© Copyright 2013 HomeAway Inc.

HomeAway - world’s largest vacation rental marketplace

© Copyright 2013 HomeAway Inc. 2

!  Headquartered in Austin, TX

!  171 countries, 21 sites, 16 languages1

!  1,300+ employees, 9 offices

!  ~742,000 listings2

!  ~$350 annual subscription for owners

!  Free for travelers

!  ~84% recurring subscription revenues

Key Facts

Simple Business Model

34 32

51

64

86

2008 2009 2010 2011 2012

($MM)

($MM)

Revenues

Free Cash Flow

1.  As of 12/31/2012 2.  Paid vacation rental listings as of 3/31/2013

82

120

160

230

280

2008 2009 2010 2011 2012

Vacation rentals or sharing economy?

© Copyright 2013 HomeAway Inc. 3

Other Markets Vacation Rental Market

Demographic:

Residence:

Market:

Length of Stay:

Properties:

Secondary home Primary home

Vacation destinations Metropolitan areas, Suburban areas

Extended stays (weeks, months)

Short-term stays (days, weekends)

Families, large groups, friends

Individuals, couples

According to November 2010 Radius Global Market Research survey titled “Market Sizing Study”

19.6MM Vacation Homes

Not Rented 13.5MM

Rented 6.1MM

HomeAway Listings (742K)

US and Europe

$85B market - $41B in Europe alone

4

Vacation rentals is a huge market and opportunity; significant untapped potential

85B!

VR homes!

Revenues!

NA!

EU!

3.2!

2.9!

6.1M!

44!

41!

5

Market snapshot – How 15 years have changed the market in Germany

26#million#guest#nights#booked#in#2012#(+37%#yoy)#

##Facilitated#€#600#million#in#booking#revenues#in#2012#

(+40%#yoy)##

5th#largest#tour#operator1#in#Germany#in#2012

1.  Measured by travel participants

Started#with#80#vacaHon#rentals#online#

##Highly#fragmented#market#mostly#owned#by#tourism#boards#and#catalogues#

#VacaHon#rental#as#a#category#

didn’t#exist

1997 2012

No successful marketplace without global network

© Copyright 2013 HomeAway Inc. 6

!  Travelers want the greatest selection of vacation rentals to chose from

!  Owners want exposure to international traveler audience

!  Virtuous circle: broader selection of vacation rentals has attracted more travelers, and a broader audience of travelers has attracted more vacation rental listings

Travel is a Global Experience for Consumers

Outstanding value proposition for owners: <3% commission on average

© Copyright 2013 HomeAway Inc. 7

Annual&Lis*ng&Fee& Es*mated&Annual&&Rental&Income&

Outstanding value creation for subscribers

~$3501

~40x:!!Es)mated!ROI!for!Owners/Managers!

Over 85% prefer a subscription model

-$13,000#

85% Prefer

Subscription

15% Open to Alternative

Model

Traveler value proposition: are fees sustainable?

© Copyright 2013 HomeAway Inc. 8

Other Sites HomeAway

Vacation rental rate:

Traveler fees:

Total rental price:

€ 0 € 140 - € 560

€ 2,800 € 2,940 - € 3,360

€ 2,800 € 2,800

30% - 50% pre-paid 100% pre-paid Payment:

© Copyright 2013 HomeAway Inc.