flow also includes cash received and tax payments
related to the VUE securities. Free Cash Flow includes cash distributions of
3.6% of the face value of the VUE Class B preferred interest and assumes in 2003
the receipt of $29.2 million in tax distributions relating to the VUE preferred
interests, which tax distributions are currently the subject of dispute between
USA and Vivendi. The tax distributions assume there is sufficient income at VUE
and a tax rate of 40%. Tax payments of $157 million in 2002 and an estimated
$100 - $125 million in 2003 related to the sale of USA Broadcasting to Univision
which closed in August 2001 are included in discontinued operations and
accordingly have no impact on net cash from operations or free cash flow.
BUDGET FOOTNOTES
(a) International TV Shopping includes HSE Germany, Euvia, Hot Networks, and
overhead costs related to HSN International.
(b) USA expects Ticketing EBITA growth in 2003 to be slower than 2002 due
mainly to investment in new products and due to exceptionally strong 2002
results.
(c) USA expects Personals EBITA growth in 2003 to be slower than 2002 due
mainly to increased consumer marketing to grow the subscriber base.
(d) Local Services is comprised of Citysearch, Evite, and Entertainment
Publications, Inc. ("EPI") (transaction pending). Results from EPI are
included from April 1, 2003 although the actual closing date of the
transaction could differ. Revenue, EBITA and Operating Income for 2003 from
the assumed closing date are $205, $41, and $25 million respectively.
(e) During Q4 2002, ECS / Styleclick announced several contract terminations
and Styleclick announced at the beginning of Q1 2003 that the company has
retained an investment banking firm to assist it in reviewing strategic
alternatives, including but not limited to mergers, acquisitions, or a
possible sale of Styleclick.
(f) Includes results from Interval from September 24, 2002.
(g) Includes results from TV Travel Shop from May 1, 2002.
(h) Interactive Development represents USA's investment in growth initiatives
that are anticipated to develop into new lines of business. Initiatives
such as the potential launch of the U.S.- based TV travel network and entry
into new commerce verticals are included in this segment.
(i) For the purposes of the calculation of Free Cash Flow, Net Income before
preferred dividend is defined as actual Net Income before preferred
dividend, rather than proforma Net Income as shown on page 1.
(j) The increase in amortization of intangibles relates primarily to the
step-up in basis of HSN related to the Vivendi transaction and other
acquisitions completed in 2002, including the acquisitions of Interval and
TV Travel Group, the Ticketmaster merger and the pending acquisition of
EPI. To the extent additional acquisitions are completed in the future,
amortization of intangibles could increase.
(k) Minority interest is calculated based on USA's basic ownership in
Hotels.com, Expedia and Euvia. Impact of dilutive securities represents
additional minority interest related to treasury method options, warrants
and restricted stock at Hotels.com and Expedia.
(l) As equity gains or losses arising from USA's common interest in VUE are not
factors reviewed by USA in evaluating its operations, such gains or losses
are excluded from the calculation of Adjusted Net Income.
(m) For purposes of calculating GAAP EPS (diluted), restricted stock is
amortized over the vesting period and the restricted shares are treated on
a treasury method basis in the shares outstanding calculation. For purposes
of calculating Adjusted EPS, restricted stock amortization is excluded from
Adjusted Net Income, but all restricted shares issued and outstanding are
included in the shares outstanding calculation.
(n) Shares outstanding (for GAAP EPS (diluted) and Adjusted EPS) will vary if
the warrants issued in the Vivendi or Expedia transactions are converted or
are treated on an as converted basis for purposes of calculating treasury
method dilution.
(o) In 2003, USA is replacing options with restricted stock as part of its
non-cash compensation program. Expedia and Hotels may continue to issue
options in 2003 as they complete the transition to 100% restricted stock.
For GAAP purposes, USA will prospectively expense option issuances.
(p) In connection with the Expedia transaction which was completed in February
2002, USA issued $656 million face value 1.99% convertible preferred stock,
which is initially convertible at $33.75 into approximately 19.4 million
shares. The company anticipates that the preferred stock will have a
dilutive impact to Adjusted EPS in 2003, thus 19.4 million shares will be
treated on an as converted basis for purposes of Adjusted EPS in 2003.
Page 4 of 9
READ IMPORTANT FOOTNOTES AND DISCLAIMER AT THE END
OF THIS DOCUMENT
As filed with the Securities and Exchange Commission
on February 6, 2003.
