Internet Ad Revenue (Quarterly – Leading USA Platforms) = Decelerating +20% vs. +29% (Y/Y – Q1 vs. Q4) Leading USA-Based Online Ad Platform Revenue, Global $60B 40% ) ne ar) Li B Red ue l ( B $30B 20% th ( ue ow en r G Rev /Y Y $0 0% Q1:17 Q2:17 Q3:17 Q4:17 Q1:18 Q2:18 Q3:18 Q4:18 Q1:19 Source: Company public releases & Morgan Stanley estimates. Note: Includes Google / Facebook / Twitter / Amazon / Snapchat / Pinterest. Internet Trends 24 2019