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To: Tom Hua who wrote (2268)	3/15/1999 9:30:00 AM
From: Jerry Miller	Read Replies (1) \| Respond to of 7772

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To: Tom Hua who wrote (2268)	3/15/1999 2:36:00 PM
From: Doug Fowler	Read Replies (1) \| Respond to of 7772

Tom: You and I clearly disagree on how much growth eBay will show this quarter. You seem to think that eBay revenues will grow only as much as traffic growth reported by the Wall Street Journal, which apparently was 12 percent. You seem to think this is the ONLY statistic that matters. I don't disagree that traffic matters, but auction counts matter AND there has been a direct correlation of revenues to auction count growth in the past. You say that is a coincidence. I don't buy it, and my predictions for the last two quarters have been MUCH closer than these Wall Street analysts' predictions. They have been WAY under. There is no doubt in my mind whatsoever that eBay's revenue growth will be MUCH higher than 12 or even 15 percent. We'll all find out later next month, and if you are right, I'll be the first to congratulate you. Best regards, Doug

To: Tom Hua who wrote (2268)	4/26/1999 4:59:00 PM
From: Doug Fowler	Read Replies (2) \| Respond to of 7772

Tom: Regarding your statement posted March 15, 1999: >>No matter what spin you can think of Doug, a significant decrease in traffic growth is a fact, it's only 12%, and it was published in the WSJ last week. A decrease in traffic growth spells trouble for ebay. Plain and simple.<< What do you have to say about eBay's sequential revenue growth of more than 70 percent? Looks like the auction count method was a lot more indicative than your traffic increase number. In fact, the total number of auctions run during the quarter, as reported by eBay, was 22.9M, compared to 13.6M in the previous quarter, a 68 percent increase, very close to the 70 percent increase in revenue and much closer than the 12 percent traffic increase you depended on from the Wall Street Journal. I hope you are still not short. Regards, Doug