ZILLOW GROUP, INC. — Director's Dealing 2017

May 11, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ZILLOW GROUP, INC. (Z AND ZG)
CIK: 0001617640
Period of Report: 2017-05-09

Reporting Person: Stephenson Gordon Sheridan (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-05-09	Class A Common Stock	M	2396.0000	$0.9811	Acquired	3396.0000	Direct
2017-05-09	Class A Common Stock	S	2396.0000	$42.7860	Disposed	1000.0000	Direct
2017-05-09	Class C Capital Stock	M	4792.0000	$1.1319	Acquired	6792.0000	Direct
2017-05-09	Class C Capital Stock	S	4792.0000	$42.8015	Disposed	2000.0000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-05-09	Stock Option (Right to Buy)	$0.9811	M	2396.0000	Disposed	2017-09-15	Class A Common Stock (2396.0000)	Direct
2017-05-09	Stock Option (Right to Buy)	$1.1319	M	4792.0000	Disposed	2017-09-15	Class C Capital Stock (4792.0000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	25502.0000	Indirect
Class C Capital Stock	51004.0000	Indirect

Footnotes

F1: The reported price is a weighted average sale price. These shares were sold in mulitiple transactions at prices ranging from $42.7840 to $42.80. The reporting person will provide to the issuer, any security holder of the issuer, or the SEC staff, upon request, full information regarding the number of shares sold at each separate price within the range.

F2: The reported price is a weighted average sale price. These shares were sold in mulitiple transactions at prices ranging from $42.8010 to $42.8050. The reporting person will provide to the issuer, any security holder of the issuer, or the SEC staff, upon request, full information regarding the number of shares sold at each separate price within the range.

F3: Option is fully vested and exercisable.