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eBay 2009 Analyst Day
Agenda
 8:15 INTRO AND DISCLOSURES
      Mark Rowen, VP of Investor Relations, eBay Inc.
 8:20 EBAY: Leading eBay into the future
      John Donahoe, President & CEO, eBay Inc.
 8:50 PAYPAL: Vision and potential for PayPal
      Scott Thompson, President, PayPal
            Thompson President
 9:30 BREAK
10:00 MARKETPLACES: Vision and potential for Marketplaces
      Lorrie Norrington, President, eBay Marketplaces
      Stephanie Tilenius, SVP Global Product & General Manager, eBay North America
      Mark Carges, SVP & Chief Technology Officer, eBay Inc.
               g,                        gy       ,   y
11:00 SKYPE
      Josh Silverman, President, Skype
11:30
11 30 LUNCH
12:30 FINANCE: Business model and operational excellence
      Bob Swan, Chief Financial Officer, eBay Inc.
 1:00 GENERAL Q&A
Forward looking statement
This presentation may make forward-looking statements relating to our future performance that are
based on our current expectations, forecasts and assumptions and involve risks and uncertainties,
including those relating to the company’s ability to grow its businesses, user base and user activity.

Our actual results may differ materially from those discussed during this presentation for a variety of
reasons, including, but not limited to, the impact of recent global economic events and the global
economic downturn; foreign-exchange-rate fluctuations; changes in political, business, and economic
conditions; our ability to profitably expand our business model to new types of merchandise and sellers;
the impact and integration of recent and future acquisitions; our increasing need to grow revenues from
existing users in established markets; an increasingly competitive environment for our businesses; the
complexity of managing a growing company with a broad range of businesses, our need to manage
regulatory, tax, IP and litigation risks (including risks specific to PayPal and the financial industry, and risks
specific to Skype’s technology and to the VoIP industry); and our need to upgrade our technology and
            Skype s
customer service infrastructure at reasonable cost while adding new features and maintaining site
stability.

You can find more information about factors that could affect our actual results in our most recent
annual report on our Form 10-K and our subsequent quarterly reports on Form 10-Q (available at
http://investor.ebay.com). You should not unduly rely on any forward-looking statements, and we
assume no obligation to update them. All information in this presentation is as of March 11, 2009, and we
do not intend, and undertake no duty, to update this presentation.

This presentation contains non-GAAP measures relating to the company's performance. You can find
the reconciliation of those measures to the nearest comparable GAAP measures in the appendix at the
end of this presentation.
Leading eBay
into the future

March 11, 2009
What we do: Connect buyers and sellers


                      eBay

                     PayPal
                     P Pl
    Buyers                        Sellers
                   Classifieds

                  Shopping.com

                    StubHub

                   Advertising
Our company has evolved
                 2004                            2008
        Classified,
        Advertising,
        all others



                                                        Auctions
                       Auctions

        Fixed price


                                                   Fixed price


              $3.3B
              $3 3B               Classified,
                                  Advertising,
                                                 $8.5B
                                  all others
Our markets are still in their early days
                      Online           Online
   eCommerce
                     Payments       Communications
                                     $1.4T


                   $
                   $0.6T
  $0.4T



   2008   future    2008   future     2008   future
And markets differ:
Multiple winners in shopping: Few winners in payments

        Shopping                    Payments
Online consumer behaviors continue to change


                                Our focus




  yesterday         today        tomorrow
How we will win
eBay 2009 Analyst Day
PayPal Highlights


  1    Powering global eCommerce

  2    Unmatched advantages

  3    Significant opportunity ahead
         g          pp       y
What to expect from PayPal


•    A second “core” … will be bigger
            d           ill b bi
     than eBay Marketplace

•    The leading global online
     payment network k
Marketplaces
Our starting point: World’s largest marketplace



                                    Sellers
          Buyers



                                • 25M+ sellers
      • 150M+ unique visitors
                                • 150M+ live listings
      • 3M items bought daily
                                • Multiple formats
      • 50,000 categories


       Robust and scalable technology
                                   gy
                 platform
Piercing the myths

   eBay Playbook     Customer-driven
                     innovation

     Auctions as     Auctions as one of
        strategy
              gy     several formats

          Open
            p        Managed
                         g
    marketplace      marketplace

 Tweak the model     Transform the model
eBay Highlights



1 Focus where we can win: “Secondary Market”

2 Transform our Marketplace

3 Grow complementary formats
What to expect from eBay

   We are creating the “new eBay” and
   will win in the huge Secondary market

   This will take time
    hi ill k i
   • 2009: growth expected to be slower than the market
   • 2010: growth expected to be with the market
   • 2011: growth expected to be faster than the market
eBay 2009 Analyst Day
Skype Highlights



   1 Accelerating user growth and
     outstanding fundamentals

  2 Attacking an enormous
    opportunity, positioned to win

  3 Business is getting stronger and
    more valuable
What to expect from Skype


      Strong standalone business …
      St       t dl      bi
      one of fastest growing in history
                     g     g          y

      We ll
      We’ll ensure it s successful &
                   it’s
      realizes best value
Operating differently across the company



     • Customer driven
     • Unlocking technology
     • Operating discipline
Summary

• Connecting buyers and sellers … in innovative
  ways
• PayPal: Leading online global payment network
• eBay Marketplace: Win in global secondary
  market
• Skype: Great standalone, we will maximize its
  potential and value
• Unlocking Technology to innovate for User
  Experiences
•A
 Accountable, disciplined
       t bl di i li d
The Global Internet
Payment Network
  y

March 11, 2009



                      24
An evolving industry



 1    Powering global eCommerce

 2    Unmatched advantages

 3    Significant opportunity ahead


                                      25
26
Traditional payments not designed for the web




 Helga
                                      Review &
                                      Complete




                                                 27
Traditional payments not designed for the web




 Helga                             •F d t
                                     Fraudsters
                                   • ID theft



                                           28
Traditional payment networks are limited




                                           29
Worldwide accessibility




                          30
Enabling small sellers




   Blake

                         31
Enabling large merchants across the web




         or



                                          32
Solving consumer payment problems


                Personal Payments


    Marsha                          Ali




                                          33
Solving consumer payment problems


                  Personal Payments


    Marsha                                Ali




                                  Erica
                                                34
             Grocery
We’ve built a global Internet payment network



               • 190 global markets
                     g

               • 17 local language sites
                             gg

               • 19 currencies




                                           35
Unmatched advantages & network effects


                             Fraud
    Internet
                           expertise
                             p
  technology
                  PayPal
                 network
                   t   k
                 effects
                         Global
 Closed-loop
                       connections
     data
     dt
                                         36
Growth in active accounts

                                      +23% TPV growing
                                                2-3X f t
                                                2 3X faster
                         +16%
                          16%
                                                than
                                                competitors



       $36 4
         49.4
         49               $48 3
                            57.3
                            57             $60 4
                                            70.4
                                            70
        BillionMillion           Million        Million
                           Billion         Billion



              2006                             2008
                                 2007

                                                          37
Growth in global Total Payment Volume (TPV)

                                TPV growing
                                1.5-2X faster
                                1 5 2X f t
                                than
                                eCommerce



       $36       $48       $60
       Billion   Billion    Billion


       2006      2007       2008

                                            38
Strong stated preference for online payments


     #2

          #1

                #3
                      #2
                            #1

                                          39
Tremendous payment volume opportunity
                TPV Growing 2-3X
 TPV            Faster than Competitors

                                             $100-
                                              120
                                                 BILLION




    $36       $48              $60
    Billion   Billion          Billion


    2006      2007              2008      2011

                                                       40
How we’ll get there

                      Global eBay
Global
                             Adjacent
Merchant
                             payments
Services




                                    41
Global eBay




              42
Penetration growing on eBay


                                                     73 78% 2011
                                                     73-78%
          eBay Sel Coverage


                                         58%        2008
                 ller




                              SHARE




                              Consumer Preference


                                                                   43
Significant opportunity in international markets

 2008 eBay aGMV & PayPal penetration
 ( c d g S pp g
 (Including Shipping & Handling)
                          d g)

                                       $29B
                  $24B

                   79%
                                       41%

           North America           International

                                                   44
Share gains across eBay markets

 PayPal penetration in eBay markets (%)
     100


     80


     60


     40


     20



           200    200    200    200    200
           2004   2005   2006   2007   2008
            4      5       6     7      8


                                              45
eBay is a powerful partner
      New active               Total Payment
   accounts acquired
              q                   Volume
                                          $31B
               9.7M
     7.8M                       $22B

                        MS



                        eBay


    1H 2007   2H 2008          1H 2007   2H 2008

                                                 46
Global Merchant Services




                           47
Gaining share in Global Merchant Services


                                                      8-9%
                                                      8 9% 2011
              chant Coverage


                                          5%         2008

                                SHARE
           Merc




                               Consumer Preference


                                                                  48
Success across merchant segments
                                   PayPal TPV
     eCommerce volume
                                 2006-08 CAGR
                        Large
                                      130%
                        merchants
         77%
                        Small/
                                       71%
                        medium
                        businesses
         17%
                        Sole          33%
                        proprietors
         6%
                        Total         54%

                                             49
Serving the worlds largest online brands
      PP # of top 50
     online merchants

          21

          14

           8

          18

          30



                                           50
Share gain opportunity in North America…
        North America




                  $305-
                   315
        $237       Billion
        Billion




                   2011
                   20
        2008
Share             13-14%
        9%
                                           51
…and in large International markets
        North America         International
                                       $460-
                                        480
                                        Billion


                             $293
                  $305-
                             Billion
                   315
        $237       Billion
        Billion




                   2011
                   20        2008        2011
                                         20
        2008
Share                        2%
                  13-14%               5-6%
        9%
                                                  52
Bill Me Later complements PayPal


   • Helps PayPal drive coverage
     & preference

   • Helps merchants drive sales




                                   53
Sales lift for merchants




           Sales lift through
           promotional
           offers




                                54
Fast, convenient, secure credit for consumers




                                           55
Structural advantage in risk management

                             Credit card
                                $$$$$

     $


     $$


                                           56
Significant PayPal – BML synergies
 Grow eBay GMV

     Accelerate merchant
     sales cycle
          Speed Bill Me Later
          consumer acquisition
               Turn transaction
               expense into revenue
                     Decrease Bill Me Later
                     fraud losses
                           Reduce Bill Me Later cost
                           of capital
                                                57
Adjacent payments




                    58
Many sectors need payment solutions
  Mobile &
                        Banks
  other devices




  Businesses with
  specialized           Governments
  payment needs




  Social networks
                        Non-profits




                                      59
PayPal platform enables developers

                                                        225k+
                                                      developers



                                           100k+
                                         developers

                                                          660k+
                                                        developers




                                              Millions of
                                           .NET developers
                            Platform



         PayPal global Internet payments network


                                                              60
Early traction: Non-retail & mobile




                                      61
Tremendous growth ahead
    Global Total Payment Volume
                        $100-120B
                        $100 120B
                                    Adjacent
                                    Payments
                                      y
                                     Global
     $60B                           Merchant
                                    M   ht
                                    Services


