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Highest sentiment: FB, WIX, and TREE; Lowest: FIT, TRIP, and TWTR Based on our sentiment ranking index, Facebook, Wix, and LendingTree have top investor sentiment pre 1Q earnings. Facebook moved into first place from fourth due to the lowest short interest as % of float, second highest FY17 revenue growth, sixth highest sell side FY16 EPS estimate revisions, and third best stock performance in the last 90 days. Wix came in second place with top stock performance in the last 90 days, top expected FY17 revenue growth and second best sell-side FY16 EPS estimate revision, despite ranking ninth for current sell side ranking and seventh for short interest ratio. LendingTree placed third with best current sell side ranking and best change in short interest ratio. Fitbit had third worst investor sentiment with the worst stock performance in the last 90 days, the worst expected FY17 revenue growth and the second largest change in short interest in the period. TripAdvisor, had the second lowest sentiment with the third worst sell side ranking and fifth worst sell side EPS estimate revision. Twitter, our lowest sentiment stock pre 1Q earnings, had second to worst sell side ranking and expected FY17 revenue growth, along with third to worst sell side estimate revisions and was below average in all of our categories. Score Ranking vs. Investment Rating Our sentiment analysis is independent of our investment rating system, and our investment rating may or may not factor in positive or negative sentiment. This scorecard analysis includes only data currently up to the last 90 days, and our investment rating opinion takes into consideration potential stock price fluctuations, attractiveness for investment relative to other stocks within our Coverage Cluster, business model quality, and valuation. Please see our Fundamental Equity Rating Opinion Key at the end of the report for more details. Table 7: Combined Metric List o Ashort ' EPS Expected Company asi ma “ interest % of — lege Pos . Estimate FY17 Rev. 0a float ays anking Revisions Growth FB 1% 0% 21% 47 4% 37% WIX 2% -1% 67% 44 62% 43% TREE 23% -20% 21% 5.0 6% 34% AMZN 1% 0% 20% 48 -10% 21% NFLX 6% -1% 4% 41 15% 21% GOOGL 1% 0% 6% 47 0% 9% PCLN 3% 0% 20% 46 0% 6% CRCM 3% 0% 42% 3.5 28% 6% EXPE 8% -2% 1% 46 -12% 4% IAC 1% 0% 2% 44 -5% -1% RATE 2% 0% -13% 42 2% 6% EBAY 2% 0% 4% 3.6 -3% 5% ONDK 2% 3% 1% 3.3 34% 30% ZG 1% -2% -9% 3.9 -26% 24% YHOO 6% 1% 9% 3.8 0% 2% GPRO 36% 3% A% 23 14% 1% YELP 0% 0% -14% 37 2% 25% W 38% 2% 1% 3.9 -22% 25% P 30% 2% 1% 3.9 2% 17% GRUB 8% 1% -11% 41 -5% 31% MTCH 27% 5% 4% 42 1% 8% QUOT 8% 0% -13% 48 -06% 5% FIT 26% A% -29% 3.1 NA -21% TRIP 16% 5% -12% 29 -21% 11% TWTR 11% 3% -11% 2.5 -05% 1% Source: BofA Merrill Lynch Global Research, Bloomberg, as of 4/4/2017 Bankof America Merrill Lynch Internet/e-Commerce | 06 April 2017 9 HOUSE_OVERSIGHT_014895