E- -CHING! YEAR

E-COMMERCE’S KA-CHING! YEAR

Year-End 2020 Review

EXECUTIVE SUMMARY

Marketplace & E-commerce Sector Wrap-Up

2

» 2020 will be remembered as an historic inflection point in the growth of e-commerce and marketplace adoption globally‒ 16.5% worldwide e-commerce growth with a projected 15% CAGR through 2024 in the US alone

» The combination of public e-commerce and marketplace companies grew 68%+ throughout the year and saw a combined market cap appreciation of $1.3 Trillion in value – stunning value creation

» 5 landmark IPOs throughout the year including Poshmark, AirBnB, DoorDash, Wish, The Hut Group; and several SPACs including Vroom, Shift and CarLotz (and more to come in 2021)

‒ IPOs expected in 2021 include Instacart, ThreadUp, and Deliveroo

» 39 M&A significant transactions across the market segment including:

‒ A number of notable transactions around the food delivery market such as Nestle’s acquisition of Freshly for $1.5Bn and Just Eat’sacquisition of GrubHub for $7.5Bn

‒ Viagogo’s acquisition of StubHub for $4.0Bn

» Some excellent reports covering all aspects of trends in e-commerce in 2020 that we enjoyed and highlight in this report including:

‒ Shopify’s “The Future of Ecommerce Report 2021” 1, which highlights several trends in the future or e-commerce such as:• The importance of customer retention tactics as a customer acquisition costs spoke• The challenge of brand building amidst a marketplace-dominated environment

‒ Catalyst/Kantar’s “The State of Ecommerce 2021” 2, which drills down into the developing and changing customer journey:• 66% of all pre-shopping touchpoints are now online, but spread over several channels including search, email, and social media

‒ Oliver Wyman’s “Are You Ready for E-Commerce Acceleration?” 3 which touched on numerous elements of change impacting the retail world

• The critical role that supply chain design plays in winning customer satisfaction and the importance of alternative and multiplefulfillment options

» Our sector spotlight focuses on the outdoors – the great outdoors which we have all embraced as we navigate through the pandemic

‒ Outdoor retailers, brands and online e-commerce companies saw significant growth – public companies have seen 99%+ growth

‒ 63% increase in bike sales; 51% increase in golf equipment; even birdwatching saw a 22% growth (a new outdoor activity in urban markets)

‒ The RV market saw huge growth and consolidation as well – GCA client RVshare successfully raised expansion capital from KKR in Q4

‒ And there has been $1.5BN of transaction activity in this segment of the market alone

1) Shopify, The Future of Ecommerce Report 2021. www.shopify.com/enterprise/the-future-of-ecommerce.2) Catalyst, Kantar, The State of Ecommerce 2021. www.catalystdigital.com/wp-content/uploads/The-State-of-eCommerce-2021.pdf.3) Oliver Wyman, Are You Ready for E-Commerce Acceleration?. www.oliverwyman.com/our-expertise/insights/2020/sep/are-you-ready-for-e-commerce-acceleration.html.

3

I. GCA OVERVIEW

II. MARKETPLACE & E-COMMERCE MARKET TRENDS & INSIGHTS

III. PUBLIC MARKETS

IV. M&A AND FINANCINGS

V. PUBLIC COMPS BACKUP

[email protected]

Sam Fuller

[email protected]

Thomas Egli

[email protected]

Tobias Schultheiss

GCA OVERVIEW

Leading Global Investment Bank Providing Strategic M&A and Capital Markets Advisory Services

