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France with $16.3 million and $14.5 million as of December 31, 2013 and 2014, respectively F-48 Table of Contents The following tables reconcile Adjusted EBITDA to operating income (loss) for the Company's reportable segments and to total net earnings attributable to Match Group. Inc.'s shareholder for the y

ollowing tables reconcile Adjusted EBITDA to operating income (loss) for the Company's reportable segments and to total net earnings attributable to Match Group. Inc.'s shareholder for the years ended December 31. 2012. 2013 and 2014 Year ended December 31, 2012 Adjusted Stock-based EBITDA compensation D

ncial performance of the badness, managemert and our chef operatrig demon maker analyze the pnmary financial performance measure of &lusted EBITD.A. Adjusted EBITDA is defined as operating ircane excluding: (1) stock-tesedoompensabon expense: (2) degradation; and (3) aolfAsikon-rstatsd terns command or (1) amort

The combined financial statements reflect the historical financial position, results of operations and cash flows of the businesses that now make up Match Group. Inc. since their respective dates of acquisition by IAC and the allocation to us of certain IAC corporate expenses relating to us and our businesses

measure and is defined in "-Principles of financial reporting." Refer to Note 5 to our combined interim financial statements for reconciliations of Adjusted EBITDA to operating income and net eamings attributable to Match Group. Inc.'s shareholder. Nine months ended September 30, 2014 2015 change Adjusted

er to Note 5 to our combined interim financial statements for reconciliations of Adjusted EBITDA to operating income and net eamings attributable to Match Group. Inc.'s shareholder. Nine months ended September 30, 2014 2015 change Adjusted EBITDA Percentage of revenue (dollars in thousands) $ 188.021

P measure and is defined in "Principles of financial reporting." Refer to Note 9 to our combined audited financial statements for reconciliations of Adjusted EBITDA to operating income and net earnings attributable to Match Group. Inc.'s shareholder. Years ended hap: sec.gov 'An:hives date157518911001047.16915

r to Note 9 to our combined audited financial statements for reconciliations of Adjusted EBITDA to operating income and net earnings attributable to Match Group. Inc.'s shareholder. Years ended hap: sec.gov 'An:hives date157518911001047.1691500643.4122264511^-talamil 1,50,2013 911:17 AA CONFIDENTIAL - PURS