CommerceHubValuation: Putting It All Together • We believe that 15%+ IRR is achievable through 2020. • We also believe that 2020 will not be the end of CHUB story. • Finally, we are assigning a small negative value per share to Brands Initiative while in reality we believe it would evolve into a successful, valuable business. CommerceHub Valuation Dropshipping business value per share in 2020, $ $29.64 Brands Initiative value per share, $ ($0.63) CHUB Valuation $29.01 $17.00 Upside, % 70.6% IRR (holding through 2020/12/31), % 16.2% Caro-Kann Capital LLC 70