China Online Advertising Revenue = +29%vs. 29% Y/Y ChinaOnlineAdvertising Revenue $50B 50% $40B 40% a n i h Y C$30B 30% Y/ , g th n w si o ti $20B 20% er Gr v d A e n$10B 10% i l On $0 0% 2012 2013 2014 2015 2016 2017 Online Advertising Y/Y Growth Source: iResearch. Note: Assumes constant USD / RMB rate = 6.9. . 260