<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Associated Press</span></p></div><p></p></div></div></p><ul class="summary-list"><li><strong><strong>Boeing's shares were down 1.3% in pre-market trading after slumping 6% yesterday</strong></strong></li><li><strong><strong>Asian and European stocks and US futures lost ground after British Prime Minister Theresa May's Brexit deal was resoundingly rejected by Parliament.</strong></strong></li><li><strong><strong>The British pound has swung between $1.33 and $1.30 this week as the Brexit drama has unfolded.</strong></strong></li></ul><p>Shares in Boeing slid 1.3% in premarket trading on Wednesday after slumping 6% yesterday, as <a href="https://www.bbc.co.uk/news/world-asia-47536502">European and Indian regulators joined their peers</a> in grounding Boeing 737 Max 8 aircraft after the model was involved in two lethal crashes in the space of five months. </p><p>Asian stocks were down as traders reacted to global growth fears. The <a href="https://www.businessinsider.com/what-happens-now-theresa-may-brexit-deal-has-been-rejected-2019-3?r=US&amp;IR=T">resounding defeat of British Prime Minister Theresa May's Brexit deal in Parliament on Tuesday</a> added to gloomy sentiment, leaving European shares broadly flat.</p><p>The pound pared its losses as currency traders were optimistic that the possibility that Britain crashes out of the EU without a deal looks more remote. </p><p><span>"This is all very messy - there is not clear and clean way out of this - leaving uncertainty and caution the order of the day for sterling and other UK assets," said Neil Wilson, chief markets analyst at <a href="http://markets.com">markets.com</a>.</span></p><h2>Boeing</h2><p>Boeing's stock has lost more than $40 billion of market value from its 2019 peak, with<span> two days of selling wiping out $26 billion of market value. More than a dozen airlines as well as the governments of UK, China, Indonesia, Australia, and Singapore have <a href="https://markets.businessinsider.com/news/stocks/boeing-stock-australia-singapore-ground-737-max-2019-3-1028022072?utm_campaign=browser_notification&amp;utm_source=desktop">grounded Boeing's 737 Max planes</a> after the crash of Ethiopian Airlines Flight 302 on Sunday, which killed all 157 people on board.</span></p><h2>Brexit drama</h2><p>The British pound has swung between $1.33 and $1.30 this week as the mood keeps shifting.</p><p>Parliament will vote later today on whether to leave the EU with no deal. If the vote fails, lawmakers will vote Thursday on whether to extend the Brexit deadline on Thursday.</p><p>"We expect volatility in the pound to ease back today as it finds comfort in the prospect of avoiding a no deal and Article 50 being extended," said Jasper Lawler, head of research at London Capital Group.</p><h2><strong>Here's the roundup as of 8.50 a.m. (4.50 a.m. EST):</strong></h2><ul><li>Asian stocks closed lower with the <strong>SZSE Component Index</strong> down 2.5%, the <strong>Shanghai Composite Index</strong> down 1.1%, and <strong>Hong Kong's Hang Seng</strong> down about 0.5%.</li><li>European markets are mixed with the the <strong>Euro Stoxx 50</strong> up 0.25%, while the <strong>FTSE 100</strong> and <strong>DAX</strong> are almost flat.</li><li>US stocks are also mixed with <strong>Dow</strong> futures down 0.05%, while <strong>S&amp;P 500</strong> and <strong>Nasdaq</strong> futures are trading slightly higher.</li></ul><p class="tagline">Get the latest Boeing stock price <a href="http://markets.businessinsider.com/stock/BA-Quote">here.</a></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/elon-musk-tesla-roadster-space-spacex-orbit-2019-2">Elon Musk sent a $100K Tesla Roadster to space a year ago. It has now traveled farther than any other car in history.</a></h3>        <div>                    </div>    </div>

Boeing and Brexit drama are hitting market sentiment

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span><a href="http://pictures.reuters.com/C.aspx?VP3=SearchResult&amp;VBID=2C0BXZGIGR1F3&amp;SMLS=1&amp;RW=1440&amp;RH=716#/SearchResult&amp;VBID=2C0BXZGIGREQL&amp;SMLS=1&amp;RW=1440&amp;RH=716&amp;POPUPPN=5&amp;POPUPIID=2C0BF1CL0SNC">Reuters</a></span></p><p class="caption">The FTSE broke a record for consecutive winning streaks set in 1987.</p></div><p></p></div></div>LONDON - The FTSE 100 enjoyed its ninth straight record close on Tuesday, breaking the stock market's record for consecutive highs.</p><p>The bluechip index closed up 0.50%, or 35.98 points on Tuesday, at 7,273.75. It's the ninth straight record high for the index, topping the previous record bull run recorded in 1987.