                                      eBay
     2008                   2011
$4-5 billion in revenue by 2011




            $2.4
            $2 4                  $4-5
                                  $4 5
            BILLION               BILLION


            2008                   2011

                                            63
Long-term high growth businesses


2009-10:
2009 10: margin decrease due to
BML integration

Medium term: margins return to 18-20%
                g

Longer term: margin expansion as the
business scales over investments


                                       64
The Internet is becoming more mainstream

    1.4B global Internet users
         g


    > 50% of users are in emerging markets


    Users spend 15 hours per week online

    eCommerce from 5% to 15-20% of retail
                         15 20%


                                             65
An evolving industry



  1   Powering global eCommerce

  2   Unmatched advantages

  3   Significant opportunity ahead


                                      66
The world’s favorite way to
    world s
     py
     pay and be paid
                 p
                              67
eBay 2009 Analyst Day
What is going on at eBay?
In Marketplaces we are

• Creating a NEW eBay

• Fixing our foundation by transforming the user
  experience and technology
• Positioning to win the large opportunity in the
            g               g pp         y
  secondary market
• Growing our complementary f
      i           l         formats

       eBay is about the largest selection of
             great deals in any format
Marketplace connects buyers and sellers globally



                                    Sellers
          Buyers



                                • 25M+ sellers
      • 150M+ unique visitors
                                • 150M+ live listings
      • 3M items bought daily
                                • Multiple formats
      • 50,000 categories


                  Robust and scalable
                  technology platform
An increasingly global footprint

   North America                        Asia Pacific
                        Europe
    (46% of Total)                       (9% of Total)
                      (45% of Total)




            $2.6B
            $2 6B               $2.5B
                                $
  $1.9B
                     $1.4B
                                                   $0.5B
                                        $0.3B
                                2008               2008
             2008    2005               2005
  2005
Broad choice of formats


                           Fixed P i
                           Fi d Price
              Auctions
              A ti




                           Classifieds
             Advertising

  Buyers                                 Sellers

                     Vertical
                   Experiences
Unique advantages of Marketplace model

   Superior             Wide global supply of
   flexibility          products without ownership

 Ultimate buyer         Surface best inventory
     choice             regardless of format

    Seller              Enabling competition, but
   platform             not competing against sellers

                        Sellers compete so our
  Customers
     win                buyers get the best deals
If your Marketplace is so
advantaged … why aren t you
                   aren’t
       g
       growing faster?
             g
By 2008, we had fallen behind

                       • Customer experience had
                                      p
  Customer               fallen behind
  experience           • Optimizing for auctions, and
                         constraining fixed price


                       • “Open Marketplace”
                         philosophy slowed us down
   Approach            • Too incremental –
   to change             not driving the marketplace
                       • Needed to “revamp” technology
Our three year journey

      2008                    2009               2010+

 Fix the foundation
 • enhance trust
 • improve selection
 • drive great deals on our site


                          Position f g
                          P iti for growth
                                        th
                          • transform the user experience
                          • innovate through technology
                                          g           gy
                          • grow our complementary formats
2008
Laying the
L i th ground work.
            d    k
In 2008, we began to fix the foundation

                   • New feedback system
     Trust
                   • Surface highest trust sellers in search
   standards


                   • Better deals “race to the top” in search
 User experience
    & search       • 4X in listings duration for fixed price



                   • Created incentives for high quality
     Seller
   Incentives      • Started risk-free pricing
Our trusted sellers are doing well…
           More trusted                              Contributing to more                        Growing faster than
             sellers…                                    of our GMV…                                eCommerce…

                                                                                                                  eCommerce
                                49%                                                    27%                     trusted sellers


                                                                                                      26%

                                                        12%                                                                 17%
         24%
                                                                                                 4%
                                                                                                                 -6%
       Q4 ‘07
           07                  Q4 ‘08
                                   08                 Q1 ‘08
                                                          08                            Q4 ‘08
                                                                                            08    Q3 ‘08
                                                                                                      08             Q4 ‘08
                                                                                                                         08
        % of Sellers with 4.8+                          % of GMV from 4.8+ DSR                        GMV Growth Y/Y
                DSRs                                                                                       (ex. Vehicles)
                                                                sellers


Data shown is US only
% of Sellers includes only sellers that have a DSR rating; Trusted sellers have 4.8+ DSRs
GMV excludes vehicles, real estate and StubHub
Increased selection
Average Daily Live Listings (Millions)
                                         151      Fixed Price
                                                   Auctions

                   119
                                         122
                   90
                   29                    29
                   Q4 ‘07                Q4 ‘08
Lower shipping costs = better value for buyers
% of listings offering free shipping




       30%


       20%


       10%


       0%
                   Q2 ‘08   Q3 ‘08     Q4 ‘08
         Q1 ‘08
Necessary… Y
 N          Yes

Enough to Win… No
In 2009 we’re taking bolder actions

                  • First contact resolution for top buyers
    Trust
                  • eBay protection for top buyers (US, UK)
  standards
   tdd            • Increasing exposure for high-quality sellers



                  • Optimize new search platform
User experience   • Product-based experience highlights value
                    Product based
   & search       • Enabling multiple-SKU listings
                  • Integrate local classifieds listings
                        g                             g


                  • Eliminating upfront fees for C2C sellers (UK)
    Seller
    S ll
  Incentives      • Improving seller economics on eBay
We must stabilize, then grow our business

     2008            2009             2010+


 Fix the foundation


                   Position for growth
Our focus: the secondary market
                           Liquidation
                   Used                   Small retail   Large retail

                     Secondary Market
Big business
                         ~$500B


        Inventory:
Small business tibl
        • C ll
          Collectible
        • Vintage
        • Pre-Owned
                                                           Inventory:
                                                           • Out of season
                                                           • Some new
Consumer                                                     in
                                                             i season
                               Inventory:
                               • Out of season
      Market opportunity       • Outlet inventory
                               • Overstock/returns
      eBay today
                               • Liquidation inventory
Secondary market: large, compelling opportunity
 Consolidating this inventory creates step-change in
         deals and selection for our buyers




                  ~$500B Market

  Off-price
                                           Wholesalers
                             Liquidators
                Outlets
  retailers
A Marketplace is ideal to win the secondary market

                             Marketplace model
   Secondary market

     Inefficient           • Absorbs volatile supply
     supply chains
       pp y                • Moves deep-SKU
                                       p



     Items of              • Sellers can test market price
     uncertain value       • Multiple formats to drive velocity


     Buyers looking        • Best deals with reliable service
     foremost for
                           • Search brings it all together
     g
     great deals
Transforming
the user experience
Before: Auctions ending soonest
Before: Auctions ending soonest



                              Sorted by time
                                  ending

            Less relevance



                         High shipping
                             costs
After: relevant, well-priced inventory from trusted sellers
After: relevant, well-priced inventory from trusted sellers


                                   Sorted by best
                                           y
                                       match
            More relevant
             first item




                                Free shipping
Search experience that merges products and listings
New vertical experience for hard goods
New vertical experience for hard goods

          Inventory
                  y
          sorted by
          condition
                      Shows value
                      and savings
Buyers can select from multiple SKUs for soft goods
Snapshot view for Clothing, Shoes and Accessories
Buyers can find local inventory from Classifieds




                                       Core search
                                         results


                         Classifieds

  Sponsored
    links
Unique power of a marketplace
Bose iPod docking station case study
Unique power of a marketplace
Bose iPod docking station case study
                        • Top search is “new in box
                                         new
                          Fixed Price”
                        • Price $50 lower than
                          retail
                        • Great seller
Unique power of a marketplace
Bose iPod docking station case study




                        • Consumer seller with
                          100% Feedback score
                          is lli “barely
                          i selling “b l used”
                                             d”
                        • Auction price closed at
                          70% lower than retail
                               l     th     t il
Trusted sellers compete to provide the best deals
Garmin Nuvi 200w eBay sale history (10/19-11/10)

              Seller 1
            • $142.89
    $145                    Seller 3
                          • $139.95
    $140

               Seller 2
                                                      Seller 3
                                         Seller 4
             • $141.89
    $135
                                                       wins!
                                       • $136.95
                                         $136 95
                                                    • $128.97
    $130


    $125
Deals are better than ever

 In the U.S., a new Tivo HD
 DVR costs an average of
 12% less than competitiors
Daily Deals driving great value for consumers
Breadth of inventory
                            Secondary Market

   Latest        Latest        Prior Gen   All generations
 iPod Nano     iPod Nano      iPod Nano       iPod Nano
 Brand New   New,
             New Open Box     Brand New    Refurbs / Used
eBay is the best way to access the world’s inventory
eBay is the best way to access the world’s inventory

                     Retail-like option:
                    experienced sellers
                      vetted by eBay
eBay is the best way to access the world’s inventory



              Marketplace option:
              great deals & value
eBay is the best way to access the world’s inventory




                             Local option:
                           connects buyers
                          with nearby sellers
eBay is the best way to access the world’s inventory




                               Advertising:
                           shows what’s available
                              across the web
We will continue to transform our user experience

eBay will be:

• A trusted, easy-to-use and rewarding shopping
  experience with different vertical experiences

• Powered by search that integrates multiple
  formats, experiences and inventory

• Positioned to capture the secondary market and
  support larger sellers
Becoming the channel of choice for web’s best sellers

                  • Best channel for velocity and cash flow
    Velocity
           y      • Steering traffic to our best sellers


                  • Increasing operational efficiency
   Efficiency        - Reduce contacts via better trust
                     - Tools for shipping and tracking
                     - Seller dashboard for better insights


                  • Release management and
                                g
   Reliability      communications
eBay 2009 Analyst Day
A new day for
technology at eBay
Top eBay technology questions


 “I thought you were going
 to fix search?
        search?”

 “What are you doing to
           y       g
 improve the user
   p
 experience?”
2009 Priorities



       1 Search

       2 Catalog

       3 User Experience
         Use xpe e ce

       4 Platform
Search in a real-time marketplace

All changes immediately reflected in search
        g             y
80M+ from bids, price changes, listings, purchases, etc.