<Page>
USA INTERACTIVE
2003 BUDGET
Pro Forma for Vivendi and Expedia transactions and Ticketmaster merger
($ IN MILLIONS EXCEPT PER SHARE AMOUNTS)
RECONCILIATION SCHEDULES
<Table>
<Caption>
PRO FORMA 2001
--------------------------------------------------------------------------------
OPERATING
EXPENSES,
EX. D&A,
DISENGAGEMENT AMORTIZATION
AND OF CABLE AMORTIZATION
NON-RECURRING DISTRIBUTION OF NON-CASH
REVENUE ITEMS DEPRECIATION FEES EBITA ITEMS
--------------------------------------------------------------------------------
ELECTRONIC RETAILING:
HSN - U.S. $ 1,558 $ (1,340) $ (49) $ (42) $ 127 $ (51)
International TV shopping 271 (291) (3) (2) (26) 1
--------------------------------------------------------------------------------
Total Electronic Retailing 1,829 (1,631) (52) (44) 101 (50)
INFORMATION & SERVICES:
Ticketing 580 (482) (24) - 74 (41)
Personals 49 (33) (2) - 15 (6)
Local information 46 (79) (7) - (40) (77)
PRC 299 (264) (31) - 3 -
ECS / Styleclick 34 (88) (9) - (62) (0)
--------------------------------------------------------------------------------
Total Information & Services 1,008 (946) (72) - (10) (124)
TRAVEL SERVICES:
Expedia 297 (236) (11) - 50 (63)
Hotels.com 536 (455) (2) - 80 (18)
Interval N/A N/A N/A N/A N/A N/A
TV Travel Shop N/A N/A N/A N/A N/A N/A
--------------------------------------------------------------------------------
Total Travel Services 833 (691) (13) - 130 (81)
Interactive Development 1 (1) (1) - (1) (1)
Corporate expense and other adjustments - (33) (5) - (38) (22)
Disengaged HSN homes 102 (91) - - 11 -
Intersegment elimination (7) 7 - - - -
--------------------------------------------------------------------------------
TOTAL $ 3,766 $ (3,386) $ (143) $ (44) $ 193 $ (278)
================================================================================
</Table>
<Table>
<Caption>
HSN NON-
DISENGAGEMENT RECURRING OPERATING
COSTS ITEMS (A) INCOME NET INCOME
----------------------------------------------------
ELECTRONIC RETAILING:
HSN - U.S. $ (4) $ (1) $ 71 $ 81
International TV shopping - (2) (27) (55)
----------------------------------------------------
Total Electronic Retailing (4) (3) 44 26
INFORMATION & SERVICES:
Ticketing - - 33 (1)
Personals - - 9 6
Local information - (1) (118) (97)
PRC - (9) (6) (6)
ECS / Styleclick - (11) (73) (57)
----------------------------------------------------
Total Information & Services - (20) (155) (156)
TRAVEL SERVICES:
Expedia - - (13) (11)
Hotels.com - - 62 35
Interval N/A N/A N/A N/A
TV Travel Shop N/A N/A N/A N/A
----------------------------------------------------
Total Travel Services - - 49 24
Interactive Development - - (2) (2)
Corporate expense and other adjustments - (3) (63) (24)
Disengaged HSN homes - 11 -
Intersegment elimination - - -
----------------------------------------------------
TOTAL $ (4) $ (26) $ (116) $ (132)
====================================================
</Table>
<Table>
<Caption>
PRO FORMA 2002
---------------------------------------------------------------------------------
OPERATING
EXPENSES,
EX. D&A,
DISENGAGEMENT AMORTIZATION
AND OF CABLE AMORTIZATION
NON-RECURRING DISTRIBUTION OF NON-CASH
REVENUE ITEMS DEPRECIATION FEES EBITA ITEMS
---------------------------------------------------------------------------------
ELECTRONIC RETAILING:
HSN - U.S. $ 1,615 $ (1,347) $ (53) $ (52) $ 163 $ (49)
International TV shopping 309 (313) (7) (1) (12) 1
---------------------------------------------------------------------------------
Total Electronic Retailing 1,924 (1,660) (61) (54) 151 (48)
INFORMATION & SERVICES:
Ticketing 655 (517) (30) - 108 (41)
Personals 125 (89) (8) - 28 (6)
Local information 31 (56) (7) - (32) (48)
PRC 295 (260) (38) - (3) -
ECS / Styleclick 39 (63) (3) - (27) (5)
---------------------------------------------------------------------------------
