Event Brief of Q1 2008 Akamai Technologies Inc. Earnings Conference Call - Final.

PARTICIPANTS

. Noelle Faris, Akamai Technologies Inc., Senior Manager, Investor Relations . JD Sherman, Akamai Technologies Inc., CFO . Paul Sagan, Akamai Technologies Inc., President, CEO . Colby Synesael, Merriman Curhan Ford & Co., Analyst . Mark Mahaney, Citigroup, Analyst . Kirk Materne, Banc of America Securities, Analyst . Michael Turits, Raymond James & Associates, Analyst . Aaron Kessler, Piper Jaffray, Analyst . Todd Raker, Deutsche Bank, Analyst . Mark Kelleher, Canaccord Adams, Analyst . Rob Sanderson, American Technology Research, Inc., Analyst . Tim Klasell, Thomas Weisel Partners, Analyst . Derek Bingham, Goldman Sachs, Analyst . Darren Aftahi, ThinkEquity Partners, Analyst . Dennis Simpson, Credit Suisse, Analyst . Rodney Ratliff, Stanford Financial Group, Analyst . Jennifer Adams, Cowen & Co., Analyst . Raimundo Archibold, Kaufman Bros., Analyst . David Hilal, Friedman, Billings, Ramsey & Co., Analyst

OVERVIEW

AKAM reported 1Q08 revenue of $187m. 1Q08 GAAP net income was $36.9m or $0.20 per diluted share. Co. expects 2008 revenue to be $800-825m and 2Q08 revenue to be $194-199m. Expects 2008 normalized EPS to be $1.68-1.71 and 2Q08 normalized diluted EPS to be $0.41-0.42.

FINANCIAL DATA

A. Key Data From Call 1. 1Q08 revenue = $187m. 2. 1Q08 GAAP net income = $36.9m. 3. 1Q08 normalized net income = $75.6m. 4. 1Q08 GAAP diluted EPS = $0.20. 5. 1Q08 normalized diluted EPS = $0.41. 6. 1Q08 CapEx (excluding equity compensation) = $28.2m. 7. 1Q08 DSO = 59 days. 8. 1Q08-end cash, cash equivalents and marketable securities = $687m. 9. 2008 revenue guidance = $800-825m. 10. 2Q08 revenue guidance = $194-199m. 11. 2008 normalized EPS guidance = $1.68-1.71. 12. 2Q08 normalized diluted EPS guidance = $0.41-0.42.

PRESENTATION SUMMARY

S1. 1Q08 Business Review (P.S.) 1. Financial Highlights: 1. 1Q08 was another solid qtr. for Co. with strong earnings and revenue growth. 2. Record revenue of $187m, up 34% over 1Q07 and 2% increase over Co.'s seasonally strongest "4Q". 3. Normalized net income was $75.6m or $0.41 per diluted share, consistent with strong 4Q07 results and 49% increase over normalized net income for 1Q07. 4. Building on robust growth Co. experienced in 2007, "1Q" results demonstrated momentum across business. 1. Shows the value of having a diversified portfolio of solutions and customers. 5. Pleased to see continued growth for newer value added solutions, these include: 1. Application performance services. 2. Dynamic Site Solutions. 3. Stream OS. 1. Believes services like these help to differentiate Co. in marketplace by providing higher performance and greater reliability and scale combined with increased functionality. 2. Hopes that enterprise class customers build their online businesses.

