OVERVIEW

…Today’s Top 20 Worldwide Internet Leaders Today = USA @ 11…China @ 9 Public / Private Internet Companies, Ranked by Market Valuation (5/29/18) Rank Market Value ($B) 2018 Company Region 5/29/13 5/29/18 1) Apple USA $418 $924 2) Amazon USA 121 783 3) Microsoft USA 291 753 4) Google / Alphabet USA 288 739 5) Facebook USA 56 538 6) Alibaba China -- 509 7) Tencent China 71 483 8) Netflix USA 13 152 9) Ant Financial China -- 150 10) eBay + PayPal* USA 71 133 11) Booking Holdings USA 41 100 12) Salesforce.com USA 25 94 13) Baidu China 34 84 14) Xiaomi China -- 75 15) Uber USA -- 72 16) Didi Chuxing China -- 56 17) JD.com China -- 52 18) Airbnb USA -- 31 19) Meituan-Dianping China -- 30 20) Toutiao China -- 30 Total $1,429 $5,788 Source: CapIQ, CB Insights, Wall Street Journal, media reports. *eBay + PayPal combined for comparison purposes though PayPal spun-off of eBay on 7/20/15. Market value data as of 5/29/18. The Wall Street Journey, Recode, TechCrunch, Reuters, and the Information articles detail the latest 218 valuations for Ant Financial (4/18), Xiaomi (5/18), Uber (2/18), Didi Chuxing (12/17), Airbnb (3/17), Meituan-Dianping (10/17), and Toutiao (12/17).

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