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Buyers (Advertisers) NUMBER & DIVERSITY Sellers (Publishers) NUMBER & DIVERSITY Impressions Ad Spend Queries Win Rate Indirect Network Effects Create Growth WELL-MATCHED IMPRESSIONS PUBLISHER INVENTORY DEMAND INCREASES Source: Expert Report of Gabriel Weintraub, Ph.D., Figure 3. Transaction Volume: Impressions by Ad Exchange Why Scale Matters: Transaction Volume Experiments Algorithms Cost Efficiencies Scale And Experiments NUMBER OF DAYS YS UNTIL THE EXPERIMENT CAN DETECT A 0 0.05% 05% INCREA INCREASE IN WIN RATE Source: Expert Report of Gabriel Weintraub, Ph.D., Figure 17 and Power Analysis

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