Brands Initiative Valuation • We are assuming $30M in losses over 2017 – 2019. • This is despite current losses of less than $10M / year and management aspirational goals to get to breakeven or above in late 2018 or early 2019. CommerceHub Brands Initiative Valuation, ths USD Brands Initiative Losses (notional, not discounted) before Shutdown ($30,000) Value per Share, $ ($0.63) • We want to emphasize that we do NOT think that Brands Initiative has a negative value. We are using the negative value above as a thought experiment to show that CHUB is still a great investment despite this draconian approach. Caro-Kann Capital LLC 69