Company: MTCH
Filing Date: 2025-04-04
Form Type: DFAN14A
Source: 0000902664-25-001696
Chunk: 2

Company: Match Group, Inc.
Filing Date: 2025-04-04
Form: DFAN14A
Chunk 2
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Anson Funds Management LP and Anson Advisors
Inc., the co-investment advisers of certain investment funds (collectively, “we” or “Anson Funds”), are stockholders
of Match Group Inc. (NASDAQ: MTCH) (“Match”, “MTCH” or the “Company”). Founded in 2007 and led by
Chief Investment Officer Moez Kassam, Anson Funds is a privately held alternative asset manager with approximately US$2.0 billion in assets
under management. Our firm employs a multi-strategy approach, which includes a long-biased, concentrated strategy focused on long-term
active engagement led by Portfolio Manager Sagar Gupta. We have a history of generating superior risk-adjusted returns through our focus
on deep fundamental diligence, ownership dynamics and corporate governance practices. In addition, Mr. Gupta has deep experience investing
across the technology landscape.

Our investment in Match is predicated on our
belief that the Company’s unique, dominant positioning as the only scaled leader in the online dating industry offers a tremendous
opportunity to drive significant long-term shareholder value, which can be greatly enhanced through several means and especially by efficient
implementation of artificial intelligence. We believe there is a clear opportunity to unlock substantial growth through intense product-led
execution under steady leadership and proper oversight.

Over the course of our years-long engagement
with the Company and its Board of Directors (the “Board”), it has become clear to us that the Company’s long-term underperformance
was a symptom of poor corporate governance and Board oversight. In other words, we believe Match’s outdated, insular Board with deep interlockings is inadequately qualified to oversee a modern technology company primarily serving young adults. As Match’s
struggles persist, the Board’s only solution has seemingly been to blame the CEO, choosing to play musical chairs with the role
instead of addressing the core issue at hand. Four CEO changes in the past five years have prevented any continuity in terms of strategy,
caused chaos in the leadership ranks and perpetuated subpar execution, which in turn has led to tremendous value destruction. As shown
below, since separating from the Company’s former parent IAC Inc. (InterActiveCorp), in July 2020, Match’s shares have declined
nearly 70%, while broader market indices have soared.

Source: Bloomberg (from 7/1/20 through 4/2/25)

Though the Board has had plenty of time to self-refresh,
it is unfortunate that they