First Quarter 2017

Investor Presentation

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, those discussed under the heading “Risk Factors” in the Company’s most recent Annual Report on Form 10-K for the year ended December 31, 2016 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 athttp://investors.zillowgroup.com. The forward-looking statements made in this presentation are based on assumptions as of February 7, 2017. 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. Adjusted EBITDA 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 February 7, 2017, 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.

Zillow Group snapshot

$847M 171M 17M

68M 28M 2,800

revenue in 2016 monthly unique users1 Leads to Premier Agents2

1Seasonal Annual Peak, May 2016 2Annual Total, 2016

homes updated by users monthly rental visitors3 employees across 9 offices3

3As of December 31,20163Annual Average, 2016

Investment highlights

Leading brand identity and scale

Largest real estate network on the web1

Significant market opportunity and margin potential at scale

Strong suite of innovative technology and products

Well-positioned to monetize on the mobile opportunity

1comScore Media Metrix Real Estate Category Ranking by Unique Visitors, January 2017, US Data

Mission

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

Real estate

Mortgages

Rentals

Home-related services

Addressable media market opportunities

Advertising services related to home purchases and sales of residential real estate – one of the largest sectors of the U.S. economy

Information marketplace for potential borrowers and suite of tools for mortgage professionals

Information marketplace for consumers and suite of tools for rental professionals

Hub for home improvement and design

Zillow Group supports all stages of home lifecycle: renting, buying, selling, financing and home improvement.

Strong portfolio of brands

Consumer empowerment through information transparency

living database

buyers & sellers

renters

homeowners

real estate agents

mortgage providers

property managers

home-related services

110M homes

68 million homes on Zillow have been updated by our community of users

8%

71%8%

12%

Zillow Group’s revenue streamsm

ark

etp

lace

dis

pla

y

contribution 2016 products/services description

Other real estate

Mortgages

Premier Agent

Premier Agent advertising

Mortgages

Other real estate

Suite of marketing and business technology solutions to help real estate agents grow their business

Advertising and mortgage software sold to mortgage professionals

Agent services, dotloop, StreetEasy, Naked Apartments, rentals and other offerings to endemic advertisers that are not traditional display advertising, including New Construction

Display advertising Mobile and web display advertising that enables advertisers to market on Zillow Group and Zillow Group partner sites and applications

Strategy: Virtuous cycle of product developmentStep 2

Step 1 Step 3

Step 4

Step 5

Step 6

Build great products that attract consumer audience

Reinvest in product and marketing to further benefit consumers and pros,

and differentiate from competition

Invite professionals to connect with consumer audience for free

Offer pros premium media services to increase engagement

Reinvest in product and marketing to further benefit consumers and pros, and differentiate from competition

Provide software tools to improve pros’ success at growing their business with us

Target market is enormous and fragmented

$6.9B

$6.2B

$1.9B

$Billions

real estate agents1

mortgage providers1

property managers1

home-related services2

$15B+U.S. opportunity

total spent on online and offline advertising

1Borrell Associates 2016; 2IBIS World 2014

$3.8B $4.8B

$85.0B

$7.2B$3.7B

$6.7B

Investment case valuation

United KingdomAustralia United States

enterprise value

agent commission

1Australian Bureau of Statistics (total AUS home sale transactions x average AUS sale price / average AUS real estate agent commission)2Land Registry Public Data (total UK home sale transactions x average UK sale price / average UK real estate agent commission)3NASDAQ IR Insight as of February 27, 2017 4Zillow Group internal estimate (total new and existing homes sold, National Association of REALTORS ® 2016 x average agent commissions, REAL Trends)

1 23

3

3

4

$12M $26M $30M $50M $88M $145M $200M$66M

$117M

$198M

$326M

$644M

$847M

$1.04B

2011 2012 2013 2014 2015 2016 2017E

19.0%2

Investing in growth and steady margin expansion

EBITDAmargin3

18.0% 21.6% 15.1% 15.3% 13.6%

adjusted EBITDA

revenue

12016 Adjusted EBITDA was $14.8 million, or 2% EBITDA margin, which includes the impact of a $130 million litigation settlement. Excluding the impact of the $130 million litigation settlement, 2016 Adjusted EBITDA would have been $144.8 million, or 17% EBITDA margin, as presented above.2Based on the midpoint of guidance issued on February 7, 20173See slide 33 for 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.

