Why Does This Opportunity Exist? Mispricing Factor Importance Comments CHUB was spun off from Liberty 1 Recent Spin-Off Ventures, one of Dr. Malone’s entities in July 2016. Arcane accounting rules overstated Complicated Accounting “true” level of stock-based 2 for Stock-Based compensation prior to the spin off. Compensation Historical “economic” SBC is “overstated” by ~$25M - $30M. Second Start-Up Business A new business (Brands Initiative) is 3 Masks How Strong the masking true revenue growth rate and Core Business Is margin profile of CHUB’s core dropshipping business. Multiple factors contribute to CHUB’s mispricing Caro-Kann Capital LLC 9