Investor Presentation S E P T E M B E R

Investor Presentation S E P T E M B E R 2 0 1 6

Disclosure Regarding Forward-Looking Statements This presentation contains forward-looking statements. These forward-looking statements reflect the views of The Priceline Group Inc. s (the Group, the Company or Priceline ) management regarding current expectations and projections about future events and are based on currently available information and current foreign currency exchange rates. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions that are difficult to predict; therefore, actual results may differ materially from those expressed, implied or forecasted in any such forward-looking statements. Expressions of future goals and expectations and similar expressions, including "may," "will," "should," "could," "expects," "plans," "anticipates," "intends," "believes," "estimates," "predicts, "potential," "targets," or "continue," reflecting something other than historical fact are intended to identify forward-looking statements. The following factors, among others, could cause the Group's actual results to differ materially from those described in the forward-looking statements: adverse changes in general market conditions for leisure and other travel services; the effects of increased competition; fluctuations in foreign exchange rates and other risks associated with doing business in multiple currencies; our ability to expand successfully in international markets; our performance advertising efficiency; any change by a major search engine in how it presents travel search results or conducts its auction for search placement in a manner that is competitively disadvantageous to us; adverse changes in the Group's relationships with travel service providers; systems-related failures and/or security breaches; the ability to attract and retain qualified personnel; volatility in the price of our common stock; and tax, legal and regulatory risks. For a detailed discussion of these and other factors that could cause the Group's actual results to differ materially from those described in this presentation, please refer to the Group's most recent Quarterly Report on Form 10-Q and Annual Report on Form 10-K filed with the Securities and Exchange Commission. Unless required by law, the Group undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Although the Group believes the information contained herein is accurate in all material respects, the Group does not make any representation or warranty, either express or implied, as to the accuracy, completeness or reliability of the information contained in this presentation. Nothing contained herein is, or shall be relied upon as, a promise or representation as to the past or future. The Group expressly disclaims any and all liability relating to or resulting from the use of this presentation. In addition, the information contained in this presentation is as of the date hereof, and the Group has no obligation to update such information, including in the event that such information becomes inaccurate. This presentation has been prepared solely for informational purposes and the Recipient should not construe the contents of this presentation as legal, tax, accounting or investment advice or a recommendation. The Recipient should consult its own counsel and tax and financial advisors as to legal and related matters concerning the matters described herein, and, by accepting this presentation, the Recipient confirms that it is not relying upon the information contained herein to make any decision. This presentation does not purport to be all-inclusive or to contain all of the information that the Recipient may require. Non-GAAP Financial Measures: While the Company reports financial results in accordance with accounting principles generally accepted in the United States, this presentation includes certain non-gaap measures, including EBITDA, Adjusted EBITDA and Free Cash Flow, which are not presented in accordance with GAAP or substitutes for GAAP measures. The Company considers EBITDA, Adjusted EBITDA and Free Cash Flow as important supplemental measures of its performance and ability to service debt. EBITDA, Adjusted EBITDA and Free Cash Flow are often used to assess the Company s performance because they allow comparison of operating performance on a consistent basis across periods by removing the effects of various items. EBITDA, Adjusted EBITDA and Free Cash Flow have various limitations as analytical tools, and the Recipient should not consider them in isolation, or as a substitute for analysis of the Company s results as reported under GAAP. Further, because not all companies use identical calculations, the presentation herein of non-gaap measures may not be comparable to other similarly titled measures reported by other companies. For a reconciliation of EBITDA, Adjusted EBITDA and Free Cash Flows to the comparable GAAP measures, see the appendix. 2

Overview of The Priceline Group Largest Global Travel Company High Growth at Scale $70B Market Capitalization $7.6B $8.6B $9B of Gross Profit in 2015 432M Room Nights in 2015 $1.9B $3.1B $4.1B $5.7B 2010 2011 2012 2013 2014 2015 Gross Profit Global Footprint 225 countries & territories 239 support offices in 173 cities Customer support in 42 languages Deep Domain Experience 17,600 Employees 2/3rds in Customer Service and Supply Functions 2,500+ developers / tech $0.8B High FCF Generation 1 $1.3B $1.7B $2.2B $2.8B $2.9B Experienced Management Team Executive Management in place since 2004 Most brands led by founders / early employees 2010 2011 2012 2013 2014 2015 Free Cash Flow (1) Free Cash Flow is a Non-GAAP financial measure, as such term is defined by the SEC, and may differ from Non-GAAP financial measures used by other companies. See the appendix for a reconciliation of net cash provided by operating activities to Free Cash Flow. 3

Powerful Brands Within the Priceline Group World s leading brand for booking accommodations North America s leading discount online travel brand A leading travel metasearch brand A leading brand for online Asian market accommodations A leading brand for booking rental cars A leading brand for dining reservations 4

