CHUB: What We Like (1) What We Like Importance Comments Growth runway is likely to be 5 – 10 years if 1 Long Growth Runway not longer driven by secular e-commerce growth, increasing penetration of dropshipping, and new customer sign ups. 2 Strong Moat Strong moat based on powerful network effect (~50 suppliers and ~10,000 suppliers). 3 SaaS Company at Non-SaaS CHUB trades at 10x – 15x discount (not a Valuation typo!) to SaaS companies with similar growth profiles. Excellent Product with CommerceHubprovides retailers and 4 Compelling Customer suppliers with mission critical software at a Value Proposition / reasonable price that allows seamless Product integration and interactions that enable dropship. Caro-Kann Capital LLC 7