Sophisticated navigation & refinement
S hi i      d    ii          fi
Different for each of our 50,000 categories

Unique mix of formats and inventory
   • Fixed price and auction
   • Vintage & collectible to liquidation & new out-of-season
Search in 2009


Improve relevance
Data mining & machine learning

Better sorting
Best Match surfaces most relevant info

Search as a platform
S    h       l tf
Foundation for custom shopping experiences
                         pp g p
across categories
2009 Priorities



       1 Search

       2 Catalog

       3 User Experience
         Use xpe e ce

       4 Platform
Catalogs: bringing structure …




                 UPC code



                           Bought
                           B ght
                           catalog
… to unstructured data
… to unstructured data



                            Big
                         pictures




         “Satin floral
          accents”
eBay s
eBay’s
Catalogg
Bringing structure to
unstructured data
2009 Priorities



       1 Search

       2 Catalog

       3 User Experience
         Use xpe e ce

       4 Platform
User experience
User experience
User experience: visual browse



                   “More like
                   this color”
                        color




    “More like
    this style”
User experience: category customization
2009 Priorities



       1 Search

       2 Catalog

       3 User Experience
         Use xpe e ce

       4 Platform
Opening eBay.com to developers




 Native on
   eBay
    B
Transforming technology at eBay

     2008                 2009                  2010+

 Search & Platform
 • Best Match
 • Project Echo
 • Product based experiences
   Product-based


                      Catalog & User Experience
                      • Onboard more product catalogs
                      • Bring structure to unstructured data
                      • Custom shopping experiences
Driving the technology agenda at eBay differently


 Technology driving strategy
 Innovation-driven, world-class
 Innovation driven world class
 software development
                 p
 Agile, test-and-learn
 Agile test-and-learn,
 intensely customer-focused
          y
 development process
eBay 2009 Analyst Day
Growing our Formats
We’ll continue to grow formats like Classifieds
Classifieds global revenue



                             $270M
                 46%
                 CAGR




              $86M
                               2008
                 2005
Classifieds market: large, growing, complementary
   Global online classifieds market size
           Services, dating, jobs & housing
            Vehicles, goods
                                                                          $22B
                                                                                  Complementary

                                   $17B                                           to eBay




                                        2008                               2010

Sources: Gerson Lehman Group Analysis - August 2008; eMarketer; Collins
Steward LLC Report - Nov 2008; Internal estimates
Classifieds is a strong global opportunity


  Canada
      d              Netherlands
                                     Denmark
    #1                     #1
                                        #1
                                              Germany
               United Kingdom
                                                     #1
                     #1



                                             Italy
                                                          Australia
                                                          A t li
                                              #1
                   Spain
                                                             #2
                    #2




               We are #1 or #2 in 8 major markets
Multiple ways to monetize Classifieds
                         Feature Fees
  Insertion Fees                               Advertising

                                               CPC advertising
                        Home page featured
  Job posting fees




     High value goods
                                      CPM advertising
Fixed P i
                       Fi d Price
          Auctions
          A ti




                       Classifieds
         Advertising

Buyers                               Sellers

                 Vertical
               Experiences
We are reshaping the Marketplaces business
Marketplaces revenue
   Auctions
                         $5.6B
                         $5 6B
   Fixed price
   Advertising
   Classifieds
                 $3.5B
   Other




                 2005     2008
We are reshaping the Marketplaces business
Marketplaces revenue                  $5-7B
   Auctions
                         $5.6B
                         $5 6B            Auctions
                                       stabilizes but
   Fixed price
                                     trails the market
   Advertising
   Classifieds
                 $3.5B                 Fixed Price
   Other
                                      grows faster
                                    than the market


                                     Other f
                                     Oth formats  t
                                    grow faster than
                                       the market


                 2005     2008           2011
3 things to remember
A New eBay


     Transforming our Marketplace...
                       Marketplace
 1   Fixing the foundation

     Focusing where we can win…
            g
2    Secondary market


3    Growing our complementary formats
           g        p        y
eBay 2009 Analyst Day
One of the fastest growing
     5 year-olds in history



With accelerating growth, and outstanding
                gg                      g
fundamentals

Attacking an enormous opportunity, and
positioned to win

Business is getting stronger
Enabling the World’s Conversations
How we make money
                       What s
                       What’s Paid?
What’s F
Wh t’ Free?
          ?
                       • SkypeOut (pay as you
• Skype-to-Skype
                        go)
  calls
                       • Subscriptions
• Video Calling
                       • Online numbers

• Chat/IM              • Voicemail

• Conference Calling   • SMS
Skype is one of the fastest adopted
     technologies in history
With massive (and accelerating)
                usage
                   Skype Calling Minutes (billions)
 8%                         100B Cumulative
                                Minutes
                                                           20
   of world’s
 international
calling minutes

                                                      16
                                          14.2 14.8
                                          14 2 14 8
                                   11.9
                  10.9 10.8
                  10 9 10 8 9.8
           9.5
 7.5
 75



    2006                 2007                    2008
Remarkable global reach

                                     Europe
                                     E
        US/CAN
                                     148M
        52M
                                              APAC
                                              147M




                 Rest of the World
                     59M
And a powerful business model
        p

Slightly ahead of
eBay and PayPal                            Skype Revenue
    at 5 years                                      ($Millions)
                                                    ($Milli   )




    2004 and 2005 estimated based on SkypeOut billings
With Outstanding Fundamentals
                   Skype Segment Margin
                                                                 •     Negligible customer
                                                                       acquisition costs


                                                                 •     Negligible capex/network
                                                                       maintenance costs


                                                                 •     Pre funded
                                                                       Pre-funded accounts =
                                                                       negative working capital


                                                                 •     Strong free cash flow
                                                                       conversion (FCF)


** Direct segment margin and does not include allocation for corporate costs
An historic time:
             Communication is moving from
                hardware to software




                                   Internet




        Hardwired                                 Software based
                                                  Software-based
                            Paradigm change
into the network & device                     network & flexible devices
=
                Voice           Data


Means there is potential for Skype “everywhere”
                            r
Unlocking massive benefits for users


                     Easier / Everywhere
Richer Experience                              More Choices
         r
         r                    r
                              r                       r
                                                      r

                          Presence
   Video-calling
                                           Consumers buy data plan
                      Unified Messaging
 Chat, Voice, File
                                             Select best-of-breed
  Transfer are
                                                 application
                       Seamless device
                       S    l   di
  table-stakes
  t bl t k
                                           PAYG, premium services
                         integration




                                                     =
                                             Voice        Data
The opportunity
  to become the world’s leading
                world s
communication software company.
The opportunity is
                                       massive
                                           i
Telecom has remained ~2% of
                                                                   Communication is a
  HH income for the past 40
                                                                   HUGE $1.4T market
           years

3.0%
2.5%
2.0%
1.5%
1.0%
0.5%
                                                                    $300B
0.0%                                                               EBITDA
    1981       1986       1991       1996       2001


                                                          Market size: Communication relative to Search and ecommerce ($
Source:Trends in Telephony Service from FCC (June 2005)
                                                          in Bn)
In 2008 we sharpened our focus on
customers, with remarkable results
    t        ith     k bl      lt




                             72%
    39%
                              YoY
     YoY
                             Q4 08
    Q4 08


 Active Users
 Ai U                   Engagement
                  (Calling Minutes per Active User)
Leading to Accelerating Revenue Growth


      YoY Growth Rates (Revenue)
              70%

              60%
                                                                Organic*
              50%

                                                                    38%
              40%
                           41%
              30%                                    33%
                                           31%

                                                              Reported
              20%
                                                             (Fx-impacted)
              10%

               0%
                         Q1 08           Q2 08      Q3 08   Q4 08




 * Euro-denominated (Skype’s functional currency)
eBay 2009 Analyst Day
Higher VIDEO penetration led to more users,
         and more calling minutes
           d        lli    it




     Video lli
     Vid calling increases engagement and utility
                 i                  t d tilit
SUBSCRIPTIONS added a popular new paid
   product,
   product and increased engagement
We hit an inflection
  point in 2008
With Skype’s size, small changes make
     Sk   ’i          ll h         k
         a HUGE difference


Increasing penetration of paid products by 1
    percentage point = $60m in revenue


      To be a billion dollar business
 we need our existing paying users to make
        just one more call per day!
Our St t
                   O Strategy



2               Mobile   Business   Platform
    Invest in




1   Leverage our core consumer business


3   Build our mission critical infrastructure
Core CONSUMER is a $240B market
      2008 Worldwide Telecom Market1 - Total Market: $1.4
                           billion

   $241B
Fixed Voice
Consumer
And we have a clear plan to attack it

1.
1    Continue driving
     new users

2.   Better promote
     our paid
     products

3.   Increase
     revenue per
     paying user

4.   Monetize free
$602B Wireless Voice Market
                      $602B
                     Wireless
                     Wi l
                      Voice
Our Mobile Approach


         Availability
         A il bilit post-load
                       tl d

         Device pre-load

         Operator partnerships
Skype is available for download
  yp
  today on several platforms




                    Approximately 12 million downloads
                            at the end of 2008
Skype’s p
  yp    partnership with Hutchison 3
                  p



          500K units sold, one of the most
                  it    ld      f th     t
          popular pre-pay handsets for 3
          20% higher margin than 3’s
          average

          79% of customers are new to 3
No Skype download required
          yp             q

Partnership with leading
worldwide mobile
handset
h d t provider
             id


Skype pre-loaded and
integrated on select N series
devices


Available in some
markets starting 2H 2009
Business is a $203B market




                       $203B
                    Fixed Voice
                     Business
A compelling business offering
                g                 g

            Skype is already used in business
  Why?
                                                                                          35%* of
                                                                                         users say
                                                                                         they use
                                        Reduce
Benefits   Cost Savings Productivity                                                     Skype for
                                     Business Travel                                     business
                                                                                         pp
                                                                                         purposes


 Focus      Expand                                               Build out
                                     Develop
           Business                                                Paid
                                      Sales
           Product                                                Support
                                     Channel                                       35%
           Offering
                                                                                             65%



                *Based on a survey of U.S., CN, U.K of Skype users in March 2008
Platform: A Thriving Ecosystem
                   g     y



                                      users
 190 Skype certified
      devices




          Partnerships with
                                15,000 Developers
        world-class companies
We are starting
a new chapter in our history
Act 1

        2003                               2008




                Platform: Desktop/Laptop
                Revenue Stream: SkypeOut
                                  y
                Market segment: LD calling
        “One”   Main product: Voice
                Main region: Mature internet
                markets
                Main target user: Consumers
                          r
                          r
Act 2
          2009                    2011




                 • Platforms + Mobile
                 • Diversified revenue streams
                 • Business subscriptions
        “Many”   • Market segments + Collaboration
                 • Products + Video
                 • Regions + Emerging
                 • Targets + Business
                        r
                        r
2012 and b
        d beyond
               d




        • Platform
        • Balance of revenue streams
“Any”
 Any    • M ltiple market segments
          Multiple
        • Established products
        • Regional ubiquity
        • Mature target markets
              r
What will our business look like in 2011?