Company Highlights Large Market Opportunity Secular growth of travel bookings shifting to the web and mobile $1.3 trillion global travel industry in a highly fragmented market $650 billion global hotel accommodation market Industry Leader Global DNA Scale Advantages Solid Financial Profile with Strong FCF Portfolio of leading global brands in key products / geographies 492 million room nights, 63 million rental car days and 7 million airline tickets booked in the twelve months ending 6/30/2016 Located in over 225 countries and territories worldwide as of 9/16/2016 Serving millions of consumers in 42 languages across the globe Global partner and customer network Over 1,000,000 hotels and other accommodations (including over 500,000 vacation rentals) on our websites Years of experimentation has produced consistent conversion gains Scale gives us the ability to compete in an ever more complex marketplace across multiple platforms, device sizes and in paid channels Committed to a strong balance sheet Substantial liquidity with $12.3 billion of cash and investments and $7.6 billion of debt 1 LTM 6/30/2016 Free Cash Flow of $3.3 billion with a 31% CAGR from 2010 to 2015 2 Investment grade since 2010 with steadily improving ratings (1) As of 6/30/2016. (2) Free Cash Flow is a Non-GAAP financial measure, as such term is defined by the SEC, and may differ from Non-GAAP financial measures used by other companies. See the appendix for a reconciliation of net cash provided by operating activities to Free Cash Flow. 5

Online Accommodations is a Large and Growing Market Worldwide Accommodations Bookings and Online Penetration (%) 1 (figures in billions) $449 $477 $510 $563 $594 $534 $566 $613 $626 $654 $672 $648 26% 23% 22% 20% 16% 17% 14% 12% 11% $48 $59 $73 $90 $103 $104 $123 $143 $162 29% $189 32% 35% $218 $228 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Online Offline Online (%) (1) Online penetration is defined as the ratio of online accommodations bookings to worldwide accommodations bookings. Source: Euromonitor 6

Opportunity to Grow Share with Existing Partners (figures in millions except days in the year and PCLN s implied share) PCLN's Approximate Share of Room Nights with Existing Partners Hotel Rooms 1 16.4 Non-Hotel Rooms 1 7.3 Bookable Rooms 1 23.7 x Days in the Year 365 Annual Bookable Room Nights 8,650.5 PCLN LTM Room Nights 2 491.9 PCLN's Implied Share of Room Nights 5.7% (1) Represents the total number of rooms in hotels and non-hotel accommodations that were listed on our websites on 6/30/2016. (2) LTM room nights booked as of 6/30/2016. 7

Global Supply Advantage Drives Scale Benefits As of September 16 th, 2016 the Booking.com website offered over 1,035,000 accommodations; up 30% year-over-year Included more than 515,000 vacation rental properties (villas, apartments, aparthotels, chalets) Covered over 96,000 destinations in over 225 countries and territories 8

Significant Investments in Demand Generation The Priceline Group is the recognized leader in monetizing travel demand through paid channels, leveraging years of testing and experimentation, which allows us to profitably convert paid traffic into bookers 2015 Full Year Investments $2.7B in performance advertising spend $274M in brand advertising spend 9 2016 Priceline Group

Differentiated Content Drives Conversion Gains Over 104 million verified traveler reviews as of 9/16/2016 Websites and customer service in 42 different languages 10

Creating a Best in Class Mobile Experience Supporting Large and Small Devices Across Various Platforms app app Driving a Closer Customer Relationship Mobile Web 11

Global Scale We operate in over 225 countries and territories The Priceline Group has over 17,600 employees worldwide, 2/3 rds of which work in either the supply or customer service organizations Booking.com operates its own in-house customer service team, which is available 24/7 to assist guests in 42 languages 12

Our Virtuous Cycle Strong partner relationships allows us to provide the customer with best-in-class property selection An enhanced customer experience drives increased conversion and traffic Increased traffic allows us to test and iterate more to further improve customer and partner satisfaction Best Prices & Availablility Faster Learning Strong Partner Relationships Growth Accelerates Best Customer Experience Improved Experience via Growing Userbase Demand Acq. @ Attractive ROIs Conversion Broadest Selection GROWTH Traffic Partners 13

