Internet

Internet Trends

April 12, 2010

mary.meeker@ms.com / scott.devitt@ms.com / liang.wu@ms.com

Comments on mobile Internet include contributions from Katy Huberty, Simon Flannery, Ehud Geldblum, Nick Delfas, Naoshi Nema, James Dawson, Sean Gardiner, Patrick Standaert, Hiro Tanaka, Mark Lipacis, Navin Killa, Vinay Jaising, Yvonne Chow, Jasmine Lu, Bill Lu, Keon Han, Richard Ji, Adam Holt, Ben Swinburne

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Internet Trends Outline

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Stock Market Update State of the Internet… Mobile Will Be Bigger Than Desktop Internet in 5 Years

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Mobile Internet Deep Dive

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Stock Market Update

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Stock Market = Often a Leading Indicator of Economic Growth

Russia +225% vs. 36-Month Low / India +120% / China +85% / USA (S&P500) +76%

300 2007 2008 2009 2010

250 Indexed Value (base = 100)

200

150

100

50

0 4/07

7/07

10/07

1/08

4/08

7/08

10/08

1/09

4/09

7/09

10/09

1/10

4/10

S&P 500 China Shanghai SE Composite Russia RTS Gold (NYM $/ozt)

NASDAQ Composite Index India SENSEX Crude Oil (NYM $/bbl) Japan Nikkei 225

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Note: all indices start at a value of 100 on 4/5/07; data as of 4/5/10; Source: FactSet.

State of the Internet…Mobile Will Be Bigger Than Desktop Internet in 5 Years

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State of the Internet –

Usage Growth Remains Robust – 5 Countries = 48% of Users

Global Internet Stats in 2009E 1.8B Users, +13% Y/Y(1); 18.8T Minutes Spent, +21% Y/Y(2)

Russia 39MM users +13% Y/Y USA 238MM users +4% Y/Y

China 384MM...