  • We will more than double revenue

  • While maintaining segment
    margins of around 18-20%

  • With more diversified revenue
    streams (telecom service &
            (telecom,
    licensing, and advertising)
One of the fastest growing
       5 year olds in history



With accelerating growth and outstanding
                  growth,
fundamentals

Attacking an enormous opportunity, and positioned
to win

Business is getting stronger
eBay 2009 Analyst Day
Our business model &
operational excellence

March 11, 2009
What you heard today…

…What you can expect
  What o        e pect
 from us i th f t
 f       in the future
We play in very attractive markets
                                          Online             Online
      eCommerce                          Payments         Communications
                                                          $1.4T


                                    $
                                    $0.6T
    $0.4T



      2008        future              2008       future    2008 future


Source: External estimates & internal analysis
We have the three leading brands on the web




• $5.6B Rev 2008 with • $2.4B Rev in 2008 with • $0.6B Rev in 2008 with
  14% 06 08 CAGR
      06-08             29% 06 08 CAGR
                            06-08                68% 06 08 CAGR
                                                     06-08
• ~$60B GMV 2008         • ~$60B TPV in 2008     • More than 100B Skype
                                                   calling minutes
                                                         g
• ~13% share of global
   13%                   • ~9% share of global
                            9%
  eCommerce                eCommerce             • ~400M registered
                                                    users
• ~86M active users      • ~70M active users
Proven and powerful business models

Strong cash
      g
                   High growth
generation…                         Very high
                   engine …
                     g
attractive                          growth …
                   good margins
margins                             good margins




… Generating excellent cash flows
M&A: Using financial strength to extend our reach

 Strengthen       Extend          Acquire
 geographic       formats /       key
 footprint
     p            p
                  products        technologies
                                          g
A significantly diversified portfolio
                                  2008
         2004
                                                         BML
                                              StubHub
                Other MP
                                          Other MP
                Adjacencies
                                       Adjacencies
  Classifieds
                                        Text &
                                 Graphical Ads
                                  Classifieds
                                                               Auctions

                      Auctions
     Fixed
     price

                                                           Fixed price



          $3.3B
          $
                                                        $8.5B
                                                        $8 5B
An expanding global footprint
North America             Europe                      Asia
   48% of total          41% of total           11% of total

            Up 30%
                                 Up 44%
                                                      Up 149%

                                                        $1.0
                                                        $1 0
                                            $0.4        Billion
  $3.2       $4.1      $2.4       $3.5      Billion
  Billion
  Billi      Billion
             Billi     Billion
                       Billi      Billion
                                  Billi

  2006       2008      2006       2008      2006        2008
Portfolio has generated excellent financials
                                              Non-GAAP
            Revenue                                                       Free cash flow*
                                                EPS*
                23%
                               $8.5B
                     $7.7B


             $6.0

                                                 26%                           14%
     $4.6


                                                                                     $2 2 $2.3B
                                                                                     $2.2
                                                               $1.71
                                                               $1 71   $1.6B $1.7B
                                                       $1.53
                                               $1.05
                                       $0.86



      ‘05     ‘06     ‘07      ‘08      ‘05     ‘06     ‘07     ‘08    ‘05   ‘06     ‘07   ‘08




* Reconciliation in appendix
Attractive returns on invested capital

                                      ROIC*


                                                     27%
                                              25%
              23%
                               18%


               2005            2006           2007   2008


* Reconciliation in appendix
2008 was a tough year …
Full year performance was ok …

                               2008     1st half   2nd half

                               Up
                               U 11%     22%        2%
           Top Line
           T Li

      Non-GAAP
                               Up 12%   25%         0%
           EPS*

         Free cash
                               $2.3B
                               $2 3B     23%        -9%
             flow*

 … but a brutal second half!
* Reconciliation in appendix
... and 2009 will be a challenging year

  • A tough economy
  • Turnaround effort continues in
    Marketplaces
  • Significant headwind from strong US dollar
      g                            g
  • Two acquisitions in 4Q 2008 … will be
    dilutive i
    dil i in 2009
  • Strong balance sheet … but cash balances
    will earn less
Positioning for the future: Clear priorities


  • Capitalize on PayPal’s enormous potential
                  PayPal s
  • Transition the core eBay platform for
    today’s consumer with alternative formats
  • Skype to be all it can be

  • Operating smarter … create capacity
    to invest
PayPal Merchant Services … ~$30B TPV

 Merchant services revenue
  Strong growth despite difficult     …will continue to grow
      economic conditions…            rapidly over next 3 yrs




                                                          2011
 Q1 08    Q2 08    Q3 08     Q4 08   2008 2009 2010
PayPal On eBay … ~$30B TPV

 On-eBay Revenue
    Decelerating along with           …increased penetration
       eBay core GMV…                    will drive growth




                                                         2011
 Q1 08   Q2 08    Q3 08       Q4 08   2008 2009 2010
PayPal: the business model

   Great deals for
                          Consumer funding choice     Risk management
     merchants
                           (Transaction expense)
                           (T      ti          )        (Fraud l
                                                        (F   d losses)
                                                                     )
  (Global take rate)




 ‘05 ‘06 ‘07 ‘08 Future                               ‘05 ‘06 ‘07 ‘08 Future
                             ‘05 ‘06 ‘07 ‘08 Future
      stable                     declines              stable / down
        … ~60% transaction margin business
PayPal: Capitalizing on enormous potential
PayPal revenue
                                            $4 - $5B
                                             in
                                             i 2011
                                          BML/Adjacent
                           40% range
                                          payments

                                          Merchant
                           30% range      services
                           low single
                                          On eBay
                               digits
2008     2009       2010           2011

                            2009 2011
                            2009-2011
                             CAGRs
Marketplaces: Broad choice of formats


                           Fixed P i
                           Fi d Price
              Auctions
              A ti




                           Classifieds
             Advertising

  Buyers                                 Sellers

                     Vertical
                   Experiences
Marketplaces Fixed Price format … $22B GMV

  Fixed price revenue . . . $2B 2008                           Double
                                                             digit
                                                             di it CAGR
                                 with double digit growth…
                                 and huge growth potential




                                                                       2011
   Q1 08         Q2 08 Q3 08 Q4 08               2008    2009   2010

fx-neutral excluding vehicles.
Marketplaces: Complementary formats

               ~2X                    ~2X
Advertising            Classifieds
              2008                   2008
 revenue                revenue




     2008     2011         2008       2011
Auction format: $23B GMV

                                                         CAGR in
  Auction revenue . . . $2B 2008
                                                      negative double
                                                       egat ve doub e
                                                        digit range
                      A differentiated format…
                      Smaller before stabilizing




                                                                   2011
   Q1 08        Q2 08 Q3 08 Q4 08             2008   2009   2010

fx-neutral excluding vehicles.
Marketplaces: A state of transition
Marketplaces revenue
                                                $5 - $7B
                                                   in
                                                   i 2011

                                                Other
                                                Advertising
                      ~2X 2008 levels
                                                Classifieds
                                                Vehicles
                                                V hi l

                                                Fixed i
                                                Fi d price
                 smaller before bigger
                                                Auction
2008      2009           2010            2011
Skype: Powerful standalone business
Skype revenue
                                             $1B +
                                              in 2011




                                          2009-2011
                           30% range
                                            CAGR



2008     2009       2010           2011
Strengthening the portfolio
                              $10 $12B
                              $ -$
                                2011 REV
      $8.5B
      $8 5B
          2008 REV


                                           Auctions
               Auctions


                                       Fixed price
                                             p
MP MS&O
          Fixed price

                               MP MS&O
Building bigger and stronger
  B ildi a bi            dt
portfolio will require investments …

… we will need to operate smarter in
  order t f d our i
    d to fund       investments …
                         t   t
Achieving full potential requires…

 Operating                                Significant
                     $
                     $2B over 3 years
                                y
  smarter                                investment
                                         in estment
                                        Customer
           Lower
                                        retention / loyalty
 processing costs

                                        User experience /
                                        search / platform
       Improved
       customer
      experience
                                        Improved trust /
     Organization
     O     ii                           comprehension
    simplification
Operating smarter: we’ve simplified the org

 Simplified organization
                              ~$450
 by removing ~10% of HC
  y         g
                               Million




        Q3 ‘08 ending HC
            08              3 yr savings
Operating smarter … improved customer experience
We spent $700M in 2008 on customer support …

                                  Drive Down Contacts
   Eliminate Root Causes

                                    2007



                                   2008




        $300M in savings … more satisfied customers
…R i
 Reinvest i a b tt customer experience
        t in better   t          i
Operating smarter: Lower processing costs
We spent $700M in 2008 in processing PayPal transactions …

      Providing
      P idi g                        Launching new
                                     L    hi g
   consumer choice                     products


                                   ANNESSA: I
                                   don’t know
   Cards            Balance
             Bank
                                   where these
                                   images are

   Higher
     g               Lower


… lowering processing costs … reinvestment/comprehension
Operating smarter to create capacity to invest
                               Operational
High growth lower                                 Reinvest
                               excellence
 margin business


Operating M i L
O     i Margin Levers




    FX              Business          Ops       Reinvestment
                      Mix          Excellence
Appendix
Reconciliation of GAAP
                  to Non-GAAP EPS
                                                                                                              Twelve Months Ended
                                                                   December 31,           December 31,             December 31,         December 31,        December 31,
                                                                       2004                   2005                     2006                 2007                2008
(in millions)

GAAP net income (loss)                                       $               778.2 $              1,082.1 $              1,125.6 $              348.3 $           1,779.4
 Stock-based compensation expense                                              5.8                   31.8                  317.4                301.8               352.1
 Employer payroll taxes on stock based compensation
                            stock-based                                       17.5
                                                                              17 5                   13.0
                                                                                                     13 0                    5.3
                                                                                                                             53                   6.9
                                                                                                                                                  69                  3.1
                                                                                                                                                                      31
 Amortization of acquired intangible assets (1)                               65.9                  128.9                  214.9                223.7               264.1
 Restructuring                                                                 -                      -                      -                    -                  49.1
 Impairment of goodwill                                                        -                      -                      -                1,390.9                 -
 Gain on sale of equity investment                                            (6.4)                  (2.3)                   -                    -                   -
 Income taxes associated with certain non-GAAP entries                       (31.5)                 (50.5)                (171.6)              (165.4)             (202.9)
Non-GAAP
Non GAAP net income                                           $              829.5
                                                                             829 5 $              1,203.0
                                                                                                  1 203 0 $              1,491.6
                                                                                                                         1 491 6 $            2,106.2
                                                                                                                                              2 106 2 $           2,244.9
                                                                                                                                                                  2 244 9

Diluted net income per share:
GAAP net income per diluted share                             $               0.57   $               0.78      $            0.79    $            0.25   $            1.36
Non-GAAP net income per diluted share                         $               0.61   $               0.86      $            1.05    $            1.53   $            1.71

Shares used in non-GAAP diluted share calculation                            1,368                  1,394                  1,425                1,376               1,313

(1) Includes amortization of acquired intangible assets within cost of net revenues and operating expenses.
Calculation of FCF

                                                                 Twelve Months Ended
                                  December 31,
                                             ,      December 31,
                                                               ,     December 31,,      December 31,
                                                                                                   ,      December 31,
                                                                                                                     ,
                                      2004              2005             2006               2007              2008
(in millions)

GAAP operating cash flow      $         1,285.3 $         2,009.8 $         2,247.8 $         2,641.3 $         2,882.0
 Purchases of property and
  equipment, net                         (292.8)           (338.3)           (515.4)           (454.0)           (565.9)
 Proceeds from sale of
  corporate aircraft                        -                28.3               -                 -                 -
 Payment of headquarters
  facility lease obligation                 -              (126.4)              -                 -                 -

Free cash flow                $           992.5 $         1,573.4 $         1,732.4 $         2,187.3 $
                                                           ,                 ,                 ,                2,316.1
                                                                                                                 ,
Calculation of RoIC
(in thousands, except percentages)

