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Table 1: Key 1Q metrics for Large Cap Internet (>$5bn Market Cap) Company Ticker Source: BofA Merrill Lynch Global Table 2: Key 1Q metrics Key 1Q Metric Website revenue (ex-FX) growth vs 22.3% in 4Q AWS revenue growth vs. 47% in 4Q US GMV growth trends Room night growth vs. 15% in 4Q Ad revenue growth (ex-FX) vs. 54% reported in 4Q 1Q Intl sub guidance 1Q room night growth vs. 31% in $Q Global DAU's vs. 158mn in 4Q Update on ad spend targets, 2017 guidance MAUs and y/y trend vs 319mn (+4% y/y) in 4Q (Any update on acquisition timing and ongoing breach investigations Mortgage Revenue Research estimates for Small Cap Internet (<$5bn Market Cap) BofAML Estimate 21.6% 43% yly 3.5% yly 16% 52% 3.9mn 26% yly 166mn 18% S&M yly growth 322mn MAUs (+4% y/y) NIA $18.1mn Company Ticker Source: BofA Merrill Lynch Global Key 1Q Metric 1Q revenue 1Q transactions US paying families 1Q unit sales and gross margin 1Q unit sales and gross margin Gross food sales growth Paid Member Growth 1Q origination growth and marketplace take rate Ad revenue per listening hour growth Variable marketing margin growth Qualified referral growth 2Q revenue growth guidance Premium subscribers growth 1Q Local advertising account adds Online Games DAUs Research estimates BofAML Estimate $117mn 731mn 266,607 (4% y/y) 3mn/39% 800K/35% 26% 17% 12% 13% 10% 29% yly 56% yly 25% yly 36% 4k (17% yy) 17.9 2 Internet/e-Commerce | 06 April 2017 BankofAmerica <2” Merrill Lynch HOUSE_OVERSIGHT_014888