</p><p>This means the FTSE has never been so high and the nine consecutive record closes is also a record.</p><p>The record-breaking run isn't being cheered by fanfare in the City however. Connor Campbell, a market analyst at SpreadEx, said in an email: "The FTSE's consistent gains may see the index at all-time highs, but by God it's been a dreary process.</p><p>"Tuesday has been the latest in a string of excitement-free trading sessions, something that hasn't stopped the <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> index from incrementally building on its current peak."<div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Investing.com</span></p></div><p></p></div></div>The FTSE's bull run has largely been sparked by the fall in the pound since June's referendum. The FTSE 100 is mostly made up of global corporations who report their earnings in dollars, however, their stock is bought and sold in pounds. If the pound falls against the dollar, stocks suddenly look cheap and demand pushes the price higher. In fact, if you strip out the currency effects the FTSE 100 actually performed better last year.</p><p>Tuesday is no different, with sterling driving prices. Neil Wilson, a market analyst at ETX Capital, said in an email: "The FTSE 100 is breaking records all over the place as investors pile into companies that derive their earnings from abroad.</p><p>"Buoyed by sterling weakness, the big miners are providing the juice for the rise. The other main risers are supermarkets Tesco and Morrisons after the latter's Christmas trading update beat expectations."</p><p>Mining giant Anglo American ended up a huge 7.5%, while Rio Tinto wasn't far behind, up 5.4X%, and BHP Billiton climbed 4.4%.</p><p>Morrisons ended the day up 3.8% <a href="http://uk.businessinsider.com/morrisons-christmas-2016-trading-best-performance-7-years-sales-rise-2017-1">after upgrading its profit forecasts</a> but was bested by rival Tesco, which closed up 6.2%. While Tesco has yet to report on its Christmas trading (figures come on Thursday) but investors were excited by <a href="http://uk.businessinsider.com/tesco-christmas-winner-uk-grocery-inflation-returns-2017-1">market share figures from data provider Kantar suggesting the supermarket was the big winner of the festive season.</a></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/harvard-business-professor-explains-failed-case-against-steve-cohen-2016-12">A Harvard Business professor explains the failed case against Steve Cohen</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="8xYjloODE6NnboZVmUzbvGxVNXKIGCEM" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

The FTSE 100 just broke two records

<p class="source"><span>Reuters</span></p><p class="caption">Greenlight Capital founder David Einhorn at the Sohn Investment Conference in New York City, May 8th, 2017</p>Between General Motors' management and board of directors and activist hedge fund Greenlight Capital, the battle lines have now been clearly drawn going into GM's shareholder meeting early next month.<p>Greenlight's David Einhorn, who controls 3.6% of the carmaker's stock, has <a href="https://www.unlockgmvalue.com/">released an extensive proposal</a> in which he lays out the case of dividing existing GM shares into two classes of stock - dividend and growth - to unlock value and address GM's lackluster market performance during a bull market and US auto sales boom. </p><p>Einhorn points to GM price-to-earnings ratio of 5.4x as the lowest in the S&amp;P 500, rejects GM's capital-allocation structure, and accuses GM's management of <a href="http://www.businessinsider.com/einhorn-says-gm-mislead-ratings-agencies-on-greenlight-stock-split-plan-2017-4" target="_blank" rel="noopener noreferrer">misrepresenting his proposal to the ratings agencies</a>. He also wants three seats on GM's board.</p><p>GM calls Greenlight's scheme "financial engineering" and insists that it would undermine GM's investment-grade credit rating and create conflicting corporate governance issues. </p><p>Einhorn also took a whack at GM's culture, calling it hidebound and dismissive of his proposal because the company didn't think if it.</p><p class="source"><span>Greenlight Capital</span></p><h2>Smart but cynical</h2><p>Greenlight's proposal is actually somewhat cynical, even though Einhorn praises GM for having performance operationally at high levels since emerging from bankruptcy and staging an IPO in 2010. Indeed, the company has been steadily profitable and has raked in cash as SUV and pickup truck sales have surged. And GM has addressed the stalled-share-price issue by setting aside billions to undertake buybacks.