                                                          Q4'04     Q1'05     Q2'05     Q3'05     Q4'05     Q1'06     Q2'06     Q3'06     Q4'06     Q1'07     Q2'07     Q3'07     Q4'07     Q1'08     Q2'08     Q3'08     Q4'08
Numerator components:
                                                        $ 313,859 $ 367,424 $ 406,390 $ 393,551 $ 448,070 $ 460,687 $ 460,427 $ 464,493 $ 575,007 $ 593,445 $ 594,664 $ 593,445 $ 754,979 $ 701,364 $ 700,487 $ 674,318 $ 667,958
Non-GAAP operating income
Tax t
T rate                                                         33%       29%      30%       34%       28%       29%       28%       27%       29%       26%       25%       10%       24%       23%       22%       17%       24%
Non-GAAP operating income after tax                     $ 209,658 $ 260,871 $ 286,233 $ 260,176 $ 322,338 $ 325,244 $ 332,889 $ 337,825 $ 406,703 $ 441,523 $ 447,544 $ 531,845 $ 576,276 $ 540,892 $ 549,673 $ 559,684 $ 508,685

                                                          Q4'04         Q1'05         Q2'05        Q3'05      Q4'05      Q1'06      Q2'06      Q3'06      Q4'06      Q1'07      Q2'07      Q3'07      Q4'07      Q1'08      Q2'08      Q3'08      Q4'08
Denominator components:
Total assets                                              7,991,051     8,589,158    9,033,122    9,626,043 11,788,986 12,568,535 13,250,251 13,463,118 13,494,011 13,920,051 14,361,157 14,786,812 15,366,037 15,046,305 15,021,625 14,240,157 15,592,439
Total cash, cash equivalents and investments              3,278,338     3,465,015    3,848,937    3,929,828 2,943,599 3,528,735 4,010,778 3,795,865 3,495,486 3,519,880 3,793,677 4,461,775 5,035,692 4,108,141 4,181,717 3,777,482 3,458,840
Current liabilities                                       1,084,870                               1,266,792 1,484,935 1,681,508 1,719,405 2,220,685 2,518,395 2,250,571 2,328,643 3,272,867 3,099,579 3,080,432 3,006,234 2,854,733 3,705,087
                                                                        1,149,106    1,186,818


TTM Non-GAAP operating income after tax                         -     $ 846,030     $ 945,386    $ 1,016,938   $ 1,129,618   $ 1,193,991   $ 1,240,647   $ 1,318,296   $ 1,402,661   $ 1,518,940   $ 1,633,595   $ 1,827,615   $ 1,997,188   $ 2,096,556   $ 2,198,685   $ 2,226,524   $ 2,158,933
TTM average total assets                                        -       7,422,501    7,937,476     8,496,195     9,405,672    10,321,169    11,253,387    12,139,387    12,912,980    13,339,193    13,697,718    14,005,030    14,385,614    14,696,072    14,916,387    14,892,187    14,975,132
TTM 95% off average cash, cash equivalents and iinves
    9%                  h h il               d                  -       3,078,354
                                                                        30 83 4      3,223,111
                                                                                     3 223 111     3,340,358
                                                                                                   3 340 3 8     3,318,486
                                                                                                                 3 318 486     3,366,062
                                                                                                                               3 366 062     3,469,757
                                                                                                                                             3 469         3,459,673
                                                                                                                                                           34 96 3       3,377,148
                                                                                                                                                                         3 3 148       3,486,641
                                                                                                                                                                                       3 486 641     3,536,980
                                                                                                                                                                                                     3 36 980      3,622,670
                                                                                                                                                                                                                   3 622 6 0     3,858,237
                                                                                                                                                                                                                                 3 8 8 23      3,974,641
                                                                                                                                                                                                                                               3 9 4 641     4,100,390
                                                                                                                                                                                                                                                             4 100 390     4,097,313
                                                                                                                                                                                                                                                                           4 09 313      3,687,468
                                                                                                                                                                                                                                                                                         3 68 468
TTM average current liabilities                                 -       1,012,921    1,058,852     1,132,802     1,234,504     1,353,832     1,467,892     1,674,665     1,924,986     2,078,113     2,207,540     2,518,232     2,694,011     2,806,418     2,957,551     3,062,769     3,161,622
ROIC                                                            -           25.4%        25.9%         25.3%         23.3%         21.3%         19.6%         18.8%         18.4%         19.5%         20.5%         23.2%         25.5%         26.5%         28.0%         28.8%         26.6%




(in thousands, except percentages)                            Full Year Ended December 31,
                                                      2005           2006        2007      2008
TTM Non-GAAP operating income after tax            $ 1,129,618 $ 1,402,661 $ 1,997,188 $ 2,158,933
TTM average total assets                             9,405,672 12,912,980 14,385,614 15,053,313
TTM 95% of average cash, cash equivalents and inves 3,318,486 3,377,148 3,858,237 3,906,756
TTM average current liabilities                      1,234,504 1,924,986 2,694,011 3,149,213
ROIC                                                     23.3%          18.4%      25.5%     27.0%