4

[email protected] [email protected] [email protected]@GCAGlobal.com

John Lambros Josh Wepman Rupert Sadler Alex Grünwald

Full-Suite of M&A and Capital Market Advisory Services

Leading Franchise in Marketplaces and E-commerce

~60%TRANSACTIONS HAVE

TECH COMPONENT

~35%BUY-SIDE

TRANSACTIONS

~80%REPEAT OR

REFERRED CLIENTS

~50%CROSS-BORDER

TRANSACTIONS

~50%FINANCIAL SPONSOR

TRANSACTIONS

100+DEBT TRANSACTIONS

IN LAST 3 YEARS

~65%SELL-SIDE

TRANSACTIONS

500+TOTAL TRANSACTIONS

IN LAST 3 YEARS

Highly Active in All Key Disruptive Areas of the Technology Market

Digital Media

» Marketplaces» E-commerce» Digital Content & IP» Marketing / Advertising

Technology» Music, Video & Social» Gaming

Software

» Vertical Application» Commerce & Retail

Technology» Data & Analytics» Asset Maintenance &

Repair » Infrastructure

Tech-Enabled Services

» Marketing Services» Information Services» Professional Services» IT Services» Customer Care & Claims

Services

58DEALS LAST 3 YEARS



Global Marketplace & E-commerce Sector Team

Managing Director; President, GCA US

Managing Director Managing DirectorManaging Director;

Member of Executive Management Europe

Managing Director Managing Director Managing Director

London ZürichFrankfurtNew York New York New York Zürich

GCA OVERVIEW

Leading Global Investment Bank

5

ZURICH

MILAN

FRANKFURT

MUNICH

TEL AVIV

LONDON

BIRMINGHAM

MUMBAI

SHANGHAI

SINGAPORE

TOKYO

NEW DELHI

NAGOYA

HO CHI MINH CITY

TAIPEI

PARISLEEDS

FUKUOKA

NEW YORK

SAN FRANCISCO

Sector expertise: Expansive coverage

and deep specialization

Exceptional cross-border capabilities:

Half of all transactions

Global platform:25 offices in key markets across

America, Asia and Europe

Broad spectrum of clients:

Leading

conglomerates, top

private equity firms and emerging high-

growth companies

Experienced team: Over 500 employees

across the globe

Strong reputation and track record: High number of

repeat clients and referrals

Diversified business model:

Geographically balanced, synergistic

and complementary focus areas

KYOTO

OSAKA

MANCHESTER

LAUSANNE

STOCKHOLM

San Francisco | New York | Birmingham | Frankfurt | Fukuoka | Ho Chi Minh City | Kyoto | Lausanne | Leeds | London | Manchester | Milan | Mumbai | Munich | Nagoya | New Delhi | Osaka | Paris | Shanghai | Singapore | Stockhom | Taipei | Tel Aviv | Tokyo | Zurich

Insurance marketplace

Online classifieds

Online B2B classifieds

Online auction marketplace technology

Online job classifieds

Online career portal

Watch marketplace

Online education portal

Online real estate classifieds

Stock photo marketplace

Online RV rental marketplace

GCA OVERVIEW

Experience in Marketplace and E-commerce

6

Marketplace E-commerce

Online mobile & fashion retail

Kitchen & home hub

Online grocery

Online bike retail

Online board sports retail

Online bikeretail

Online sportfashion retail

Online HQ pictures

Online fashion retail

Online pet retail

Online retail cashback enabler

Online furniture & home décor retail

Online visual design marketplace

GCA OVERVIEW

Global Experience in Consumer

7

GCA OVERVIEW

8

Case Study: RVshare Investment Led by KKR (NYSE: KKR)

GCA acted as exclusive financial advisor to RVshare, the leading P2P RV rental marketplace, on its $100MM+ investment led by KKR

TRANSACTION DATE

October 2020

INDUSTRY

Digital Marketplace, Travel,

Consumer, Digital Media

Background

» RVshare is the first and largest peer-to-peer RV rental

marketplace. With more than 100,000 vehicles

available, RVshare's diverse inventory ranges from

affordable travel trailers to luxury motorhomes and

can accommodate any outdoor adventure, whether

it's a weekend of camping or a cross-country tour of

national parks

» Since the company’s founding in 2013, RVshare has

successfully built a leading position in the emerging

market of RV rentals, amassing more than two million

days booked on its platform

» KKR (NYSE: KKR) made its investment through its Next

Generation Technology Growth Fund II, a global fund

dedicated to growth equity investments in the

technology space; Tritium Partners, an existing

investor in RVshare, also participated in the round

Transaction Summary

» On October 21, 2020, RVshare announced an $100MM+

financing round led by KKR

» RVshare plans to use this new capital infusion to invest in future

growth and provide the best experience for owners and

renters, advancing the company’s mission of expanding the

definition of travel

» GCA assisted RVshare and Tritium Partners in effectively

navigating the COVID-19 market environment by leveraging

strong business momentum and recent brand recognition

» GCA also provided execution support throughout what was an

all virtual process, including (i) identifying potential buyers and

leading outreach, (ii) preparing marketing materials, (iii)