Total Information & Services 1,146 (985) (86) - 75 (100)
TRAVEL SERVICES:
Expedia 589 (415) (16) - 158 (64)
Hotels.com 945 (814) (3) - 128 (22)
Interval 39 (35) (2) - 2 (7)
TV Travel Shop 26 (31) (2) - (7) (4)
---------------------------------------------------------------------------------
Total Travel Services 1,599 (1,295) (23) - 281 (97)
Interactive Development - (3) - - (3) (3)
Corporate expense and other adjustments - (48) 85 - (56) (19)
Disengaged HSN homes (2) 2 - - - -
Intersegment elimination (11) 11 - - - -
---------------------------------------------------------------------------------
TOTAL $ 4,657 $ (3,979) $ (84) $ (54) $ 448 $ (266)
=================================================================================
</Table>
<Table>
<Caption>
HSN NON-
DISENGAGEMENT RECURRING OPERATING
COSTS ITEMS (A) INCOME NET INCOME
------------------------------------------------------
ELECTRONIC RETAILING:
HSN - U.S. $ (32) $ - $ 83 $ 55
International TV shopping - (49) (61) (136)
------------------------------------------------------
Total Electronic Retailing (32) (49) 22 (81)
INFORMATION & SERVICES:
Ticketing - - 67 15
Personals - - 23 14
Local information - - (81) (30)
PRC - (35) (38) (23)
ECS / Styleclick - (29) (61) (38)
------------------------------------------------------
Total Information & Services - (65) (90) (62)
TRAVEL SERVICES:
Expedia - (2) 92 20
Hotels.com - (1) 106 47
Interval - - (5) (4)
TV Travel Shop - - (11) (15)
------------------------------------------------------
Total Travel Services - (2) 182 48
Interactive Development - - (5) (4)
Corporate expense and other adjustments - (6) (80) 45
Disengaged HSN homes - - - -
Intersegment elimination - - - -
------------------------------------------------------
TOTAL $ (32) $ (122) $ 28 $ (54)
======================================================
</Table>
Page 5 of 9
READ IMPORTANT FOOTNOTES AND DISCLAIMER AT THE END
OF THIS DOCUMENT
As filed with the Securities and Exchange Commission
on February 6, 2003.
<Page>
USA INTERACTIVE
2003 BUDGET
Pro Forma for Vivendi and Expedia transactions and Ticketmaster merger
($ IN MILLIONS EXCEPT PER SHARE AMOUNTS)
<Table>
<Caption>
RECONCILIATION SCHEDULES
Q1 2003
-------------------------------------------------------------------------------
OPERATING
EXPENSES,
EX. D&A,
DISENGAGEMENT AMORTIZATION
AND OF CABLE AMORTIZATION
NON-RECURRING DISTRIBUTION OF NON-CASH
REVENUE ITEMS DEPRECIATION FEES EBITA ITEMS
--------------------------------------------------------------------------------
ELECTRONIC RETAILING:
HSN - U.S. $ 430 $ (368) $ (13) $ (14) $ 35 $ (12)
International TV shopping 97 (92) (3) - 2 (0)
--------------------------------------------------------------------------------
Total Electronic Retailing 527 (461) (15) (14) 38 (12)
INFORMATION & SERVICES:
Ticketing 171 (136) (8) - 28 (8)
Personals 40 (34) (2) - 4 (2)
Local services 8 (13) (2) - (7) (13)
PRC 73 (66) (6) - 0 -
ECS / Styleclick 3 (5) (0) - (2) (0)
--------------------------------------------------------------------------------
Total Information & Services 295 (253) (18) - 24 (23)
TRAVEL SERVICES:
Expedia 186 (140) (5) - 41 (25)
Hotels.com 245 (218) (1) - 26 (6)
Interval 56 (37) (2) - 17 (6)
TV Travel Shop 16 (15) (1) - (0) (2)
--------------------------------------------------------------------------------
Total Travel Services 503 (411) (9) - 83 (39)
Interactive Development - (2) - - (2) (4)
Corporate expense and other adjustments - (11) (2) - (13) (19)
Disengaged HSN homes - - - - - -
Intersegment elimination (4) 4 - - - -
--------------------------------------------------------------------------------
TOTAL $ 1,322 $ (1,134) $ (44) $ (14) $ 129 $ (97)
================================================================================
</Table>
<Table>
<Caption>
