ICR XCHANGE INVESTOR CONFERENCE

ValueVision Media (NASDAQ: VVTV)

Keith Stewart, President & CEO
Frank Elsenbast, SVP & CFO

January 14, 2010

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 ONE COMPANY. ONE BRAND.
• Multi-channel retailer on TV & Internet
– $517 million (LTM)
– 32% Internet (LTM)
– 75 million homes, streamed online, iPhone
– 1 million active customers
– 4.9 million shipped units (LTM)

• Financial assets (10/31/09)

– $32 million cash & restricted cash
– $20 million unused line of credit
– $39 million real estate & TV station
– $116 million inventory & accounts receivable

• Differentiated value proposition

– Premium lifestyle merchandise
– Upscale price point: $98
– Multi-line shipping
– Speed to market
– Destination and authority for:
home, fashion, jewelry and beauty

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STRONG PLATFORM OF TV DISTRIBUTION

Broadcast into 75 million homes nationwide.

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INDUSTRY FUNDAMENTALS – WHERE WE FIT
Fundamentals ShopNBC QVC (LTM)

Multichannel Retailing: $517 million revenue $5 billion Rv (U.S.)

Leveraged marketing on
TV and Web platforms 68% / 32% 72% / 28%

Distribution & 75 million homes 90 million homes

Penetration per Home $7 per home $58 per home

Home, Fashion, Jewelry, Home, Fashion, Jewelry,

Merchandise Categories Beauty, Consumer Beauty, Consumer
Electronics Electronics

Margins 32% 34%

Average Selling Price $98 $58

EBITDA Margins (6%) 21%

The multi-channel retailing business model has a proven track record.

Executed correctly, it is the most profitable form of retailing. 4
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 TODAY VS. TRANSITIONAL FUTURE

In Millions 2008 Future*

Sales $568 $1,100

Homes Distribution 72 85

Margin % 32% 35%

OpEx % (Ex. D&A) 41% 25%

EBITDA, % of Sales,
(9%) 10%+
as adjusted

Top line growth drives the business model to profitability

due to scalability and operating leverage.
*Future represents management’s objectives only and does not constitute a financial forecast or projection of future company performance.
These management objectives are for the company’s annual operating model after a period of approximately 3-5 years from fiscal 2009. 5
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STRATEGY FOR SUCCESS

Mission: Be the premium

lifestyle brand in electronic
retailing that surprises and
delights the customer

#4
#3 Incremental
Sales Growth Sales at High
at High
Increase Contribution Margin Leads
Increase Contribution Margin
Top Line Sales to Positive EBITDA
Top Line Sales Drives Rapid EBITDA
#2 Improvement
Increase Merchandise
Increase
Margin
Merchandise Margin
#1
Hold Fixed
Hold FixedCost
Cost
Structure Steady
Structure Steady

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WORLD CLASS LEADERSHIP

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 THE RIGHT PRODUCT MIX

Stronger brands and

compelling product
at higher margins
lead to predictable
performance.

*Future represents management’s objectives only and does not constitute a financial forecast or projection of future company performance.
These management objectives are for the company’s annual operating model after a period of approximately 3-5 years from fiscal 2009. 8
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 New and Active Customer
IT’S ALL ABOUT THE CUSTOMER
Growth vs. LY
Over 1 Million Customers

Total
customer
base up 33%
in 2009

Broadened merchandise mix, improved customer experience, and lower price

points has led to strong growth in New and Active customers in F’09.
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Industry Leading Multi-Channel Retailer
Web Sales Penetration
45%

38%

35% 34%
32%
31%
30%

25%

F09 Q4 QTD
F08

F09 Q1

F09 Q2

F09 Q3
ShopNBC.com continues to increase overall penetration as customers enjoy the
ease and speed of ordering as well as the expanded assortment now available.
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Significantly Increased Operational Efficiencies
$6.00

$5.00
-13%
Transactional Costs

-26%
$4.00 -34% -20%

$3.00

$2.00

$1.00

$0.00

F09 Q4 QTD
F08

F09 Q1

F09 Q2

F09 Q3
Transactional costs relating to order capture, customer service & fulfillment
are down significantly vs. prior year driven by increased unit volume,
lower return rates and improved customer experience.
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KEY Q4 & YTD ACCOMPLISHMENTS
Fiscal 2009: A transformational year for ShopNBC
1. Surpassed 1 million active customers (LTM)
• New customers up 67% and Active customers up 37% YTD
• Cancel and Return Rates down 11% YTD
• Broadened appeal by lowering average selling price throughout
the year to $98 in Q4, down 29% vs. prior year
• Category growth in health, beauty, food and home
• Increased community of new vendors by 155% YTD
2. Industry leading Internet sales penetration, 38% of total business in Q4
3. Improved customer experience and operational efficiencies led to
significantly lower transactional costs, down 20% per unit in Q4
4. Successful re-negotiation of 65% of cable and satellite homes led to
cost savings of $24 million
5. Strengthened balance sheet with $20 million revolving credit facility

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INNOVATIVE FUTURE, HARNESS POTENTIAL

“ShopNBC Anywhere” Interactive TV and HiDef

Expansion of Logistics, Studios International Growth

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 INVESTMENT HIGHLIGHTS
• Future* $1.1 billion sales at 10%+ EBITDA

• Established industry, winning model

• Experienced leadership, proven success

• Rapid customer growth, over 1 million

• Industry-leading web sales penetration

• Fixed cost structure poised for scale

• Innovative future, harness potential

*Future represents management’s objectives only and does not constitute
a financial forecast or projection of future company performance.
These management objectives are for the company’s annual operating
model after a period of approximately 3-5 years from fiscal 2009. 14
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APPENDIX

