TBD = Impact on Ad Targeting… Privacy Changes …privacy [concerns] are a headwind for [Facebook] in 2019. It's one of the factors that's contributing to our expected deceleration of revenue growth throughout the year. You've got regulatory – which was GDPR in 2018… the regulatory arc will be longer-term in playing out… Platforms like iOS are making bigger pushes in privacy & that has the potential impact… then changes that we're making ourselves… we've elected to rollout GDPR-type controls globally… later this year, we'll be launching Clear History, which will also affect our ability to do third-party targeting. David Wehner – CFO, Facebook, 2/19 Source: David Wehner speaking at Morgan Stanley’s Technology, Media, Telecom Conference, 2/26/2019. TBD = To be Determined Internet Trends 37 2019