RECONCILIATION SCHEDULES
HSN NON-
DISENGAGEMENT RECURRING OPERATING
COSTS ITEMS (A) INCOME NET INCOME
----------------------------------------------------
ELECTRONIC RETAILING:
HSN - U.S. $ (6) $ - $ 18 $ 11
International TV shopping - - 2 (0)
----------------------------------------------------
Total Electronic Retailing (6) - 20 10
INFORMATION & SERVICES:
Ticketing - - 20 12
Personals - - 2 1
Local services - - (19) (14)
PRC - - 0 (2)
ECS / Styleclick - - (2) (1)
----------------------------------------------------
Total Information & Services - - 1 (3)
TRAVEL SERVICES:
Expedia - - 16 2
Hotels.com - - 20 10
Interval - - 11 6
TV Travel Shop - - (2) (2)
----------------------------------------------------
Total Travel Services - - 44 16
Interactive Development - - (6) (3)
Corporate expense and other adjustments - - (32) (12)
Disengaged HSN homes - - - -
Intersegment elimination - - - -
----------------------------------------------------
TOTAL $ (6) $ - $ 27 $ 7
====================================================
</Table>
<Table>
<Caption>
Q2 2003
-------------------------------------------------------------------------------
OPERATING
EXPENSES,
EX. D&A,
DISENGAGEMENT AMORTIZATION
AND OF CABLE AMORTIZATION
NON-RECURRING DISTRIBUTION OF NON-CASH
REVENUE ITEMS DEPRECIATION FEES EBITA ITEMS
-------------------------------------------------------------------------------
ELECTRONIC RETAILING:
HSN - U.S. $ 421 $ (349) $ (12) $ (14) $ 45 $ (12)
International TV shopping 92 (89) (3) - 1 (0)
-------------------------------------------------------------------------------
Total Electronic Retailing 513 (438) (15) (14) 46 (12)
INFORMATION & SERVICES:
Ticketing 195 (148) (8) - 39 (8)
Personals 46 (31) (3) - 11 (2)
Local services 49 (54) (3) - (7) (16)
PRC 76 (69) (6) - 1 -
ECS / Styleclick - (2) (1) - (3) (1)
-------------------------------------------------------------------------------
Total Information & Services 366 (304) (21) - 41 (26)
TRAVEL SERVICES:
Expedia 212 (150) (5) - 57 (19)
Hotels.com 305 (264) (1) - 40 (8)
Interval 54 (40) (2) - 11 (6)
TV Travel Shop 16 (15) (1) - 0 (2)
-------------------------------------------------------------------------------
Total Travel Services 587 (469) (9) - 108 (34)
Interactive Development - (6) - - (6) (4)
Corporate expense and other adjustments - (11) (2) - (13) (19)
Disengaged HSN homes - - - - - -
Intersegment elimination (4) 4 - - - -
-------------------------------------------------------------------------------
TOTAL $ 1,461 $ (1,225) $ (46) $ (14) $ 177 $ (96)
===============================================================================
</Table>
<Table>
<Caption>
HSN NON-
DISENGAGEMENT RECURRING OPERATING
COSTS ITEMS (A) INCOME NET INCOME
------------------------------------------------------
ELECTRONIC RETAILING:
HSN - U.S. $ (5) $ - $ 28 $ 17
International TV shopping - - 0 (1)
------------------------------------------------------
Total Electronic Retailing (5) - 29 16
INFORMATION & SERVICES:
Ticketing - - 31 19
Personals - - 9 6
Local services - - (23) (12)
PRC - - 1 0
ECS / Styleclick - - (3) (2)
------------------------------------------------------
Total Information & Services - - 15 11
TRAVEL SERVICES:
Expedia - - 38 9
Hotels.com - - 32 15
Interval - - 5 3
TV Travel Shop - - (2) (2)
------------------------------------------------------
Total Travel Services - - 74 25
Interactive Development - - (10) (6)
Corporate expense and other adjustments - - (32) (12)
Disengaged HSN homes - - - -
Intersegment elimination - - $ - -
------------------------------------------------------
TOTAL $ (5) $ - $ 76 $ 35
======================================================
</Table>
Page 6 of 9
READ IMPORTANT FOOTNOTES AND DISCLAIMER AT THE END
OF THIS DOCUMENT
As filed with the Securities and Exchange Commission
on February 6, 2003.
