CommerceHub: Growth Outlook: Putting It All Together • We think that CHUB can grow its dropshipping revenue by 13% to 18% per annum for many years. We are not modelling CHUB’s international expansion. CommerceHub Projected Growth Drivers, % 40.0% 35.0% 30.0% 25.0% 20.0% 18.0% 2.0% 15.0% 13.0% 2.0% 1.0% 10.0% 1.0% 14.0% 5.0% 11.0% 0.0% Min Max E-commerce growth, % Increasing wallet share of dropshipping, % New clients Caro-Kann Capital LLC 30