February 15, 2007

NASDAQ: BIDU PRICE: $115.00 RATING: BUY BIDU: PROVEN SCALABLE BUSINESS MODEL DESPITE SOFT Q1 GUIDANCE
Investment Conclusion: The company reported solid Q4 results, hitting the high-end of revenue guidance. EPS exceeded consensus by a wide margin, demonstrating the scalability of the paid search model. However, Q1:07 revenue guidance came in light, as management cited seasonality (weakest quarter of the year) and a late Chinese New Year (mid-February vs. late January) for a flattish Q1:07. We feel Q1:07 expectations are very achievable given the higher revenue visibility heading into the quarter (52% vs. 47%). In addition, we believe the main drivers of the business remain intact for 2007. Finally, Baidu’s business has demonstrated significant operating leverage, which could continue providing EPS upside in 2007. With that in mind, we reiterate our Buy rating on Baidu shares despite soft Q1 guidance. Key Points: • Q4 at High-end of Guidance. Revenues came in at the high-end of the $34-35M guidance, driven by a 9% Q/Q in average customer growth and 5% Q/Q in ASP. EPS outperformed our estimate by ~30% (normalizing the one-time tax benefit) due to strong scalability in the paid search model. During Q4:06, Baidu continued to make significant progress in key areas: o On the product front, the company launched Baidu Favorites (online bookmarking) and Video Search, which served as nice complements to Baidu Postbar, Baidu Knows, and Baidu Space. These localized products, which were tailor-made for Chinese Internet users, have clearly differentiated Baidu from major competitor Google China, and enhanced user experience and loyalty. o On the distribution front, the company became the provider of text-based ads on eBay China, MSN China, and China Telecom’s portal, which are three of the most heavily trafficked Chinese websites. o On the content front, the company signed distribution agreements with MTV Networks and EMI Music to monetize copyrighted music content through advertising-supported download services. These content agreements indicate to us that Baidu has made progress in solving copyright issues related to its popular MP3 service. o On the market front, the company has entered the Japanese market, which has been the first stop of overseas expansion for many Chinese technology companies. We believe the cultural and linguistic similarities between China and Japan, and the more developed online advertising market environment in Japan, are the key positive factors supporting Baidu’s Japanese initiative. The company plans to spend $15M in 2007 for this initiative.
Stock Data
12-Month Price Target 52-Week Range 10-Day Avg. Daily Volume $130.00 $134.10 - 46.00 1,780,306

CHINA INTERNET AND TECHNOLOGY James Lee jameslee@wrhambrecht.com 617-892-6123 Xiaofan Zhang xzhang@wrhambrecht.com 617-892-6126

WR HAMBRECHT + CO www.wrhambrecht.com

Revenues
FY ends December Revenue (MM) Previous Estimate (MM) Price/Revenue EV/Revenue Secular Growth Rate

2006A
$105.9 37.7x 36.2x

2007E
$204.8 $211.0 19.5x 18.7x

2008E
$331.0 $349.3 19.5x 18.7x 50%

Please see the Important Disclosures Section at the end of this report.

Capitalization
Shares Outstanding (MM) Market Capitalization (MM) Enterprise Value (MM) Debt/Total Cap. (12/31/06) Cash (12/31/06) (MM) Cash/Share (12/31/06) 34.7 $3,991.9 $3,835.3 0.0% $156.5 $4.51

Earnings Per Share*
Q1 Q2 Q3 Q4 Fiscal Year EPS Previous Estimate P/E $0.16 $0.25 $0.37 $0.48 $1.27 90.7x $0.40 $0.48 $0.58 $0.65 $2.11 $2.00 54.4x NE NE NE NE $3.17 $3.15 36.3x

*Earnings Per Share are calculated as diluted EPS excluding FAS 123R NC indicates no change from current estimate. NE indicates no estimate. NM indicates not meaningful. Sources: WR Hambrecht + Co estimates and company reports

