Investor Presentaiton

Homes segment is still very early stage Homes segment quarterly revenue $M $129 $41 $11 $249 $385 $770 % of Homes Revenue Homes Unit Economics $603 Zillow Offers Revenue Less: Operating Costs* Unit economics Return on homes sold before interest expense² Homes Segment Adjusted EBITDA³ Return on homes sold before interest expense Less: Homes corporate overhead Homes Adjusted EBITDA before adjacent opportunities Homes Adjusted EBITDA with adjacent opportunities Near Term At Scale¹ 100% 98-102% (2)- 2% 100% 95 - 96% 4-5% 4 -5% 1 - 2% 2-3% ++ 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 Achieved ~$2B last twelve months revenue in under 2 years * Operating costs include home acquisition costs, renovation costs, holding costs and selling costs. 1. Please see legal disclosure slide on page 27 for additional information about these targets. "At-Scale" margins are standalone targets and adjacent products offer additional margin opportunity 2. See appendix slides for additional information regarding homes sold before interest expense, a non-GAAP financial measure. 3. See appendix slides for the reconciliation of Adjusted EBITDA (on a consolidated and segment basis) to net loss, the nearest measure as presented under GAAP. ZILLOW GROUP 20 20

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