Welcome to the first of several updates on the status of project "AwBid" enabling cross exchange buying in AdWords. We'll be sending out these updates throughout this year as we hit our major milestones. What is AwBid? AwBid is a project to enable AdWords buyers to access additional inventory outside of the traditional AdSense and Ad Exchange publishers. Through AwBid, buyers in AdWords will have access to Yahoo! owned and operated content, Windows Live and Hotmail content (via AppNexus) as well as inventory available on many third party ad exchanges such as AdMeld, PubMatic, Rubicon and adBrite. The goal is to integrate the new inventory sources as seamlessly as possible into AdWords. We are working on a very aggressive timeline for this project as many of our competitors are already offering a similar feature. We understand that many of you have concerns about how this will affect other parts of our business, particularly AdX and AdSense. The AWBid team is working closely with the product managers for our display business (GDN, Invite, AdX, and AdSense) to understand the strategic implications of this effort and how to manage them thoughtfully. We don't plan to launch this change just yet. We will make sure we've worked through the strategic questions and have everyone on board before we do.