Growth Driver #3: Signing Up Additional Retailers and Suppliers • CommerceHubcurrently serves ~50 retailers • Plan is to focus on top 500 retailers in the U.S. as they represent ~90% of e- commerce • We believe that current 50 retailers are among the largest players in the industry • Thus, as CHUB signs up more retail customers, revenue per retailer is likely to decline holding penetration level constant Caro-Kann Capital LLC 27