Q1 Revenue Guidance Light. Q1 revenue guidance came in light compared with the consensus ($34.5M vs. $38.4M). Management attributed seasonality (weakest quarter of the year) and a late Chinese new year (mid-February vs. late January) as major factors for a flattish quarter. However, CEO Robin Li cited that the company has seen some customers starting to come back to the Baidu platform after being inactive or using other search engines. Revenue visibility heading into Q1 is good, as 52% of the revenue expectations are already booked by customers (see Exhibit 1). Promising Opportunities Going Forward. The company has recently received a license to offer news content, and plans on entering into the news portal business, similar to that of Sina (SINA: Buy) and Sohu (SOHU: Buy) (and has been recruiting news editorial staff). This may possibly open up more inventory for its expanding banner ad programs. As a reminder, news/info is one of the most potentially profitable contents on the web and it typically appears on the home page of major websites like Sina and Sohu. Based on our estimate, the news/home page site contributed ~30% to 40% of revenues for the two largest portals in China. Given Baidu’s, sizable traffic, we believe the company can potentially add more than 25% to its revenue base if the search engine achieves the scale of the major portal players. Separately, the company is already having early success in selling banner ads in its MP3 and Movie channels. Estimate Changes. We are lowering our Q1:07 revenue estimate to $34.9M from $41.1M, or down 15%. However, we are increasing our EPS estimate to $0.40 from $0.38 due to better-than-expected operating leverage. We are lowering our 2007 revenues modestly from $211M to $205M, but increasing our EPS estimate by 5% to $2.11. Our estimates reflect investments in infrastructure and Japan. We Like the Stock in the Long-term. Despite soft Q1 guidance, we believe the long-term drivers remain intact, as we expect catalysts such as new banner programs for brand advertisers, new inventory in MP3, Movie and News channels, and new affiliate relationships with major portals and vertical sites will drive growth in the remainder of 2007. We remain convinced that Baidu is a core holding in the China Universe, with an expected EPS growth rate of ~60% from 2006 to 2008E. Our PT remains $130, representing 40x 2008E EPS (ex-option expenses) plus cash.

EXHIBIT 1: BAIDU.COM’S REVENUE VISIBILITY
1Q06 BOP deposits /Paid search revenues = Revenue visibility 8.7 16.5 53% 2Q06 11.0 23.6 46% 3Q06 14.3 30.1 48% 4Q06 16.4 34.6 47% 1Q07E 18.1 34.7 52%

Source: Company reports and WR Hambrecht + Co estimates

EXHIBIT 2: BAIDU.COM FINANCIALS – ACTUAL VS. WRH+CO ESTIMATES
Baidu 4Q06 (In $mils) Revenue Operating Incme EPS (ex-FAS123R) Gross Margin Operating margin 4Q06A 34.8 14.0 $0.48 71% 40% 4Q06E 35.2 11.4 $0.33 69% 33% Delta -1.2% 22.2% 43.6% 240 bps 770 bps