negotiating valuation and key terms and (iv) advising on

definitive agreement matters

» GCA acted as exclusive financial advisor to RVshare in

connection with the transaction

GCA OVERVIEW

9

Case Study: Royal Design Group Sold to Egmont

GCA acted as exclusive financial advisor to the shareholders of Royal Design Group, the Nordic design and home furnishings e-commerce leader, on its sale to Danish group Egmont.

TRANSACTION DATE

December 2020

INDUSTRY

E-commerce, Consumer,

Retail, Leisure

Background

» Royal Design Group is a Sweden-based interior design

e-commerce business and holds a leading market

position within home and interior products in the

Nordics and select European markets, operating

under the brands RoyalDesign and Rum21

» Over the past couple of years, the company has

invested substantially in building scalable systems and

infrastructure to create a platform for continued

growth and expects to reach a turnover of almost SEK

1Bn in 2020

» The company has successfully expanded to other

geographies, with presence in 13 markets today

across Europe, Asia, Australia and the US

Transaction Summary

» GCA acted as sole financial advisor to the Sellers and Royal

Design over the course of the deal, assisting them in a very

swift and competitive process, signing the deal with the buyer

in a short period of time after the project kicking off

» Private equity firms Verdane, which has been majority owner

since 2017, and eEquity, co-owner since 2012, now hand over

the ownership responsibility to Egmont, with Egmont

Publishing acquiring all existing shares of Royal Design Group

» The purchase considerably deepens Egmont’s position in the

Nordic e-commerce market and marks a substantial investment

for the Egmont Publishing division, which first started investing

in e-commerce seven years ago

» The parties have agreed not to disclose the terms of the

transaction

10

I. GCA OVERVIEW


III. PUBLIC MARKETS



MARKETPLACE & E-COMMERCE: MARKET TRENDS & INSIGHTS

E-commerce Growth has Surged Across the Globe

11Sources: Shopify, The Future of Ecommerce Report 2021, eMarketer.

18.1%North

America

16.9%Western Europe

21.5%Central & Eastern Europe

15.5%Asia Pacific19.8%

Middle East & Africa

19.4%Latin

America

16.5%Worldwide E-commerce

Growth 2020

1

-50%

0%

50%

100%

150%

200%

Jan. Mar. May. Jul. Oct. Dec.


2020 Will Be Remembered an Historical Inflection Point for E-commerce and Marketplace Acceleration

12

…As Penetration of % Retail Sales Accelerates 2U.S. E-commerce on a 15% CAGR thru 2024… 1

While Amazon and Walmart Grow Consumer Retail Spend… 3 …The Market Has Embraced Digital Retail 4

6% 7% 8% 9% 10% 11%12%

13%14%

16%

33%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020Q1 ‘20

10 years of growth in 3 months

Notes:1) eMarketer, October 2020.2) Bank of America, U.S. Department of Commerce, ShawSpring Research, Forrester

Analytics, McKinsey Retail Practice.

3) PYMNTS.com.4) S&P Capital IQ as of 12/30/20. Stock indices as listed on page 17.