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VVTV SHARE PRICE

+1900% vs. Jan 09

Shares Held % of
(Millions) Total
GE/NBC 6.5 20%
Keith Stewart 1.9 6%
All Other Insiders 1.8 6%
10.1 31%

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 COMPANY MILESTONES

2000: Expansion of
1991: Initial Distribution Center for 2004: Reaches 55 2008: Keith Stewart 2009: 1 million
Public Offering Polo.com joint venture million homes joins as COO customers

1991 1999 2000 2001 2004 2007 2008 2009

1999: GE & NBC 2001: Branded as 2007: Reaches 70 2009: Keith Stewart appointed CEO
investment ShopNBC million homes
Darlene Daggett joins as consultant
Common stock Sell stock in Polo.com
Board of Directors reconstituted
reaches $60 for $42 million
GE Preferred Stock extended
.TV launches
Main cable deals renewed at lower rate
Randy Ronning appointed Chairman
Suzanne Somers launches on ShopNBC
Launch of mobile strategy

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Milestones Chart
VVTV FINANCIAL SUMMARY
(000s) F09
F'06 F'07 F'08 YTD Q3
Average Homes 65.2 68.9 71.7 73.1

Total Net Sales $767.3 $781.5 $567.5 $372.6

% vs. Prior Year 11% 2% -27% -12%

Total Gross Profit $267.2 $271.0 $182.8 $123.4

Gross Profit % 34.8% 34.7% 32.2% 33.1%

G&A $26.9 $23.5 $20.9 $11.7

S&D $225.6 $240.7 $213.2 $129.8
D&A $22.2 $20.0 $17.3 $10.7
Total Operating Expense $274.7 $284.2 $251.5 $152.3
% vs. Prior Year 7% 3% -12% -20%

EBITDA, as adjusted $14.7 $6.9 ($51.4) ($18.2)

% vs. Prior Year 50%

Sales per Home (Annualized) $11.58 $11.13 $7.88 $6.80

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EBITDA RECONCILIATION
F06 F07 F08 F09 YTD Q3

February 3, 2007 February 2, 2008 January 31, 2009 October 31, 2009

EBITDA, as adjusted $ 14,690 $ 6,850 $ (51,421) $ (18,152)

Less:
Non-operating gains (losses) and equity in income of RLM 3,356 40,663 (969) 3,628
Write-down of auction rate investments — — (11,072) —
FCC license impairment — — (8,832) —
Restructuring costs and other non-recurring television station sale gains (29) (5,043) (4,299) (715)
CEO transition costs — (2,451) (2,681) (1,867)
Non-cash share-based compensation expense (1,901) (2,415) (3,928) (2,530)

EBITDA (as defined) 16,116 37,604 (83,202) (19,636)

A reconciliation of EBITDA to net income (loss) is as follows:

EBITDA, as defined 16,116 37,604 (83,202) (19,636)
Adjustments:
Depreciation and amortization (22,239) (19,993) (17,297) (10,723)
Interest income 3,802 5,680 2,739 365
Interest expense — — — (3,328)
Income tax (provision) benefit (75) (839) (33) 157
Discontinued operations of FanBuzz — — — —

Net income (loss) $ (2,396) $ 22,452 $ (97,793) $ (33,165)

(a) EBITDA as defined for this statistical presentation represents net income (loss) for the respective periods excluding depreciation and amortization expense, interest income
(expense) and income taxes. The Company defines EBITDA, as adjusted, as EBITDA excluding non-recurring non-operating gains (losses) and equity in income from Ralph Lauren Media,
LLC; non-cash impairment charges and write-downs; restructuring and chief executive officer transition costs; and non-cash share-based compensation expense.

Management has included the term EBITDA, as adjusted, in its EBITDA reconciliation in order to adequately assess the operating performance of the Company's "core" television and
internet businesses and in order to maintain comparability to its analyst's coverage and financial guidance, when given. Management believes that EBITDA, as adjusted, allows
investors to make a more meaningful comparison between our core business operating results over different periods of time with those of other similar companies. In addition,
management uses EBITDA, as adjusted, as a metric measure to evaluate operating performance under its management and executive incentive compensation programs. EBITDA, as
adjusted, should not be construed as an alternative to operating income (loss) or to cash flows from operating activities as determined in accordance with generally accepted
accounting principles and should not be construed as a measure of liquidity. EBITDA, as adjusted, may not be comparable to similarly entitled measures reported by other companies. 19
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Forward-Looking Information

This presentation contains certain "forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements are based on management's current
expectations and are accordingly subject to uncertainty and changes in circumstances.

Actual results may vary materially from the expectations contained herein due to various important
factors, including (but not limited to): consumer spending and debt levels; interest rates; competitive
pressures on sales, pricing and gross profit margins; the level of cable distribution for the
Company's programming and the fees associated therewith; the success of the Company's e-
commerce and rebranding initiatives; the performance of its equity investments; the success of its
strategic alliances and relationships; the ability of the Company to manage its operating expenses
successfully; risks associated with acquisitions; changes in governmental or regulatory
requirements; litigation or governmental proceedings affecting the Company's operations; and the
ability of the Company to obtain and retain key executives and employees.

More detailed information about those factors is set forth in the Company's filings with the Securities
and Exchange Commission, including the Company's annual report on Form 10-K, quarterly reports
on Form 10-Q, and current reports on Form 8-K. The Company is under no obligation (and
expressly disclaims any such obligation) to update or alter its forward-looking statements whether
as a result of new information, future events or otherwise.

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