<Page>
USA INTERACTIVE
2003 BUDGET
Pro Forma for Vivendi and Expedia transactions and Ticketmaster merger
($ IN MILLIONS EXCEPT PER SHARE AMOUNTS)
<Table>
<Caption>
RECONCILIATION SCHEDULES
Q3 2003
--------------------------------------------------------------------------------
OPERATING
EXPENSES,
EX. D&A,
DISENGAGEMENT AMORTIZATION
AND OF CABLE AMORTIZATION
NON-RECURRING DISTRIBUTION OF NON-CASH
REVENUE ITEMS DEPRECIATION FEES EBITA ITEMS
--------------------------------------------------------------------------------
ELECTRONIC RETAILING:
HSN - U.S. $ 432 $ (359) $ (12) $ (15) $ 46 $ (12)
International TV shopping 91 (89) (3) - (0) (0)
--------------------------------------------------------------------------------
Total Electronic Retailing 523 (448) (14) (15) 46 (12)
INFORMATION & SERVICES:
Ticketing 168 (134) (8) - 26 (8)
Personals 48 (32) (3) - 13 (2)
Local services 33 (49) (3) - (19) (16)
PRC 82 (73) (7) - 2 -
ECS / Styleclick - (0) (0) - (0) -
--------------------------------------------------------------------------------
Total Information & Services 331 (289) (20) - 22 (26)
TRAVEL SERVICES:
Expedia 228 (160) (5) - 63 (19)
Hotels.com 355 (301) (2) - 52 (7)
Interval 59 (41) (2) - 16 (6)
TV Travel Shop 21 (17) (1) - 4 (2)
--------------------------------------------------------------------------------
Total Travel Services 664 (519) (10) - 135 (34)
Interactive Development - (10) - - (10) (4)
Corporate expense and other adjustments - (11) (2) - (13) (19)
Disengaged HSN homes - - - - - -
Intersegment elimination (4) 4 - - - -
TOTAL $ 1,514 $ (1,273) $ (46) $ (15) $ 180 $ (95)
=================================================================================
</Table>
<Table>
<Caption>
HSN NON-
DISENGAGEMENT RECURRING OPERATING
COSTS ITEMS (A) INCOME NET INCOME
------------------------------------------------------
ELECTRONIC RETAILING:
HSN - U.S. $ (5) $ - $ 30 $ 18
International TV shopping - - (0) (1)
------------------------------------------------------
Total Electronic Retailing (5) - 29 17
INFORMATION & SERVICES:
Ticketing - - 18 11
Personals - - 11 7
Local services - - (35) (26)
PRC - - 2 1
ECS / Styleclick - - (0) (0)
------------------------------------------------------
Total Information & Services - - (4) (7)
TRAVEL SERVICES:
Expedia - - 45 11
Hotels.com - - 45 21
Interval - - 9 5
TV Travel Shop - - 2 0
------------------------------------------------------
Total Travel Services - - 101 38
Interactive Development - - (14) (8)
Corporate expense and other adjustments - - (32) (11)
Disengaged HSN homes - - - -
Intersegment elimination - - - -
TOTAL $ (5) $ - $ 80 $ 27
=====================================================
</Table>
<Table>
<Caption>
Q4 2003
------------------------------------------------------------------------------
OPERATING
EXPENSES,
EX. D&A,
DISENGAGEMENT AMORTIZATION
AND OF CABLE AMORTIZATION
NON-RECURRING DISTRIBUTION OF NON-CASH
REVENUE ITEMS DEPRECIATION FEES EBITA ITEMS
-------------------------------------------------------------------------------
ELECTRONIC RETAILING:
HSN - U.S. $ 523 $ (429) $ (13) $ (15) $ 65 $ (12)
International TV shopping 106 (99) (2) - 5 (0)
Total Electronic Retailing 628 (528) (15) (15) 70 (12)
INFORMATION & SERVICES:
Ticketing 161 (127) (8) - 26 (8)
Personals 51 (38) (3) - 10 (2)
Local services 158 (95) (2) - 60 (16)
PRC 85 (75) (6) - 3 -
ECS / Styleclick - - - - - -
------------------------------------------------------------------------------
Total Information & Services 455 (335) (20) - 99 (26)
TRAVEL SERVICES:
Expedia 219 (154) (5) - 60 (18)
Hotels.com 345 (292) (2) - 51 (8)
Interval 56 (40) (2) - 14 (6)
TV Travel Shop 13 (16) (1) - (3) (2)
------------------------------------------------------------------------------
Total Travel Services 633 (502) (10) - 122 (34)
Interactive Development - (12) - - (12) (4)
Corporate expense and other adjustments - (11) (2) - (13) (19)
Disengaged HSN homes - - - - - -
Intersegment elimination (5) 5 - - - -
------------------------------------------------------------------------------
TOTAL $ 1,712 $ (1,384) $ (47) $ (15) $ 265 $ (95)
===============================================================================
</Table>
<Table>
