Touring and Market Expansion

Use of Operating Metrics Zillow Group reviews a number of operating metrics to evaluate its business, measure performance, identify trends, formulate business plans, and make strategic decisions. This communication includes Customer Transaction Share as a percentage of total residential real estate transactions. Zillow Group uses these operating metrics on a periodic basis to evaluate and provide investors with insight into the performance of Zillow Group's transaction-based lines of business, which currently include Premier Agent, Listing Showcase, seller solutions, Zillow Home Loans and Listing Showcase. Customer Transactions: Unless otherwise indicated, Zillow Group calculates "Customer Transactions" as each unique home purchase or sale transaction in which the buyer or seller uses Zillow Home Loans, Listing Showcase, and/or involves a Premier Agent or seller solutions partner with whom the buyer or seller connected through Zillow Group. In particular: • For Premier Agent and seller solutions partners, Zillow Group uses an internal approximation of the number of buy- and/or sell-side transactions, as applicable, that involve a Premier Agent or seller solutions partner with whom the buyer or seller connected through Zillow Group. Because of the challenges associated with measuring the conversion of connections to transactions outside of our Premier Agent Flex and our seller solutions programs, including reliance on the availability and quality of public records and data, these estimates may be inaccurate. For Zillow Home Loans, Zillow Group counts each unique purchase transaction in which the buyer uses Zillow Home Loans. . For Listing Showcase, Zillow Group counts each unique sale transaction in which the listing agent or seller uses Listing Showcase. Revenue Per Customer Transaction: Zillow Group calculates "Revenue Per Customer Transaction" as Premier Agent, seller solutions, Zillow Home Loans, and Listing Showcase revenue divided by the number of Customer Transactions during the relevant period, for the period presented. Customer Transaction Share: Unless otherwise indicated, "Customer Transaction Share" is Customer Transactions divided by the number of total residential real estate transactions, for the period presented. 30 ZILLOW GROUP

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