#1Q1 2021 Investor Presentation May 6, 2021 Tripadvisor#2Forward-Looking Statements. Our presentation today, including the slides contained herein, contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are not historical facts or guarantees of future performance and are based on management's assumptions and expectations, which are inherently subject to difficult to predict uncertainties, risks and changes in circumstances. The use of words such as "intends," "expects," "may," "believes," "should," "seeks," "intends," "plans," "potential," "will," "projects," "estimates," "anticipates" or similar expressions generally identify forward-looking statements. However, these words are not the exclusive means of identifying such statements, and any statements that refer to expectations, beliefs, plans, predictions, projections, forecasts, objectives, assumptions, models, illustrations, profiles or other characterizations of future events or circumstances are forward-looking statements, including without limitation statements relating to future revenues, expenses, margins, performance, profitability, cash flows, net income/(loss), earnings per share, growth rates and other measures of results of operations (such as adjusted EBITDA) and future growth prospects for Tripadvisor's business. Actual results and the timing and outcome of events may differ materially from those expressed or implied in the forward-looking statements for a variety of reasons, including, among others, those discussed in the "Risk Factors" section of our Quarterly Report on Form 10-Q. Except as required by law, we undertake no obligation to update any forward-looking or other statements in this presentation, whether as a result of new information, future events or otherwise. Investors are cautioned not to place undue reliance on forward-looking statements. Non-GAAP Measures. This presentation also includes discussion of both GAAP and non-GAAP financial measures. Important information regarding Tripadvisor's definitions and use of these measures, as well as reconciliations of the non-GAAP financial measure to the most directly comparable GAAP financial measure are included in the earnings release reporting our first quarter 2021 financial results and supplemental financial information, which are available on the Investor Relations section of our website: www.tripadvisor.com, and in the "Non-GAAP Reconciliations" section of this document. These non-GAAP measures are intended to supplement, and are not a substitute for comparable GAAP measures. Investors are urged to consider carefully the comparable GAAP measures and reconciliations. Industry Market Data. Industry and market data used in this presentation have been obtained from industry publications and sources as well as from research reports prepared for other purposes. We have not independently verified the data obtained from these sources and cannot assure you of the data's accuracy or completeness. 2#3We are a global travel guidance company Tripadvisor helps travelers around the world unleash the full potential of every trip 3#4The world's largest travel platform Massive global demand for differentiated travel content (1) 8° 463M O avg. monthly unique visitors in 3Q19 (2) ~70% % of users on mobile 887M reviews and opinions 215M candid traveler photos 49 markets Tripadvisor's global travel platform Significant supply footprint across a spectrum of travel audience padvisor content Tripadvisor community drives content Audience drives leads to travel products (1) 2.3M Accommodations (3) 1.4M Travel activities and experiences listings E 4.1M Restaurant listings * 500+ Airlines (1) Tripadvisor internal log files; unless otherwise noted, all numbers as of Q1 2021 (2) Tripadvisor internal log files (3) Includes approximately 1.5M hotels, inns, B&Bs, and specialty lodging, as well as 753K rental listings 30K+ Cruises 4#5Significant influence on the global travel market $546B Annual travel expenditures influenced 2.2B Vacation nights influenced 433M Annual trips influenced Source: May 2018 Oxford Economics Global Travel Market Study 5 LO#6Addressing long-term travel market opportunity that is shifting online (1) Phocuswright estimates as of January 2021 $0.9 Global Travel Market(1) ($ trillions) 4% total CAGR $1.4 Online 8% CAGR $0.7 53% $0.3 33 33% 2010 2022 Offline Online 00 6#7After past pandemics and worldwide events, consumers continued to travel 278 International Tourist Arrivals (in millions) 1,404 5x increase since 1980 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 Source: Skift (World Bank Tourism Organization. Skift Research Estimates). Data as of March 2020 7#8Tripadvisor is the #1 travel site by traffic Travel Sites Globally(1) Monthly unique users With more traffic than Booking.com, Airbnb, Yelp, Expedia, Skyscanner, Trivago, Kayak, Agoda, Priceline and Hotels.com Tripadvisor Jan 20 Feb 20 Mar 20 April 20 May 20 Tripadvisor Booking -Airbnb Jun 20 Yelp July 20 Expedia Aug 20 Skyscanner Sept 20 Oct 20 Nov 20 Trivago Kayak -Agoda Dec 20 Jan 21 -Priceline Feb 21 Mar 21 Hotels.com (1) Source: SimilarWeb, unique users de-duplicated monthly#9Multiple areas of diverse, long-term growth potential Tripadvisor. DBI Do > * Hotels Click-based advertising for OTAS and hoteliers to capture bookings; Hotel sponsored placements; launched additional B2B solutions Display and Platform Enables advertising partners to promote their brands in a contextually relevant manner; Investing in a compelling direct-to-consumer offering Experiences Enables consumers to research and book nearly 400K bookable products on 1.4M activities and attractions Dining