Revenue Model: 3 Revenue Streams Mispricing Factor Comments - 25% -27% of annual revenue. 1 Base Subscription Fee - Paid by both retailers and suppliers. - The exact amount depends on the number of connected trading partners. - ~68% of annual revenue. - Paid by both retailers and suppliers. 2 Usage Fees - Usage fees are charged per transaction and end up ~50 basis points of GMV. Subscription fees + usage fees end up ~75 basis points of GMV => very affordable. 3 Set-Up and - 5% - 7% of annual revenue. Implementation Fees - One-time in nature. Multiple factors contribute to CHUB’s mispricing Caro-Kann Capital LLC 21