Outline

1 ) Ba sic S ta ts –

Internet Growth Remains Robust, Rapid Mobile Adoption Still in Early Stages

2 ) R e - I ma gina tion –

of Nearly Everything

3 ) E co no my –

Mixed Trends, With Negative Bias

4 ) ‘U S A, I nc. ’ –

A Lot to be Excited About in Tech, A Lot to be Worried about in Other Areas

5 ) Bu bb le –

or Not?