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  • 2. Agenda 8:15 INTRO AND DISCLOSURES Mark Rowen, VP of Investor Relations, eBay Inc. 8:20 EBAY: Leading eBay into the future John Donahoe, President & CEO, eBay Inc. 8:50 PAYPAL: Vision and potential for PayPal Scott Thompson, President, PayPal Thompson President 9:30 BREAK 10:00 MARKETPLACES: Vision and potential for Marketplaces Lorrie Norrington, President, eBay Marketplaces Stephanie Tilenius, SVP Global Product & General Manager, eBay North America Mark Carges, SVP & Chief Technology Officer, eBay Inc. g, gy , y 11:00 SKYPE Josh Silverman, President, Skype 11:30 11 30 LUNCH 12:30 FINANCE: Business model and operational excellence Bob Swan, Chief Financial Officer, eBay Inc. 1:00 GENERAL Q&A
  • 3. Forward looking statement This presentation may make forward-looking statements relating to our future performance that are based on our current expectations, forecasts and assumptions and involve risks and uncertainties, including those relating to the company’s ability to grow its businesses, user base and user activity. Our actual results may differ materially from those discussed during this presentation for a variety of reasons, including, but not limited to, the impact of recent global economic events and the global economic downturn; foreign-exchange-rate fluctuations; changes in political, business, and economic conditions; our ability to profitably expand our business model to new types of merchandise and sellers; the impact and integration of recent and future acquisitions; our increasing need to grow revenues from existing users in established markets; an increasingly competitive environment for our businesses; the complexity of managing a growing company with a broad range of businesses, our need to manage regulatory, tax, IP and litigation risks (including risks specific to PayPal and the financial industry, and risks specific to Skype’s technology and to the VoIP industry); and our need to upgrade our technology and Skype s customer service infrastructure at reasonable cost while adding new features and maintaining site stability. You can find more information about factors that could affect our actual results in our most recent annual report on our Form 10-K and our subsequent quarterly reports on Form 10-Q (available at http://investor.ebay.com). You should not unduly rely on any forward-looking statements, and we assume no obligation to update them. All information in this presentation is as of March 11, 2009, and we do not intend, and undertake no duty, to update this presentation. This presentation contains non-GAAP measures relating to the company's performance. You can find the reconciliation of those measures to the nearest comparable GAAP measures in the appendix at the end of this presentation.
  • 4. Leading eBay into the future March 11, 2009
  • 5. What we do: Connect buyers and sellers eBay PayPal P Pl Buyers Sellers Classifieds Shopping.com StubHub Advertising
  • 6. Our company has evolved 2004 2008 Classified, Advertising, all others Auctions Auctions Fixed price Fixed price $3.3B $3 3B Classified, Advertising, $8.5B all others
  • 7. Our markets are still in their early days Online Online eCommerce Payments Communications $1.4T $ $0.6T $0.4T 2008 future 2008 future 2008 future
  • 8. And markets differ: Multiple winners in shopping: Few winners in payments Shopping Payments
  • 9. Online consumer behaviors continue to change Our focus yesterday today tomorrow
  • 10. How we will win
  • 12. PayPal Highlights 1 Powering global eCommerce 2 Unmatched advantages 3 Significant opportunity ahead g pp y
  • 13. What to expect from PayPal • A second “core” … will be bigger d ill b bi than eBay Marketplace • The leading global online payment network k
  • 15. Our starting point: World’s largest marketplace Sellers Buyers • 25M+ sellers • 150M+ unique visitors • 150M+ live listings • 3M items bought daily • Multiple formats • 50,000 categories Robust and scalable technology gy platform
  • 16. Piercing the myths eBay Playbook Customer-driven innovation Auctions as Auctions as one of strategy gy several formats Open p Managed g marketplace marketplace Tweak the model Transform the model
  • 17. eBay Highlights 1 Focus where we can win: “Secondary Market” 2 Transform our Marketplace 3 Grow complementary formats
  • 18. What to expect from eBay We are creating the “new eBay” and will win in the huge Secondary market This will take time hi ill k i • 2009: growth expected to be slower than the market • 2010: growth expected to be with the market • 2011: growth expected to be faster than the market
  • 20. Skype Highlights 1 Accelerating user growth and outstanding fundamentals 2 Attacking an enormous opportunity, positioned to win 3 Business is getting stronger and more valuable
  • 21. What to expect from Skype Strong standalone business … St t dl bi one of fastest growing in history g g y We ll We’ll ensure it s successful & it’s realizes best value
  • 22. Operating differently across the company • Customer driven • Unlocking technology • Operating discipline
  • 23. Summary • Connecting buyers and sellers … in innovative ways • PayPal: Leading online global payment network • eBay Marketplace: Win in global secondary market • Skype: Great standalone, we will maximize its potential and value • Unlocking Technology to innovate for User Experiences •A Accountable, disciplined t bl di i li d
  • 24. The Global Internet Payment Network y March 11, 2009 24
  • 25. An evolving industry 1 Powering global eCommerce 2 Unmatched advantages 3 Significant opportunity ahead 25
  • 26. 26
  • 27. Traditional payments not designed for the web Helga Review & Complete 27
  • 28. Traditional payments not designed for the web Helga •F d t Fraudsters • ID theft 28
  • 32. Enabling large merchants across the web or 32
  • 33. Solving consumer payment problems Personal Payments Marsha Ali 33
  • 34. Solving consumer payment problems Personal Payments Marsha Ali Erica 34 Grocery
  • 35. We’ve built a global Internet payment network • 190 global markets g • 17 local language sites gg • 19 currencies 35
  • 36. Unmatched advantages & network effects Fraud Internet expertise p technology PayPal network t k effects Global Closed-loop connections data dt 36
  • 37. Growth in active accounts +23% TPV growing 2-3X f t 2 3X faster +16% 16% than competitors $36 4 49.4 49 $48 3 57.3 57 $60 4 70.4 70 BillionMillion Million Million Billion Billion 2006 2008 2007 37
  • 38. Growth in global Total Payment Volume (TPV) TPV growing 1.5-2X faster 1 5 2X f t than eCommerce $36 $48 $60 Billion Billion Billion 2006 2007 2008 38
  • 39. Strong stated preference for online payments #2 #1 #3 #2 #1 39
  • 40. Tremendous payment volume opportunity TPV Growing 2-3X TPV Faster than Competitors $100- 120 BILLION $36 $48 $60 Billion Billion Billion 2006 2007 2008 2011 40
  • 41. How we’ll get there Global eBay Global Adjacent Merchant payments Services 41
  • 43. Penetration growing on eBay 73 78% 2011 73-78% eBay Sel Coverage 58% 2008 ller SHARE Consumer Preference 43
  • 44. Significant opportunity in international markets 2008 eBay aGMV & PayPal penetration ( c d g S pp g (Including Shipping & Handling) d g) $29B $24B 79% 41% North America International 44
  • 45. Share gains across eBay markets PayPal penetration in eBay markets (%) 100 80 60 40 20 200 200 200 200 200 2004 2005 2006 2007 2008 4 5 6 7 8 45
  • 46. eBay is a powerful partner New active Total Payment accounts acquired q Volume $31B 9.7M 7.8M $22B MS eBay 1H 2007 2H 2008 1H 2007 2H 2008 46
  • 48. Gaining share in Global Merchant Services 8-9% 8 9% 2011 chant Coverage 5% 2008 SHARE Merc Consumer Preference 48
  • 49. Success across merchant segments PayPal TPV eCommerce volume 2006-08 CAGR Large 130% merchants 77% Small/ 71% medium businesses 17% Sole 33% proprietors 6% Total 54% 49
  • 50. Serving the worlds largest online brands PP # of top 50 online merchants 21 14 8 18 30 50
  • 51. Share gain opportunity in North America… North America $305- 315 $237 Billion Billion 2011 20 2008 Share 13-14% 9% 51
  • 52. …and in large International markets North America International $460- 480 Billion $293 $305- Billion 315 $237 Billion Billion 2011 20 2008 2011 20 2008 Share 2% 13-14% 5-6% 9% 52
  • 53. Bill Me Later complements PayPal • Helps PayPal drive coverage & preference • Helps merchants drive sales 53
  • 54. Sales lift for merchants Sales lift through promotional offers 54
  • 55. Fast, convenient, secure credit for consumers 55
  • 56. Structural advantage in risk management Credit card $$$$$ $ $$ 56
  • 57. Significant PayPal – BML synergies Grow eBay GMV Accelerate merchant sales cycle Speed Bill Me Later consumer acquisition Turn transaction expense into revenue Decrease Bill Me Later fraud losses Reduce Bill Me Later cost of capital 57
  • 59. Many sectors need payment solutions Mobile & Banks other devices Businesses with specialized Governments payment needs Social networks Non-profits 59
  • 60. PayPal platform enables developers 225k+ developers 100k+ developers 660k+ developers Millions of .NET developers Platform PayPal global Internet payments network 60
  • 62. Tremendous growth ahead Global Total Payment Volume $100-120B $100 120B Adjacent Payments y Global $60B Merchant M ht Services eBay 2008 2011
  • 63. $4-5 billion in revenue by 2011 $2.4 $2 4 $4-5 $4 5 BILLION BILLION 2008 2011 63
  • 64. Long-term high growth businesses 2009-10: 2009 10: margin decrease due to BML integration Medium term: margins return to 18-20% g Longer term: margin expansion as the business scales over investments 64
  • 65. The Internet is becoming more mainstream 1.4B global Internet users g > 50% of users are in emerging markets Users spend 15 hours per week online eCommerce from 5% to 15-20% of retail 15 20% 65
  • 66. An evolving industry 1 Powering global eCommerce 2 Unmatched advantages 3 Significant opportunity ahead 66
  • 67. The world’s favorite way to world s py pay and be paid p 67
  • 69. What is going on at eBay?
  • 70. In Marketplaces we are • Creating a NEW eBay • Fixing our foundation by transforming the user experience and technology • Positioning to win the large opportunity in the g g pp y secondary market • Growing our complementary f i l formats eBay is about the largest selection of great deals in any format
  • 71. Marketplace connects buyers and sellers globally Sellers Buyers • 25M+ sellers • 150M+ unique visitors • 150M+ live listings • 3M items bought daily • Multiple formats • 50,000 categories Robust and scalable technology platform
  • 72. An increasingly global footprint North America Asia Pacific Europe (46% of Total) (9% of Total) (45% of Total) $2.6B $2 6B $2.5B $ $1.9B $1.4B $0.5B $0.3B 2008 2008 2008 2005 2005 2005
  • 73. Broad choice of formats Fixed P i Fi d Price Auctions A ti Classifieds Advertising Buyers Sellers Vertical Experiences
  • 74. Unique advantages of Marketplace model Superior Wide global supply of flexibility products without ownership Ultimate buyer Surface best inventory choice regardless of format Seller Enabling competition, but platform not competing against sellers Sellers compete so our Customers win buyers get the best deals
  • 75. If your Marketplace is so advantaged … why aren t you aren’t g growing faster? g
  • 76. By 2008, we had fallen behind • Customer experience had p Customer fallen behind experience • Optimizing for auctions, and constraining fixed price • “Open Marketplace” philosophy slowed us down Approach • Too incremental – to change not driving the marketplace • Needed to “revamp” technology
  • 77. Our three year journey 2008 2009 2010+ Fix the foundation • enhance trust • improve selection • drive great deals on our site Position f g P iti for growth th • transform the user experience • innovate through technology g gy • grow our complementary formats
  • 78. 2008 Laying the L i th ground work. d k
  • 79. In 2008, we began to fix the foundation • New feedback system Trust • Surface highest trust sellers in search standards • Better deals “race to the top” in search User experience & search • 4X in listings duration for fixed price • Created incentives for high quality Seller Incentives • Started risk-free pricing
  • 80. Our trusted sellers are doing well… More trusted Contributing to more Growing faster than sellers… of our GMV… eCommerce… eCommerce 49% 27% trusted sellers 26% 12% 17% 24% 4% -6% Q4 ‘07 07 Q4 ‘08 08 Q1 ‘08 08 Q4 ‘08 08 Q3 ‘08 08 Q4 ‘08 08 % of Sellers with 4.8+ % of GMV from 4.8+ DSR GMV Growth Y/Y DSRs (ex. Vehicles) sellers Data shown is US only % of Sellers includes only sellers that have a DSR rating; Trusted sellers have 4.8+ DSRs GMV excludes vehicles, real estate and StubHub