Marketplace

S&P 500E-commerce

2.2%3.0%

3.9%4.6%

5.8%

6.8%

9.1% 9.2% 9.3% 9.0% 9.0% 8.9%

2014 2015 2016 2017 2018 2019

Amazon Share of Consumer Retail Spend

Walmart Share of Consumer Retail Spend 182%

145%

15%

$524$600

$795$843

$953

$1,073

$1,205

14% 15%

32%

6%

13% 13% 12%

2018 2019 2020 2021 2022 2023 2024

E-commerce Sales ($Bn)

YoY Growth

2

-60%

-50%

-40%

-30%

-20%

-10%

0%

10%

20%

January March May July October December


Traditional Retail Saw Some Respite in 2H2020 as Holiday Shopping Came Early

13

Sep-20

Aug-20

Aug-20

Aug-20

Jul-20

Jul-20

Jul-20

Jul-20

Jun-20

May-20

May-20

May-20

May-20

May-20

May-20

Apr-20

Apr-20

» E-commerce growth in the US was 30%+, reaching a level not

previously forecasted to achieve until 2022

» The top 10 “etailers” all increased their e-commerce sales by

over 25% and now account for ~63% of all online sales,

compared to ~58% in 2019

» However, more impressively, according to Shopify research –

84% of consumers have shopped online during the pandemic

– which will create lasting impacts and fundamentally change

how people shop

It’s Been A Roller Coaster Ride for Retail 1

Mar-20

Jul-20

Notes:Sources: eMarketer, U.S. Department of Commerce, Wall Street Research.1) Composition of Costco, Bed Bath & Beyond, Dick’s, Kohl’s, Nordstrom, Macy’s, Target, Walmart, and Williams-Sonoma.

E-commerce Dramatically Outpaces Retail Spending... …As 30+ Retailers Filed for Bankruptcy in 2020

Dec-20

Nov-20

12%

3

3/27: CARES Act signed into law; -47%

11/9: Pfizer announces early vaccine data; -2%

2/14: First U.S. death from COVID; -4%


With the E-commerce Surge, Multiple Themes and Additional Challenges Emerge for All Retailers

14

Shopify’s Key 2020 E-commerce Themes 1 Brand Building in a Marketplace Mindset

1E-commerce Boom Fuels Record Online CompetitionDTC brands prioritize omnichannel experience to win new customers

2New Consumer Behaviors will Reshape Future of RetailBrands build creative new digital experiences to unlock the future of retail

3Fulfillment Emerges as Competitive DifferentiatorConsumers gravitate to brands offering fast, free, sustainable shipping

4Brand Building Challenged by Marketplace DominanceNew search and purchasing habits cause brands to personalize with a human touch

5Retention Becomes a Top Priority as Acquisition Costs SpikeBrands experiment with new channels as digital advertising uncertainty rises

Need to Focus on Retention to Offset High Acquisition Costs

Source:1) Shopify, The Future of Ecommerce Report 2021. www.shopify.com/enterprise/the-future-of-ecommerce

70% Of Amazon searches do not include a brand name

HOWEVER

40%Of all consumers wantproducts and brands that align with their

beliefs, and are willing to pay a premium

48%Are more willing to advocate for their

favorite brands due to the high-quality

products

38%Are more willing to advocate for their

favorite brands when they’ve received great

customer service

» Customer acquisition costs are increasing worldwide across channels, with rates on Facebook rebounding to pre-pandemic highs

» Globally, consumers and regulators are wary of big tech, prompting Google and Apple to consider making it harder to target ads across channels

» Historically, improving customer retention 5% increases profits by 25% to 95%

Customers who enroll in a loyalty program are 47% more likely to make a second purchase

Personalized email campaigns can drive 18 times more revenue, and 90% of text messages are opened and read within three minutes

4


The Customer Journey is Rapidly Evolving as Digital Becomes the Primary Shopping Resource

15

37%

28%

21% 20% 20%

13%

18% 17% 17%

Retailer Website/ App

Internet Search Email Ad Brand Website /App

Social Media Post/ Ad

Blog / OnlineForum

In-Store Offline Ad Recommendation

Online Purchasers’ Pre-Shop Touchpoints

66% Online

31% Offline

63%Of shoppers who visit

Amazon or Walmart.com visit

these sites for initial product research

37%Of all online buyers

visit retailer websites / apps prior to the

moment of purchase

66%Choose a retailer

based on convenience while only 47% choose a retailer based on

price / value

54%Of shoppers exposed

to advertising say that it helps remind them

of something they need or it prompts an

idea for something they want

59%Of online purchasers are aware of social

commerce

72%Of e-commerce

professionals use Facebook for digital marketing activities

Sources: Catalyst, Kantar, The State of Ecommerce 2021. https://www.catalystdigital.com/wp-content/uploads/The-State-of-eCommerce-2021.pdf.1) Digital Commerce, S&P Global.

