Zillow Group Investor Presentation November 2018

1. 1
November 2018
Investor Presentation

2. 2
Legal disclosure
This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934 about Zillow Group’s future financial performance and results that involve risks and uncertainties. The Company’s actual results may differ materially
from those anticipated in these forward-looking statements due to actions taken by Zillow Group as well as from risks and uncertainties beyond Zillow Group’s
control. Factors that may contribute to such differences include, but are not limited to, Zillow Group's ability to maintain and effectively manage an adequate rate of
growth; Zillow Group's ability to innovate and provide products and services that are attractive to its users and advertisers; Zillow Group's ability to compete
successfully against existing or future competitors; Zillow Group's investment of resources to pursue strategies that may not prove effective; the impact of the real
estate industry on Zillow Group's business; the impact of pending litigation and other legal and regulatory matters; Zillow Group's ability to increase awareness of the
Zillow Group brands in a cost-effective manner; Zillow Group's ability to attract consumers to Zillow Group's mobile applications and websites; Zillow Group's ability
to successfully integrate and realize the benefits of our past or future strategic acquisitions or investments; the reliable performance of Zillow Group's network
infrastructure and content delivery processes; and Zillow Group's ability to protect its intellectual property. The foregoing list of risks and uncertainties is illustrative,
but is not exhaustive. For more information about potential factors that could affect Zillow Group's business and financial results, please review the "Risk Factors"
described in Zillow Group's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2018 filed with the Securities and Exchange Commission,
or SEC, and in Zillow Group's other filings with the SEC. These documents are available in the Investor Relations section of the Company’s website at
http://investors.zillowgroup.com. The forward-looking statements made in this presentation are based on information available and assumptions as of November 6,
2018. Information regarding Revenue and Adjusted EBITDA guidance is as stated on November 6, 2018 and is not being updated with this presentation. Except as
may be required by law, the Company does not intend, and undertakes no duty, to update this information to reflect future events.
This presentation includes certain non-GAAP financial measures, including Adjusted EBITDA, which is a key metric used by our management and board of directors
to measure operating performance and trends, and to prepare and approve our annual budget. You should not consider these metrics in isolation or as a substitute
for analysis of our results as reported under GAAP. Reconciliation tables and other important information about the Company’s financial results are included in
Appendix A to this presentation, in the Company’s Current Report on Form 8-K furnished to the SEC on November 6, 2018, and in the Company’s other filings with
the SEC, all of which are available at http://investors.zillowgroup.com/sec.cfm.
Additional information, including financial statements, is available in Zillow Group’s annual reports on Form 10-K, quarterly reports on Form 10-Q, and current
reports on Form 8-K, which are available at http://investors.zillowgroup.com/financials.cfm#results, free of charge, and on the website of the Securities and Exchange
Commission.

3. 3
Mission
Build the largest, most trusted and vibrant
home-related marketplace in the world.

4. 4
Consumer empowerment through information transparency
Living database
buyers &
sellers
renters
homeowners
real estate
agents & brokers
mortgage
providers
property
managers and
multifamily
marketers
builders, new
construction
marketers
110M homes
80 million homes on Zillow have been
updated by our community of users

5. 5
Strong portfolio of brands
Consumer Brands
Business Brands

6. 6
Zillow Group snapshot
$1.1B 195M 6.3B
80M 32M ~3,800
revenue in 2017 monthly unique users1 visits in 20172
1Annual peak, July 2018
2Zillow Group mobile apps and websites
homes updated by users monthly unique rental users3 employees4
4As of September 30,2018
3Annual average, 2017

7. 7
Large total addressable market (TAM) opportunity
Internet, Media & Tech (IMT) segment Homes segment
TAM linked to $1.8T$17B TAM
1 2
1. Borrell Associates 2017; Total spent on online and offline residential real estate advertising.
2. $1.8T represents estimated aggregate transaction value of existing and new homes sold in 2017. US Census Bureau and National Association of REALTORS ® 2017; Zillow Group internal estimate.
$7.2B $6.6B
$2.7B$1.1B
real estate agents and brokers1 mortgage providers1
property managers1
real estate developers1
The TAM opportunity from Zillow Group participating in Zillow
Offers by buying houses and selling them on the open market
is linked to the aggregate transaction value of existing and new
homes sold in the U.S.