</p><p>Einhorn seems to want to shove the dividend aspect of GM shareholding off to one side and perhaps watch as it withers, eventually consuming less of GM's available cash. Meanwhile, the new "growth" shares would be the focus of all future buyback action. </p><p>It looks a lot like a capital raid because although Einhorn pays lip service to GM's current and future business, he doesn't pay much attention to how GM will grow its business over the next few years.</p><p>There's no backing down on either side, so Greenlight's proposal will live or die in June when shareholders vote. Death is the best bet, but Einhorn has to be hurting because just a few years ago, another activist investor, Harry Wilson, agitated for buybacks and got them.</p><p class="source"><span>Bill Pugliano/Getty</span></p><p class="caption">GM CEO Mary Barra</p><p>Einhorn's problem is timing. Wilson struck while the striking was good, before 2016 and 2017 when US auto sales reached new highs and GM shares had languished for five years. Back then, Einhorn's quite clever plan would have perhaps earned some more respect. He might even have gotten a board seat.</p><p>But there's no way GM is going to screw around with its cash cushion or credit rating ahead of an inevitable market downturn, which could begin in the next 12-18 months. And Einhorn has been so aggressive about the GM board that he's probably offended many shareholders.</p><h2>A buyback by another name</h2><p>Fundamentally, if you think GM has upside, then you buy it now while it's dirt cheap and wait for the downturn to shake out all the weakness in the market, enabling GM to enrich its US and global market share and outperform its peers. When sales pick back up, GM's unrealized value will be vindicated and the actual business will have grown.</p><p>Some lofty market distractions may also have come down to earth by then, as well. If you aren't sure what I mean, then here's a hint: It begins with "T" and it ends with "A" and it now has a market cap that's as big as GM's and bigger than Ford's. Also, its CEO tweets a lot and wants to retire on Mars.</p><p>The bottom line is that Einhorn waited too long to roll out his idea. GM learned something from the Wilson experience and had its defensive game completely prepared. Since he pulled the cover off his scheme, Einhorn has been defending, clarifying, and accusing rather than coming up with a compelling rationale for why the growth shares would capture value created by new products and services.</p><p>So all shareholders really have to go on is buybacks by a different name - which they're already getting in additional to the dividend. That's probably not enough to win them over to Einhorn's side, certainly not with a cyclical downturn on the horizon.</p><p><em>This column does not necessarily reflect the opinion of Business Insider.</em></p><h3>More from Matthew DeBord:</h3><ul><li><a href="http://www.businessinsider.com/why-david-einhorns-gm-proposal-wont-work-2017-5" rel="nofollow">David Einhorn's controversial GM proposal is at least 2 years too late (GM)</a></li><li><a href="http://www.businessinsider.com/tesla-solar-roof-money-economics-2017-5" rel="nofollow">Tesla's new solar roof looks expensive - but it could actually make you money (TSLA)</a></li><li><a href="http://www.businessinsider.com/aaa-expects-to-rescue-7-million-drivers-this-summer-2017-5" rel="nofollow">Millions of Americans are expected to get stranded on the road this summer - here's why</a></li><li><a href="http://www.businessinsider.com/tesla-solar-roof-warranty-lasts-forever-2017-5" rel="nofollow">Tesla's new Solar Roof comes with a warranty that lasts forever (TSLA)</a></li><li><a href="http://www.businessinsider.com/nightmare-scenario-starting-for-ford-and-general-motors-2017-5" rel="nofollow">A nightmare scenario is beginning for Ford and General Motors (TSLA, GM, F, FCAU)</a></li></ul><p class="tagline">This column does not necessarily reflect the opinion of Business Insider.</p>            <h3>NOW WATCH: <a href="http://www.businessinsider.com/inside-all-electric-chevy-bolt-ev-2017-3">Chevy has built a $37.5K all-electric car capable of a 238-mile range</a></h3>                                    Please enable Javascript to watch this video

David Einhorn's controversial GM proposal is at least 2 years too late

