PayPal needs to have a startup mentality as it seeks to capitalize on its head start in the fast growing multi-trillion dollar global payments industry. We believe that this has not and will not happen successfully within eBay. 7) Allows for True "World-Class" Boards As separate companies, eBay and PayPal would have the opportunity to reconstitute their boards of directors and appoint board members who are not conflicted and do not compete with the underlying companies. We believe there are many great minds in the world who would be honored to serve as fiduciaries for the stockholders of an independent eBay or an independent PayPal. Conclusion Over the last few weeks, we have raised a number of troubling questions regarding corporate governance at eBay. Sadly, in our opinion, these questions have never been adequately answered by eBay. Now, we have given a basic overview of the reasons we believe a 20% IPO of PayPal could be advantageous for the companies, employees and stockholders.