8. 8
$30M $50M
$88M
$145M
$236M $201M$198M
$326M
$644M
$847M
$1.077B
$1.316B
2013 2014 2015 2016 2017 2018E
15.3%3
Driving growth and steady margin expansion
EBITDA
margin1 15.2% 15.3% 13.7%
adjusted EBITDA1
revenue
1. See Appendix A for additional information about our non-GAAP financial measures, including a reconciliation of Adjusted EBITDA to net income (loss), the most directly comparable financial measure calculated and presented in accordance with U.S. generally accepted accounting principles, and
presentation of net income (loss) margin.
2. 2016 Adjusted EBITDA was $14.8M, or 2% EBITDA margin, which includes the impact of a $130M litigation settlement. Excluding the impact of the $130M litigation settlement, 2016 Adjusted EBITDA would have been $145M, or 17.1% EBITDA margin, as presented above.
3. Based on the midpoint of guidance issued November 6, 2018. Guidance is not being updated with this presentation.
4. A quantitative reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net income (loss) for total Adjusted EBITDA or to forecasted GAAP income (loss) before income taxes for segment Adjusted EBITDA is not provided because the company is unable, without making unreasonable
efforts, to calculate certain reconciling items with confidence.
17.1%2
3
3,4
2
21.9%
IMT Segment 2018 Guidance
Revenue: $1277M to $1,284M
EBITDA4: $238M to $245M
Homes Segment 2018 Guidance
Revenue: $30M to $40M
EBITDA4: ($43M) to ($38M)
Projecting 19% YOY 2018
IMT Revenue Growth3

9. 9
$6.0 $5.0
$87.0
$11.9B
$4.2B $5.8B
Investment case valuation
United KingdomAustralia United States
enterprise value
agent commission
1. Australian Bureau of Statistics (Average AUS sale price x average AUS real estate agent commission x total 2017 AUS home sale transactions)
2. NASDAQ IR Insight as of November 12, 2018
3. Land Registry Public Data (Average UK sale price x average UK real estate agent commission x total UK home sale transactions)
4. Zillow Group internal estimate (total new and existing homes sold, National Association of REALTORS ® 2017 x average agent commissions, REAL Trends)
1 3
2
2
2
4

10. 10
2018 strategic priorities
▪ Grow our audience size and increase engagement across all brands -
including launching new brands and into new geographies.
▪ Create better experiences for consumers as we accompany home buyers
and sellers further down the funnel and closer to the transaction.
▪ Evolve our revenue models in each marketplace to better align our results
with transactions and our industry partners’ commissions at the bottom
of the funnel.
▪ Attract and retain the best talent and leverage Zillow Group’s unique
company culture focused on innovation as a competitive advantage.

11. 11
165
140
167
178 175
152
176
186 186
Q3 '16 Q4 '16 Q1 '17 Q2 '17 Q3 '17 Q4 '17 Q1 '18 Q2 '18 Q3 '18
1,404
1,190
1,533
1,679 1,667
1,436
1,765
1,921 1,889
Q3 '16 Q4 '16 Q1 '17 Q2 '17 Q3 '17 Q4 '17 Q1 '18 Q2 '18 Q3 '18
inmillions
inmillions
Average Monthly Unique Users Total Quarterly Visits2
1. Comscore Media Metrix® Multi-Platform, Real Estate, Total Audience, September 2018, U.S.
2. Includes visits to Zillow Group brands’ mobile apps and websites, Zillow, Trulia, StreetEasy (included as of March 2017) and RealEstate.com (included as of June 2017)
Zillow Group operates the largest online real estate network1
Across web and mobile, Zillow Group’s consumer brands have
more than double the audience of the nearest competitor.1
Zillow Group brands' mobile apps and websites reached an all-
time high of more than 195 million unique users in July 2018.

12. 12
Audience growth is amplified by advertising
Television Outdoor
“Many Ways Home”
“Insiders”
Zillow.com/tv
Trulia.com/tv
Social
Print
Email
SEO / SEM
Radio

13. 13
Zillow Group is the leader in mobile
▪ Mobile-exclusive market share leader in real estate category1
▪ More than 2/3 of Zillow’s usage occurs on a mobile device2
▪ Monetizing upon the shift from desktop to mobile
▪ Variety of apps from Zillow Group brands across all major platforms
1. Comscore Media Metrix® Multi-Platform, Real Estate, Total Audience, September 2018, U.S.
2. Google Analytics, September 2018
Sunset
1234 Elm Street
Seattle, WA 98122

