Qurate Retail: Deutsche Bank Leveraged Finance Conference 2021

This presentation includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about business strategies; expectations regarding consumer trends; future financial performance (including the conversion of free cash flow); take advantage of the objectives; environmental, social and governance objectives and initiatives and other matters that are not historical facts. These forward-looking statements involve numerous risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, including, without limitation, the impact of the COVID-19 pandemic. about our business, possible changes in market acceptance of new products or services, competition concerns, regulatory issues affecting our business, continued access to capital on terms acceptable to Qurate Retail, Inc. (“QRI”) and QVC, Inc. (“QVC”), availability of investment opportunities and market conditions conducive to share buybacks. These forward-looking statements speak only as of the date of this presentation, and QRI and QVC expressly disclaim any obligation or commitment to release any update or revision to any forward-looking statement contained herein to reflect any change in expectations of QRI or QVC. in this regard or any change in the events, conditions or circumstances on which such statement is based. Please refer to the public documents of QRI and QVC, including their most recent 10-Q and 10-K forms, for additional information on QRI and QVC and on the risks and uncertainties associated with their respective activities that may affect the reporting. made in this presentation.

This presentation includes a reference to Adjusted OIBDA, which is a non-GAAP financial measure for QRI and QVC. QRI and QVC define Adjusted OIBDA as operating profit (loss) plus depreciation and amortization, stock-based compensation, separately reported litigation settlements, restructurings, acquisitions and other related costs and impairments. In addition, this presentation includes the adjusted OIBDA margin, which is also a non-GAAP financial measure. QRI and QVC define adjusted OIBDA margin as adjusted OIBDA divided by revenue. QRI and QVC believe that the adjusted OIBDA is an important indicator of the operational strength and performance of

its activities by identifying elements which do not directly reflect the performance of each company or which are not indicative of current business trends. In addition, this metric allows management to visualize operating results and perform analytical comparisons and benchmarking between companies and identify strategies to improve performance. Since adjusted OIBDA is used as a measure of operating performance, QRI and QVC consider operating profit to be the most directly comparable GAAP measure. The Adjusted OIBDA is not intended to replace or replace operating profit or any other GAAP metric, but rather to complement those GAAP metrics in order to present investors with the same information that QRI and QVC management consider. in evaluating the results of operations and the performance of its assets. . Please see the reconciliation of Adjusted OIBDA to GAAP calculated operating income for QVC and QRI on slides 28 and 30, respectively, of this presentation.

This presentation includes a reference to free cash flow, which is a non-GAAP financial measure for QRI and QVC. QRI and QVC define free cash flow as cash flow from operating activities less capital expenses, expenses for television distribution rights, investments in green energy and dividends paid to non-paying interests. not control. QRI and QVC believe that free cash flow is an important indicator of the financial stability of their respective businesses. QRI and QVC believe that cash flow from operating activities is the most directly comparable GAAP measure. Free cash flow is not intended to replace or replace this GAAP measure, but rather to supplement these GAAP measures in order to present investors with an additional measure of financial performance. Please see the reconciliation of free cash flow to cash flow from operating activities calculated in accordance with GAAP for QVC on slide 29 of this presentation.

Jeff Davis

Financial director

Marc Pavé

World leader in treasury

The biggest in the world

Video commerce platform

QxH + QVC INTERNATIONAL

$ 11.8 billion $ 16.4 million

REVENUE CLIENTS

All LTM data, June 2021, unless otherwise noted

1. Cornerstone Brands customers as of LTM, September 2020

ZULILYCORNERSTONE MARKS