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>REUTERS/Mike Blake</span></p><p class="caption">Home owner Anne Wilson asks for the house numbers as workers remove her old home for recycling and resale from its neighborhood in San Diego.</p></div><p></p></div></div>Good morning! Here's what you need to know.</p><p><strong>Foxconn shares are suspended.</strong> The Taiwan Stock Exchange said that shares in Hon Hai Precision Industry Co (Foxconn) will be suspended from trade on Wednesday <a href="http://www.businessinsider.com/r-foxconn-shares-suspended-wed-due-to-major-announcement-exchange-2016-3">due to a "major announcement."</a></p><p><strong>Total sends its supercomputer into overdrive.</strong> Total has tripled the power of its Pangea supercomputer, to 6.7 petaflops from 2.3 previously, making it one of the world's most powerful and helping the French oil and gas company <a href="http://www.businessinsider.com/r-total-triples-power-of-supercomputer-in-search-for-savings-2016-3">to speed up exploration studies and cut costs amid low oil prices.</a></p><p><strong>Telefonica's chief stepped down.</strong> Spain's Telefonica chairman Cesar Alierta will step down after 16 years and be replaced by his deputy Jose Maria Alvarez-Pallete, the company said,<a href="http://www.businessinsider.com/r-telefonica-boss-alierta-steps-down-replaced-by-deputy-2016-3"> seeking to open a new era of digital growth.</a></p><p><strong>China forges links with the Czech Republic.</strong> China's President Xi Jinping and his Czech counterpart Milos Zeman signed an agreement on a strategic partnership on Tuesday, <a href="http://www.businessinsider.com/r-chinese-czech-presidents-forge-strategic-partnership-on-prague-visit-2016-3">meant to step up business ties and investments.</a></p><p><strong>Banks line up for Russian privatizations.</strong> Swiss banks UBS and Credit Suisse are interested in advising the Russian government on several privatizations as long as the deals do not violate sanctions, <a href="http://www.businessinsider.com/r-exclusive-ubs-credit-suisse-interested-in-advising-on-russia-privatization---sources--2016-3">three banking sources told Reuters.</a></p><p><strong>SunEdison might go bust.</strong> US solar company SunEdison, whose aggressive acquisition strategy has saddled it with more than $11 billion of debt, is at "substantial risk" of bankruptcy, <a href="http://www.businessinsider.com/r-sunedison-at-risk-of-bankruptcy-unit-says-shares-plummet-2016-3">one of its two publicly listed units warned on Tuesday.</a></p><p><strong>NBC sold a lot of ads for the Rio Olympics.</strong> NBC, a unit of Comcast, said it had sold $1 billion in national ad sales for the Summer Olympics in Rio de Janeiro, as the network prepares to broadcast a rare Games where some of the most high-profile contests <a href="http://www.businessinsider.com/r-nbc-sells-1-billion-in-ads-for-rio-olympics-2016-3">will air live in prime time for US audiences.</a></p><p><strong>Georgia's former prime minister took a tree.</strong> Georgian billionaire, former premier Bidzina Ivanishvili, has come under fire from environmentalists for uprooting a <a href="http://www.businessinsider.com/afp-georgian-billionaire-ex-pm-stirs-ire-for-shifting-tree-by-ship-2016-3">rare giant tree and transporting it by boat to his private park.</a></p><p><strong>The US is suing VW for misleading advertising.</strong> The US government filed suit against Volkswagen, charging the German automaker deceived American consumers by promoting supposedly "clean diesel" vehicles that <a href="http://www.businessinsider.com/afp-us-sues-volkswagen-for-deceptive-clean-diesel-campaign-2016-3">were actually fitted with illegal pollution-cheating devices.</a></p><p><strong>Japan pushes ahead with tax.</strong> Prime Minister Shinzo Abe he still plans to raise the consumption tax next year, denying speculation the planned increase would be postponed out of concern that Japan's economy <a href="http://www.businessinsider.com/ap-japans-abe-says-no-plans-to-postpone-consumption-tax-hike-2016-3">won't be able to handle it.</a></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/how-billionaires-real-estate-trick-sell-their-penthouses-faster-for-more-money-2016-3">The real estate trick billionaires use to sell their penthouses faster and for more money</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="VycG0yMjE69omwf5-yxWoSA5EDyVrymY" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

10 things you need to know before European markets open

<p><div class="KonaFilter image-container display-table"><div><div class="image"><p class="source"><span>Kyndell Harkness/Star Tribune photo illustration</span></p></div><p></p></div></div></p>
