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Investor PresentationS E P T E M B E R 2 0 1 6

Disclosure Regarding Forward-Looking Statements

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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.

Overview of The Priceline Group

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Largest Global Travel Company

$70B Market Capitalization

$9B of Gross Profit in 2015

432M Room Nights in 2015

Largest Global Travel Company

$70B Market Capitalization

$9B of Gross Profit in 2015

432M Room Nights in 2015

Experienced Management Team

Executive Management in place since 2004

Most brands led by founders / early employees

Experienced Management Team

Executive Management in place since 2004

Most brands led by founders / early employees

Deep Domain Experience

17,600 Employees

2/3rds in Customer Service and Supply Functions

2,500+ developers / tech

Deep Domain Experience

17,600 Employees

2/3rds in Customer Service and Supply Functions

2,500+ developers / tech

High Growth at ScaleHigh Growth at Scale

Global Footprint

225 countries & territories

239 support offices in 173 cities

Customer support in 42 languages

Global Footprint

225 countries & territories

239 support offices in 173 cities

Customer support in 42 languages

High FCF Generation1High FCF Generation1

$1.9B

$3.1B $4.1B

$5.7B

$7.6B $8.6B

2010 2011 2012 2013 2014 2015Gross Profit

$0.8B

$1.3B

$1.7B

$2.2B

$2.8B $2.9B

2010 2011 2012 2013 2014 2015Free 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.

Powerful Brands Within the Priceline Group

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World’s leading brand for booking accommodations

North America’s leading discount online travel brand

A leading travel meta-search brand

A leading brand for online Asian market

accommodations

A leading brand for booking rental cars

A leading brand for dining reservations

Company Highlights

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(1) As of 6/30/2016.


Global DNA – Located in over 225 countries and territories worldwide as of 9/16/2016

– Serving millions of consumers in 42 languages across the globe

Industry Leader– 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

Scale Advantages

– 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

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

Solid Financial Profile with Strong FCF

– 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

Online Accommodations is a Large and Growing Market

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(1) Online penetration is defined as the ratio of online accommodations bookings to worldwide accommodations bookings.

Source: Euromonitor

(figures in billions)

Worldwide Accommodations Bookings and Online Penetration (%) 1

$48 $59 $73 $90 $103 $104 $123 $143 $162 $189 $218 $228

$449 $477

$510

$563 $594

$534 $566

$613 $626 $654

$672 $648

11% 12%14%

16% 17%20%

22%23%

26%29%

32%35%

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Online Offline Online (%)

Opportunity to Grow Share with Existing Partners

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(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.

(figures in millions except days in the year and PCLN’s implied share)

Hotel Rooms1

16.4

Non-Hotel Rooms1

7.3

Bookable Rooms1

23.7

x Days in the Year 365

Annual Bookable Room Nights 8,650.5

PCLN LTM Room Nights2

491.9

PCLN's Implied Share of Room Nights 5.7%

PCLN's Approximate Share of Room Nights with

Existing Partners

Global Supply Advantage Drives Scale Benefits

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• As of September 16th, 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

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

©2016 Priceline Group

Significant Investments in Demand Generation

2015 Full Year Investments

• $2.7B in performance advertising spend

• $274M in brand advertising spend

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Differentiated Content Drives Conversion Gains

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• Over 104 million verified traveler reviews as of 9/16/2016

• Websites and customer service in 42 different languages

Creating a Best in Class Mobile ExperienceSupporting Large and

Small Devices…

Driving a Closer Customer

Relationship

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Across Various

Platforms…

Mobile Web

app

app

Global Scale

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• We operate in over 225 countries and territories

• The Priceline Group has over 17,600 employees worldwide, 2/3rds 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

Partners

Traffic

Broadest

Selection

Strong Partner

Relationships

Best Prices &

Availablility

Best Customer

Experience

Faster

Learning

Demand Acq. @

Attractive ROIs

Conversion

Growth

Accelerates

Improved

Experience

via Growing

Userbase

GROWTH

Our Virtuous Cycle

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• 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

Financial Overview

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$13,646

$21,658

$28,456

$39,173

$50,300

$55,528

$61,308

2010 2011 2012 2013 2014 2015 LTM 6/30/16

58.7% 31.4% 37.7% 28.4% 10.4% 15.2%Yr/Yr Growth:

Strong Operating Performance

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(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%.

