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Second Quarter 2012 Results

August 22, 2012

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Safe Harbor
This presentation, the accompanying conference call and the related earnings press release contain forward-looking statements which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts, including statements about our planned investments in key strategic areas and our expected nancial metrics such as revenue, adjusted EBITDA, stock-based compensation and other matters. The achievement of the matters covered by such forward-looking statements involves risks, uncertainties and assumptions. If any of these risks or uncertainties materialize or if any of the assumptions prove incorrect, our actual results, performance or achievements could be materially dierent from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties include, but are not limited to, the matters set forth in the lings that we make with the Securities and Exchange Commission from time to time, including those set forth in the section entitled Risk Factors in the companys Prospectus led on July 20, 2012 and additional information that will be set forth in our Form 10-Q that will be led for the quarter ended June 30, 2012, which should be read in conjunction with these nancial results. These documents are available on the SEC Filings section of the Investor Relations section of our website at http://ir.kayak.com/. Please also note that forward-looking statements represent our managements beliefs and assumptions only as of the date of this presentation, August 22, 2012. Except as required by law, we assume no obligation to update these forward-looking statements publicly, or to update the reasons actual results could dier materially from those anticipated in the forward-looking statements, even if new information becomes available in the future. In addition to U.S. GAAP nancials, this presentation includes certain non-GAAP nancial measures. These non-GAAP measures are in addition to, and not a substitute for, measures of nancial performance prepared in accordance with U.S. GAAP. A reconciliation of those non-GAAP measures to the most directly comparable GAAP measures is available in the Appendix.

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The best place to plan and book travel.

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Q2 Highlights
Queries (MM)
33% Growth 304 229 56.8 20.6 11.1 76.9

Revenue ($MM)
36% Growth

Adjusted EBITDA ($MM)

85% Growth

2Q 2011

2Q 2012

2Q 2011

2Q 2012

2Q 2011

2Q 2012

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Booking Path
Partners
Expedia Travelocity Getaroom
11.3%

Booking Path Revenue (% of total)

Air Canada

Hertz / Advantage Avis / Budget

2.7%

2Q 2011

2Q 2012

Note: KAYAK booking path launched in March 11, 2011.

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International Expansion
Launched in 4 new markets (18 total) Brazil (August 2012) Russia (July 2012) Poland (June 2012) Portugal (May 2012)
9.9

International Revenue ($MM)

52% Growth 15.0

2Q 2011

2Q 2012

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Mobile
App Downloads (MM)
40% Growth

Queries (MM)
95% Growth

Estimated RPM ($)

42% Growth

57 2.3 1.7 29 $33

$46

2Q 2011

2Q 2012

2Q 2011

2Q 2012

2Q 2011

2Q 2012

Note: Mobile RPM are KAYAKs best estimation of revenue per thousand mobile queries based on data provided by those travel partners that delineate between mobile and website travel bookings.

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Other Developments
Resolved arbitration with Orbitz Extended our partnership with Amadeus Partner since 2006 Multi-year agreement

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Growth
Queries (MM)
33% Growth 39% Growth 614
109

Revenue ($MM)
36% Growth 37% Growth

150.3 109.4 76.9

443
55

304 Mobile Web 229

29 199 247 57 388 505

56.8

2Q 2011 2Q 2012 1H 2011 1H 2012

2Q 2011 2Q 2012 1H 2011 1H 2012

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Revenue per thousand Queries

Total ($)
2% Growth

Estimated Website ($)

8% Growth $280 $301

Estimated Mobile ($)

42% Growth

$248

$253

$33

$46

2Q 2011

2Q 2012

2Q 2011

2Q 2012

2Q 2011

2Q 2012

Note: Mobile and website RPM are KAYAKs best estimation of revenue per thousand mobile or website queries based on data provided by those travel partners that delineate between mobile and website travel bookings.

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Marketing
Spend ($MM) Geographic split (%)
7% 22%

80.7 58.5 39.4 Other Online 12.0 Brand 16.1 30.0

18.7 19.1 31.0 40.0 23.5

Intl

21%

29%

37.3

US

93% 78%

79%

71%

2Q 2011 2Q 2012 1H 2011 1H 2012

2010

2011

2Q 2011 2Q 2012

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Personnel
Personnel ($MM / % of Revenue) Total Employee Headcount (1)

185 23.2 19.8 165 145

9.8
17.3%

11.3
14.7%

18.1%

15.5%

2Q 2011 2Q 2012 1H 2011 1H 2012

SBC 3.0 2.7 6.2 5.7

2Q 2011

1Q 2012

2Q 2012

(1) Excludes part-time employees and contractors.

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Cost of Revenue and G&A

Cost of Revenue ($MM / % of revenue) G&A ($MM / % of Revenue)

9.6

10.0 8.4 4.2

6.6% 7.3% 4.7%

8.4

4.7
8.3%

4.8
8.8% 6.2%

3.6
7.7% 5.6%

2Q 2011 2Q 2012 1H 2011 1H 2012

SBC

2Q 2011 2Q 2012 1H 2011 1H 2012

0.0 0.2 0.0 0.2

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Protability & Taxes

Adjusted EBITDA ($MM / % Margin) GAAP EPS ($ per share) Eective Tax Rate (%)

52% $0.19 20.6 $0.10

26.8%

38%

11.1
19.6%

2Q 2011

2Q 2012

2Q 2011

2Q 2012

2Q 2011

2Q 2012

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Appendix

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Adjusted EBITDA Reconciliation

Q1 2012 8.1 2.1 - 3.0 Q2 2012 15.8 2.0 - 2.8

($MM) Income from operations Depreciation & amortization Impairment of intangible assets Stock-based compensation expense Adjusted EBITDA

Q1 (12.0) 2.1 15.0 3.1 8.2

Q2 5.7 2.3 - 3.1

Q3 12.7 1.9 - 3.1

Q4 FY 2011 7.9 2.2 - 3.1 14.3 8.5 15.0 12.4 50.2

11.1 17.7 13.2

13.2 20.6

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Balance Sheet
($MM) Cash, Equivalents and Marketable Securities Total Assets Working Capital Long-Term Debt Total Liabilities and Stockholders Equity As of June 2012 $65.5 $308.5 $82.8 $0.0 $308.5 Pro forma for IPO $168.8 $408.0 $182.5 $0.0 $408.0

Cash balance pro forma for IPO proceeds, net of unpaid oering costs, of $97.3MM and $6 million from a private placement immediately after the IPO.

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Cash Flow Statement

($MM) Cash ows from operating activities Cash ows from investing activities Cash ows from nancing activities Eect of exchange rate changes Net change in Cash, Equivalents and Marketable Securities 6 months ended June 2012 $20.7 ($1.2) ($0.0) ($0.4) $19.3 6 months ended June 2011 $8.3 ($10.2) ($0.2) $0.4 ($1.7)

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