HSN, GE Consumer Finance Extend Private-Label Credit Card Agreement

Business Wire

January 8, 2004

STAMFORD, Conn., Jan 8, 2004 (BUSINESS WIRE) -- Television and Web retailer HSN, and GE Consumer Finance, a global leader in business and consumer lending solutions, announced today an extension of their private-label credit card program through 2008.

"We've built an outstanding program with HSN since launching the card in 1994, and we're excited to have the opportunity to be a part of HSN's growth plans," said Mark W. Begor, President and Chief Executive Officer, GE Consumer Finance-Americas. "We're committed to helping HSN grow its business, through both online and on-air sales, and to providing loyal HSN Charge Card customers the extra value they deserve."

"GE has been a valued partner for the last 9 years," stated Paul Guyardo, Executive Vice President, HSN Television and Marketing. "As part of our go-forward strategy, GE has continued to bring a variety of value-related benefits to the table for our millions of customers that shop on HSN TV and hsn.com."

The HSN Charge Card provides for a range of exclusive cardholder benefits, including special savings events, private sales, special financing promotions, merchandise coupons and convenient online account management. In addition, each week, HSN randomly selects one lucky HSN Charge Card holder whose account balance is paid off in full.

Under the new agreement, GE Consumer Finance will provide a full range of services to HSN, including customized marketing, risk management and "branded" customer service and collections.

About HSN

HSN, an operating business of IAC/InterActiveCorp (Nasdaq: IACI), originated the television shopping concept in 1977. The idea materialized on a small AM radio station in Florida and has since grown into a global multichannel retailer with a thriving TV, catalog and Web business on hsn.com. HSN generated worldwide consolidated sales of close to $2 billion in 2002 and is the fourth-largest cable television network in the United States.

About GE and GE Consumer Finance

GE Consumer Finance, a unit of General Electric Company, with $95 billion in assets, is a leading provider of credit services to consumers, retailers and auto dealers in 37 countries around the world. GE Consumer Finance, based in Stamford, Conn. (U.S.), offers a range of financial products globally, including private label credit cards, personal loans, bank cards, auto loans and leases, mortgages, corporate travel and purchasing cards, debt consolidation and home equity loans and credit insurance. More information can be found online at www.geconsumerfinance.com. GE (NYSE: GE) is a diversified services, technology and manufacturing company with operations worldwide. More information about GE can be found online at www.ge.com.

SOURCE: GE Consumer Finance

CONTACT: GE Consumer Finance

Peter Tosches, 203-316-7284 (office)

or 203-249-7487 (cell)

peter.tosches@ge.com

or

HSN

Jon Gieselman, 727-872-7035

gieselmanj@hsn.net

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