<p>Real estate listings site Zillow has agreed to purchase Trulia for $3.5 billion in stock, <a href="https://finance.yahoo.com/news/zillow-announces-acquisition-trulia-3-123000565.html">the companies announced in a joint statement</a>.</p>
<p><span>It's a 25% premium to Trulia's Friday close.</span></p>
<p>Each Trulia shareholder will get .444 Class-A Zillow shares.</p>
<p>Zillow shares are halted. Trulia is up 16%.</p>
<p>Bloomberg <a href="http://www.bloomberg.com/news/2014-07-24/zillow-said-to-be-seeking-to-buy-rival-real-estate-site-trulia.html">had reported Thursday</a> that Zillow was seeking $2 billion.</p>
<p>This weekend San Diego realtor and blogger Jim Klinge <a href="http://www.businessinsider.com/consequences-of-a-zillow-trulia-merger-2014-7">discussed</a> how this merger could thin out the ranks of America's real estate agent population within two years:</p>
<p style="padding-left: 30px;">The local associations of realtors and the MLS companies who have feasted on having realtors paying dues regardless of production will suffer - and should die off completely if 20% of the realtors are doing 80% of the business.  They can't survive an 80% reduction in dues.</p>
<p style="padding-left: 30px;">When consumers see that their agent-friend down the street hasn't sold a house in six months - they will hesitate.  The Zillow advertising will encourage you to select one of their top producers instead (the ones paying for advertising).</p>
<p><a href="https://finance.yahoo.com/news/zillow-announces-acquisition-trulia-3-123000565.html">Here's the full merger announcement:</a></p>
<p id="yui_3_16_0_1_1406550760633_1398" style="padding-left: 30px;">SEATTLE and SAN FRANCISCO, July 28, 2014 /PRNewswire/ -- Zillow, Inc. (NASDAQ:<a href="https://finance.yahoo.com/q?s=z" data-rapid_p="8">Z</a>) today announced that it has entered into a definitive agreement to acquire Trulia, Inc. (<a href="https://finance.yahoo.com/q?s=trla" data-rapid_p="9">TRLA</a>) for $3.5 billion in a stock-for-stock transaction. The Boards of Directors of both companies have approved the transaction, which is expected to close in 2015.</p>
<p style="padding-left: 30px;">The combined company will maintain both the Zillow and Trulia consumer brands, offering buyers, sellers, homeowners and renters access to vital information about homes and real estate for free, and providing advertising and software solutions that help real estate professionals grow their business.  At closing, Trulia CEO Pete Flint will remain as CEO of Trulia reporting to Zillow CEO, Spencer Rascoff, and will join the Board of Directors of the combined company. In addition, at closing, a second member of Trulia's Board of Directors will join the board of the combined company. Further operational and organizational details will be announced at closing.</p>
<p style="padding-left: 30px;">"Consumers love using Zillow and Trulia to find vital information about homes and connect with the best local real estate professionals," Rascoff said. "Both companies have been enormously successful in creating compelling consumer brands and deep industry partnerships, but it's still early days in the world of real estate advertising on mobile and Web. This is a tremendous opportunity to combine our resources and achieve even more impressive innovation that will benefit consumers and the real estate industry."</p>
<p style="padding-left: 30px;">"Trulia and Zillow have a shared mission and vision of empowering consumers while helping real estate agents, brokerages and franchisors benefit from technological innovation," said Flint. "By working together, we will be able to create even more value for home buyers, sellers, and renters, as well as create a robust marketing platform that will help our industry partners connect with potential clients and grow their businesses even more efficiently. Our two companies share complementary employee cultures with innovative, consumer-first philosophies and a deep commitment to create the best products and services for our industry partners."</p>
<p style="padding-left: 30px;">Both Zillow and Trulia are primarily media companies, generating the majority of revenue through advertising sales to real estate professionals. Despite continued growth as public companies, significant opportunities of scale remain as the majority of advertising dollars in the real estate sector have yet to migrate online or to mobile. For example, the two companies' combined revenue currently represents less than 4 percent of the estimated $12 billion[i] real estate professionals spend on marketing their services to consumers each year.</p>