5

>50%Year over year growth

of Amazon and Walmart’s

e-commerce businesses 1


The Supply Chain – and Importantly Fulfillment – Has Become Critical to the Customer Satisfaction Equation

16

Critical E-commerce Levers According to Oliver Wyman

Customer Proposition

What makes your e-commerce channel distinctive for customers?

» Customer engagement» Product and service

offering» Channel structuring

Supply Chain Design

How can you deliver against this customer promise?

» Demand forecasting» Supplier and inventory

management» Network and transport

logistics» Fulfillment operations» Last-mile delivery

Transformation Enablers

How can you rapidly execute to deliver change?

» Technology and advanced analytics

» Organizational effectiveness

» Innovation and continuous improvement

Alternative Fulfillment Options Provide Solutions for Inefficient Last Mile Cost Structures

Click-and-collect

Curbside Pickup

Locker Collection

Buy Online, Pick Up in Store

✓ Decrease pressure on delivery networks

✓ Deliver stable service for customers otherwise worried during crises

✓ Eliminate costs associated with small order sizes, inefficient routing

✓ Provide customers predictability, optionality, and convenience

Source: Oliver Wyman, Are You Ready for E-Commerce Acceleration?. www.oliverwyman.com/our-expertise/insights/2020/sep/are-you-ready-for-e-commerce-acceleration.html.1) Capital IQ as of 12/30/20 as compared to Costco, Bed Bath & Beyond, Dick’s, Kohl’s, Nordstrom, Macy’s, and Williams-Sonoma..

Retail Fulfillment Leaders

6

+12%2020 stock performance versus other public retail companies 1

-50%

0%

50%

100%

150%

200%

January February March April May June July August September October November December


Marketplace and E-commerce Companies Continued to See Growth and Value Expansion Throughout the Year

17Source: Capital IQ as of 12/30/20.

Marketplace

182%

145%

15%

145% 182%2020 Share Price Performance

E-commerce

E-commerce & Marketplace Companies Have Significantly Outperformed the S&P 500 in 2020

Marketplace S&P 500E-commerce

-

$30

$60

$90

$120

$150

$180

$210

-

15MM

30MM

45MM

60MM

75MM

90MM

12/10/20 12/20/20 12/30/20 1/9/21 1/19/21


Marketplace Case Study Spotlight: AirBnB’s IPO and the Future of Vacationing

18Sources: Euromonitor, Wayfair Q2 ‘20 Investor Presentation, Wall Street Research. Stock data as of 1/20/21.1) Index comprised of: Hilton Worldwide Holdings, Host Hotels & Resorts, Hyatt Hotels, InterContinental Hotels Group, Marriott International, and Red Lion Hotels.

» Shares of Airbnb popped 110%+ on its opening trading day as shares were originally priced at $68 and opened trading at $146 (closed at ~$144)

Airbnb’s market cap was over $85Bn on its first day of trading, surpassing travel giant Booking and competitor Expedia as well as massive

hotel chains such as Marriott and Hilton

» The future of hotel travel in a pandemic or post-pandemic world has forever changed as vacation home rentals are not just mainstream, but

provide both a safer alternative and an expanded vacation experience – many more people have discovered this in 2020

» In the work-from-home as new-normal environment, vacation home rental demand has increased and renters are renting for longer periods of

time

» Traditional hotels and resorts have struggled during 2020, with major hotel brands index value trading down 14% in 2020 1

» Airbnb’s scale v. competitors could provide significant advantages as some industry forecasts don’t expect hotel demand to fully return until 2023

