Global Internet Market Capitalization Leader Revenue Growth = Slowing +11% vs. +13% (Y/Y – Q1 vs. Q4) Global Internet Leaders – Revenue vs. Y/Y Growth $400B 30% ) ar) ne B Li ue l Red B ( ( $200B 15% th ue ow en r G Rev /Y Y $0 0% Q1:16 Q2:16 Q3:16 Q4:16 Q1:17 Q2:17 Q3:17 Q4:17 Q1:18 Q2:18 Q3:18 Q4:18 Q1:19 Source: CapitaIIQ. Revenue from Microsoft / Amazon / Apple / Alphabet / Facebook / Tencent / Alibaba / Netflix / Adobe / PayPal / Salesforce.com / Booking.com / Recruit Holdings / ServiceNow / Workday / JD.com / Baidu / Activision Blizzard / Shopify / NetEase / eBay / Atlassian / MercadoLibre / Electronic Arts / Twitter / Square. Internet Trends Note: *Uber, Meituan Dianping, Xiaomi and Spotify which had recent IPOs that did not provide detailed financials from Q1:15-Q4:16 that are necessary 14 2019 to illustrate the Y/Y growth rate & are therefore excluded. Due to their revenue scale relative to the cumulative group, they have minimal impact on overall growth rate.