Travelers and locals can research and book restaurants in select geographies Offer sponsored placements for restaurants to amplify their business Other A collection of strategic offerings, including vacation rentals, flights, cruises, cars 9#10Pursuing our One Tripadvisor consumer vision as the world returns to travel Repositioned brand has never been more relevant: There's Good Out There • Our Travel Safe feature helps consumers make more informed decisions based on important health and safety information about hospitality businesses • We are actively working on aligning consumer experience with planning trips that matter • Beta-launched Direct-to-Consumer offering, Tripadvisor Plus • Significant long-term growth potential to deliver more value to Tripadvisor users and members#11oo Financial overview#121Q21 Update: Monthly consumer trends improved during Q1 Recent monthly unique visitor trends demonstrate recovery: ⚫ January, February, and March monthly unique users were approximately 53%, 56%, and 58%, of 2019's comparable periods, respectively In March, U.S. monthly unique users approached 80% of 2019's comparable period Average Monthly Unique Visitors (1) (Illustrative year-over-year % performance) Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 (1) Tripadvisor internal log files for Tripadvisor-branded websites#131Q21 Update: Revenue and EBITDA improved slightly Consolidated Revenue ($ millions) $278 $59 $151 $116 $123 Consolidated Net Income (Loss) -$16 (in $millions) -$48 T'" -$153 -$73 -$80 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Consolidated Adjusted EBITDA (1) (in $millions) $40 -$74 $15 -$33 -$26 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 (1) Consolidated Adjusted EBITDA is our non-GAAP profit measure and is defined as net income (loss) plus: (1) provision (benefit) for income taxes; (2) other income (expense), net; (3) depreciation and amortization; (4) stock-based compensation and other stock-settled obligations; (5) goodwill, intangible asset, and long-lived asset impairments; (6) legal reserves and settlements; (7) restructuring and other related reorganization costs; and (8) non-recurring expenses and income 13#141Q21 Update: $1.2B of available liquidity; Positioned for a variety of recovery scenarios Liquidity position a/o 3/31/21 ($ millions) Cash and cash equivalents (C&CE) Unborrowed Revolver Capacity $1,170 $496 • $674 million in cash and cash equivalents at 3/31/21 • Raised $345 million from 0.250% convertible notes due April 1, 2026. Net proceeds to be used for general corporate purposes, which may include repaying a portion of our 7.000% Senior Notes due 2025 before maturity. • Majority of headcount-related and discretionary cost savings expected to persist in 2021 and beyond $674 C&CE a/o March 31, 2021#15Well-positioned for leisure travel rebound 喎 Travelers Trusted source of information on locations, property conditions, budgeting and other trip factors; barometer for early signs of engagement given top- of-funnel positioning Travel Partners Source of global demand generation for accommodations and in-market suppliers with excess capacity Cost controls Reduced headcount-related and discretionary costs as well as enhanced discipline across performance marketing channels Business model positioning Diverse end-markets, business models and geographies enable Tripadvisor to experience rebound regardless of where it occurs 15#16Financial highlights BBI Significant historical revenue scale and long-term growth potential Robust financial profile with strong track record of profitability and operating cash flow generation Attractive historical base of revenue and Adjusted EBITDA(1) from Hotels, Media & Platform Experiences & Dining has significant growth and Operating leverage driven by prudent cost management margin potential ☑ Balanced investments aimed at driving sustainable, long-term growth (1) Consolidated Adjusted EBITDA is our segment profit measure and is defined as net income (loss) plus: (1) provision (benefit) for income taxes; (2) other income (expense), net; (3) depreciation and amortization; (4) stock-based compensation and other stock-settled obligations; (5) goodwill, intangible asset, and long-lived asset impairments; (6) legal reserves and settlements; (7) restructuring and other related reorganization costs; and (8) non-recurring expenses and income 16#17Strong financial profile pre-pandemic Consolidated Revenue ($ millions) $1,615 $1,556 $1,560 Consolidated Net Income (Loss) (in $millions, except Net income (loss) margin) Consolidated Net Income Consolidated Net Income Margin Consolidated Adjusted EBITDA (1) ($ millions, except Adj. EBITDA margin) Consolidated Adj. EBITDA - Consolidated Adj. EBITDA Margin 2017 2018 2019 -1% -$19 $113 7% $126 $438 $422 8% $331 28% 26% 21% 2017 2018 2019 2017 2018 2019 (1) Consolidated Adjusted EBITDA is our non-GAAP profit measure and is defined as net income (loss) plus: (1) provision (benefit) for income taxes; (2) other income (expense), net; (3) depreciation and amortization; (4) stock-based compensation and other stock-settled obligations; (5) goodwill, intangible asset, and long-lived asset impairments; (6) legal reserves and settlements; (7) restructuring and other related reorganization costs; and (8) non-recurring expenses and income; Tripadvisor defines 17 "Adjusted EBITDA margin" as adjusted EBITDA divided by revenue. Please see the appendix for reconciliation.