Internet-Related Dislocations = Long-Time in Making...Still Early Stage Cord-Cutting Impacts Earnings for Traditional Media Companies... E-Commerce Impacts Revenue Growth for Traditional Retailers Media Retail Market Cap 2006 2016* Market Cap 1997 2016* Viacom $33B $18B Wal-Mart $69B $222B Netflix $1.4B $44B Amazon.com $400MM $341B Revenue 2006 2015* Revenue 1997 2015* Viacom $11B $13B Wal-Mart $118B $482B (+19% Y/Y) (-6% Y/Y) (+12% Y/Y) (-1% Y/Y) Netflix $1B $7B Amazon.com $148MM $107B (+46% Y/Y) (+23% Y/Y) (+9.4x Y/Y) (+20% Y/Y) Source: CapIQ, Public Filings * 2015 revenue for all companies reflects CY2015. Current market caps as of 5/31/16. Historical market caps for Wal-Mart / Amazon shown as of date of Amazon IPO (5/15/1997). Historical market caps for KPCB INTERNET TRENDS 2016 | PAGE Viacom / Netflix shown as of date of CBS spinoff from Viacom (1/3/2006). 184