Source: Company reports and WR Hambrecht + Co estimates

Page 2 – February 15, 2007

EXHIBIT 3: BAIDU.COM - FINANCIAL MODEL
Baidu.com, Inc. Online marketing services Others Net revenues Cost of revenues Gross Profit Selling, general and administrative Research and development Operating income Interest income (expenses) Other income (expenses) EBT Provision for income taxes Diluted net income excluding FAS 123R Share-based compensation Cumulative effect of change in accounting GAAP net income Diluted shares outstanding Diluted EPS excluding FAS 123R GAAP EPS Tax rate Margin Analysis Gross margin EBITDA margin Operating margin Net margin Common size Online marketing services Others Total revenues Cost of revenues Gross Margin Selling, general and administrative Research and development Operating Income YoY Growth Online marketing services Others Net revenues Operating income GAAP EPS Diluted EPS excluding FAS 123R Balance Sheet Items Cash & cash equivalents Long-term debt & capital leases Net debt Equity 113.1 0.0 (113.1) 125.7 121.7 0.0 (121.7) 131.6 133.2 0.0 (133.2) 140.4 137.1 0.0 (137.1) 153.2 156.5 0.0 (156.5) 173.9 156.5 0.0 (156.5) 173.9 6.8 0.0 (6.8) 187.9 12.3 0.0 (12.3) 204.8 18.1 0.0 (18.1) 225.7 23.9 0.0 (23.9) 249.1 180.4 0.0 (180.4) 249.1 246.9 0.0 (246.9) 365.2 189% 12% 173% 156% 255% 155% 240% 47% 228% 362% 1159% 349% 214% -5% 204% 298% 343% 252% 203% -39% 194% 435% 876% 412% 167% -46% 161% 357% 415% 283% 197% -13% 189% 363% 496% 306% 111% -54% 107% 168% 165% 154% 84% -38% 83% 91% 97% 88% 93% -7% 92% 81% 69% 58% 96% 1% 96% 73% 30% 35% 95% -32% 93% 91% 71% 67% 62% -13% 62% 63% 55% 50% 72% 15% 23% 27% 69% 22% 29% 32% 71% 30% 36% 37% 72% 33% 39% 42% 71% 34% 40% 48% 71% 31% 37% 41% 71% 33% 38% 40% 70% 32% 38% 39% 69% 31% 37% 36% 69% 30% 36% 34% 69% 31% 37% 37% 69% 32% 37% 35% 2005 35.3 1.4 36.6 10.1 26.5 13.7 4.2 8.5 1.7 0.0 10.2 0.2 10.0 4.1 0.0 5.9 32.0 $0.31 $0.18 2% 1Q06 16.5 0.4 16.9 5.3 11.6 5.1 1.5 5.0 1.1 0.1 6.1 0.7 5.4 1.6 0.6 4.4 34.5 $0.16 $0.13 12% 2Q06 23.6 0.3 24.0 7.0 16.9 6.4 1.8 8.7 1.3 0.1 10.1 1.3 8.8 1.5 0.0 7.3 34.6 $0.25 $0.21 13% 3Q06 30.1 0.2 30.3 8.6 21.7 7.6 2.4 11.7 1.4 (0.0) 13.1 0.3 12.9 2.1 0.0 10.8 34.6 $0.37 $0.31 2% 4Q06 34.6 0.2 34.8 9.9 24.8 8.3 2.6 14.0 1.5 0.4 15.9 (0.8) 16.7 0.9 0.0 15.7 34.7 $0.48 $0.45 -5% 2006 104.8 1.2 105.9 30.8 75.1 27.4 8.3 39.4 5.4 0.5 45.3 1.5 43.7 6.1 0.0 37.7 34.5 $1.27 $1.09 3% 1Q07E 34.7 0.2 34.9 10.3 24.6 8.6 2.8 13.3 1.6 0.0 14.9 0.9 14.0 2.2 0.0 11.8 35.0 $0.40 $0.34 6% 2Q07E 43.6 0.2 43.8 13.1 30.6 10.5 3.5 16.6 1.7 0.0 18.3 1.5 16.9 2.2 0.0 14.7 35.4 $0.48 $0.42 8% 3Q07E 57.9 0.2 58.1 18.0 40.1 13.9 4.9 21.2 1.8 0.0 23.0 2.1 20.9 2.2 0.0 18.8 35.8 $0.58 $0.52 9% 4Q07E 67.8 0.2 68.0 21.1 46.9 17.0 5.8 24.1 1.9 0.0 26.0 2.6 23.4 2.2 0.0 21.3 36.2 $0.65 $0.59 10% 2007E 204.0 0.8 204.8 62.5 142.3 50.0 17.0 75.3 7.0 0.0 82.3 7.0 75.2 8.6 0.0 66.6 35.6 $2.11 $1.87 9% 2008E 330.3 0.7 331.0 102.6 228.4 79.4 26.5 122.5 8.0 0.0 130.5 14.3 116.1 10.0 0.0 106.1 36.6 $3.17 $2.90 11%