#18We have successfully driven a diverse revenue mix, with additional opportunities ahead 2012 2015 4% 15% 96% 2019 10% 50% 29% 85% 11% Hotel Non-hotel TA-branded hotels TA-branded display Experiences & Dining | Other Note: 2012 and 2015 reflect historical reportable segment reporting from 10-Ks Diversification supported by: о Hotel auction O Diverse double-digit pre-pandemic growth in emerging offerings: Hotel B2B solutions ☐ Display and platform Experiences & Dining Additionally, in 2020, we launched our first direct-to-consumer offerings 18#19Track record of strong profitability and free cash flow generation Consolidated Adjusted EBITDA(1) ($ millions, except Adj. EBITDA margin) Consolidated Adj. EBITDA Consolidated Adj. EBITDA Margin - Consolidated Net Income Margin 15% CAGR $438 $422 Operating cash flow ($ millions) 33% CAGR $405 $424 Free cash flow(2) ($ millions) 40% CAGR $344 $341 28% $331 26% $238 21% 8% 7% -1% 2017 2018 2019 2017 Net income ($19) 2018 $113 2019 $126 $174 2017 2018 2019 2017 2018 2019 (1) Consolidated Adjusted EBITDA is our non-GAAP profit measure and is defined as net income (loss) plus: (1) provision (benefit) for income taxes; (2) other income (expense), net; (3) depreciation and amortization; (4) stock-based compensation and other stock-settled obligations; (5) goodwill, intangible asset, and long-lived asset impairments; (6) legal reserves and settlements; (7) restructuring and other related reorganization costs; and (8) non-recurring expenses and income; Tripadvisor defines "Adjusted EBITDA margin" as adjusted EBITDA divided by revenue. Please see the appendix for reconciliation. (2) Free cash flow is a non-GAAP measure and is calculated as cash provided by operating activities less capital expenditures. Please see the appendix for reconciliation. 19#20Investment highlights ET ☑ World's largest travel guidance platform and community Valuable and differentiated position with travelers and suppliers Addressing attractive long-term secular growth opportunity Comprehensive platform with potential to further deepen customer engagement on our platform and drive diverse revenue streams Executing One Tripadvisor vision, including launching a consumer subscription offering to deliver travelers even more value Robust financial profile with strong track record of profitability and operating cash flow generation Flexible cost structure; preserving cash and balancing cost controls with investments aimed at driving sustainable, long-term growth 20 20#21oo Appendix#22Non-GAAP Reconciliations (in Smillions) Reconciliation from GAAP Net Income (Loss) to Adjusted EBITDA (Non-GAAP): GAAP Net Income (Loss) 2017 2018 2019 2020 2021 FY** FY* FY* Q1 Q2 03 Q4 Q1 [1] Add: Provision (benefit) for income taxes Add: Other expense (income), net Add: Restructuring and other related reorganization costs Add: Impairment of goodwill ($19) $113 $126 ($16) ($153) ($48) ($73) ($80) 129 60 68 (11) (26) (10) (31) (16) 14 10 (7) 15 12 12 12 1 9 33 (1) 3 Add: Legal reserves and settlements 5 Add: Stock-based compensation expense 96 118 124 26 25 28 29 29 [2] Add: Depreciation and amortization 111 116 126 32 32 30 31 29 (3) Adjusted EBITDA (Non-GAAP) $331 $422 $438 $40 ($74) $15 ($33) ($26) Reconciliation of GAAP Cash Flow from Operating Activities to Non-GAAP Free Cash Flow: Cash flow provided by (used in) operations Subtract: Capital expenditures Free Cash Flow (Non-GAAP) (4) $238 64 $174 $405 61 $424 $344 83 $341 The Company believes that non-GAAP financial measures provide investors with useful supplemental information about the financial performance of our business, enables comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating and analyzing our business. (1) Includes an estimated U.S. Tax Cuts and Jobs Act of 2017 (the "2017 Tax Act") of $73 million during the year ended December 31, 2017, primarily related to a transition tax expense. (2) Depreciation and amortization. Includes internal use software and website development amortization. (3) Adjusted EBITDA. A non-GAAP measure which is defined as net income (loss) plus: (1) provision (benefit) for income taxes; (2) other income (expense), net; (3) depreciation and amortization; (4) stock-based compensation and other stock-settled obligations; (5) goodwill, intangible asset, and long-lived asset impairments; (6) legal reserves and settlements; (7) restructuring and other related reorganization costs; and (8) non-recurring expenses and income. These items are excluded from our Adjusted EBITDA measure because these items are non cash in nature, or because the amount is not driven by core operating results and renders comparisons with prior periods less meaningful. (4) Free Cash Flow. A non-GAAP measure which is defined as net cash provided by operating activities less capital expenditures, which are purchases of property and equipment, including capitalization of internal-use software development costs. We believe this financial measure can provide useful supplemental information to help investors better understand underlying trends in our business, as it represents the operating cash flow that our operating businesses generate, less capital expenditures but before taking into account other cash movements that are not directly tied to the core operations of our businesses, such as financing activities, foreign exchange or certain investing activities. Free Cash Flow has certain limitations that it does not represent the total increase or decrease in the cash balance for the period, nor does it represent the residual cash flow for discretionary expenditures. Therefore, it is important to evaluate Free Cash Flow along with the unaudited condensed consolidated statements of cash flows. * Full-year totals reflect data as reported and may differ from the summation of the quarterly data due to rounding. 22 22