(figures in millions)

Gross Bookings 1


Room Nights

92.8

141.6

197.5

270.5

346.0

432.3

491.9

2010 2011 2012 2013 2014 2015 LTM 6/30/16

52.6% 39.5% 36.9% 27.9% 24.9% 25.9%Yr/Yr Growth:

Priceline Group growth has led to significant global scale and reach

3,4 3

Strong Financial Performance

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(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.



(4) LTM 6/30/16 yr/yr growth is vs. LTM 6/30/15.


Adjusted EBITDA1


Free Cash Flow2

Consistent track record of robust free cash flow generation and growth

$755

$1,295

$1,731

$2,217

$2,783$2,928

$3,298

2010 2011 2012 2013 2014 2015 LTM 6/30/16

71.6% 33.6% 28.1% 25.5% 5.2% 17.6%Yr/Yr Growth:

$901

$1,511

$1,973

$2,682

$3,464$3,723

$3,930

2010 2011 2012 2013 2014 2015 LTM 6/30/16

67.6% 30.6% 35.9% 29.2% 7.5% 13.0%Yr/Yr Growth:4 4

$1.1

$2.1 $1.9$1.2 $0.8 $0.7

$1.6

$1.6

$3.1

$4.9$6.9

$9.8 $10.2

$10.7

$1.0

$1.0

$1.0

$1.0

$2.0$2.0

$2.0

$3.7

$6.2

$7.8

$9.0

$12.6$13.0

$14.3

$0.6

$1.6

$2.2

$4.2

$6.5 $6.6

$7.6

Available Revolving Credit Facility Offshore Cash Onshore Cash Debt

3/31/1612/31/1512/31/13 12/31/1412/31/1212/31/11 6/30/16

Substantial Liquidity Position

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(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.

(figures in billions)

The Priceline Group maintains a substantial liquidity position to support operations and growth

1 1 2

Key Credit Stats

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(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.


Outstanding

As of June 30, 2016 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

12/31/2015 6/30/2016

LTM Adjusted EBITDA1

$3,723 $3,930

Cash Balance2

$10,580 $12,325

U.S. 815 1,636

International 9,764 10,689

Debt Balance3

$6,489 $7,557

Net Debt (Net Cash) ($4,091) ($4,769)

Credit Ratios

Debt/LTM Adj. EBITDA 1.74x 1.92x

Net Debt/LTM Adj. EBITDA (1.10x) (1.21x)

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• 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)

Summary

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Appendix: Non-GAAP Financial Information

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Appendix: Unaudited Reconciliation of GAAP to Non-GAAP Financial Information(figures in thousands)

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$

Non-GAAP Free Cash Flow Reconciliation

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Appendix: Unaudited Reconciliation of GAAP to Non-GAAP Financial Information (Cont’d)(figures in thousands)

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$

RECONCILIATION OF GAAP NET INCOME TO ADJUSTED EBITDA

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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) 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.

(c) Stock-based employee compensation is recorded in Personnel expense.

(d) Adjustment for KAYAK acquisition costs is recorded in General and administrative expense.

(e) Favorable adjustments related to franchise tax and sales and use tax for headquarters location are recorded in General and administrative expense.

(f) Depreciation and amortization are excluded from Net income to calculate Adjusted EBITDA.

(g) Interest income and Interest expense are excluded from Net income to calculate Adjusted EBITDA.

(h) 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.

(i) Impairment of cost-method investments is recorded in Other income (expense) and principally relates to our investment in Hotel Urbano.

(j) Income tax expense is excluded from Net income to calculate Adjusted EBITDA.

(k) 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.

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