Airbnb already has the largest platform for room listings of its many competitors, including significant size advantages over more traditional

hotel room providers

Shares open trading at $146

Raises $3.5Bn in IPO priced at $68.00/share

Analyst Coverage and Key StatsAirbnb Stock Performance since IPO

Mkt. Cap $96.0Bn

EV / LTM Rev 29.9x

Shares now trade above $160

We see Airbnb (ABNB) as an attractive business with strong tailwinds from consumer behavior changes toward alternative accommodations

“

“

Category creator and leader, driving substitution effect in lodging… Only valuation holds us back from a more constructive view

“

“

4 MM+ 220 ~100,000Hosts Countries Cities

5.6 MM 825 MM+Active Listings Total Guest Arrivals


Sector Spotlight: The Return to the Great Outdoors

19Source: S&P Capital IQ as of 12/30/2020.

Sports and Outdoors Companies Have Seen a Big Uptick In Growth During 2020

Continued Shift in Consumer Spending Away from Legacy Entertainment to Outdoor Activities

99%

Outdoor Retailers S&P 500

OUTDOOR BRANDS

66% 2020 Share Price Performance

OUTDOOR RETAILERS

99% 2020 Share Price Performance

+63%CYCLING

YoY Sales Increase

+56%PADDLE SPORTS

YoY Sales Increase

+51%GOLFING

YoY Sales Increase

+31%CAMPING

YoY Sales Increase

+22%BIRD WATCHING

YoY Sales Increase

15%

66%

Outdoor Brands

-80%

-60%

-40%

-20%

0%

20%

40%

60%

80%

100%

120%

January February March April May June July August September October NovemberDecember

MARKETPLACE & E-COMMERCE: MARKET TRENDS & INSIGHTSThe Great Outdoors Revival: Significant Activity & Consolidation Across the Sector

20Source: S&P Capital IQ, Pitchbook.

Heavy-duty Footwear

1/20

Baseball Equipment

3/9

Bicycle Manufacturer

4/28

Outdoor Audio

4/21

Firearms Accessories

5/22

Sporting Goods Retailer

6/1

Athletic Apparel

7/14

Technical Outerwear

8/20

Ammunition Manufacturing

9/28

(Select Assets)

RV Dealerships

11/12

Archery Products

3/6

Outdoor Gear

4/14

Boating Manufacturer

4/23

RV Dealerships

5/19

Fishing Bait Manufacturer

5/27

RV Dealerships

6/30

Fishing DTC

7/28

Footwear Accessories

9/22

RV Marketplace

10/21

Hunting Brands

11/16

» Like many segments of the economy, March-May 2020 was a challenging time as outdoor manufacturers faced severe downturns in demand

leading to immediate lower cash positions throughout this period of shelter-in-place

» As the initial phase of lockdowns were lifted and Spring became Summer, a surge of renewed interest in outdoors and recreation activities

followed

» Consumer dollars followed too, with bicycle sales reaching $697MM, golf equipment sales reaching $661MM, and camping sales reaching

$605MM during this period

» Furthermore, over $1.5Bn in total transaction value underscored the strategic activity across outdoor recreation in 2020

Selected 2020 Outdoor Recreation M&A and Financing Activity


Selected 2020 M&A and Financing Activity

21

Ann. Date

Acquirer TargetEnterprise

Value

10/30 $1,500

10/13 NA

9/29 $420

9/8 $425

8/3 $252

6/10 $7,521

5/28 $280

5/13 $190

3/25 $120

2/24 $7,100

2/13 $4,050

Ann. Date

Investor Target Amount

11/12 $275

10/28 $100

10/21 $100+

10/8 $200

9/23 $100

9/11 $85

9/10 $33

8/13 $350

7/1 $453

4/29 $128

3/10 $60

Financings ($MM)M&A Transactions ($MM)

Sources: Capital IQ, Pitchbook, company press releases.

MARKETPLACE & E-COMMERCE MARKET SUMMARY

Top 10 Leaders in Private Funding Raised-to-Date

22

Notes:Represents U.S. companies.Sources: Pitchbook, LinkedIn, Company Websites.1) Includes debt and equity financing.

