The Mobile Internet Report Key Themes*

Google – Internet Search Innovation / Leadership Has Driven
$186B in Wealth Creation Over 11 Years
Google Key Financial & Operating Metrics, 2000 – 2009E
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009E
Revenue (ex. TAC) ($MM) $19 $86 $345 $939 $1,961 $4,024 $7,296 $11,660 $15,857 $17,483
Y/Y Growth 8585% 352% 299% 172% 109% 105% 81% 60% 36% 10%
Operating Income ($MM) -$12 $23 $208 $583 $1,131 $2,330 $4,049 $5,957 $7,847 $9,464
Margin (%) -64% 27% 60% 62% 58% 58% 55% 51% 49% 54%
Users (MM) 20 54 181 233 284 389 452 532 685 812
Revenue per User ($/yr) $1 $2 $2 $4 $7 $10 $16 $22 $23 $22
Aggregate Paid Clicks (MM) -- -- -- -- -- 14,410 23,773 33,829 40,182 46,157
CPC (Cost per Click) ($) -- -- -- -- -- $0.42 $0.44 $0.49 $0.53 $0.50
Market Capitalization ($B) -- -- -- -- $51 $122 $142 $216 $97 $186
Market Cap per User ($) -- -- -- -- $181 $313 $315 $407 $142 $229
Note: Google became a publicly-listed company on 8/14/04. Revenue excludes TAC (traffic acquisition cost); Users are
annual averages per comScore global, excludes YouTube unique users who are not Google users; Global user data prior to
2005 are Morgan Stanley Research estimates based on MediaMetrix (US only) data; Market capitalization data are year-end 391
values per FactSet, 2009E data as of 12/08/09. Source: comScore, FactSet, Morgan Stanley Research.