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Analyst Coverage

Firm Analyst
Bank of America Merrill Lynch Nat Schindler
nathaniel.schindler@baml.com
Phone: 415-676-3574
Barclays Deepak Mathivanan
deepak.mathivanan@barclays.com
Phone: 415-274-5351
Benchmark Company Daniel Kurnos
dkurnos@benchmarkcompany.com
Phone: 561-961-5113
Canaccord Genuity Maria Ripps
mripps@canaccordgenuity.com
Phone: 212-849-3923
Citi Mark May
mark.may@citi.com
Phone: 212-816-5564
Cowen Thomas Champion
thomas.champion@cowen.com
Phone: 646-562-1365
Craig-Hallum Capital Group, LLC Bradley Berning
brad.berning@craig-hallum.com
Phone: 612-334-6304
D.A. Davidson & Co. Tom White
twhite@dadco.com
Phone: 212-240-9873
Deutsche Bank Lloyd Walmsley
lloyd.walmsley@db.com
Phone: 212-250-7063
Goldman Sachs & Co. Heath Terry
heath.terry@gs.com
Phone: 212-357-1849
Guggenheim Partners Jake Fuller
jake.fuller@guggenheimpartners.com
Phone: 212-518-9013
Jefferies Brent Thill
bthill@jefferies.com
Phone: 415-229-1559
JMP Securities Ronald Josey
rjosey@jmpsecurities.com
Phone: 212-906-3528
Macquarie Capital (USA) Inc. Ben Schachter
ben.schachter@macquarie.com
Phone: 212-231-0644
Morgan Stanley & Co. LLC Brian Nowak
brian.nowak@morganstanley.com
Phone: 212-761-3365
Needham & Co. Brad Erickson
berickson@needhamco.com
Phone: 503-830-9488
Oppenheimer & Co. Jason Helfstein
Jason.Helfstein@opco.com
Phone: 212-667-6433
Raymond James Justin Patterson
justin.patterson@raymondjames.com
Phone: 415-616-803
RBC Capital Markets Mark Mahaney
mark.mahaney@rbccm.com
Phone: 415-633-8608
Stephens, Inc. John Campbell
john.campbell@stephens.com
Phone: 501-377-6362
Stifel John Egbert
egbertj@stifel.com
Phone: 212-271-3618
Susquehanna Financial Group Shyam Patil
shyam.patil@sig.com
Phone: 212-510-4417
Wedbush Securities Ygal Arounian
ygal.arounian@wedbush.com
Phone: 212-938-9929

Zillow Group, Inc. is followed by the analysts listed above. Please note that any opinions, estimates or forecasts regarding Zillow Group, Inc.'s performance made by these analysts are theirs alone and do not represent opinions, forecasts or predictions of Zillow Group, Inc. or its management. Zillow Group, Inc. does not by its reference above or distribution imply its endorsement of or concurrence with such information, conclusions or recommendations.

Information on Class C Shares

Information on Our New Class of Shares

On July 20, 2015 our Board of Directors approved the issuance of the Class C stock dividend and set July 21, 2015 as the record date. The Class C stock dividend had an August 17, 2015 ex-dividend date, and shares began trading on August 17, 2015.

Distribution-Class-C-Shares

What is changing?

On July 21, 2015, Zillow Group, Inc. (NASDAQ:Z) announced that its Board of Directors approved the distribution of shares of Class C capital stock to its shareholders distribution of the Class C capital stock will occur as a dividend to shareholders with a dividend record date of July 31, 2015 and a dividend payment date of August 14, 2015.

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What is the projected trading timeline?

projected-timeline-class-c-shares

On July 31, 2015, the Class C shares will commence trading on a WHEN ISSUED basis (ZCVVV). At that same time, the EX DISTRIBUTION WHEN ISSUED market for the Class A shares (ZAVVV) would be made available. This market represents the ability to trade the Class A stock without entitlement to the Class C capital stock distribution.

jul-31

From July 31, 2015 through August 14, 2015 Nasdaq will be trading:

  • Class A shares regular way, with entitlement to the Class C shares (Z)
  • Class C shares when issued (ZCVVV)
  • Class A shares on an EX Distribution, when issued basis (ZAVVV)
Aug-14

After the close of market on August 14, 2015, Nasdaq will review the closing price of the Class C shares (ZCVVV) and determine and announce what the adjustment amount for the Class A shares will be on the EX date of August 17, 2015. On the EX date, the closing price of the Class A shares (new symbol ZG) will reflect the adjustment amount.

Aug-17

Effective on the EX date, August 17, 2015:

  • Class A shares will have a symbol change from Z to ZG. The stock is EX on this date and commences trading at the adjusted price.
  • Class C shares will have a symbol change from ZCVVV to Z, and commence trading on a regular way (T+3) basis. The WHEN ISSUED settlement date will be August 20, 2015.
  • The market for the Class A shares on an EX Distribution, WHEN ISSUED basis (ZAVVV) will be suspended since the Class A stock is EX on this date.
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What symbols will be trading?

JULY 31- AUGUST 14 AUGUST 17
  • CLASS A shares will trade regular way, with entitlement to the CLASS C shares Z
  • CLASS C shares will trade on a when issued basis ZCVVV
  • CLASS A shares will trade on an EX Distribution, when issued basis ZAVVV
  • CLASS A shares ZG
  • CLASS C shares Z
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What is the impact to trading?

Market participants must be sure to reflect the correct symbol in their trading. Failure to do so could result in trading of the wrong class of shares or an invalid symbol. Please refer to the trading symbol timeline for reference.

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What is the ratio of Class C shares to be issued?

Zillow will issue two shares of Class C capital stock for every Class A common stock or Class B common stock held.

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What are the issue details?

CLASS CUSIP
Class A 98954M101
Class C 98954M200
Class A Ex Distribution 98954M119

Please note: the CUSIP numbers will not change in conjunction with the changes happening on August 17, 2015 when Z changes to ZG and ZCVVV changes to Z.

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How should we retain market data history?

Zillow Class A stock (Z) history should carry over to the ZG symbol on August 17, 2015. Zillow Class C capital stock (ZCVVV) history should carry over to the Z symbol on August 17, 2015.

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Where can I find information related to the cost basis allocation between Class C and Class A?

Please refer to Zillow Group’s Form 8937 prepared in connection with the Class C capital stock distribution.

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