Global Internet Market Capitalization Leaders = USA Stable @ 18 of 30…China Stable @ 7 of 30 Rank Market Cap Value ($B) 2019 Company Region 6/7/19B 6/7/16B % Change 1 Microsoft USA $1,007B $410B +146% 2 Amazon USA 888 343 +159% 3 Apple USA 875 540 +62% 4 Alphabet USA 741 497 +49% 5 Facebook USA 495 340 +46% 6 Alibaba China 402 195 +106% 7 Tencent China 398 206 +93% 8 Netflix USA 158 43 +266% 9 Adobe USA 136 50 +174% 10 PayPal USA 134 46 +190% 11 Salesforce USA 125 56 +123% 12 Booking.com USA 77 67 +15% 13 Uber USA 75 -- -- 14 Recruit Holdings Japan 52 20 +167% 15 ServiceNow USA 51 12 +316% 16 Workday USA 48 16 +197% 17 Meituan Dianping China 44 -- -- 18 JD.com China 39 32 +22% 19 Baidu China 38 60 (36%) 20 Activision Blizzard USA 35 28 +25% 21 Shopify Canada 34 2 +1,297% 22 NetEase China 33 23 +44% 23 eBay USA 33 28 +19% 24 Atlassian Australia 32 5 +509% 25 MercadoLibre Argentina 30 6 +388% 26 Twitter USA 29 11 +173% 27 Square USA 29 3 +808% 28 Electronic Arts USA 29 23 +25% 29 Xiaomi China 28 -- -- 30 Spotify Sweden 25 -- -- Total $6,119 $3,064 USA stable at 18 of 30 refers to the fact that 19 USA companies were in the top 30 using same parameters in 2018. China in 2018 = 8 of 30. Source: CapitaIIQ data collected 6/7/19. Note: % change only applies to companies that were publicly traded on 6/7/16, private valuations not taken into account. Reflects a global list of publicly traded companies, some companies Internet Trends (e.g., Meituan Dianping) derive the majority of their revenue from one country. Companies selected are considered to be ‘pureplay’ Internet companies that do not derive a significant portion 12 2019 of revenues / profits from other business lines. Example companies that would be included otherwise = Reliance Industries (Refining), AT&T (Telecom), & Naspers (Television).