S2. 1Q08 Financial Review (J.S.) 1. Revenue: 1. Had a solid 1Q08 that has set Co. up nicely to achieve or exceed financial goals for 2008. 2. Grew revenue 34% YoverY and 2% sequentially to $187m, right within Co.'s expectation range coming into qtr. 1. This is primarily organically driven growth as this is "1Q" in some time where Co. hasn't received a significant YoverY benefit from acquisition-related revenue. 2. Pleased to see this level of YoverY growth coming off of such a strong seasonally strong 4Q07, where Co. grew revenue 14% or $22m sequentially. 3. Saw robust YoverY growth across all key verticals giving Co. comfort that even in an uncertain macro-economic environment, growth drivers for business are still solid. 3. International sales represented 25% of total revenue, up two points from 4Q07 levels. 4. Resellers represented 16% of total revenue consistent with prior qtr. 1. No customer accounted for 10% or more of revenue. 2. Customers 1. Consolidated ARPU (avg. revenue per customer) was $23,200; up 21% YoverY as Co. continues to focus on building deeper and broader relationships with enterprise class customers. 2. As mentioned in 4Q07, avg. customer spends almost $300,000 per year with Co. and has over 100 customers who spend more than $1m per year with it. 1. Added 27 net new customers in 1Q08, bringing total customer count to 2,672. 2. As Co. saw in 4Q07, this is a lower number of net add than it generated throughout the past few years. 3. Gross adds, brand-new customers to AKAM have remained at about 140 per qtr. and ARPU of new customer adds are well above avg. revenue of customer churn. 4. Churn was just over 4%, driven mostly by smaller customers and a bit higher than recent run rates, due to some residual churn from last year's acquisition. 3. Key Financials: 1. GAAP gross profit margin, which includes depreciation and stock-based compensation was 72%, down about 0.5 point from 4Q07 and about three points from 1Q07. 2. Cash GM was 81%, down about [0.3] from 4Q07 and two points from 1Q07. 1. As said last qtr., expected that GM declines would begin to moderate this year. 1. Pleased with margin performance in 1Q08. 2. One very positive contributor is the success Co. had leveraging its scale to take costs as a network. 2. Continues to capture value for differentiated services and add new functionality that improved overall profitability. 3. GAAP OpEx was $82.1m, down slightly from 4Q07. 1. These GAAP numbers include depreciation, amortization of intangible assets, and stock-based compensation charges. 2. Excluding the aforementioned non-cash charges, OpEx was $65m, up $2.2m from the prior qtr. 3. Spent a little bit less than expected in 1Q08 with some of this due to timing of expenditures that Co. will now see in 2Q08, as it remains committed to investment plans for the year. 4. Adjusted EBITDA was $87.2m, roughly consistent with 4Q07 and up 48% from 1Q07. 5. Adjusted EBITDA margin of 47% was up five points over 1Q07, but down slightly from seasonally strong "4Q". 6. Total depreciation and amortization was $22.6m, up from $20.2m in 4Q07, these charges include: 1. $16.2m of network related depreciation. 2. $2.8m of G&A depreciation. 3. $3.6m of amortization of intangible assets. 7. Net interest income was $7.3m. 4. Earnings: 1. GAAP net income was $36.9m or $0.20 of earnings per diluted share. 1. GAAP net income includes: 1. Non-cash charges for stock compensation related to FAS 123(R). 2. Book tax charges at an effective annual rate of 40%. 2. Because of significant deferred tax assets, Co. is paying cash taxes at an annualized rate of only about 2%. 2. During 1Q08, stock-based compensation expense was $11.3m or $0.06 per share on a pre-tax basis. 3. Additional non-cash items in GAAP net income include: 1. $3.6m for amortization of intangible assets. 2. $23.2m non-cash tax charge. 4. Excluding the aforementioned non-cash items, normalized net income was $75.6m, 49% higher than normalized net income for 1Q07 and roughly consistent with 4Q07. 5. In 1Q08, earned $0.41 per diluted share on a normalized basis, 46% increase YoverY and consistent with 4Q07, but above Co.'s expectations coming into qtr., driven by solid GM performance and lower than expected OpEx. 6. Normalized weighted avg. diluted share count was 186.8m shares. 5. Balance Sheet: 1. Cash generation continues to be strong. 2. Cash from operations was $88m or 47% of revenue, up 66% vs. 1Q07. 3. At 1Q08-end, had $687m in cash, cash equivalents, and marketable securities on the balance sheet, this cash balance includes: 1. $280m of AAA rated federally insured student loan auction rate securities. 2. Believes that the underlying value of these securities is sound, but as many companies have experienced and most of investors have seen, auction mechanism that provides a secondary market for these bonds continues to fail. 4. As part of Co.'s adoption of FAS 157, which lays out a methodology for valuing financial instruments, which do not have an active secondary market. 1. Took a temporary unrealized loss on these investments of $16m or about 5% of the par value of the securities. 2. Operationally, does not believe the …