<p style="padding-left: 30px;">Zillow and Trulia are two rapidly growing real estate sites on mobile and the Web, enabling advertisers to reach a large and expanding consumer base.  In June, Zillow reported a record 83 million unique users across mobile and Web[ii]. For the same month, Trulia reported a record 54 million monthly unique users across its sites and mobile apps[iii]. The two brands have limited consumer overlap - approximately half of Trulia.com's monthly visitors do not visit Zillow.com, and approximately two-thirds of Zillow.com's monthly visitors across all devices do not use Trulia.com[iv]. Maintaining the two distinct consumer brands will allow the combined company to continue to offer differentiated products and user experiences, attract more users and maximize the distribution of free content across multiple platforms, apps and channels.</p>
<p style="padding-left: 30px;">A summary of expected benefits of the deal, include:</p>
<ul style="padding-left: 30px;" type="disc">
<li style="padding-left: 30px;"><strong>Faster Innovation.</strong> By combining resources, the companies expect to accelerate innovation on mobile and Web to provide more valuable tools and services to consumers and professionals.</li>
<li style="padding-left: 30px;"><strong>Greater Access to Free Real Estate Market Data. </strong> The companies expect to share real estate market data, housing trend analysis, and forecasts to make more free data available to consumers and real estate professionals to empower people to make more informed decisions.</li>
<li style="padding-left: 30px;"><strong>Broader Distribution. </strong> Home sellers and their agents, brokerages, and participating MLSs will benefit from seamless free distribution of listings across even more platforms to reach an even larger audience of consumers.</li>
<li style="padding-left: 30px;"><strong>Enhanced Value and ROI for Advertisers.</strong> The companies expect to offer shared services and marketing platforms for advertisers that enhance agent productivity and marketing and deliver greater return on their investment.</li>
<li style="padding-left: 30px;"><strong>Corporate Cost Savings.</strong> By operating independent consumer brands through one corporation, the companies expect to realize synergies to improve overall operational efficiency over the long-term. By 2016, management expects to achieve at least $100 million in annualized cost avoidances.</li>
</ul>
<p class="c1" style="padding-left: 30px;">Transaction Details</p>
<p style="padding-left: 30px;">As part of the agreement, Trulia shareholders will receive 0.444 shares of Class A Common Stock of Zillow, Inc.[v] for each share of Trulia, and will own approximately 33% of the combined company at closing.  Current Zillow holders of Class A Common Stock and Class B Common Stock will receive one comparable share of the combined company at closing, and will represent approximately 67% of the combined company. The transaction assumes Trulia's convertible notes will be assumed by the combined company at closing. The value of the deal represents a premium of 25% to Trulia's closing price on July 25, 2014. </p>
<p style="padding-left: 30px;">The agreement is subject to the satisfaction of customary closing conditions, including the expiration of U.S. antitrust waiting periods and shareholder approval of both companies. Zillow co-founders Rich Barton and Lloyd Frink, who control a majority of the shareholder voting power of Zillow, have agreed to vote in favor of the transaction. In addition, Trulia directors holding 7.4% of Trulia stock have entered into voting agreements with Zillow to vote in favor of the transaction.</p>
<p class="c1" style="padding-left: 30px;">Representation</p>
<p style="padding-left: 30px;">Goldman, Sachs &amp; Co. acted as the exclusive financial advisor, and Shearman &amp; Sterling LLP and Perkins Coie LLP acted as legal counsel to Zillow. J.P. Morgan Securities LLC acted as a financial advisor, and Goodwin Procter LLP and Wilson Sonsini Goodrich &amp; Rosati acted as legal counsel to Trulia. Qatalyst Partners LP also acted as a financial advisor to Trulia. </p>
<p class="c1" style="padding-left: 30px;">Conference Call to Discuss Acquisition at 9 a.m. EDT / 6 a.m. PDT</p>