96% 4% 100% 28% 72% 38% 12% 23%

97% 3% 100% 31% 69% 30% 9% 29%

99% 1% 100% 29% 71% 27% 8% 36%

99% 1% 100% 28% 72% 25% 8% 39%

99% 1% 100% 29% 71% 24% 7% 40%

99% 1% 100% 29% 71% 26% 8% 37%

99% 1% 100% 30% 71% 25% 8% 38%

100% 0% 100% 30% 70% 24% 8% 38%

100% 0% 100% 31% 69% 24% 9% 37%

100% 0% 100% 31% 69% 25% 9% 36%

100% 0% 100% 31% 69% 24% 8% 37%

100% 0% 100% 31% 69% 24% 8% 37%

Source: Company reports and WR Hambrecht + Co estimates

Page 3 – February 15, 2007

EXHIBIT 4: BAIDU.COM - COMPARABLE COMPANY ANALYSIS
China Internet & Technology Comp Sheet (In $Mils except per share) Segment Company Rating Price Target Price Shares (F/D) Market Cap Net Debt Enterprise Value Net Cash per Share Estimates Revenue 2006 Revenue 2007 Revenue 2008 Growth '06-'08 EBITDA 2006 EBITDA 2007 EBITDA 2008 Growth '06-'08 EPS 2006 EPS 2007 EPS 2008 Growth '06-'08 Operating Margin 2006 2007 2008 Valuation EV/Sales 2006 EV/Sales 2007 EV/Sales 2008 EV/EBITDA 2006 EV/EBITDA 2007 EV/EBITDA 2008 P/E 2006 P/E 2007 P/E 2008 Cash-adj.P/E 2006 Cash-adj.P/E 2007 Cash-adj.P/E 2008 36.2 18.7 11.6 117.7 60.7 36.2 90.7 54.4 36.3 87.2 52.3 34.8 8.7 7.5 5.4 33.1 26.6 19.9 42.8 36.2 26.1 37.5 31.7 22.9 1.3 5.7 4.3 22.5 19.2 13.3 29.3 25.3 18.2 27.2 23.4 16.8 19.7 12.5 8.7 39.0 24.4 16.1 42.9 28.9 21.5 41.6 28.1 20.9 3.2 3.5 3.0 14.3 18.3 15.0 19.7 29.2 23.8 15.9 23.6 19.3 1.6 1.8 1.6 6.7 10.0 8.5 11.1 17.9 16.1 6.5 10.4 9.3 0.8 0.8 0.7 6.1 6.4 5.4 13.0 15.7 12.9 7.4 8.9 7.3 0.7 0.6 0.5 6.6 5.7 4.7 22.0 19.4 15.5 8.8 7.7 6.2 8.6 7.9 6.1 13.8 13.5 12.0 17.4 18.0 15.3 15.0 15.5 13.2 7.8 6.1 5.1 26.8 16.8 14.1 31.1 25.2 21.9 28.9 23.4 20.3 7.0 4.9 3.6 17.4 12.7 9.5 27.6 21.3 14.6 24.8 19.1 13.1 4.3 3.7 3.1 18.5 15.2 11.4 38.0 30.4 21.4 30.1 24.0 16.9 20.0 14.0 10.5 55.6 38.1 25.9 66.7 48.7 32.4 63.6 46.5 30.9 5.4 4.1 2.8 NM 26.0 10.2 178.6 51.5 20.5 103.2 29.8 11.8 3.6 3.0 2.7 23.4 15.0 NA 34.1 25.6 18.3 27.3 20.5 14.6 105.9 204.8 331.0 77% 32.6 63.1 105.9 80% 1.27 2.11 3.17 58% 212.9 248.3 345.7 27% 56.1 70.0 93.5 29% 0.84 1.00 1.38 28% 660.2 153.3 204.6 -44% 39.0 45.9 66.2 30% 0.83 0.97 1.35 27% 214.0 336.8 485.8 51% 108.3 173.1 261.6 55% 1.86 2.75 3.70 41% 173.0 158.4 186.4 4% 39.1 30.6 37.4 -2% 0.66 0.45 0.55 -9% 103.7 92.3 106.2 1% 24.6 16.4 19.3 -11% 0.72 0.44 0.49 -17% 79.8 74.2 85.3 3% 10.0 9.6 11.3 6% 0.32 0.27 0.32 0% 70.5 77.6 89.6 13% 7.1 8.1 9.9 18% 0.24 0.28 0.35 19% 272.7 296.7 383.4 19% 170.8 174.7 196.8 7% 1.12 1.09 1.29 7% 207.5 263.8 314.8 23% 60.3 96.4 114.9 38% 0.77 0.96 1.10 19% 123.5 177.8 243.9 41% 50.0 68.1 91.3 35% 1.42 1.84 2.69 38% 91.4 105.9 130.1 19% 21.5 26.1 34.8 27% 0.47 0.59 0.83 33% 98.5 140.5 187.4 38% 35.4 51.6 75.9 46% 0.93 1.27 1.91 43% 35.7 47.3 69.9 40% 0.0 7.5 19.0 NM 0.07 0.24 0.61 195% 154.4 184.4 204.0 15% 23.6 36.9 NA NA 0.53 0.70 0.98 37% Search/Portal/New Media BIDU Buy $130 115.00 34.7 3,992 (157) 3,835 4.51 SINA Buy $43 36.10 58.8 2,122 (263) 1,859 4.47 SOHU Buy $28 24.48 38.8 949 (69.9) 879.4 1.80 FMCN Buy $85 79.62 54.6 4,351 (127.0) 4,224.4 2.32 TOMO Sell $11 13.01 53.2 693 (135.6) 560.3 2.55 Mobile Content KONG Sell $7 7.94 35.7 283 (118.6) 164.6 3.33 4.20 25.8 108 (46.9) 61.4 1.82 LTON Hold HRAY Hold 5.37 21.7 117 (73.4) 46.5 3.38 19.61 139.4 2,734 (377.3) 2,356.7 2.71 Online Gaming NTES NR 24.07 72.4 1,742 (128.0) 1,616.8 1.77 SNDA NR 24.6 964 (96.4) 868.1 3.92 NCTY NR 39.18 17.78 28.2 502 (104.5) 397.1 3.70 JOBS NR 61.82 33.4 2,063 (96.1) 1,967.3 2.88 e-Commerce CTRP NR 12.50 26.9 337 (142.2) 194.6 5.28 LONG NR 38.5 690 (145.4) 552.2 3.78 GSOL NR 17.92