Financial Overview 14

Strong Operating Performance Gross Bookings 1 (figures in millions) Room Nights (figures in millions) $50,300 $55,528 $61,308 432.3 491.9 $39,173 346.0 $13,646 $21,658 $28,456 92.8 141.6 197.5 270.5 2010 2011 2012 2013 2014 2015 LTM 6/30/16 2010 2011 2012 2013 2014 2015 LTM 6/30/16 3,4 3 Yr/Yr Growth: 58.7% 31.4% 37.7% 28.4% 10.4% 15.2% Yr/Yr Growth: 52.6% 39.5% 36.9% 27.9% 24.9% 25.9% Priceline Group growth has led to significant global scale and reach (1) Gross bookings is an operating and statistical metric that captures the total dollar value, generally inclusive of taxes and fees, of all travel services booked by customers, net of cancellations. (2) Represents the Compound Annual Growth Rate (CAGR) for the period from 2010 to 2015. (3) LTM 6/30/16 yr/yr growth is vs. LTM 6/30/15. (4) LTM gross bookings yr/yr growth in constant currency was 23%. 15

Strong Financial Performance Adjusted EBITDA 1 (figures in millions) Free Cash Flow 2 (figures in millions) $3,464 $3,723 $3,930 $2,783 $2,928 $3,298 $2,682 $2,217 $1,511 $1,973 $1,295 $1,731 $901 $755 2010 2011 2012 2013 2014 2015 LTM 6/30/16 2010 2011 2012 2013 2014 2015 LTM 6/30/16 Yr/Yr Growth: 67.6% 30.6% 35.9% 29.2% 7.5% 13.0% 4 4 Yr/Yr Growth: 71.6% 33.6% 28.1% 25.5% 5.2% 17.6% Consistent track record of robust free cash flow generation and growth (1) Adjusted EBITDA is a Non-GAAP financial measure, as such term is defined by the SEC, and may differ from Non-GAAP financial measures used by other companies. See the appendix for a reconciliation of GAAP net income to Adjusted EBITDA. (2) Free Cash Flow is a Non-GAAP financial measure, as such term is defined by the SEC, and may differ from Non-GAAP financial measures used by other companies. See the appendix for a reconciliation of net cash provided by operating activities to Free Cash Flow. (3) Represents the Compound Annual Growth Rate (CAGR) for the period from 2010 to 2015. (4) LTM 6/30/16 yr/yr growth is vs. LTM 6/30/15. 16

Substantial Liquidity Position The Priceline Group maintains a substantial liquidity position to support operations and growth (figures in billions) $14.3 $12.6 $2.0 $13.0 $2.0 $2.0 $9.0 $7.8 $1.0 $7.6 $6.2 $1.0 $6.5 $6.6 $10.7 $1.0 $9.8 $10.2 $6.9 $4.2 $3.7 $4.9 $3.1 $1.0 $2.2 $1.6 $1.6 $1.1 $0.6 $2.1 $1.9 $1.2 $0.8 $0.7 $1.6 12/31/11 12/31/12 12/31/13 12/31/14 12/31/15 3/31/16 6/30/16 1 1 2 Available Revolving Credit Facility Offshore Cash Onshore Cash Debt (1) Cash includes cash and cash equivalents, short-term and long-term investments. (2) Gross debt includes outstanding principal of Senior Convertible Notes, Senior Euro denominated Notes and Senior U.S. Dollar denominated Notes. 17

Key Credit Stats (figures in millions) 12/31/2015 6/30/2016 LTM Adjusted EBITDA 1 $3,723 $3,930 Cash Balance 2 $10,580 $12,325 U.S. 815 1,636 International 9,764 10,689 Debt Balance 3 $6,489 $7,557 Net Debt (Net Cash) ($4,091) ($4,769) (1) Adjusted EBITDA is a Non-GAAP financial measure, as such term is defined by the SEC, and may differ from Non-GAAP financial measures used by other companies. See the appendix for a reconciliation of GAAP net income to Adjusted EBITDA. (2) Cash includes cash and cash equivalents, short-term and long-term investments. (3) Gross debt includes outstanding principal of Senior Convertible Notes, Senior Euro denominated Notes and Senior U.S. Dollar denominated Notes. (4) Based on 1.11 USD/EUR FX rate. Credit Ratios Debt/LTM Adj. EBITDA 1.74x 1.92x Net Debt/LTM Adj. EBITDA (1.10x) (1.21x) Outstanding As of June 30, 2016 4 Principal 1.000% Convertible Notes due March 2018 $1,000 0.350% Convertible Notes due June 2020 1,000 0.900% Convertible Notes due September 2021 1,000 2.150% Euro Notes due November 2022 834 2.375% Euro Notes due September 2024 1,111 3.650% Senior Notes due March 2025 500 3.600% Senior Notes due June 2026 1,000 1.800% Euro Notes due March 2027 1,111 Total $7,557 18

