The quote from Bill Gurley reflects his view regarding Coatue's EMW Conference; Bill Gurley is an investor in certain funds managed by Coatue. The quote above is representative of Bill Gurley's views on a Coatue-sponsored event hosted for founders and is not intended to be an endorsement for Coatue or its investment advisory services or any product offered by Coatue. While no direct compensation has been provided in connection with this statement, Coatue paid for certain expenses for conference attendees. In addition to his investment in Coatue, such factors may create a material conflict of interest in providing any endorsement for a Coatue-sponsored event.