17.0%

2017 targeting >23% revenue growth2

66% CAGR since IPO >10x since 2011

2

21

Long-term strategic priorities

Increase audience size and consumer engagement

Grow the Premier Agent business

Continue to grow emerging marketplaces

Attract and retain the best talent in the industry

Increase audience size & consumer engagement

Zillow Group operates the largest online real estate network

Across web and mobile, Zillow Group’s consumer brands have nearly double the audience of the nearest competitor. 1

25M

50M

75M

100M

125M

150M

175M

200M

Monthly unique users

1comScore Media Metrix Real Estate Category Ranking by Unique Visitors, January 2017, US Data2 Seasonal Annual Peak, May 2016

171M2

Zillow Group is the leader in mobile

Mobile-exclusive user 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

Americans search for “Zillow” more than “real estate” on Google3

60 apps from Zillow Group brands across all major platforms

>550M homes viewed on Zillow mobile – that’s 205 homes/second2

1comScore Media Metrix Multi-Platform, January 2017, U.S.2Google Analytics, December 20163Google Trends, February 2017

Sunset1234 Elm StreetSeattle, WA 98122

Recent developments

Reported record quarterly Revenue of $227.6M for 4Q16

Leads to Zillow Group Premier Agent Advertisers for 4Q16 grew nearly 33% YOY to 3.9M

Launched Seller Boost to connect Premier Agents with prospective home-sellers from Zillow and Trulia

Announced partnerships with Facebook® that leverage Zillow Group's Precision Targeting to allow agents and multifamily building managers to promote for sale listings and rentals

Completed roll out of dynamic auction-based self-serve account interface to Premier Agents nationally

Grow Premier Agent business

Premier Agent products and services

Grow transaction count by increasing lead volumes to agents and brokers

Help agents and brokers convert leads effectively by providing them with tools and training to improve lead conversion

John Smith

Premier Agent funnel 2016

Aggregate transaction value

Total industry commissions

Zillow Group incremental commissions

5.5M sales of existing & 592K new homes sold in 20161

U.S. real estate agents, brokers and developers spent an estimated $6.9 billion on advertising in 20163

Zillow Group facilitated an estimated 5.0% share of sales5

$1.7T1

$85B2

$4.4B4

1US Census Bureau and National Association of REALTORS ® 2016; Zillow Group internal estimate2Zillow Group internal estimate (total new and existing homes sold, National Association of REALTORS ® 2016 x average agent commissions, REAL Trends)3Borrell Associates 20164Zillow Group internal estimate (2016 total industry commissions, REAL Trends x estimated 5.0% share of sales)5Zillow Group internal estimate (total transactions attributable to ZG / total industry transactions, National Association of REALTORS ® 2016)

Premier Agent funnel 2016

Monthly unique visitors

Leads to agents

ZG incremental commissions

Premier Agent revenue

~4.0% lead conversion rate4

5.0% of total industry commissions6

7x ROI for Premier Agents7

171M1

17M3

$4.4B5

$604M

1Zillow Group Seasonal Annual Peak, May 20162comScore Media Metrix Real Estate Category Ranking by Unique Visitors, January 2017, US Data3Zillow Group Annual Total, 20164Based on Zillow Group internal survey of Premier Agents

5Internal estimate (2016 total industry commissions, REAL Trends x estimated 5.0% share of sales)6Internal estimate (total transactions attributable to ZG / total industry transactions, National Association of REALTORS ® 2016)7Internal estimate of ZG incremental commissions / Annual Premier Agent revenue

Zillow Group consumer brands have nearly double the audience of its largest competitor2

Premier Agent commissions growing rapidly

2014 2015 2016

Premier Agent commissions facilitated by Zillow Group growing faster than total agent commissions

