Spencer Rascoff

Q&A and Wrap Up

Safe Harbor Disclosures

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 that involve risks and uncertainties. Statements containing words such as "may," "believe," "anticipate," "expect," "intend," "plan," "project," "projections," "business outlook," "estimate," or s imilar expressions constitute forward -looking statements. Differences in the Company's actual results from those anticipated in these forward-looking statements may result from actions taken by the Company as well as from risks and uncertainties beyond the Company's control. Factors that may contribute to such differences include, but are not limited to, the Company's ability to effectively manage its growth; the impact of the real estate industry on the Company's business; the Company's
ability to innovate and provide products and services that are attractive to its users advertisers; the Company's ability to cost effectively increase awareness of the Zillow brand; the Company's ability to maintain or establish relationships with listing s and data providers; the Company's ability to attract consumers to the Company's mobile applications and websites; the Company's ability to compete successfully against existing or future competitors; the reliable performance of the Company's network infrastructure and content delivery processes; and the Company's ability to protect its intellectual property. The foregoing list of risks and uncertainties is illustrative, but is not exhaustive. For more information about potential factors that could affect the Company's business and financial results, please review the "Risk Factors" section of our most recent
Annual Report on Form 10 -K and Quarterly Reports on Form 10 -Q filed with the Securities and Exchange Commission. These documents are available in the Investor Relations section of the Company's website at http://investors.zillow.com/ . Except as may be required by law, the Company does not intend, and undertakes no duty, to update this information to reflect future events or circumstances.
This presentation presents Adjusted EBITDA, which is a non -GAAP financial measure. We have provided a reconciliation of Adjusted EBITDA to net income (loss), the most directly comparable GAAP financial measure. 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. In particular, the exclusion of certain expenses in calculating Adjusted EBITDA facilitates operating performance comparisons on a period -to-period basis. Our use of Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP. Because of these limitations, you should consider Adjusted EBITDA alongside other financial performance measures, including various cash
flow metrics, net income and loss and our other GAAP results. A reconciliation of Adjusted EBITDA to net income / loss can be found in the Appendix of this presentation.

2013 Strategic Priorities

Grow

Audience

Grow PA

Business

Grow Emerging

Marketplaces

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20 Months post first Investor Day (March 2013)

We Said…. We Did….

We'd grow audience

We'd grow PA business

We'd invest in mobile

We'd grow mortgage revenue

We'd monetize rentals

We'd grow home improvement

Execute as we grow

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