Investor Presentation

February 7, 2019
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Safe harbor
Forward-looking statements. This presentation includes 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, including statements that describe
Expedia Group management's beliefs, intentions or goals. It is uncertain whether any of the events anticipated by the
forward-looking statements will transpire or occur, or if any of them do, what impact they will have on the results of
operations and financial condition of Expedia Group. These forward-looking statements involve certain risks and
uncertainties, many of which are beyond the Expedia Group’s control, that could cause actual results to differ materially
from those indicated in such forward-looking statements, including but not limited to the risks and important factors
contained and identified in Expedia Group's filings with the Securities and Exchange Commission (the "SEC"), such as
Expedia Group's Annual Reports on Form 10-K and quarterly reports on form 10-Q. The forward-looking statements
included in this presentation are made only as of the date hereof and Expedia Group undertakes no obligation to update
the forward-looking statements to reflect subsequent events or circumstances, except as required by law.
Non-GAAP measures. Reconciliations to GAAP measures of non-GAAP measures included in this presentation are
included in the Appendix. These measures are intended to supplement, not substitute for, GAAP comparable
measures. Investors are urged to consider carefully the comparable GAAP measures and reconciliations.

Industry / market data. Industry and market data used in this presentation have been obtained from industry publications
and sources as well as from research reports prepared for other purposes. We have not independently verified the data
obtained from these sources and cannot assure you of the data’s accuracy or completeness.

Trademarks & logos. Trademarks and logos are the property of their respective owners.

© 2019 Expedia, Inc. All rights reserved. CST: 2029030-50 industry

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Expedia Group Proprietary and Confidential
Key investment highlights
1) Huge addressable market

2) Operating global multi-product travel platform

3) Harnessing significant scale and technological advantages

4) Leading brands with loyal customer base

5) Strong financial performance on solid trajectory

6) Attractive free cash flow generation

7) Track record of successful M&A and smart capital allocation

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Huge opportunity in $1.7T global market

US and Asia Latin

EMEA
Canada Pacific America

13% 3% 2% 2%

2019 total travel market

Total travel market ~$1.7T $501B $644B $506B $89B

Expedia Group Other

Notes: Expedia Group’s share of travel market defined as gross bookings during 2018. Travel market size estimates based on Phocuswright data for 2019. 2019 data includes alternative
accommodations and activities, which were not included prior to 2018. Sources: Phocuswright estimates and Expedia Group data.
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World’s largest diversified travel platform
High volume & diversity of Broad and diversified
Customers Demand Supply partners
Properties on core
Monthly visits1 lodging platform4
750M+ 1M+
Active corporate travelers HomeAway online bookable
listings
2M+
1.8M+
Powering Customers Suppliers
Airlines
~100K
Offline travel agents2 500+
35K+ Car rental companies
B2B partners leveraging 175+
our platform

Contacts handled annually3 Unique activities

50M+ Supply 35K+

Notes: Expedia Group data shown as of 12/31/18, unless otherwise noted. 1Monthly visits based on data for Brand Expedia, Hotels.com, Orbitz, Travelocity, Wotif, HomeAway, trivago
and Hotwire combined during 2018. 2Offline travel agents based on number of sales agents in Global Customer Operations, Expedia Partner Solutions (EPS), HomeAway, Classic
Vacations, CruiseShipCenters, Travel Agent Affiliate Program (TAAP). 3Contacts handled annually include calls, emails, chats and social media. 4 Includes more than
370,000 integrated HomeAway listings.
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Unmatched portfolio of leading travel brands
Common technology and supply

Global alternative
Only global full-service A leading hotel specialist A leader in global accommodations A leading hotel
online travel agency, globally, with websites in corporate travel, in 60+ marketplace with metasearch company,
in 30+ countries 40+ languages countries listings in 190 countries in 55 countries

Core OTA Alternative

Corporate travel Metasearch
Accommodations
~$80B gross bookings ~$8B gross bookings
~$11B gross bookings
~$1.1B revenue1

Notes: All stats shown are for the year ended 12/31/2018. 1trivago revenue includes intercompany revenue.

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Rapidly expanding supply
Property count
K
1,250 50%

1,000 40%

Core lodging platform

750 30% includes
Over 1M
500 20%
properties

250 10%

0 0%
2014 2015 2016 2017 2018
Core Lodging Properties HomeAway Integrated Listings Y/Y growth ex-HomeAway (RHS)
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Expedia loyalty programs drive repeat & create
competitive differentiation
• 43M+ members
• 17M+ reward nights
redeemed to date

• 30M+ members
• Available in 30+ countries

• 9M+ members
• Members booked >2x more
hotels than non-members

Notes: All metrics provided are as of 12/31/18.

