Investor Presentation

September 30, 2014

Forward-Looking Statements
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 SEC’s 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.

1
Table of Contents

The Announcement and Journey

The Decision Framework

Two Great Businesses

Transaction Details

2
The Announcement
• eBay’s board has approved a plan to separate eBay into two independent
publicly-traded companies

Global Commerce • LTM Revenue: $9.9bn

Leader
eBay • 10% YoY Revenue Growth
• Segment Margin: 35%

Global Payments • LTM Revenue: $7.2bn

PayPal Leader • 19% YoY Revenue Growth
• Segment Margin: 25%

• 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

Note: eBay metrics includes Marketplaces and Enterprise segments. Last Twelve Months from Q3 2013 to Q2 2014.

3
 We’ve Built A Powerful Company

Revenue CAGR
$B
$ 17.0
26%
PayPal

eBay $ 14.1

$ 9.2
$ 8.5

$ 6.0
PayPal
$ 3.3
Acquired $ 7.2
$ 5.6 46%
$ 1.2 $ 3.4
$0.7 $ 1.4 $ 2.4
$0.1
2002 2004 2006 2008 2010 2012 Last Twelve
Months
Non-GAAP 25%
$ 0.22 $ 0.61 $ 1.05 $ 1.71 $ 1.73 $ 2.36 $ 2.83
EPS
Note: CAGRs calculated from 2002 to Last Twelve Months. Last Twelve Months from Q3 2013 to Q2 2014.

4
 That Benefited from Mutually Reinforcing Effects, and
Created a Growth Business Off-eBay
… Helped PayPal Grow Off- … Today, Off-eBay Greater
Flywheel Effects on-eBay…
eBay… than 70% of PayPal Volume
$B Merchant Services TPV $B
$ 145 Off-eBay Merchant Services
On-eBay $ 203
CAGR: 33%

Volume More $ 58
TPV
Users Buyer
Protection
Share of Easy
Checkout Checkout
Credit $ 60 $ 145
More $ 30
Cross-Border $ 30
GMV Trade
$ 30

2008 Last Twelve 2008 Last Twelve

DATA Months Months
Transaction Customer
% Off-
49 % 71%
Behavioral Risk eBay
Note: CAGRs calculated from 2008 to Last Twelve Months. Last Twelve Months from Q3 2013 to Q2 2014.

5
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

6
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 arm’s-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

7
Two Powerful Industry Leaders

• Marketplaces: Connecting
commerce globally
• The way to pay across online,
Business Overview • Enterprise: Solutions for mobile and offline
retailers to compete in an omni-
channel world

Key Brands

• Commerce leader with unique • Payments leader with

capabilities across product unmatched payments
Competitive Position selection, global distribution platform, global scale and
and omni-channel technology risk management

8
Creating the Defining Pure Play Online Payments Leader
A Pre-eminent Global Growth Platform… …with Tremendous Opportunity

Off-eBay TPV CAGR • The “digitization of

payments” has arrived
TPV
203 25% • PayPal is the unquestioned
180 technology and payments
145 145 leader
33%
119 125 • Unique global scale, trusted
92 97 brand, and risk platform
72 78 • Accelerating volume growth
60 57
with massive opportunities
40
30 across online, offline, and
mobile
2008 2009 2010 2011 2012 2013 Last $B
Twelve • Strategically positioned at
Months the center of the dynamic
payments landscape

The Only Digital Payments Platform With Scale

Note: CAGRs calculated from 2008 to Last Twelve Months. Last Twelve Months from Q3 2013 to Q2 2014.

9
World Class Leaders – Post Separation

Devin Wenig Dan Schulman

Chief Executive Chief Executive
Officer, eBay Officer, PayPal

• President of eBay Marketplaces since • Joined eBay in 2014, formerly Enterprise

September 2011 Growth Group President at American Express
• CEO of Thomson Reuters Markets from April • Senior Executive and CEO Roles at AT&T,
2008 to August 2011 Sprint, Priceline, Virgin Mobile

Scott Schenkel Patrick Dupuis

Chief Financial Acting
Officer, eBay Chief Financial
Officer, PayPal
• Senior Vice President and CFO of eBay • Senior Vice President and CFO of PayPal
Marketplaces • Joined as CFO of PayPal in 2010
• 7 years at eBay, 5 years as Marketplaces CFO • CFO of Sitel Worldwide, BJC Healthcare
• 15 years at GE • 20 years at GE

10
Leadership to Maximize Value to All Shareholders

John Donahoe Bob Swan

Chief Executive Officer, eBay Chief Financial Officer, eBay

• Leadership of the integrated portfolio until separation

• Best positioned to provide unbiased, informed, and objective separation

decisions: operating agreements, capital structure, governance…while
minimizing business unit distractions

• Continuing guidance through board role at one or both of eBay and PayPal

11
Transaction Details
Two Compelling Financial Profiles
New

Transaction Volume
(LTM) $85B GMV + GMS $203B TPV

Transaction Volume
Growth (LTM) 13% 26%
Revenue (LTM) $9.9B $7.2B
Revenue Growth
(LTM) 10% 19%
Segment Margin 35% 25%
Global Installed Base 149M 152M
Active buyers Active accounts
Rare combination of growth, Leading online payments
margins and free cash flow company with accelerating growth
Note: eBay metrics includes Marketplaces and Enterprise segments. Last Twelve Months from Q3 2013 to Q2 2014.

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Mutual Benefits Can Be Optimized with Operating
Agreements and Capital Structure Decisions

Today, PayPal benefits from…

Scale and Low Cost

Data Innovation
Growth Funding

from eBay’s from eBay’s enabled by from eBay’s

users and GMV Transactions eBay’s platform Balance Sheet

Addressed with Operating Addressed with

Agreements Appropriate
Capital Structure

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Transaction Overview

Transaction
• Tax-free spinoff to eBay shareholders
Structure

• Separation expected to be completed in the second half of 2015

Timing
• Subject to market, regulatory and certain other conditions

Capital Structure Organizational Structure

Key Steps to Operating Agreements / Stand-alone Financial

Completion Transition Services Agreement Statements / Audits
SEC
Review Process Board Approval

• Final approval by eBay board of directors

Closing • Favorable opinion and/or rulings on tax-free nature of transaction
Conditions • Effectiveness of Form-10 registration statement filed with the SEC
• Other customary conditions

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Separation Details

• Optimize historical mutual benefits; minimize dis-synergies,

position business unit for success
Operating
• Will put in place long-term, arm’s-length operating agreements
Agreements
• Key terms to include presence, take rate, IP, data-sharing, and
mechanisms to amend the agreement

• Both companies will be capitalized with strong balance sheets

Capital
with expected investment grade ratings
Structure
• Current debt is expected to remain at “new” eBay

• Both companies are expected to incur one-time charges related

Cost of to the transaction preceding the separation
Separation
• Minimal cost dis-synergies are anticipated on an ongoing basis

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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 arm’s-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

17