Company Headquarters Founded Amt. Raised ($MM)(1) Company Description

San Francisco, CA 2014 $4,395Operator of an online real estate marketplace intended to simplify home buying and selling

San Francisco, CA 2012 $2,270Provider of an on-demand goods delivery application designed to order groceries from local stores

Jacksonville, FL 1995 $1,970Operator of the e-commerce business for all major professional sports leagues, major media brands and collegiate and professional team properties

Bellevue, WA 2011 $834Operator of an online shopping platform designed to offer a simple way to buy and sell locally

Philadelphia, PA 2013 $758Provider of on-demand delivery services intended to offer convenience items

McLean, VA 1999 $702Provider of meetings and events technology that offers a marketplace that connects venues with professionals

Palo Alto, CA 2009 $664 Operator of an online home furnishing marketplace

San Carlos, CA 2012 $646Operator of an online lending marketplace intended to offer personal loans

San Francisco, CA 2009 $612Provider of a peer-to-peer, car-sharing marketplace intended to serve cities across the US and Europe

Detroit, MI 2015 $565Provider of an online marketplace designed to trade high-demand and limited-edition sneakers

Investor Type Investor Logos

Accelerators / Seed

Venture Capital /Private Equity

Corporate Investors

Alternative Investors


Selected Active Investors

23Sources: Capital IQ, Pitchbook, Wall Street Research.


Most Active Deal Makers

24Notes:Represents investments since 2010 in North America and Europe with the exception of Walmart’s acquisition of Flipkart.Sources: Capital IQ, Pitchbook, Wall Street Research.

Company Headquarters Number of Deals Selected Investments & M&A

San Jose, CA 15

Tokyo, Japan 12

Shirebrook, United Kingdom 10

Seattle, WA 10

Unterföhring, Germany 10

Hangzhou, China 9

Cape Town, South Africa 9

Northwich, United Kingdom 9

Chicago, IL 7

Bentonville, AR 7

25

I. GCA OVERVIEW


III. PUBLIC MARKETS




Valuation Overview

26

Forward multiples continue to be strong as investors remain enthusiastic about marketplace ande-commerce companies

Marketplace

1

Revenue CAGR ‘20-’22 30.1%

EV / ’21 Revenue 9.7x

EV / ’21 EBITDA 22.1x

’21 EBITDA margin 8.6%

E-commerce

2

Revenue CAGR ‘20-’22 20.3%

EV / ’21 Revenue 2.5x

EV / ’21 EBITDA 22.9x

’21 EBITDA margin 7.4%

Source: Capital IQ as of 2/5/21.


Public Offerings Coming Soon

Company StatusCapital Raised

to DateLatest

ValuationDescription

Confidentially filed; targeting

early 2021 IPO 1$1.7Bn $7.0Bn

Provider of an online food delivery platform intended to help in ordering restaurant meals. The company's platform optimizes food ordering and

delivery by integrating web and mobile consumers with restaurant tablet-based point-of-sale order management terminals, enabling customers to order food across restaurants and get them delivered at their doorstep.

In discussion with banks; potential H1 2021 IPO 1

$2.5Bn $17.7Bn

Operator of an on-demand goods delivery application that facilitates the delivery of essential goods to busy people and families. The company offers full-service and in-store shopper services through a network of

independent shoppers with same-day delivery and pickup service of fresh groceries and everyday essentials.

Confidentially filed; targeting

early 2021 IPO 2$337.8MM $670.0MM

Developer of an online clothing retail platform offering thrift shopping online while making it mainstream. The company's marketplace allows

swapping of old clothes for new ones and selling and buying of secondhand clothes, enabling customers and fashion enthusiasts to trade

and shop at discounted rates.

Notes:1) The Guardian, January 2021.2) MarketWatch, September 2020.

