2009 internet investment guide

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1、GlobalEquityResearch05January2009NothingButNet2009InternetInvestmentGuideGlobalInternetACImranKhan(1-212)622-6693imran.t.khan@jpmorgan.comJ.P.MorganSecuritiesInc.BridgetWeishaar(1-212)622-5032bridget.a.weishaar@jpmchase.comJ.P.MorganSecuritiesInc.LevPolinsky,CFA(

2、1-212)622-8343lev.x.polinsky@jpmchase.comJ.P.MorganSecuritiesInc.ACVasilyKarasyov(1-212)622-5401vasily.d.karasyov@jpmorgan.comJ.P.MorganSecuritiesInc.ChinaInternetACDickWei(852)2800-8535dick.x.wei@jpmorgan.comJ.P.MorganSecurities(AsiaPacific)LimitedRussiaInternet

3、ACElenaBazhenova(7-495)937-7314elena.bazhenova@jpmorgan.comJ.P.MorganBankInternationalLLCKoreaInternetACAngelaHong(82-2)758-5719angela.s.hong@jpmorgan.comJ.P.MorganSecurities(FarEast)LimitedPleaseseeourseparatenotesouttodaychangingratingsforAmazonandDiceHoldings.

4、Wealsohaveaseparatenoteouttodaychangingestimatesandintroducing2009pricetargetsfortheremainderofourInternetcoverage.Alldataandvaluationpricedasof30December2008.Seepage332foranalystcertificationandimportantdisclosures,includingnon-USanalystdisclosures.J.P.Morgandoe

5、sandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.Custom

6、ersofJ.P.MorganintheUnitedStatescanreceiveindependent,third-partyresearchonthecompanyorcompaniescoveredinthisreport,atnocosttothem,wheresuchresearchisavailable.Customerscanaccessthisindependentresearchatwww.morganmarkets.comorcancall1-800-477-0406tollfreetoreques

7、tacopyofthisresearch.ImranKhanGlobalEquityResearch(1-212)622-669305January2009imran.t.khan@jpmorgan.comTableofContentsKeyInvestmentThemes..........................................................5Dot.Khan’sTopTenThingstoWatchforin2009................15U.S.SectorO

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