CHUB: What We Like (2) What We Like Importance Comments ~80% gross margin and ~40%+ EBITDA 5 Excellent Margins (after SBC) margin in core dropshipping business. nd CHUB is developing the 2 business (Brands 6 Upside Optionality Initiative) which is currently small (~$10M in revenue) and losing money. But it has tremendous potential. Founder Frank Poore returned to the company 7 CEO-Founder Is at the Helm & few years before the spinoff. Shortly before Incentives Are Aligned the spinoff CEO received an option grant which would make them a 5% shareholder (less under the Treasury method). Ultra Low Customer 10% of revenue is spent on Sales & 8 Acquisition Costs Marketing vs. 30%+ typical for SaaS companies. Caro-Kann Capital LLC 8