  • 81. Increased selection Average Daily Live Listings (Millions) 151 Fixed Price Auctions 119 122 90 29 29 Q4 ‘07 Q4 ‘08
  • 82. Lower shipping costs = better value for buyers % of listings offering free shipping 30% 20% 10% 0% Q2 ‘08 Q3 ‘08 Q4 ‘08 Q1 ‘08
  • 83. Necessary… Y N Yes Enough to Win… No
  • 84. In 2009 we’re taking bolder actions • First contact resolution for top buyers Trust • eBay protection for top buyers (US, UK) standards tdd • Increasing exposure for high-quality sellers • Optimize new search platform User experience • Product-based experience highlights value Product based & search • Enabling multiple-SKU listings • Integrate local classifieds listings g g • Eliminating upfront fees for C2C sellers (UK) Seller S ll Incentives • Improving seller economics on eBay
  • 85. We must stabilize, then grow our business 2008 2009 2010+ Fix the foundation Position for growth
  • 86. Our focus: the secondary market Liquidation Used Small retail Large retail Secondary Market Big business ~$500B Inventory: Small business tibl • C ll Collectible • Vintage • Pre-Owned Inventory: • Out of season • Some new Consumer in i season Inventory: • Out of season Market opportunity • Outlet inventory • Overstock/returns eBay today • Liquidation inventory
  • 87. Secondary market: large, compelling opportunity Consolidating this inventory creates step-change in deals and selection for our buyers ~$500B Market Off-price Wholesalers Liquidators Outlets retailers
  • 88. A Marketplace is ideal to win the secondary market Marketplace model Secondary market Inefficient • Absorbs volatile supply supply chains pp y • Moves deep-SKU p Items of • Sellers can test market price uncertain value • Multiple formats to drive velocity Buyers looking • Best deals with reliable service foremost for • Search brings it all together g great deals
  • 91. Before: Auctions ending soonest Sorted by time ending Less relevance High shipping costs
  • 92. After: relevant, well-priced inventory from trusted sellers
  • 93. After: relevant, well-priced inventory from trusted sellers Sorted by best y match More relevant first item Free shipping
  • 94. Search experience that merges products and listings
  • 95. New vertical experience for hard goods
  • 96. New vertical experience for hard goods Inventory y sorted by condition Shows value and savings
  • 97. Buyers can select from multiple SKUs for soft goods
  • 98. Snapshot view for Clothing, Shoes and Accessories
  • 99. Buyers can find local inventory from Classifieds Core search results Classifieds Sponsored links
  • 100. Unique power of a marketplace Bose iPod docking station case study
  • 101. Unique power of a marketplace Bose iPod docking station case study • Top search is “new in box new Fixed Price” • Price $50 lower than retail • Great seller
  • 102. Unique power of a marketplace Bose iPod docking station case study • Consumer seller with 100% Feedback score is lli “barely i selling “b l used” d” • Auction price closed at 70% lower than retail l th t il
  • 103. Trusted sellers compete to provide the best deals Garmin Nuvi 200w eBay sale history (10/19-11/10) Seller 1 • $142.89 $145 Seller 3 • $139.95 $140 Seller 2 Seller 3 Seller 4 • $141.89 $135 wins! • $136.95 $136 95 • $128.97 $130 $125
  • 104. Deals are better than ever In the U.S., a new Tivo HD DVR costs an average of 12% less than competitiors
  • 105. Daily Deals driving great value for consumers
  • 106. Breadth of inventory Secondary Market Latest Latest Prior Gen All generations iPod Nano iPod Nano iPod Nano iPod Nano Brand New New, New Open Box Brand New Refurbs / Used
  • 107. eBay is the best way to access the world’s inventory
  • 108. eBay is the best way to access the world’s inventory Retail-like option: experienced sellers vetted by eBay
  • 109. eBay is the best way to access the world’s inventory Marketplace option: great deals & value
  • 110. eBay is the best way to access the world’s inventory Local option: connects buyers with nearby sellers
  • 111. eBay is the best way to access the world’s inventory Advertising: shows what’s available across the web
  • 112. We will continue to transform our user experience eBay will be: • A trusted, easy-to-use and rewarding shopping experience with different vertical experiences • Powered by search that integrates multiple formats, experiences and inventory • Positioned to capture the secondary market and support larger sellers
  • 113. Becoming the channel of choice for web’s best sellers • Best channel for velocity and cash flow Velocity y • Steering traffic to our best sellers • Increasing operational efficiency Efficiency - Reduce contacts via better trust - Tools for shipping and tracking - Seller dashboard for better insights • Release management and g Reliability communications
  • 115. A new day for technology at eBay
  • 116. Top eBay technology questions “I thought you were going to fix search? search?” “What are you doing to y g improve the user p experience?”
  • 117. 2009 Priorities 1 Search 2 Catalog 3 User Experience Use xpe e ce 4 Platform
  • 118. Search in a real-time marketplace All changes immediately reflected in search g y 80M+ from bids, price changes, listings, purchases, etc. Sophisticated navigation & refinement S hi i d ii fi Different for each of our 50,000 categories Unique mix of formats and inventory • Fixed price and auction • Vintage & collectible to liquidation & new out-of-season
  • 119. Search in 2009 Improve relevance Data mining & machine learning Better sorting Best Match surfaces most relevant info Search as a platform S h l tf Foundation for custom shopping experiences pp g p across categories
  • 120. 2009 Priorities 1 Search 2 Catalog 3 User Experience Use xpe e ce 4 Platform
  • 121. Catalogs: bringing structure … UPC code Bought B ght catalog
  • 123. … to unstructured data Big pictures “Satin floral accents”
  • 125. 2009 Priorities 1 Search 2 Catalog 3 User Experience Use xpe e ce 4 Platform
  • 128. User experience: visual browse “More like this color” color “More like this style”
  • 129. User experience: category customization
  • 130. 2009 Priorities 1 Search 2 Catalog 3 User Experience Use xpe e ce 4 Platform
  • 131. Opening eBay.com to developers Native on eBay B
  • 132. Transforming technology at eBay 2008 2009 2010+ Search & Platform • Best Match • Project Echo • Product based experiences Product-based Catalog & User Experience • Onboard more product catalogs • Bring structure to unstructured data • Custom shopping experiences
  • 133. Driving the technology agenda at eBay differently Technology driving strategy Innovation-driven, world-class Innovation driven world class software development p Agile, test-and-learn Agile test-and-learn, intensely customer-focused y development process
  • 136. We’ll continue to grow formats like Classifieds Classifieds global revenue $270M 46% CAGR $86M 2008 2005
  • 137. Classifieds market: large, growing, complementary Global online classifieds market size Services, dating, jobs & housing Vehicles, goods $22B Complementary $17B to eBay 2008 2010 Sources: Gerson Lehman Group Analysis - August 2008; eMarketer; Collins Steward LLC Report - Nov 2008; Internal estimates
  • 138. Classifieds is a strong global opportunity Canada d Netherlands Denmark #1 #1 #1 Germany United Kingdom #1 #1 Italy Australia A t li #1 Spain #2 #2 We are #1 or #2 in 8 major markets
  • 139. Multiple ways to monetize Classifieds Feature Fees Insertion Fees Advertising CPC advertising Home page featured Job posting fees High value goods CPM advertising
  • 140. Fixed P i Fi d Price Auctions A ti Classifieds Advertising Buyers Sellers Vertical Experiences
  • 141. We are reshaping the Marketplaces business Marketplaces revenue Auctions $5.6B $5 6B Fixed price Advertising Classifieds $3.5B Other 2005 2008
  • 142. We are reshaping the Marketplaces business Marketplaces revenue $5-7B Auctions $5.6B $5 6B Auctions stabilizes but Fixed price trails the market Advertising Classifieds $3.5B Fixed Price Other grows faster than the market Other f Oth formats t grow faster than the market 2005 2008 2011
  • 143. 3 things to remember
  • 144. A New eBay Transforming our Marketplace... Marketplace 1 Fixing the foundation Focusing where we can win… g 2 Secondary market 3 Growing our complementary formats g p y
  • 146. One of the fastest growing 5 year-olds in history With accelerating growth, and outstanding gg g fundamentals Attacking an enormous opportunity, and positioned to win Business is getting stronger
  • 147. Enabling the World’s Conversations
  • 148. How we make money What s What’s Paid? What’s F Wh t’ Free? ? • SkypeOut (pay as you • Skype-to-Skype go) calls • Subscriptions • Video Calling • Online numbers • Chat/IM • Voicemail • Conference Calling • SMS
  • 149. Skype is one of the fastest adopted technologies in history
  • 150. With massive (and accelerating) usage Skype Calling Minutes (billions) 8% 100B Cumulative Minutes 20 of world’s international calling minutes 16 14.2 14.8 14 2 14 8 11.9 10.9 10.8 10 9 10 8 9.8 9.5 7.5 75 2006 2007 2008
  • 151. Remarkable global reach Europe E US/CAN 148M 52M APAC 147M Rest of the World 59M
  • 152. And a powerful business model p Slightly ahead of eBay and PayPal Skype Revenue at 5 years ($Millions) ($Milli ) 2004 and 2005 estimated based on SkypeOut billings
  • 153. With Outstanding Fundamentals Skype Segment Margin • Negligible customer acquisition costs • Negligible capex/network maintenance costs • Pre funded Pre-funded accounts = negative working capital • Strong free cash flow conversion (FCF) ** Direct segment margin and does not include allocation for corporate costs
  • 154. An historic time: Communication is moving from hardware to software Internet Hardwired Software based Software-based Paradigm change into the network & device network & flexible devices
  • 155. = Voice Data Means there is potential for Skype “everywhere” r
  • 156. Unlocking massive benefits for users Easier / Everywhere Richer Experience More Choices r r r r r r Presence Video-calling Consumers buy data plan Unified Messaging Chat, Voice, File Select best-of-breed Transfer are application Seamless device S l di table-stakes t bl t k PAYG, premium services integration = Voice Data
  • 157. The opportunity to become the world’s leading world s communication software company.
  • 158. The opportunity is massive i Telecom has remained ~2% of Communication is a HH income for the past 40 HUGE $1.4T market years 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% $300B 0.0% EBITDA 1981 1986 1991 1996 2001 Market size: Communication relative to Search and ecommerce ($ Source:Trends in Telephony Service from FCC (June 2005) in Bn)
  • 159. In 2008 we sharpened our focus on customers, with remarkable results t ith k bl lt 72% 39% YoY YoY Q4 08 Q4 08 Active Users Ai U Engagement (Calling Minutes per Active User)
  • 160. Leading to Accelerating Revenue Growth YoY Growth Rates (Revenue) 70% 60% Organic* 50% 38% 40% 41% 30% 33% 31% Reported 20% (Fx-impacted) 10% 0% Q1 08 Q2 08 Q3 08 Q4 08 * Euro-denominated (Skype’s functional currency)
  • 162. Higher VIDEO penetration led to more users, and more calling minutes d lli it Video lli Vid calling increases engagement and utility i t d tilit
  • 163. SUBSCRIPTIONS added a popular new paid product, product and increased engagement
  • 164. We hit an inflection point in 2008
  • 165. With Skype’s size, small changes make Sk ’i ll h k a HUGE difference Increasing penetration of paid products by 1 percentage point = $60m in revenue To be a billion dollar business we need our existing paying users to make just one more call per day!
  • 166. Our St t O Strategy 2 Mobile Business Platform Invest in 1 Leverage our core consumer business 3 Build our mission critical infrastructure
  • 167. Core CONSUMER is a $240B market 2008 Worldwide Telecom Market1 - Total Market: $1.4 billion $241B Fixed Voice Consumer
  • 168. And we have a clear plan to attack it 1. 1 Continue driving new users 2. Better promote our paid products 3. Increase revenue per paying user 4. Monetize free
  • 169. $602B Wireless Voice Market $602B Wireless Wi l Voice
  • 170. Our Mobile Approach Availability A il bilit post-load tl d Device pre-load Operator partnerships
  • 171. Skype is available for download yp today on several platforms Approximately 12 million downloads at the end of 2008
  • 172. Skype’s p yp partnership with Hutchison 3 p 500K units sold, one of the most it ld f th t popular pre-pay handsets for 3 20% higher margin than 3’s average 79% of customers are new to 3