37% 37% 37%

21% 22% 23%

5% 25% 27%

42% 44% 48%

19% 15% 16%

19% 11% 11%

10% 10% 11%

5% 6% 7%

58% 55% 50%

21% 28% 29%

26% 26% 26%

19% 21% 24%

34% 35% 39%

-5% 9% 24%

12% 16% 19%

Source: Company reports, First Call, and WR Hambrecht + Co estimates

Page 4 – February 15, 2007

IMPORTANT DISCLOSURES SECTION
To view a list of companies that WR Hambrecht + Co makes a market in, please click here: http://www.wrhambrecht.com/ind/research/disclosures.html To view a list of companies that WR Hambrecht + Co managed or co-managed a public offering of securities and/or received compensation for investment banking services, click here: http://www.wrhambrecht.com/ind/research/disclosures.html#underwriter To view a list of companies, their subsidiaries, or affiliates from which WR Hambrecht + Co and/or its affiliates expects to receive or intends to seek compensation during the next three months for investment banking services, click here: http://www.wrhambrecht.com/ind/research/disclosures.html#expected_compensation To view a list of companies that WR Hambrecht + Co has a beneficial ownership of greater than 1% in the common equity securities, click here: http://www.wrhambrecht.com/ind/research/disclosures.html#beneficial_ownership To view a list of analyst investment positions, click here: http://www.wrhambrecht.com/ind/research/disclosures.html#analyst_positions To view a percentage of all subject companies assigned a "buy," "hold/neutral," or "sell" rating and the percentage of subject companies within each of these three categories for whom WR Hambrecht + Co has provided investment banking services within the previous twelve months, click here: http://www.wrhambrecht.com/ind/research/disclosures.html#rating

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MARKET MAKING AND INVESTMENT BANKING DISCLOSURES
At the time this report was published, WR Hambrecht + Co made a market in the securities of Baidu (BIDU), Focus Media Holding Ltd. (FMCN), Google (GOOG), Sina Corporation (SINA), Sohu.com, Inc. (SOHU), and Yahoo!, Inc. (YHOO).

STOCK RATING SYSTEM
The WR Hambrecht + Co stock ratings system reflects the investment decisions our clients face every day, and is meant to assist clients in making these decisions by recommending a specific action to take with each stock we cover. All of the ratings correspond to a specific investment action that we recommend taking on the date the research is published. Thus, "Buy" ratings are reserved only for stocks that we would be actively buying at the time the research is published. "Hold" ratings are reserved for stocks that we recommend holding. "Sell" ratings are assigned to stocks where the analyst anticipates stock price declines for any reason. None of our ratings are qualitative in nature (e.g., "Strong Buy") because these recommendations do not correspond to an investment action (investors cannot "Strong Buy" a stock). Please note also that the price expectations that determine the rating are in absolute dollar terms, not in terms of relative performance to a sector or an index. Therefore, analysts will not use the Buy rating for stocks that are expected to perform well relative to their sector but only for stocks that are expected to appreciate in actual dollar returns. WR Hambrecht + Co uses the following rating system (last updated January 9, 2007): % for which Investment Banking services have been provided in the previous twelve months

Rating

Definition Stocks rated Buy are those we recommend actively buying; these stocks are expected in absolute dollar terms to appreciate at least 10% over the next 6 months. Stocks rated Hold are those stocks we would continue to hold in our portfolio; these stocks are expected to appreciate or depreciate in absolute dollar terms less than 10% over the next 6 months. Stocks rated Sell are those we would be actively selling; these stocks are expected to depreciate in absolute dollar terms at least 10% over the next 6 months.

