1) Trip Advisor: 2014 Annual Report • Following are some business highlights for fiscal 2014: – 200+ million reviews on more than 4.5 million places; including more than 915,000 hotels and accommodaGons and approximately 650,000 vacaGon rentals, 2.4 million restaurants and more than 500,000 aTracGons in 147,000 desGnaGons throughout the world. – 315+ million monthly unique visitors during the year ended December 31, 2014 – 175 million cumulaGve mobile app downloads and approximately 50% of TripAdvisor traffic visited was via tablets or smartphones in 2014. Average monthly unique visitors via tablets and smartphones grew over 60% year-‐over-‐year to approximately 140 million for the year ended December 31, 2014, • Our Business Model – Click-‐Based Adver0sing Revenue. Our largest source of revenue is click-‐based adverGsing, which includes links to our partners’ booking sites and contextually-‐relevant branded and unbranded text links. – Total sales of the adverGsements for each year » 2014: $870 million, 2013: $696 million, 2012: $588 million – Display-‐Based Adver0sing Revenue. We earn revenue from a variety of display-‐based adverGsing placements on our websites through which our adverGsing partners can promote their brands in a contextually-‐relevant manner. – Total sales of the adverGsements for each year » 2014: $140 million, 2013: $119 million, 2012: $94 million – Subscrip0on-‐Based, Transac0on and Other Revenue. Business LisGngs, is a subscripGon-‐based adverGsing product offered to hotels, B&Bs and other specialty lodging properGes. – Total sales of the adverGsements for each year » 2014: $236 million, 2013: $130 million, 2012: $81 million