Investor Presentation

September 30, 2014

1

This communication contains forward-looking statements relating to, among other things, the planned separation of eBay Inc.s Marketplaces and
PayPal businesses and the future performance of eBay Inc. and its consolidated subsidiaries that are based on the company's current expectations,
forecasts and assumptions and involve risks and uncertainties. These statements include, but are not limited to, the completion and timing of any such
separation, the future performance of the Marketplaces and PayPal businesses on a standalone business if the separation is completed, and the future
growth of mobile payments and mobile commerce. Actual results could differ materially from those predicted or implied and reported results should not
be considered as an indication of future performance. There is no assurance as to the timing of the spin-off or whether it will be completed. Other
factors that could cause or contribute to such differences include, but are not limited to: whether the operational, marketing and strategic benefits of the
separation can be achieved; whether the costs and expenses of the separation can be controlled within expectations; changes in political, business and
economic conditions, any European, Asian or general economic downturn or crisis (including any economic disruption or sanctions related to Ukraine
or Russia) and any conditions that affect ecommerce growth; fluctuations in foreign currency exchange rates; our need to successfully react to the
increasing importance of mobile payments and mobile commerce and the increasing social aspect of commerce; our ability to deal with the increasingly
competitive ecommerce environment, including competition for sellers from other trading sites and other means of selling, and competition for buyers
from other merchants, online and offline; changes to capital allocation or management of operating cash; our need to manage an increasingly large
enterprise with a broad range of businesses of varying degrees of maturity and in many different geographies; the effect of management changes and
business initiatives; our need and ability to manage other regulatory, tax and litigation risks as services are offered in more jurisdictions and applicable
laws become more restrictive; any changes to product offerings; the competitive, regulatory, payment card association-related and other risks specific
to PayPal and Bill Me Later, especially as PayPal continues to expand geographically and introduce new products and as new laws and regulations
related to financial services companies come into effect; our ability to timely upgrade and develop technology systems, infrastructure and customer
service capabilities at reasonable cost; our ability to maintain site stability and performance on all sites while adding new products and features in a
timely fashion; and our ability to profitably integrate, manage and grow businesses that have been acquired or may be acquired in the future. The
forward-looking statements in this communication do not include the potential impact of any acquisitions or divestitures that may be announced and/or
completed after the date hereof.

More information about factors that could affect our operating results is included under the captions Risk Factors and Management's Discussion and
Analysis of Financial Condition and Results of Operations in eBay Inc.s most recent annual report on Form 10-K and subsequent quarterly reports on
Form 10-Q, copies of which may be obtained by visiting the eBay Inc. Investor Relations website at http://investor.ebayinc.com or the SECs website at
www.sec.gov. All information in this communication is as of the date hereof. Undue reliance should not be placed on the forward-looking statements in
this communication, which are based on information available to eBay Inc. on the date hereof. eBay Inc. assumes no obligation to update such
statements, except as required by law.
Forward-Looking Statements
2
Table of Contents
The Announcement and Journey

The Decision Framework
Two Great Businesses
Transaction Details
3
The Announcement
eBays board has approved a plan to separate eBay into two independent
publicly-traded companies







The transaction creates two pure-play industry leaders, each with
significant scale and reach, in commerce and payments
Led by two world-class management teams, eBay and PayPal will carry
forward our focus on innovation and strong commitment to our customers
A tax-free spin is expected to be completed in the second half of 2015,
subject to market, regulatory and certain other conditions
eBay

Global Commerce
Leader
LTM Revenue: $9.9bn
10% YoY Revenue Growth
Segment Margin: 35%

PayPal
Global Payments
Leader
LTM Revenue: $7.2bn
19% YoY Revenue Growth
Segment Margin: 25%

Note: eBay metrics includes Marketplaces and Enterprise segments. Last Twelve Months from Q3 2013 to Q2 2014.
4
Weve Built A Powerful Company
$B
PayPal
Acquired
Revenue
$ 0.61 $ 0.22 $ 1.05 $ 1.71 $ 1.73 $ 2.36
Non-GAAP
EPS
PayPal
eBay
25%

Note: CAGRs calculated from 2002 to Last Twelve Months. Last Twelve Months from Q3 2013 to Q2 2014.
$ 2.83
CAGR
46%
26%
$0.1
$0.7 $ 1.4
$ 2.4
$ 3.4
$ 5.6
$ 7.2
$ 1.2
$ 3.3
$ 6.0
$ 8.5
$ 9.2
$ 14.1
$ 17.0
2002 2004 2006 2008 2010 2012 Last Twelve
Months
5
$ 30
$ 145
2008 Last Twelve
Months
Buyer
Protection
That Benefited from Mutually Reinforcing Effects, and
Created a Growth Business Off-eBay
Flywheel Effects on-eBay
Helped PayPal Grow Off-
eBay
Today, Off-eBay Greater
than 70% of PayPal Volume
More
GMV
Users
Share of
Checkout
Volume
More
TPV
Easy
Checkout
Credit
Cross-Border
Trade
DATA
Transaction
Behavioral

Customer
Risk

$B $B
CAGR: 33%

Merchant Services TPV


Note: CAGRs calculated from 2008 to Last Twelve Months. Last Twelve Months from Q3 2013 to Q2 2014.
Off-eBay Merchant Services
On-eBay
% Off-
eBay
49 % 71%
$ 30
$ 145
$ 30
$ 58
$ 60
$ 203
2008 Last Twelve
Months
6
Leading to Thoughtful Portfolio Analysis Over Time
Careful consideration of corporate structure over long period
with board

