Supplier Churn Supplier churn is significant but it is what benefits CommerceHub • Suppliers do not leave CommerceHub on their own will. • However, if a retailer terminates a supplier (e.g., SKUs do not generate enough sales), such supplier would stop being CHUB’s customer. ➢ Higher churn than among retailers. • However, such “supplier turnover” allows CommerceHub to deliver its unique value proposition: to remove onboarding burden and hassle from retailer’ shoulders. ➢ Supplier churn benefits CommerceHub! Caro-Kann Capital LLC 36