<p style="padding-left: 30px;">Zillow CEO Spencer Rascoff will host a conference call today with Trulia CEO Pete Flint at 9:00 a.m. EDT / 6:00 a.m. PDT.  The live webcast of the conference call will be available on the investor relations section of Zillow, Inc.'s website at <a href="http://investors.zillow.com/" target="_blank" data-rapid_p="10">http://investors.zillow.com/</a>, or on the investor relations section of Trulia, Inc's website at <a href="http://ir.trulia.com/" target="_blank" data-rapid_p="11">http://ir.trulia.com/</a>. For those without access to the Internet, the call may be accessed toll-free via phone at 877-643-7152 with conference ID#<strong>80954780</strong>. Callers outside the United States may dial 443-863-7921 with conference ID#<strong>80954780</strong>. Following completion of the call, a recorded replay of the webcast and a copy of the prepared remarks will be available on the investor relations section of Zillow, Inc.'s and Trulia.com's websites for one year.</p>
<p class="c1" style="padding-left: 30px;">Company Conference Calls for Quarterly Earnings</p>
<p style="padding-left: 30px;">The companies will host separate conference calls to discuss each company's second quarter results. The calls will be held on the following dates:</p>
<ul style="padding-left: 30px;" type="disc">
<li style="padding-left: 30px;"><strong>Trulia: July 31, 2014, at 5 p.m. EDT / 2 p.m. PDT.</strong> The call details will be available announced separately, and will be available on Trulia's investor relations website at ir.trulia.com.</li>
<li style="padding-left: 30px;"><strong>Zillow: August 5, 2014 at 5 p.m. EDT / 2 p.m. PDT. </strong> The call details will be announced separately, and will available on Zillow's investor relations website at investors.zillow.com.</li>
</ul>
<p class="c1" style="padding-left: 30px;">Forward-Looking Statements</p>
<p style="padding-left: 30px;">This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that involve risks and uncertainties, including, without limitation, statements regarding Zillow's proposed acquisition of Trulia and the expected benefits of the transaction; operational and organizational details of the combined company; the way in which the transaction will impact consumers, real estate professionals, and industry partners; the ability of the combined company to innovate; our ability to realize opportunities of scale; the migration of advertising dollars in the real estate sector to online and mobile; the growth rate of Zillow and Trulia; and our ability to deliver greater return on investment to our advertisers. Statements containing words such as "may," "believe," "anticipate," "expect," "intend," "plan," "project," "will," "projections," "estimate," or similar expressions constitute forward-looking statements. Such forward-looking statements are subject to significant risks and uncertainties and actual results may differ materially from the results anticipated in the forward-looking statements. Factors that may contribute to such differences include, but are not limited to, the risk that expected cost savings or other synergies from the transaction may not be fully realized or may take longer to realize than expected; the risk that the businesses may not be combined successfully or in a timely and cost-efficient manner; the possibility that the transaction will not close, including, but not limited to, due to the failure to obtain shareholder approval or the failure to obtain governmental approval; and the risk that business disruption relating to the merger may be greater than expected. The foregoing list of risks and uncertainties is illustrative, but is not exhaustive. Additional factors that could cause results to differ materially from those anticipated in forward-looking statements can be found under the caption "Risk Factors" in Zillow's Annual Report on Form 10-K for the year ended December 31, 2013, Trulia's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2014, and in Zillow's and Trulia's other filings with the Securities and Exchange Commission. Except as may be required by law, neither Zillow nor Trulia intend, nor undertake any duty, to update this information to reflect future events or circumstances.</p>
<p class="c1" style="padding-left: 30px;">Additional Information and Where to Find It</p>
<p style="padding-left: 30px;">In connection with the proposed transaction, Zillow and Trulia will file a joint proxy statement/prospectus with the Securities and Exchange Commission, and the new holding company will file a Registration Statement on Form S-4 with the Securities and Exchange Commission.  INVESTORS AND SECURITYHOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT AND JOINT PROXY STATEMENT/PROSPECTUS (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) REGARDING THE PROPOSED TRANSACTION WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.  