Dropshipping Financials: Important Notes • This is an art, not science, mixed with intelligent guesswork. • Disclosure is very limited and we have to do this guesswork. • None of these numbers may ever show up in CHUB’s financials due to the way CHUB is reporting. • We have stated our assumptions (in blue, highlighted in yellow) clearly. We welcome you to use own assumptions. • In 3Q 2016 CHUB changed its accounting policies related to capitalization of software development. We intentionally did not incorporate the impact of such changes so that we have comparability to prior periods. Caro-Kann Capital LLC 64