14. 14
Zillow Group’s revenue streams
Internet,Media&Technology(IMT)Homes
contribution 2017 products/services description
Premier Agent
Mortgages
Other
Suite of marketing and business technology products
and services to help real estate agents, teams and
brokerages achieve their advertising goals, while
growing and managing their businesses and brands.
Marketing products sold to mortgage professionals
on a cost per lead and subscription basis.
Revenue generated by new construction, dotloop
and display, as well as revenue from the sale of
various other marketing and business products
and services to real estate professionals.
Zillow OffersAnnounced Q2 2018
Rentals
Advertising sold to property managers and other
rental professionals on a cost per lead, cost per click
or cost per lease generated basis.
Revenue from Zillow Group’s selling of homes
directly on the open market.
Premier Agent
71%
Other
12%
Mortgages
7%Rentals
10%

15. 15
Acquisition of Mortgage Lenders of America
▪ National mortgage lender, headquartered in Overland Park, Kansas, with
approximately 300 employees.
▪ Allows Zillow Group to streamline and shorten the home-buying process for
consumers.
▪ Zillow Group's current advertising products for lenders - Connect, Custom
Quotes and lender co-marketing - remain an important part of the business,
and the company intends to support and grow that marketplace.
▪ MLOA is an existing advertising client and originated 4,400 mortgage loans in
2017 - leaving plenty of opportunity for independent lenders to continue to
advertise and build their businesses on the Zillow Group platform.
▪ Mortgages will become Zillow Group’s third reportable segment in Q1 2019
and will include financial results for advertising sold to mortgage lenders and
other mortgage professionals, mortgage originations through MLOA and
Mortech mortgage software solutions.

16. 16
Introducing Zillow Group 5.0
▪ End-to-end technology solution (i.e. CRM, My Agent, dotloop, etc.) allows
agents and brokers to manage leads and the entire transaction from initial
contact through closing on Zillow Group’s tech stack.
▪ The auction-based and flex pricing models align our revenue with our
Premier Agent advertisers’ success.
▪ New lead validation and distribution process allows Zillow Group to ensure
its leads are serviced, while delivering high-quality connections for Premier
Agents and consumers.
▪ Launch of Homes business has potential for significant long-term profit
opportunity at scale, as well as ancillary revenue streams, including seller
leads and mortgage origination.
▪ Opportunity for revenue growth from emerging marketplaces: Rentals,
Mortgage, New Construction, etc.

17. 17
Rewiring the industry with an end-to-end solution
Enter
Valueforthe
consumer
Valueforthe
professional
SearchEnter
Single point of
entry for listings
input
Accurate, timely
listings with
unlimited hi-
resolution photos
Geotargeted,
measureable
advertising
Help agents and brokers
convert leads effectively by
providing them with tools
and training to generate
more transactions
Seamless, paperless
transactions
Reach largest audience
in the online real estate
category1
Close more deals,
measureable ROI for
reinvestment
Empowered with
data, knowledge
about homes
Close
Connect Close
1. Comscore Media Metrix® Multi-Platform, Real Estate, Total Audience, September 2018, U.S
+

18. 18
Premier Agent funnel 2017
Aggregate transaction value
Total industry commissions
ZG incremental commissions
Premier Agent revenue
U.S. real estate agents, brokers and developers spent an
estimated $8.3B on advertising in 20173
Zillow Group facilitated an estimated 7.5% share of
transaction sides5
Estimated 8x ROI for Premier Agents6
$6.5B4
$762M
1. US Census Bureau and National Association of REALTORS ® 2017; Zillow Group internal estimate
2. Internal estimate (total new and existing homes sold, National Association of REALTORS ® 2017 x average agent commissions, REAL Trends)
3. Borrell Associates 2017
4. Internal estimate (2017 total industry commissions, REAL Trends x estimated share of sales)
5. Internal estimate (total transactions attributable to ZG / total industry transactions, National Association of REALTORS ® 2017)
6. Internal estimate of ZG incremental commissions / Annual Premier Agent revenue
5.5M sales of existing and 608K new homes sold in 20171
1.8T1
$87B2

19. 19
Premier Agents bid for share of voice on the Buyer’s Agent List
Agent Budget
Share of
voice
Estimated share of
total impressions
A $1,000 100% 33%
B $1,000 100% 33%
C $500 50% 17%
D $250 25% 8%
E $250 25% 8%
Total $3,000 300% 100%
How the Buyer's Agent List (BAL) works:
Premier Agents, Premier Brokers and teams are shown
on the BAL of a listing page based on estimated Share of
Voice (SOV).
• SOV = percentage of times a Premier Agent will show
up on the BAL in that ZIP code.
• Premier Agents buy a percentage of the SOV in a zip
code and will show up in one of the three rotating BAL
spots based on how much of the total 300% the agent
purchased.
Each BAL is based on a total percentage of 300 and has
four spots:
• The first spot of the BAL will always show the Listing
Agent.
• Premier Agents show up in the next three slots based
on their SOV.
Example2:
BAL1
1. Information displayed is generalized and may not reflect how the BAL appears for all listings.
2. Example for illustrative purposes only. Cost per impression is dynamic and changes as demand in a given zip code increases or decreases.

