Brands Initiative’s Impact on Revenue Growth • Brands Initiative generates ~$9.5M to $10M of revenue which is similar to what Mercent was generating at the time of the acquisition. • Dropshipping business is growing 17% - 18% y-o-y. • But consolidated revenue is growing “only” 11% because of Brands Initiative impact. • Observers are likely not understanding Brands Initiative’s impact on financials and may be extrapolating lower consolidated revenue growth rates on dropshipping business growth rate. Caro-Kann Capital LLC 53