Dropshipping Businesses 2020 Valuation: Important Notes • Exit multiple of EBITDA minus Capitalized Software minus SBC of 16x is justified for many reasons. (1) We expect that even after 2020 CHUB will have a long growth runway. (2) By 2020 CHUB’s competitive position will be even stronger. (3) This is the multiple after SBC and the implied multiple of Adjusted EBITDA (before SBC) which sellside always uses would be ~13.25x. Caro-Kann Capital LLC 67