<Caption>
HSN NON-
DISENGAGEMENT RECURRING OPERATING
COSTS ITEMS (A) INCOME NET INCOME
-----------------------------------------------------
ELECTRONIC RETAILING:
HSN - U.S. $ (5) $ - $ 48 $ 29
International TV shopping - - 5 2
Total Electronic Retailing (5) - 53 31
INFORMATION & SERVICES:
Ticketing - - 19 11
Personals - - 8 5
Local services - - 44 21
PRC - - 3 1
ECS / Styleclick - - - (0)
------------------------------------------------------
Total Information & Services - - 73 38
TRAVEL SERVICES:
Expedia - - 42 10
Hotels.com - - 43 20
Interval - - 8 5
TV Travel Shop - - (5) (4)
------------------------------------------------------
Total Travel Services - - 88 31
Interactive Development - - (16) (9)
Corporate expense and other adjustments - - (32) (11)
Disengaged HSN homes - - - -
Intersegment elimination - - - -
------------------------------------------------------
TOTAL $ (5) $ - $ 166 $ 80
=====================================================
</Table>
Page 7 of 9
READ IMPORTANT FOOTNOTES AND DISCLAIMER AT THE END
OF THIS DOCUMENT
As filed with the Securities and Exchange Commission
on February 6, 2003.
<Page>
USA INTERACTIVE
2003 BUDGET
Pro Forma for Vivendi and Expedia transactions and Ticketmaster merger
($ IN MILLIONS EXCEPT PER SHARE AMOUNTS)
RECONCILIATION SCHEDULES
<Table>
<Caption>
FY 2003
--------------------------------------------------------------------------------
OPERATING
EXPENSES,
EX. D&A,
DISENGAGEMENT AMORTIZATION
AND OF CABLE AMORTIZATION
NON-RECURRING DISTRIBUTION OF NON-CASH
REVENUE ITEMS DEPRECIATION FEES EBITA ITEMS
--------------------------------------------------------------------------------
ELECTRONIC RETAILING:
HSN - U.S. $ 1,805 $ (1,506) $ (49) $ (58) $ 192 $ (49)
International TV shopping 387 (369) (10) - 8 (1)
--------------------------------------------------------------------------------
Total Electronic Retailing 2,192 (1,875) (59) (58) 200 (50)
-
INFORMATION & SERVICES: -
Ticketing 695 (545) (31) - 119 (31)
Personals 184 (134) (12) - 38 (9)
Local services 247 (211) (9) - 27 (60)
PRC 316 (283) (26) - 7 -
ECS / Styleclick 3 (7) (1) - (5) (1)
--------------------------------------------------------------------------------
Total Information & Services 1,446 (1,181) (80) - 186 (101)
-
TRAVEL SERVICES: -
Expedia 845 (604) (20) - 221 (80)
Hotels.com 1,250 (1,075) (6) - 169 (28)
Interval 226 (159) (9) - 58 (25)
TV Travel Shop 66 (63) (3) - 0 (8)
--------------------------------------------------------------------------------
Total Travel Services 2,387 (1,901) (38) - 448 (141)
-
Interactive Development - (30) - - (30) (14)
Corporate expense and other adjustments - (45) (7) - (53) (77)
Disengaged HSN homes - - - - - -
Intersegment elimination (16) 16 - - - -
--------------------------------------------------------------------------------
TOTAL $ 6,008 $ (5,016) $ (184) $ (58) $ 751 $ (383)
================================================================================
</Table>
<Table>
<Caption>
HSN NON-
DISENGAGEMENT RECURRING OPERATING
COSTS ITEMS (A) INCOME NET INCOME
------------------------------------------------------
ELECTRONIC RETAILING:
HSN - U.S. $ (20) $ - $ 123 $ 74
International TV shopping - - 7 0
------------------------------------------------------
Total Electronic Retailing (20) - 130 74
INFORMATION & SERVICES:
Ticketing - - 87 53
Personals - - 29 19
Local services - - (33) (30)
PRC - - 7 0
ECS / Styleclick - - (5) (4)
------------------------------------------------------
Total Information & Services - - 85 38
TRAVEL SERVICES:
Expedia - - 140 32
Hotels.com - - 141 66
Interval - - 33 19
TV Travel Shop - - (7) (7)
------------------------------------------------------
Total Travel Services - - 307 109
Interactive Development - - (44) (27)
Corporate expense and other adjustments - - (129) (46)
Disengaged HSN homes - - - -
Intersegment elimination - - - -
------------------------------------------------------
TOTAL $ (20) $ - $ 348 $ 149
======================================================
</Table>
Page 8 of 9
READ IMPORTANT FOOTNOTES AND DISCLAIMER AT THE END
OF THIS DOCUMENT
As filed with the Securities and Exchange Commission
on February 6, 2003.
<Page>
USA INTERACTIVE
