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Nothing But Net 2009 Internet Investment Guide

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See page 332 for analyst certification and important disclosures, including non-US analyst disclosures. J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. Customers of J.P. Morgan in the United States can receive independent, third-party research on the company or companies covered in this report, at no cost to them, where such research is. | Global Equity Research 05 January 2009 J.P Morgan Nothing But Net 2009 Internet Investment Guide Global Internet Imran KhanAC 1-212 622-6693 imran.t.khan@jpmorgan.com J.P. Morgan Securities Inc. Bridget Weishaar 1-212 622-5032 bridget.a.weishaar@jpmchase.com J.P. Morgan Securities Inc. Lev Polinsky CFA 1-212 622-8343 lev.x.polinsky@jpmchase.com J.P. Morgan Securities Inc. Vasily KarasyovAC 1-212 622-5401 vasily.d.karasyov@jpmorgan.com J.P. Morgan Securities Inc. China Internet Dick WeiAC 852 2800-8535 dick.x.wei@jpmorgan.com J.P. Morgan Securities Asia Pacific Limited Russia Internet Elena BazhenovaAC 7-495 937-7314 elena.bazhenova@jpmorgan.com J.P. Morgan Bank International LLC Korea Internet Angela HongAC 82-2 758-5719 angela.s.hong@jpmorgan.com J.P. Morgan Securities Far East Limited Please see our separate notes out today changing ratings for Amazon and Dice Holdings. We also have a separate note out today changing estimates and introducing 2009 price targets for the remainder of our Internet coverage. All data and valuation priced as of 30 December 2008. See page 332 for analyst certification and important disclosures including non-US analyst disclosures. J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. Customers of J.P. Morgan in the United States can receive independent third-party research on the company or companies covered in this report at no cost to them where such research is available. Customers can access this independent research at www.morganmarkets.com or can call 1-800-477-0406 toll free to request a copy of this research. www.morganmarkets.com J.p Morgan Imran Khan 1-212 622-6693 imran.t.khan@jpmorgan.com Global Equity Research 05 January 2009 Table of Contents Key Investment