20. 20
Demand in marketplace drives pricing with auction model
Bob Sullivan
Bob SullivanAgent 1
Agent 2
Agent 3
Agent 4
Agent 5
Agent 6
Agent 2Agent 3
Agent 4
Agent 5
Agent 6
Agent 1
Example:
• Premier Agent increases monthly advertising
spend with Zillow Group
• Premier Agent moves up in ranking by share of
voice in a zip code
• Share of voice for other Premier Agents
advertising in that zip code is decreased
• Estimated monthly leads delivered to Premier
Agent grows
• Cost per lead increases for all Premier Agents
advertising in zip code
• ROI over time decreases slightly for all Premier
Agents advertising in zip code
A
A
A
A
B
B
A
B
B

21. 21
Moving from leads to connections to improve conversion
When a consumer selects an agent
on Zillow or Trulia:
We validate the lead and introduce
the agent to their new connection.
Validation
Validated lead All other leads
Connect with agent Lead to inbox
When a consumer does not select an agent,
but requests information on a listing:
We validate the lead and call Premier Agents based
on share of voice until we make a connection.
Validation
Validated lead Not agent-ready
Connect attempt
Connect with agent
Lead to inboxConnect attempt
If agent is unavailable
If agent is unavailable
A validated lead is actively looking to buy or sell a home, not yet working with an
agent, and is ready to speak to a Premier Agent.
If a Premier Agent misses our call, they will be
next in the queue, based on share of voice.
If agent is unavailable

22. 22
Zillow Offers is a massive opportunity at scale
Potential complementary benefits:
• Premier Agent seller leads
• Ancillary revenue: Mortgages, New Construction, etc.
If 5% Market Share
of new and existing homes sold in the U.S. is achieved.1
Estimated $3,500 net profit per transaction*
~$1 billion
profit opportunity annually at scale*
1. 275,000 homes in 2017: US Census Bureau and National Association of REALTORS ® 2017
*Example for illustrative purposes only.
Assumes 90 day or less holding period.
Zillow Offers™ provides homeowners in some metropolitan areas with the opportunity
to receive offers to purchase their home from Zillow. When Zillow buys a home, it will make
necessary updates and list the home for resale on the open market.
Now live
Coming soon
Now live in 4 markets
Phoenix, AZ
Las Vegas, NV
Atlanta, GA
Denver, CO
Coming soon to 3 markets
Houston, TX
Charlotte, NC
Raleigh, NC

23. 23
How Zillow Offers works
A seller requests an offer
on their home using
Zillow Offers.
The seller accepts the
cash offer from Zillow.
A Premier Agent will list the
home on behalf of Zillow.
Zillow purchases the
home with the help of a Premier
Agent and makes repairs.
If an agent wants to present
an offer from
Zillow on their active listing,
they can request one.
The seller may receive a
cash offer from Zillow.
Zillow purchases the
home with the help of a Premier
Agent, and makes repairs.
A Premier Agent will list the
home on behalf of Zillow.
Should the seller accept, Zillow will work
through the agent to close.
A seller requests an offer
on their home using
Zillow Offers.
If the seller declines Zillow’s
offer, they are connected to
a partnering Premier Agent.
A Premier Agent will list
the home on the market.
The seller may receive a
cash offer from Zillow.
ZillowbuysahomeAgentrequestsanofferSellerlistswithagent

24. 24
Model assumes 90 day
or less holding period.
1. Adjusted EBITDA is a non-GAAP financial measure which excludes other income, depreciation and amortization expense, share-based compensation expense, impairment costs, acquisition-related costs, interest expense and
income taxes. Segment Adjusted EBITDA is reconciled to income (loss) before income taxes, which is the most directly comparable GAAP financial measure.
Homes segment financial model
For illustrative purposes only
Revenue – Sales price of homes
Cost of revenue:
Purchase price of homes (Less Zillow fee of 6% to 9% on average)
Costs to purchase homes (closing costs, commissions, escrow, title, etc.)
Home improvement costs (including direct labor)
Gross Margin
Other operating expenses:
Holding costs (insurance, taxes, HOA fees, etc.)
Costs to sell homes (closing costs, commissions, escrow, title, etc.)
Corporate overhead (indirect labor, marketing, etc.)
Adjusted EBITDA1