Summary The Priceline Group is growing rapidly (gross bookings 5-year CAGR is 32% 1 ) Worldwide scale allows us to invest across geographies and various desktop and mobile platforms Highly variable operating expense structure (about 2/3 of operating expenses are variable) Strong free cash flow with minimal capital expenditures and interest payments Solid balance sheet with cash and investments, together, in excess of outstanding debt Strong operating performance and credit metrics maintained consistently over an extended period of time (including during the 2008-2009 economic downturn) (1) Represents the Compound Annual Growth Rate (CAGR) for the period from 2010 to 2015. 19

Appendix: Non-GAAP Financial Information 20

Appendix: Unaudited Reconciliation of GAAP to Non-GAAP Financial Information (figures in thousands) Non-GAAP Free Cash Flow Reconciliation LTM Year Ended December 31, 6/30/2016 2015 2014 2013 2012 2011 2010 Net cash provided by operating activities $ 3,501,206 $ 3,102,231 $ 2,914,397 $ 2,301,436 $ 1,785,750 $ 1,341,812 $ 777,297 Additions to property and equipment (capital expenditures) (203,263) (173,915) (131,504) (84,445) (55,158) (46,833) (22,593) Non-GAAP Free cash flow $ 3,297,943 $ 2,928,316 $ 2,782,893 $ 2,216,991 $ 1,730,592 $ 1,294,979 $ 754,704 21

Appendix: Unaudited Reconciliation of GAAP to Non-GAAP Financial Information (Cont d) (figures in thousands) RECONCILIATION OF GAAP NET INCOME TO ADJUSTED EBITDA LTM Year Ended December 31, 6/30/2016 2015 2014 2013 2012 2011 2010 GAAP Net income applicable to common stockholders $ 2,656,063 $ 2,551,360 $ 2,421,753 $ 1,892,663 $ 1,419,566 $ 1,056,371 $ 527,541 (a) Amortization of acquisition-related intangible assets in Merchant revenues - - - - - - 4,702 (b) Charges (credits) related to travel transaction tax rulings (13,655) (30,059) - 14,239 16,126-1,732 (c) Stock-based employee compensation 254,199 247,395 186,425 140,526 71,565 65,724 68,200 (d) Acquisition costs - - - 6,444 - - - (e) Adjustment to exclude favorable impact related to franchise tax and sales and use tax for headquarters location - - - - - - (2,720) (f) Depreciation and amortization 290,401 272,494 207,820 117,975 65,141 53,824 45,763 (g) Interest income (72,735) (55,729) (13,933) (4,167) (3,860) (8,119) (3,857) (g) Interest expense 182,387 160,229 88,353 83,289 62,064 31,721 29,944 (h) Loss on early extinguishment of debt - 3 6,270 26,661-32 11,334 (i) Impairment of cost-method investments 63,208 - - - - - - (j) Income tax expense 569,678 576,960 567,695 403,739 337,832 308,663 218,141 (k) Net income attributable to noncontrolling interests - - - 135 4,471 2,760 601 Adjusted EBITDA $ 3,929,546 $ 3,722,653 $ 3,464,383 $ 2,681,504 $ 1,972,905 $ 1,510,976 $ 901,381 22

Appendix: Unaudited Reconciliation of GAAP to Non-GAAP Financial Information (Cont d) (figures in thousands) (a) Adjustment for amortization of acquisition-related intangible assets is recorded in Merchant revenues in 2010. (b) (c) (d) (e) (f) (g) (h) (i) (j) (k) Adjustment for charges and credits associated with judgments, rulings and settlements for travel transaction tax proceedings (including estimated interest and penalties), principally in the State of Hawaii in 2015, the State of Hawaii and the District of Columbia in 2013 and the State of Hawaii in 2012 are recorded in Cost of revenues. In addition, a charge relating to an unfavorable ruling in South Carolina for travel transaction taxes in 2010 is recorded in General and administrative expense. Stock-based employee compensation is recorded in Personnel expense. Adjustment for KAYAK acquisition costs is recorded in General and administrative expense. Favorable adjustments related to franchise tax and sales and use tax for headquarters location are recorded in General and administrative expense. Depreciation and amortization are excluded from Net income to calculate Adjusted EBITDA. Interest income and Interest expense are excluded from Net income to calculate Adjusted EBITDA. Non-cash interest expense related to the amortization of debt discount and loss on early debt extinguishment are recorded in Interest expense and Foreign currency transactions and other, respectively. Impairment of cost-method investments is recorded in Other income (expense) and principally relates to our investment in Hotel Urbano. Income tax expense is excluded from Net income to calculate Adjusted EBITDA. Net income attributable to noncontrolling interests is excluded from Net income to calculate Adjusted EBITDA. For a more detailed discussion of the adjustments described above, please see the section in our press release announcing our second quarter earnings, dated August 4, 2016, entitled "Non-GAAP Financial Measures" which provides a definition and information about the use of non-gaap financial measures. 23