% of companies under coverage with this rating

BUY

59

11

HOLD

37

7

SELL

4

0

PRICE TARGET RISKS
Investment risks associated with the achievement of the price target include, but are not limited to, the company's failure to achieve our earnings and revenue estimates, unforeseen macroeconomic and/or industry events that adversely impact demand for the company's products or services, product obsolescence, changes in investor sentiment regarding the specific company or industry, intense and rapidly changing competitive pressures, the continuing development of industry standards, the company's ability to recruit and retain competent personnel, and adverse market conditions. For a complete discussion of the risk factors that could affect the market price of the company’s shares, refer to the most recent form 10-Q or 10-K that the company has filed with the SEC.

Page 6 – February 15, 2007

VALUATION METHODS TO DETERMINE PRICE TARGET
Our Baidu.com, Inc. (BIDU) price target of $130 is based on 40x our 2008 EPS estimate (ex-option expenses) plus cash.

OBTAINING CURRENT DISCLOSURES
Applicable current disclosures can be obtained by calling the toll-free telephone number listed below or by writing to the address listed below. WR Hambrecht + Co Compliance Department 539 Bryant Street Suite 100 San Francisco, CA 94107 1 (877) 828-5200 http://www.wrhambrecht.com/ind/research/disclosures.html

ANALYST CERTIFICATION
The research analyst(s) whose name(s) appear(s) on the front cover of this report certify that the views expressed in this research report accurately reflect their personal views about the subject securities and issuers. No part of their compensation is or will be directly or indirectly related to the specific recommendations or views contained in the research report.

WRH+CO RESEARCH DISSEMINATION POLICY
WRH+Co research reports are made available simultaneously to institutional and retail clients and WRH+Co employees within the Sales and Trading area through email and through the WRH+Co website. All WRH+Co research reports are posted on the WRH+Co website at the time of their initial distribution and are available to the public. Anyone may view WRH+Co research through the WRH+Co website. WRH+Co may also disseminate its research through other distribution channels such as First Call or news organizations, which generally occurs on a delayed basis. Typically, WRH+Co will distribute research to First Call approximately two hours after the research has been distributed to clients, employees and through the WRH+Co website. WRH+Co may not be able to control the timing or channels of any distribution of a research report subsequent to the release of the research report to its clients, employees and through its website. WRH+Co is under no obligation to continue to distribute WRH+Co research through First Call or any other news organizations and may discontinue such distribution at any time without further notice.

IMPORTANT NOTE
The information contained herein about the companies under research coverage is based on sources believed to be reliable but is neither all-inclusive nor guaranteed by WR Hambrecht + Co, LLC (“WRH+Co”). The information contained herein relative to WRH+Co's and the analyst's involvement with the issuer is accurate. Any opinions expressed in this report reflect our judgment at this time, are subject to change without notice, and may differ or be contrary to opinions expressed by other business areas or groups of WRH+Co as a result of using different assumptions and criteria. WRH+Co does not undertake to advise you of changes in its opinion or information. Most of the companies WRH+Co follows are emerging growth companies whose securities typically involve a higher degree of risk and more volatility than the securities of more established companies. The securities discussed in the reports included in WRH+Co Research may be unsuitable for investors depending on their specific investment objectives and financial situation and needs. No report included in WRH+Co Research is a recommendation that any particular investor should purchase or sell any particular security in any amount or at all, and is not a solicitation of any offer to purchase or sell from or to any particular investor. WRH+Co research analysts are compensated out of general firm revenues, which include fees earned in investment banking transactions. For additional information that may be available on the securities mentioned, please contact WRH+Co. Copyright 2007, WR Hambrecht + Co. All rights reserved. Member NASD/SIPC.

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