25. 25
3 Months Ended September 30,
2015 2016 2017 2017 2018
($ in millions)
Cash, cash equivalents and investments $520.3 $507.5 $762.5 $681.0 $1,643.0
Working capital 493.7 485.6 723.1 646.2 1,641.5
Property and equipment, net 85.5 98.3 112.3 110.7 124.3
Total assets 3,135.7 3,149.7 3,230.5 3,340.7 4,202.5
Long-term debt 230.0 367.4 385.4 380.8 690.3
Deferred tax liabilities and other long-term liabilities 132.5 136.1 44.6 134.4 21.9
Total shareholders' equity 2,679.1 2,533.6 2,660.8 2,689.0 3,319.0
Year Ended December 31,
(unaudited)
Balance sheet snapshot

26. 26
Jennifer Rock
Chief Accounting
Officer
David Beitel
Chief Technology Officer
Stan Humphries
Chief Analytics Officer
Errol Samuelson
Chief Industry Development Officer
Jeremy Wacksman
President, Zillow Brand
Co-head of Zillow Offers
Zillow Group leadership team
Extensive history building successful consumer internet and real estate companies
Rich Barton
Executive Chairman
Lloyd Frink
Vice-Chairman
Spencer Rascoff
Chief Executive Officer
Years at ZG Background
13
13
13
Years at ZG Background
7
13
13
4
9
<1
Arik Prawer
President, Homes Division
Co-head of Zillow Offers
Greg Schwartz
President, Media &
Marketplaces
11
Allen Parker
Chief Financial Officer
Aimee Johnson
Chief Marketing Officer <1
<1

27. 27
Strong company culture focused on innovation
▪ 94% of Zillow Group employees say
they would recommend working for
the company to a friend2
▪ ~3,800 employees1
▪ Recognized as a ‘Best Place to Work’
across nearly all locations
1. As of September 30, 2018
2. Ziillow Group employee engagement survey, October 2018

28. 28
Investment highlights
▪ Leading brand identity
▪ Largest real estate network on the web1
▪ Significant market opportunity and margin potential at scale
▪ Strong suite of innovative technology and products
▪ Monetizing the mobile opportunity as a mobile-first company
1. Comscore Media Metrix® Multi-Platform, Real Estate, Total Audience, September 2018, U.S.

29. 29
Reco nciliatio n o f Adjusted EBITDA to net lo ss
2013 2014 2015 2016 2017
Net loss (12,453)$ (43,610)$ (148,874)$ (220,438)$ (94,420)$
Other income (385) (1,085) (1,501) (2,711) (5,385)
Depreciation and amortization expense 23,254 35,624 75,386 100,590 110,155
Share-based compensation expense 23,436 34,085 105,214 106,918 113,571
Impairment costs 3,259 - - 174,000
Acquisition-related costs 376 21,493 16,576 1,423 463
Restructuring costs - - 35,551 - -
Loss (gain) on divestiture of businesses - - 4,368 (1,251) -
Interest expense - - 5,489 7,408 27,517
Loss on debt extinguishment - - - 22,757 -
Income tax (benefit) expense (4,111) - (4,645) 130 (89,586)
Adjusted EBITDA 30,117$ 49,766$ 87,564$ 14,826$ 236,315$
Calculatio n o f net lo ss margin
2013 2014 2015 2016 2017
Net loss (12,453)$ (43,610)$ (148,874)$ (220,438)$ (94,420)$
Revenue 197,545$ 325,893$ 644,677$ 846,589$ 1,076,794$
Net loss margin -6.3% -13.4% -23.1% -26.0% -8.8%
Calculatio n o f Adjusted EBITDA margin
2013 2014 2015 2016 2017
Adjusted EBITDA 30,117$ 49,766$ 87,564$ 14,826$ 236,315$
Revenue 197,545$ 325,893$ 644,677$ 846,589$ 1,076,794$
Adjusted EBITDA margin 15.2% 15.3% 13.6% 1.8% 21.9%
( in tho usands, unaudited)
Year Ended December 31,
( in tho usands, unaudited)
Year Ended December 31,
( in tho usands, unaudited)
Year Ended December 31,
Appendix A
1. For the year ended December 31, 2016, Adjusted EBITDA of $14.8M includes the impact of a $130.0 million litigation settlement and $28.9 million in related legal costs. Excluding the impact of the $130M litigation settlement, 2016 Adjusted EBITDA would have been $144.8M, or 17%
EBITDA margin.
1
1