2003 BUDGET
RECONCILIATION FOOTNOTES
(A) Non-recurring items include one-time items related to restructuring
operations, employee terminations and benefits and a write-down of
investments.
(B) Non-recurring items include the write down of certain investments, costs of
ECS contract terminations, costs to shut-down certain operations, including
HSN Espanol, HSN Italy, Styleclick and ECS, a write-down of goodwill for
PRC as well as costs to shutdown certain PRC call centers, costs incurred
by the special committees of Expedia, Hotels.com and Ticketmaster and the
write-down of certain equity investments.
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This business outlook contains "forward-looking statements" within the meaning
of the Private Securities Litigation Reform Act of 1995. These forward-looking
statements include statements relating to USA's anticipated financial
performance, business prospects, new developments, new merchandising strategies
and similar matters, and/or statements preceded by, followed by or that include
the words "believes," "could," "expects," "anticipates," "estimates," "intends,"
"plans," "projects," "seeks," or similar expressions. These forward-looking
statements are necessarily estimates reflecting the best judgment of USA'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 forward-looking statements are subject to
risks, uncertainties and assumptions that could have a material adverse effect
on USA's business, financial condition or results of operations. You should
understand that the following important factors could affect USA's future
results and could cause those results to differ materially from those expressed
in the forward-looking statements: (1) material adverse changes in economic or
political conditions generally or in such conditions affecting USA's markets or
industries; (2) future regulatory and legislative actions and conditions
affecting USA's operating areas; (3) competition from others; (4) successful
integration of our divisions' management structures; (5) product demand and
market acceptance; (6) the ability to protect proprietary information and
technology or to obtain necessary licenses on commercially reasonable terms; (7)
the ability to maintain the integrity of USA's systems and infrastructure; (8)
the ability to expand into and successfully operate in foreign markets; and (9)
obtaining and retaining skilled workers and key executives. In addition,
investors should consider the other information contained in or incorporated by
reference into USA'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
2001, especially in the Management's Discussion and Analysis section, its most
recent Quarterly Report on Form 10-Q and its Current Reports on Form 8-K. Other
unknown or unpredictable factors also could have material adverse effects on
USA's future results, performance or achievements. In light of these risks,
uncertainties, assumptions and factors, the forward-looking events discussed in
this business outlook may not occur. These forward-looking statements should not
be regarded as an indication that USA considers them to be a reliable prediction
of future events. 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 business outlook.
USA is not under any obligation and does not intend, except as specifically
stated, to make publicly available any update or other revisions to any of the
forward-looking statements contained in this press release to reflect
circumstances existing after the date of this press release 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.
USA does not make any representations to any person regarding the ultimate
performance of USA compared to the information contained in this business
outlook and USA 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 business outlook to reflect circumstances existing after the
date of this business outlook or to reflect the occurrence of future events even
if experience or future events make it clear that any or all of the assumptions
underlying the business outlook are shown to be in error or any expected results
expressed or implied by those forward-looking statements will not be realized.
Page 9 of 9