$2.3B2

Premier Agent commission

Industry commission

$3.2B2

$68B1

$80B1

+18%

+40%

1Zillow Group internal estimate (total new and existing homes sold, National Association of REALTORS ® x average agent commissions, REAL Trends)2Zillow Group internal estimate (total industry commissions, REAL Trends x estimated 5.0% share of sales)

$85B1

$4.4B2

+6%

+38%

Self-serve account interface

Account management tool that allows advertisers to independently control their budgets and impression buys

Dynamic pricing potential increases as Zillow Group’s advertiser base gains experience and finds more success over time

Positions Zillow Group well for medium- to long-term to capture more of the TAM as additional advertising spending moves online

Grow emerging marketplaces

2013 2014 2015 2016

Mortgages

TAM: $6.2B1

Mortgages revenue

$1.5T in U.S. residential mortgage originations occurred in 20153

~30M mortgage loan information requests submitted by consumers on Zillow Group platforms in 2016

Cost-per-lead model

Estimated ZG Share: <1%2

$21.8M

$28.2M

$44.3M

+57%

1Borrell Associates, 20162Zillow Group internal estimate (ZG Mortgage revenue / $6.2B)3Mortgage Bankers Association, January 2016

$71.1M

+61%

+29%

Rentals

TAM: $1.9B1

Largest rental network on the Web3

Averaging 28M monthly rental shoppers on Zillow Group apps and websites4

46.5M rental units in U.S.; 6.8% national vacancy rate5

Estimated ZG Share: <1%2

Approximately 71% of movers in U.S. in 2016 were renters6

Cumulative percent change in the number of households

Over a third of U.S. households are rentals and that group is growing.

1Borrell Associates, 20162Zillow Group internal estimate (Revenue associated with ZG’s rentals marketplace / $1.9B)3comScore Media Metrix Real Estate Category Ranking by Unique Visitors, July 2016, US Data4Annual Average 20165U.S. Census Bureau, October 20166U.S. Census Bureau, November 2016

New York

TAM: $2B1

No MLS in state of New York

Product advances on mobile and brand advertising for StreetEasy have driven traffic to record levels, and significant revenue growth

Acquisition of Naked Apartments - New York City’s largest rentals-only platform - extends leading presence in region

Estimated ZG Share: <1%2

Nearly 70% of households rent in NYC3

1Borrell Associates 2015; Zillow Group internal estimate (total spent on online and offline real estate advertising in NYC) 2Zillow Group internal estimate (ZG revenue derived from NYC / $2B) 3American Community Survey, NYU Furman Center, May 2016

1234 Elm Street

Attract and retain the best talent

Zillow Group leadership teamExtensive history building successful consumer internet companies

Rich BartonExecutive Chairman

Lloyd FrinkVice-Chairman

Spencer RascoffChief Executive Officer

Kathleen PhilipsChief Financial Officer

Amy BohutinskyChief Operating Officer

Greg SchwartzChief Business Officer

David BeitelChief Technology Officer

Stan HumphriesChief Analytics Officer

Years at ZG Background

11

11

11

6

11

9

11

11

Strong company culture focused on innovation

9 locations

94% of Zillow Group employees say they would recommend working for the company to a friend2

~2,800 employees1

Recognized as a ‘Best Place to Work’across nearly all locations

1As of December 31, 20162Zillow Group employee engagement survey, May 2016

Investment highlights

Leading brand identity and scale

Largest real estate network on the web1

Significant market opportunity and margin potential at scale

Strong suite of innovative technology and products

Well-positioned to monetize on the mobile opportunity

1comScore Media Metrix Real Estate Category Ranking by Unique Visitors, January 2017, US Data

Appendix AReconciliation of adjusted EBITDA to net income (loss) and calculation of net income (loss) margin

1For the year ended December 31, 2016, Adjusted EBITDA includes the impact of a $130.0 million litigation settlement and $28.9 million in related legal costs.2The reconciliation of Adjusted EBITDA to net loss and calculation for net income (loss) margin for the year ended December 31, 2017 represent forecasted amounts as of February 7, 2017.

1 2

2