Investors and security holders will be able to obtain free copies of the registration statement and joint proxy statement/prospectus (when they become available) and other documents filed by Zillow and Trulia at the Securities and Exchange Commission's web site at <a href="http://www.sec.gov/" data-rapid_p="12">www.sec.gov</a>.  Copies of the registration statement and joint proxy statement/prospectus (when they become available) and the filings that will be incorporated by reference therein may also be obtained, without charge, from Zillow's website, <a href="http://www.zillow.com/" data-rapid_p="13">www.zillow.com</a>, under the heading "Investors" in the "About" tab or by contacting Zillow Investor Relations at (206) 470-7137.  These documents may also be obtained, without charge, from Trulia's website,<a href="http://www.trulia.com/" data-rapid_p="14">www.trulia.com</a>, under the tab "Investor Relations" or by contacting Trulia Investor Relations at (415) 400-7238.</p>
<p class="c1" style="padding-left: 30px;">Participants in Solicitation</p>
<p style="padding-left: 30px;">The respective directors and executive officers of Zillow and Trulia and other persons may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information regarding Zillow's directors and executive officers is available in its proxy statement filed with the SEC by Zillow on April 17, 2014, and information regarding Trulia's directors and executive officers is available in its proxy statement filed with the SEC by Trulia on April 22, 2014. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the joint proxy statement/prospectus and other relevant materials to be filed with the SEC (when they become available).  These documents can be obtained free of charge from the sources indicated above.</p>
<p style="padding-left: 30px;"><strong>About Zillow, Inc.</strong><br />Zillow, Inc. (NASDAQ:Z) operates the leading real estate and home-related information marketplaces on mobile and the Web, with a complementary portfolio of brands and products that help people find vital information about homes, and connect with the best local professionals. Zillow's brands serve the full lifecycle of owning and living in a home: buying, selling, renting, financing, remodeling and more. In addition, Zillow offers a suite of tools and services to help local real estate, mortgage, rental and home improvement professionals manage and market their businesses. Welcoming 83 million unique users in June 2014, the Zillow, Inc. portfolio includes Zillow.com®, Zillow Mobile, Zillow Mortgage Marketplace, Zillow Rentals, Zillow Digs®, Postlets®, Diverse Solutions®, Agentfolio®, Mortech®, HotPads™, StreetEasy® and Retsly™. The company is headquartered in Seattle.</p>
<p style="padding-left: 30px;">Zillow.com, Zillow, Postlets, Mortech, Diverse Solutions, StreetEasy, Agentfolio and Digs are registered trademarks of Zillow, Inc. HotPads and Retsly are trademarks of Zillow, Inc.</p>
<p style="padding-left: 30px;"><strong>About Trulia, Inc.</strong><br />Trulia (<a href="https://finance.yahoo.com/q?s=trla" data-rapid_p="15">TRLA</a>) gives home buyers, sellers, renters and real estate professionals all the tools and valuable information they need to be successful in the home search process. Through its innovative mobile and web products, Trulia provides engaged home buyers and sellers essential information about the house, the neighborhood and the process while connecting them with the right agents. For agents, Trulia, together with its MarketLeader subsidiary, provides an end-to-end technology platform that enables them to find and serve clients, create lasting relationships and build their business. Founded in 2005, Trulia is headquartered in San Francisco with offices in New York, Denver and Seattle. Trulia and the Trulia marker logo are registered trademarks of Trulia, Inc.</p>
<p id="yui_3_16_0_1_1406550760633_1619" style="padding-left: 30px;">(ZFIN)</p>

<p id="yui_3_16_0_1_1406550760633_1621" style="padding-left: 30px;">[i] Source: Borrell Associates Real Estate Advertising 2013 Outlook, reflecting combined advertising spent by real estate agents, home builders, and rental property managers.</p>
<p style="padding-left: 30px;">[ii] Zillow measures unique users with Google Analytics.</p>
<p style="padding-left: 30px;">[iii] Source: Omniture, Google Analytics, June 2014</p>
<p id="yui_3_16_0_1_1406550760633_1623" style="padding-left: 30px;">[iv] Source: comScore Multiplatform Cross-Visiting, June 2014</p>
<p id="yui_3_16_0_1_1406550760633_1625" style="padding-left: 30px;">[v] Upon closing, shares of Zillow, Inc. and Trulia, Inc. common stock will be exchanged for common stock of a newly formed holding company.</p>

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