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Investments in mobile drive growth & engagement
300M+ Travel industry
90%
cumulative app downloads1 Mobile share of gross online bookings
by key countries and regions

More than 45%

1 in 3
transactions booked via mobile2

0%
Nearly 50%
China Japan India Spain U.K. Italy Germany Scandinavia France U.S.

y/y growth in app transactions 2015 2017 2020

in 20183 Source: Phocuswright APAC Europe US

Notes: 1Cumulative app downloads as of 12/31/18 for all Expedia Group brands. 2Based on Expedia Group transactions in 2018. 3Includes Brand Expedia and Hotels.com
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Strong financial execution
Room nights Gross bookings
M $B
CAGR: 24% CAGR: 20%
352 100
312 88
269 78
203 60
150 48

2014 2015 2016 2017 2018 2014 2015 2016 2017 2018

Revenue1 Adjusted EBITDA1

$B $M
CAGR: 19% CAGR: 17%
11.2 1,970
10.1 1,713
8.8 1,616
6.6 1,051 1,165
5.6

2014 2015 2016 2017 2018 2014 2015 2016 2017 2018

Notes: All figures shown excluding eLong. 1Non-GAAP measure. See Appendix for non-GAAP to GAAP reconciliation.
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 New Seattle headquarters of Expedia Group
Building for the future
• 40 acres on Seattle waterfront
• Initial build out of ~1.2M sq. ft. with approval to
Key facts build up to 1.9M total sq. ft. over 15 years
• New construction began in late 2017
• Expect to begin moving in late 2019

• A single, unified campus for Seattle area

employees
Benefits • Helps attract and retain key talent
• Ample room to accommodate long-term growth

• Spend from 2016-2018 totaled $290M followed by

Financial expected spend in 2019 of $425-475M and $135-
considerations $185M in 20201
• Valuable asset in attractive location

Notes: Image courtesy of ZGF Architects. 1We expect approximately $900M in capital expenditures for the headquarters build out.
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Strong free cash flow Strong profit growth
Free cash flow overview
$M

1,500 Favorable working capital

from significant merchant business

1,000
Lower capital intensity
due to cloud migration

500
Reduced real estate capex
following completion of headquarters in 2020

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2015 2016 2017 2018 Attractive free cash flow and
1
free cash flow conversion
Free cash flow Headquarters spend

Notes: 1Free cash flow is a non-GAAP measure and includes eLong. See Appendix for non-GAAP to GAAP reconciliation
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Solid track record of capital allocation
2011 2012 2013 2014 2015 2016 2017 2018 2019
$M 5,321 903
Share repurchases
663
515
594 537 545 Dividends
397 436 M&A 1
283 294
209
130
217
150 176 186 186
77 76 85 45 108 84

2011 2012 2013 2014 2015 2016 2017 2018

Total free cash flow generated: $6.7B2

2011 2011 – 2013 2014 – 2017 2018+

TripAdvisor spin • Improving financial • Solid financial performance • Strategic investments in lodging
(~$500M invested, performance fueled by organic • Strategic investments in hotel supply and cloud computing
$7.9B value today3) investment in tech margins & supply footprint transition
• $1.2B share repurchases • Orbitz synergies realization • HomeAway transition completes
and growth story continues
• trivago majority investment of • $1.3B share repurchases
~$632M (Expedia Group’s • Opportunistic M&A, share
• HomeAway ~$3.6B acquisition; repurchases and dividends
ownership interest ~$1.2B value shift from subscription to
today)4 eCommerce model • Begin moving into new Seattle
• Opportunistic M&A HQ campus in late 2019

Notes: 1Does not include $671M divestiture of eLong. 2Free cash flow is a non-GAAP measure and includes eLong. See Appendix for non-GAAP to GAAP reconciliation. 3Value as of 1/31/19.
4Value of majority investment based on exchange rates as of transaction announcement date 12/21/12. Includes approximately $57M in stock-based compensation related to the issuance

of common stock. Value as of 1/31/19 based on 59.5% ownership interest at 12/31/18.

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Appendix
Non-GAAP Definitions
Adjusted EBITDA is defined as net income (loss) attributable to Expedia Group adjusted for: (1) net income (loss) attributable to non-controlling interests; (2) provision
for income taxes; (3) total other expenses, net; (4) stock-based compensation expense, including compensation expense related to certain subsidiary equity plans;
(5) acquisition-related impacts, including (i) amortization of intangible assets and goodwill and intangible asset impairment, (ii) gains (losses) recognized on changes
in the value of contingent consideration arrangements; and (iii) upfront consideration paid to settle employee compensation plans of the acquiree; (6) certain other
items, including restructuring; (7) items included in legal reserves, occupancy tax and other, which includes reserves for potential settlement of issues related to
transactional taxes (e.g. hotel and excise taxes), related to court decisions and final settlements, and charges incurred, if any, for monies that may be required to be
paid in advance of litigation in certain transactional tax proceedings; (8) that portion of gains (losses) on revenue hedging activities that are included in other, net
that relate to revenue recognized in the period; and (9) depreciation.

