Investor Presentation February 2022
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 the growth opportunities,
addressable market, future financial performance, 2025 financial targets and results of Zillow Group, Inc. (the "Company" or "Zillow") 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 as well as from risks and uncertainties beyond Zillow's control. Differences in Zillow's actual results from
those described in these forward-looking statements may result from actions taken by Zillow as well as from risks and uncertainties beyond Zillow's control. Factors that may contribute to such differences
include, but are not limited to, disruptions in operations (including in our ability to complete the disposition of homes in inventory), and relationships with customers, suppliers, vendors, agents, broker partners,
contractors, employees, lenders and customers given our decision to wind down iBuying operations; unanticipated developments that may prevent, delay or increase the costs associated with our wind down
activities; our access to and the availability of financing on terms acceptable to us to finance the purchase of homes through Zillow Offers during the wind down of iBuying operations; the impact of the
COVID-19 pandemic (including variants) and any associated economic downturn on Zillow's future financial position, operations and financial performance; the magnitude, duration and severity of the
COVID-19 pandemic (including variants); the current and future health and stability of the economy and residential housing market, including any extended slowdown in the real estate markets as a result of
COVID-19; Zillow's ability to execute on strategy; Zillow's ability to maintain and effectively manage an adequate rate of growth; Zillow's ability to innovate and provide products and services that are attractive to
its users and advertisers; Zillow's investment of resources to pursue strategies that may not prove effective; Zillow's ability to compete successfully against existing or future competitors; the impact of pending
legal proceedings described in Zillow's filings with the Securities and Exchange Commission ("SEC"); Zillow's ability to successfully integrate and realize the benefits of its past or future strategic acquisitions or
investments; Zillow's ability to maintain or establish relationships with listings and data providers; the reliable performance of Zillow's network infrastructure and content delivery processes; Zillow's ability to
obtain or maintain licenses and permits to support our current and future businesses; actual or anticipated changes to our products and services; the impact of natural disasters and other catastrophic events;
Zillow's ability to protect the information and privacy of customers and other third parties; and Zillow's ability to protect its intellectual property. The foregoing list of risks and uncertainties is illustrative but not
exhaustive. For more information about potential factors that could affect Zillow's business, financial results and Zillow's ability to achieve the 2025 financial targets, please review the "Risk Factors" described in
Zillow's Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC and in Zillow's other filings with the SEC. These documents are available in the Investor Relations section of the
Company's website at https://investors.zillowgroup.com. The forward-looking statements made in this presentation are based on information available and assumptions as of February 10, 2022. 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 IMT segment Adjusted EBITDA and Adjusted EBITDA margin, which are key metrics 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. This presentation also contains estimates and other statistical data made by independent parties and by Zillow relating to market size, the housing market, connections, engagement, transactions,
growth and other data about Zillow's industry and performance. These data involve a number of assumptions and limitations, which may significantly impact their accuracy, and you are cautioned not to give
undue weight to such estimates. Projections, assumptions and estimates of future performance are necessarily subject to a high degree of uncertainty and risk. Reconciliation tables and other important
information about the Company's financial results and operating metrics used herein are included in the Appendix of this presentation.
The trademarks included herein are the property of the owners thereof and are used for reference purposes only.
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