  • 173. No Skype download required yp q Partnership with leading worldwide mobile handset h d t provider id Skype pre-loaded and integrated on select N series devices Available in some markets starting 2H 2009
  • 174. Business is a $203B market $203B Fixed Voice Business
  • 175. A compelling business offering g g Skype is already used in business Why? 35%* of users say they use Reduce Benefits Cost Savings Productivity Skype for Business Travel business pp purposes Focus Expand Build out Develop Business Paid Sales Product Support Channel 35% Offering 65% *Based on a survey of U.S., CN, U.K of Skype users in March 2008
  • 176. Platform: A Thriving Ecosystem g y users 190 Skype certified devices Partnerships with 15,000 Developers world-class companies
  • 177. We are starting a new chapter in our history
  • 178. Act 1 2003 2008 Platform: Desktop/Laptop Revenue Stream: SkypeOut y Market segment: LD calling “One” Main product: Voice Main region: Mature internet markets Main target user: Consumers r r
  • 179. Act 2 2009 2011 • Platforms + Mobile • Diversified revenue streams • Business subscriptions “Many” • Market segments + Collaboration • Products + Video • Regions + Emerging • Targets + Business r r
  • 180. 2012 and b d beyond d • Platform • Balance of revenue streams “Any” Any • M ltiple market segments Multiple • Established products • Regional ubiquity • Mature target markets r
  • 181. What will our business look like in 2011? • We will more than double revenue • While maintaining segment margins of around 18-20% • With more diversified revenue streams (telecom service & (telecom, licensing, and advertising)
  • 182. One of the fastest growing 5 year olds in history With accelerating growth and outstanding growth, fundamentals Attacking an enormous opportunity, and positioned to win Business is getting stronger
  • 184. Our business model & operational excellence March 11, 2009
  • 185. What you heard today… …What you can expect What o e pect from us i th f t f in the future
  • 186. We play in very attractive markets Online Online eCommerce Payments Communications $1.4T $ $0.6T $0.4T 2008 future 2008 future 2008 future Source: External estimates & internal analysis
  • 187. We have the three leading brands on the web • $5.6B Rev 2008 with • $2.4B Rev in 2008 with • $0.6B Rev in 2008 with 14% 06 08 CAGR 06-08 29% 06 08 CAGR 06-08 68% 06 08 CAGR 06-08 • ~$60B GMV 2008 • ~$60B TPV in 2008 • More than 100B Skype calling minutes g • ~13% share of global 13% • ~9% share of global 9% eCommerce eCommerce • ~400M registered users • ~86M active users • ~70M active users
  • 188. Proven and powerful business models Strong cash g High growth generation… Very high engine … g attractive growth … good margins margins good margins … Generating excellent cash flows
  • 189. M&A: Using financial strength to extend our reach Strengthen Extend Acquire geographic formats / key footprint p p products technologies g
  • 190. A significantly diversified portfolio 2008 2004 BML StubHub Other MP Other MP Adjacencies Adjacencies Classifieds Text & Graphical Ads Classifieds Auctions Auctions Fixed price Fixed price $3.3B $ $8.5B $8 5B
  • 191. An expanding global footprint North America Europe Asia 48% of total 41% of total 11% of total Up 30% Up 44% Up 149% $1.0 $1 0 $0.4 Billion $3.2 $4.1 $2.4 $3.5 Billion Billion Billi Billion Billi Billion Billi Billion Billi 2006 2008 2006 2008 2006 2008
  • 192. Portfolio has generated excellent financials Non-GAAP Revenue Free cash flow* EPS* 23% $8.5B $7.7B $6.0 26% 14% $4.6 $2 2 $2.3B $2.2 $1.71 $1 71 $1.6B $1.7B $1.53 $1.05 $0.86 ‘05 ‘06 ‘07 ‘08 ‘05 ‘06 ‘07 ‘08 ‘05 ‘06 ‘07 ‘08 * Reconciliation in appendix
  • 193. Attractive returns on invested capital ROIC* 27% 25% 23% 18% 2005 2006 2007 2008 * Reconciliation in appendix
  • 194. 2008 was a tough year … Full year performance was ok … 2008 1st half 2nd half Up U 11% 22% 2% Top Line T Li Non-GAAP Up 12% 25% 0% EPS* Free cash $2.3B $2 3B 23% -9% flow* … but a brutal second half! * Reconciliation in appendix
  • 195. ... and 2009 will be a challenging year • A tough economy • Turnaround effort continues in Marketplaces • Significant headwind from strong US dollar g g • Two acquisitions in 4Q 2008 … will be dilutive i dil i in 2009 • Strong balance sheet … but cash balances will earn less
  • 196. Positioning for the future: Clear priorities • Capitalize on PayPal’s enormous potential PayPal s • Transition the core eBay platform for today’s consumer with alternative formats • Skype to be all it can be • Operating smarter … create capacity to invest
  • 197. PayPal Merchant Services … ~$30B TPV Merchant services revenue Strong growth despite difficult …will continue to grow economic conditions… rapidly over next 3 yrs 2011 Q1 08 Q2 08 Q3 08 Q4 08 2008 2009 2010
  • 198. PayPal On eBay … ~$30B TPV On-eBay Revenue Decelerating along with …increased penetration eBay core GMV… will drive growth 2011 Q1 08 Q2 08 Q3 08 Q4 08 2008 2009 2010
  • 199. PayPal: the business model Great deals for Consumer funding choice Risk management merchants (Transaction expense) (T ti ) (Fraud l (F d losses) ) (Global take rate) ‘05 ‘06 ‘07 ‘08 Future ‘05 ‘06 ‘07 ‘08 Future ‘05 ‘06 ‘07 ‘08 Future stable declines stable / down … ~60% transaction margin business
  • 200. PayPal: Capitalizing on enormous potential PayPal revenue $4 - $5B in i 2011 BML/Adjacent 40% range payments Merchant 30% range services low single On eBay digits 2008 2009 2010 2011 2009 2011 2009-2011 CAGRs
  • 201. Marketplaces: Broad choice of formats Fixed P i Fi d Price Auctions A ti Classifieds Advertising Buyers Sellers Vertical Experiences
  • 202. Marketplaces Fixed Price format … $22B GMV Fixed price revenue . . . $2B 2008 Double digit di it CAGR with double digit growth… and huge growth potential 2011 Q1 08 Q2 08 Q3 08 Q4 08 2008 2009 2010 fx-neutral excluding vehicles.
  • 203. Marketplaces: Complementary formats ~2X ~2X Advertising Classifieds 2008 2008 revenue revenue 2008 2011 2008 2011
  • 204. Auction format: $23B GMV CAGR in Auction revenue . . . $2B 2008 negative double egat ve doub e digit range A differentiated format… Smaller before stabilizing 2011 Q1 08 Q2 08 Q3 08 Q4 08 2008 2009 2010 fx-neutral excluding vehicles.
  • 205. Marketplaces: A state of transition Marketplaces revenue $5 - $7B in i 2011 Other Advertising ~2X 2008 levels Classifieds Vehicles V hi l Fixed i Fi d price smaller before bigger Auction 2008 2009 2010 2011
  • 206. Skype: Powerful standalone business Skype revenue $1B + in 2011 2009-2011 30% range CAGR 2008 2009 2010 2011
  • 207. Strengthening the portfolio $10 $12B $ -$ 2011 REV $8.5B $8 5B 2008 REV Auctions Auctions Fixed price p MP MS&O Fixed price MP MS&O
  • 208. Building bigger and stronger B ildi a bi dt portfolio will require investments … … we will need to operate smarter in order t f d our i d to fund investments … t t
  • 209. Achieving full potential requires… Operating Significant $ $2B over 3 years y smarter investment in estment Customer Lower retention / loyalty processing costs User experience / search / platform Improved customer experience Improved trust / Organization O ii comprehension simplification
  • 210. Operating smarter: we’ve simplified the org Simplified organization ~$450 by removing ~10% of HC y g Million Q3 ‘08 ending HC 08 3 yr savings
  • 211. Operating smarter … improved customer experience We spent $700M in 2008 on customer support … Drive Down Contacts Eliminate Root Causes 2007 2008 $300M in savings … more satisfied customers …R i Reinvest i a b tt customer experience t in better t i
  • 212. Operating smarter: Lower processing costs We spent $700M in 2008 in processing PayPal transactions … Providing P idi g Launching new L hi g consumer choice products ANNESSA: I don’t know Cards Balance Bank where these images are Higher g Lower … lowering processing costs … reinvestment/comprehension
  • 213. Operating smarter to create capacity to invest Operational High growth lower Reinvest excellence margin business Operating M i L O i Margin Levers FX Business Ops Reinvestment Mix Excellence
  • 215. Reconciliation of GAAP to Non-GAAP EPS Twelve Months Ended December 31, December 31, December 31, December 31, December 31, 2004 2005 2006 2007 2008 (in millions) GAAP net income (loss) $ 778.2 $ 1,082.1 $ 1,125.6 $ 348.3 $ 1,779.4 Stock-based compensation expense 5.8 31.8 317.4 301.8 352.1 Employer payroll taxes on stock based compensation stock-based 17.5 17 5 13.0 13 0 5.3 53 6.9 69 3.1 31 Amortization of acquired intangible assets (1) 65.9 128.9 214.9 223.7 264.1 Restructuring - - - - 49.1 Impairment of goodwill - - - 1,390.9 - Gain on sale of equity investment (6.4) (2.3) - - - Income taxes associated with certain non-GAAP entries (31.5) (50.5) (171.6) (165.4) (202.9) Non-GAAP Non GAAP net income $ 829.5 829 5 $ 1,203.0 1 203 0 $ 1,491.6 1 491 6 $ 2,106.2 2 106 2 $ 2,244.9 2 244 9 Diluted net income per share: GAAP net income per diluted share $ 0.57 $ 0.78 $ 0.79 $ 0.25 $ 1.36 Non-GAAP net income per diluted share $ 0.61 $ 0.86 $ 1.05 $ 1.53 $ 1.71 Shares used in non-GAAP diluted share calculation 1,368 1,394 1,425 1,376 1,313 (1) Includes amortization of acquired intangible assets within cost of net revenues and operating expenses.
  • 216. Calculation of FCF Twelve Months Ended December 31, , December 31, , December 31,, December 31, , December 31, , 2004 2005 2006 2007 2008 (in millions) GAAP operating cash flow $ 1,285.3 $ 2,009.8 $ 2,247.8 $ 2,641.3 $ 2,882.0 Purchases of property and equipment, net (292.8) (338.3) (515.4) (454.0) (565.9) Proceeds from sale of corporate aircraft - 28.3 - - - Payment of headquarters facility lease obligation - (126.4) - - - Free cash flow $ 992.5 $ 1,573.4 $ 1,732.4 $ 2,187.3 $ , , , 2,316.1 ,
  • 217. Calculation of RoIC (in thousands, except percentages) Q4'04 Q1'05 Q2'05 Q3'05 Q4'05 Q1'06 Q2'06 Q3'06 Q4'06 Q1'07 Q2'07 Q3'07 Q4'07 Q1'08 Q2'08 Q3'08 Q4'08 Numerator components: $ 313,859 $ 367,424 $ 406,390 $ 393,551 $ 448,070 $ 460,687 $ 460,427 $ 464,493 $ 575,007 $ 593,445 $ 594,664 $ 593,445 $ 754,979 $ 701,364 $ 700,487 $ 674,318 $ 667,958 Non-GAAP operating income Tax t T rate 33% 29% 30% 34% 28% 29% 28% 27% 29% 26% 25% 10% 24% 23% 22% 17% 24% Non-GAAP operating income after tax $ 209,658 $ 260,871 $ 286,233 $ 260,176 $ 322,338 $ 325,244 $ 332,889 $ 337,825 $ 406,703 $ 441,523 $ 447,544 $ 531,845 $ 576,276 $ 540,892 $ 549,673 $ 559,684 $ 508,685 Q4'04 Q1'05 Q2'05 Q3'05 Q4'05 Q1'06 Q2'06 Q3'06 Q4'06 Q1'07 Q2'07 Q3'07 Q4'07 Q1'08 Q2'08 Q3'08 Q4'08 Denominator components: Total assets 7,991,051 8,589,158 9,033,122 9,626,043 11,788,986 12,568,535 13,250,251 13,463,118 13,494,011 13,920,051 14,361,157 14,786,812 15,366,037 15,046,305 15,021,625 14,240,157 15,592,439 Total cash, cash equivalents and investments 3,278,338 3,465,015 3,848,937 3,929,828 2,943,599 3,528,735 4,010,778 3,795,865 3,495,486 3,519,880 3,793,677 4,461,775 5,035,692 4,108,141 4,181,717 3,777,482 3,458,840 Current liabilities 1,084,870 1,266,792 1,484,935 1,681,508 1,719,405 2,220,685 2,518,395 2,250,571 2,328,643 3,272,867 3,099,579 3,080,432 3,006,234 2,854,733 3,705,087 1,149,106 1,186,818 TTM Non-GAAP operating income after tax - $ 846,030 $ 945,386 $ 1,016,938 $ 1,129,618 $ 1,193,991 $ 1,240,647 $ 1,318,296 $ 1,402,661 $ 1,518,940 $ 1,633,595 $ 1,827,615 $ 1,997,188 $ 2,096,556 $ 2,198,685 $ 2,226,524 $ 2,158,933 TTM average total assets - 7,422,501 7,937,476 8,496,195 9,405,672 10,321,169 11,253,387 12,139,387 12,912,980 13,339,193 13,697,718 14,005,030 14,385,614 14,696,072 14,916,387 14,892,187 14,975,132 TTM 95% off average cash, cash equivalents and iinves 9% h h il d - 3,078,354 30 83 4 3,223,111 3 223 111 3,340,358 3 340 3 8 3,318,486 3 318 486 3,366,062 3 366 062 3,469,757 3 469 3,459,673 34 96 3 3,377,148 3 3 148 3,486,641 3 486 641 3,536,980 3 36 980 3,622,670 3 622 6 0 3,858,237 3 8 8 23 3,974,641 3 9 4 641 4,100,390 4 100 390 4,097,313 4 09 313 3,687,468 3 68 468 TTM average current liabilities - 1,012,921 1,058,852 1,132,802 1,234,504 1,353,832 1,467,892 1,674,665 1,924,986 2,078,113 2,207,540 2,518,232 2,694,011 2,806,418 2,957,551 3,062,769 3,161,622 ROIC - 25.4% 25.9% 25.3% 23.3% 21.3% 19.6% 18.8% 18.4% 19.5% 20.5% 23.2% 25.5% 26.5% 28.0% 28.8% 26.6% (in thousands, except percentages) Full Year Ended December 31, 2005 2006 2007 2008 TTM Non-GAAP operating income after tax $ 1,129,618 $ 1,402,661 $ 1,997,188 $ 2,158,933 TTM average total assets 9,405,672 12,912,980 14,385,614 15,053,313 TTM 95% of average cash, cash equivalents and inves 3,318,486 3,377,148 3,858,237 3,906,756 TTM average current liabilities 1,234,504 1,924,986 2,694,011 3,149,213 ROIC 23.3% 18.4% 25.5% 27.0%