Keen eye on industry landscapes

Refined situational and operational analysis

On-going dialogue with broad group of investors



7
And Now the Time is Right for Two World Class
Independent Platforms
Accelerating pace of change in payments and commerce separation
best positions each business to capitalize on growth opportunities
Makes us more agile and focused to bring targeted innovation
Reflects confidence we can preserve relationships and avoid dis-
synergies through arms-length operating agreements
Enables optimal capital structures to match specific business unit
needs
Provides investors direct exposure to pure play commerce and
payments businesses

A Time for Focus and Agility to Compete and Win
8
Two Powerful Industry Leaders
Business Overview
Marketplaces: Connecting
commerce globally
Enterprise: Solutions for
retailers to compete in an omni-
channel world
The way to pay across online,
mobile and offline

Key Brands


Competitive Position
Commerce leader with unique
capabilities across product
selection, global distribution
and omni-channel technology
Payments leader with
unmatched payments
platform, global scale and
risk management
9
60
72
92
119
145
180
203
30
40
57
78
97
125
145
2008 2009 2010 2011 2012 2013 Last
Twelve
Months
33%

Creating the Defining Pure Play Online Payments Leader
The Only Digital Payments Platform With Scale
A Pre-eminent Global Growth Platform

Note: CAGRs calculated from 2008 to Last Twelve Months. Last Twelve Months from Q3 2013 to Q2 2014.
The digitization of
payments has arrived
PayPal is the unquestioned
technology and payments
leader
Unique global scale, trusted
brand, and risk platform
Accelerating volume growth
with massive opportunities
across online, offline, and
mobile
Strategically positioned at
the center of the dynamic
payments landscape
with Tremendous Opportunity
25%
Off-eBay TPV
TPV
CAGR
$B
10


World Class Leaders Post Separation
Devin Wenig
Chief Executive
Officer, eBay

Dan Schulman
Chief Executive
Officer, PayPal
President of eBay Marketplaces since
September 2011
CEO of Thomson Reuters Markets from April
2008 to August 2011

Senior Vice President and CFO of eBay
Marketplaces
7 years at eBay, 5 years as Marketplaces CFO
15 years at GE
Senior Vice President and CFO of PayPal
Joined as CFO of PayPal in 2010
CFO of Sitel Worldwide, BJC Healthcare
20 years at GE
Scott Schenkel
Chief Financial
Officer, eBay
Patrick Dupuis
Acting
Chief Financial
Officer, PayPal
Joined eBay in 2014, formerly Enterprise
Growth Group President at American Express
Senior Executive and CEO Roles at AT&T,
Sprint, Priceline, Virgin Mobile
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Leadership of the integrated portfolio until separation
Best positioned to provide unbiased, informed, and objective separation
decisions: operating agreements, capital structure, governancewhile
minimizing business unit distractions
Continuing guidance through board role at one or both of eBay and PayPal




Bob Swan
Chief Financial Officer, eBay




John Donahoe
Chief Executive Officer, eBay
Leadership to Maximize Value to All Shareholders
Transaction Details
13
Two Compelling Financial Profiles
Transaction Volume
(LTM)


Transaction Volume
Growth (LTM)


Revenue (LTM)



Revenue Growth
(LTM)


Segment Margin
Global Installed Base
$9.9B $7.2B
10% 19%
35% 25%
Rare combination of growth,
margins and free cash flow
Leading online payments
company with accelerating growth
$203B TPV $85B GMV + GMS
Note: eBay metrics includes Marketplaces and Enterprise segments. Last Twelve Months from Q3 2013 to Q2 2014.
149M
Active buyers
152M
Active accounts
13% 26%
New
14
Mutual Benefits Can Be Optimized with Operating
Agreements and Capital Structure Decisions
Scale and
Growth

Data


Innovation


Low Cost
Funding

Addressed with Operating
Agreements
Addressed with
Appropriate
Capital Structure
Today, PayPal benefits from
from eBays
users and GMV
from eBays
Transactions
enabled by
eBays platform
from eBays
Balance Sheet
15
Transaction Overview
Transaction
Structure
Tax-free spinoff to eBay shareholders

Timing
Separation expected to be completed in the second half of 2015
Subject to market, regulatory and certain other conditions


Key Steps to
Completion


Closing
Conditions
Final approval by eBay board of directors
Favorable opinion and/or rulings on tax-free nature of transaction
Effectiveness of Form-10 registration statement filed with the SEC
Other customary conditions
Operating Agreements /
Transition Services Agreement
Organizational Structure
Stand-alone Financial
Statements / Audits
SEC
Review Process
Board Approval
Capital Structure
16
Separation Details
Both companies will be capitalized with strong balance sheets
with expected investment grade ratings
Current debt is expected to remain at new eBay
Both companies are expected to incur one-time charges related
to the transaction preceding the separation
Minimal cost dis-synergies are anticipated on an ongoing basis
Capital
Structure
Cost of
Separation
Optimize historical mutual benefits; minimize dis-synergies,
position business unit for success
Will put in place long-term, arms-length operating agreements
Key terms to include presence, take rate, IP, data-sharing, and
mechanisms to amend the agreement
Operating
Agreements
17
Transformational Milestone
Accelerating pace of change in payments and commerce separation
best positions each business to capitalize on growth opportunities
Makes us more agile and focused to bring targeted innovation
Reflects confidence we can preserve relationships and avoid dis-
synergies through arms-length operating agreements
Enables optimal capital structures to match specific business unit
needs
Provides investors direct exposure to pure play commerce and
payments businesses

A Time for Focus and Agility to Compete and Win