The above items are excluded from our Adjusted EBITDA measure because these items are non-cash in nature, or because the amount and timing of these items is
unpredictable, not driven by core operating results and renders comparisons with prior periods and competitors less meaningful. We believe Adjusted EBITDA is a
useful measure for analysts and investors to evaluate our future on-going performance as this measure allows a more meaningful comparison of our performance
and projected cash earnings with our historical results from prior periods and to the results of our competitors. Moreover, our management uses this measure
internally to evaluate the performance of our business as a whole and our individual business segments. In addition, we believe that by excluding certain items, such
as stock-based compensation and acquisition-related impacts, Adjusted EBITDA corresponds more closely to the cash operating income generated from our
business and allows investors to gain an understanding of the factors and trends affecting the ongoing cash earnings capabilities of our business, from which capital
investments are made and debt is serviced. The definition for Adjusted EBITDA was revised in the fourth quarter of 2012.

Expedia Group revenue and adjusted EBITDA excluding eLong. Expedia Group sold its ownership interest in eLong, Inc. on May 22, 2015. In order to allow
comparison with prior periods for the ongoing Expedia Group businesses, Expedia Group excluding eLong revenue, and Adjusted EBITDA, each exclude the impact
of eLong.

Free cash flow is defined as net cash flow provided by operating activities less capital expenditures. Management believes Free Cash Flow is useful to investors
because it represents the operating cash flow that our operating businesses generate, less capital expenditures but before taking into account other cash
movements that are not directly tied to the core operations of our businesses, such as financing activities, foreign exchange or certain investing activities. We added
additional detail for the capital expenditures associated with building our new headquarters facility in Seattle, Washington. We believe separating out capital
expenditures for this discrete project is important to provide additional transparency to investors related to operating versus project-related capital expenditures.
Free Cash Flow has certain limitations in that it does not represent the total increase or decrease in the cash balance for the period, nor does it represent the residual
cash flow for discretionary expenditures. Therefore, it is important to evaluate Free Cash Flow along with the consolidated statements of cash flows.

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APPENDIX

Non-GAAP/ GAAP reconciliation: Revenue

$ Millions 2014 2015 2016 2017 2018

Core OTA revenue $4,905 $5,877 $7,084 $7,881 $8,760

trivago revenue 414 548 836 1,166 1,084
Egencia revenue 400 400 462 521 601
HomeAway revenue - 20 689 906 1,171
eLong revenue 178 42 - - -
Intercompany eliminations (133) (215) (297) (414) (393)
Revenue attributable to
$5,763 $6,672 $8,774 $10,060 $11,223
Expedia Group, Inc.
eLong revenue (178) (42) - - -
Revenue excluding eLong $5,585 $6,631 $8,774 $10,060 $11,223
Notes: Numbers may not foot due to rounding.
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APPENDIX

Non-GAAP/ GAAP reconciliation: Adjusted EBITDA

$ Millions 2014 2015 2016 2017 2018
Net income attributable to Expedia Group, Inc. $398 $764 $282 $378 $406
Net income (loss) attributable to noncontrolling interests (25) (42) (21) (6) (8)
Net income 373 723 261 372 398
Provision for income taxes 92 203 16 45 87
Income before income taxes 465 926 277 417 485
Total other expense, net 53 (4) 185 208 229
Gain on sale of business - (509) - - -
Operating income $518 $414 $462 $625 $714
Gain (loss) on revenue hedges related to revenue recognized 9 44 13 8 25
Restructuring charges 26 72 43 17 -
Legal reserves, occupancy tax and other 42 (105) 27 25 (59)
Stock-based compensation 85 178 242 149 203
Amortization and impairment of intangible assets 80 164 352 275 325
Impairment of goodwill - - - - 86
Depreciation 266 337 477 614 676
Adjusted EBITDA $1,025 $1,103 $1,616 $1,713 $1,970
eLong adjusted EBITDA 27 62 - - -
Adjusted EBITDA excluding eLong $1,051 $1,165 $1,616 $1,713 $1,970

Notes: Numbers may not foot due to rounding.

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APPENDIX

Non-GAAP/ GAAP reconciliation: Free cash flow

$ Millions 2011 2012 2013 2014 2015 2016 2017 2018 TOTAL
Cash provided by
$826 $1,237 $763 $1,367 $1, 299 $1,549 $1,845 $1,975 $10,861
operations
Headquarters
capital - - - - (233) (26) (68) (192) (519)
expenditures
Non-
headquarters
(208) (236) (309) (328) (554) (723) (642) (686) (3,686)
capital
expenditures
Total capital
(208) (236) (309) (328) (787) (749) (710) (878) (4,205)
expenditures
Free cash flow $618 $1,001 $455 $1,039 $512 $800 $1,135 $1,097 $6,657

Notes: Numbers may not foot due to rounding and include eLong. Prior years have been restated for new accounting guidance for restricted cash treatment in Statement of Cash Flow.
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