Investor Presentaiton

IMT business provides strong foundation Premier Agent is the largest revenue driver of our IMT segment $1.28B Premier Agent revenue has re- accelerated Year-over-year revenue growth % IMT Adjusted EBITDA margins have improved as we've implemented new cost controls¹ Other IMT Segment Revenue $356M ■ Premier Agent Revenue 6% 11% 26% 24% 20% $924M $331M $89M 3% 2% $242M 1% FY 2019 1Q20 1Q19 2Q19 3Q19 4Q19 1Q20 FY 2018 YoY Margin Expansion FY 2019 1Q20 381 basis points 546 basis points Strong execution in the IMT segment has led to improved customer satisfaction, agent retention, and EBITDA margins 1. 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, as well as additional details behind calculation of EBITDA margin. ZILLOW GROUP 18

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