3) Bloomberg, October 2020. 27

28

I. GCA OVERVIEW


III. PUBLIC MARKETS



M&A AND FINANCINGS

Precedent M&A Transactions

29

($MM)

Announced Enterprise EV / Revenue EV / EBITDA

Date Acquirer Target Value (EV) LTM NTM LTM NTM Target Description


12/17/20 NA NA NA NA NAOperates an online rental classifieds service, at www.avail.co, for do-it-yourself landlords

and tenants

12/2/20 NA NA NA NA NAOperator of a shipping payment e-commerce network intended to connect retailers with

consumers

11/23/20 $277 1.8 x 2.7 x NA NAProvider of food preparing and delivery services intended to offer a perfect balance of

nutrition and taste to enhance mind and body performance

10/30/20 $1,500 NA 4.2 x NA NAProvider of a weekly subscription service intended to offer fresh, chef-cooked meals that

can be heated and served directly to customers' doors

10/13/20Broadband Capital

Investments $70 NA NA NA NA Provider of online retail platform intended to sell indoor and outdoor gardening products

10/5/20 NA NA NA NA NA99designs is an operator of a global creative platform intended to connect designers and

businesses

10/2/20 $300 0.5 x NA NA NA Operator of an online retail platform selling food and grocery products

9/29/20 NA NA NA NA NAProvider of an online marketplace for bikes intended to help make extra cash by sharing the

vehicle

9/23/20 NA NA NA NA NA Operator of a website intended to provide dog food and accessories

9/8/20 NA NA NA NA NA Developer of an e-commerce platform designed for auto part industry

9/1/20 NA NA NA NA NAOperator of an e-commerce platform for high-design furniture and accessories for the office

and home

8/3/20 $210 NA NA NA NA Provider of an online shopping platform designed to sell household appliances

7/27/20 NA NA NA NA NADeveloper of a direct-to-consumer software system that connects breweries and consumers

through a mobile marketplace

10/13/20 NA NA NA NA NA Operator of an online marketplace designed to retail shoes and related accessories

10/2/20 NA NA NA NA NADesigner and provider of an online shopping platform designed to offer ways to shop the

latest trends in menswear and women's wear

9/29/20 $420 NA NA NA NAOperator of a digital coupon marketplace, intended to offer a savings destination which

connects consumers with retailers, restaurants and brands, both online and in-store

9/23/20 NA NA NA NA NADirect-to-consumer contact lens retailer offering easy, convenient and hassle-free

replacement of contact lenses of the most popular brands at competitive prices

9/8/20 $425 NA NA NA NAOperator of an online marketplace intended to make wholesale automotive deals simple

and transparent

9/1/20 NA NA NA NA NAOperator and retailer of a personalized products online marketplace intended to aspire,

inspire, motivate

8/28/20 $250 NA NA NA NAProvider of online and catalog retail services intended to provide direct-to-consumer

service

M&A AND FINANCINGS

Precedent M&A Transactions (cont’d)

30

($MM)



8/24/20 $16 1.2 x NA NA NA An e-commerce brand in the health and personal wellness category

8/3/20 $252 NA NA NA NA Online retailer of gifting products

7/27/20 NA NA NA NA NADeveloper of a digital marketplace and platform intended to help in scheduling on-demand

pet care

6/29/20 $500 NA NA NA NADeveloper of an interactive gym designed to bring the essential components of a studio

workout at home

6/25/20 ConfidentialOperator of an online marketplace intended to provide high-quality stock media at a

fraction of the cost

6/23/20 NA NA NA NA NAProvider of an online shopping platform designed to offer a range of beauty and personal

care products, food products, household and kitchen products and stationery

6/17/20 NA NA NA NA NAOperator of an online clothing retail store that providing womens clothing and fashion

products

6/1/20 $7,521 5.6 x 4.7 x NM NM Provides an online takeout food platform for diners through over 50,000 restaurant partners

5/28/20 $280 8.1 x NA NA NA Provider of an online database for internet graphics

5/27/20 NA NA NA NA NA Retailer of nutritional supplements and fitness-related products

5/13/20 $190 3.3 x NA NA NAOperator of an online real estate marketplace that allows for the search, listing and

transacting of properties online

4/30/20 NA NA NA NA NAOperator of an online design marketplace intended to sell ready-to-use design content

from independent creators around the world

3/25/20 $120 NA NA NA NA Developer of a mobile platform designed to facilitate buying and selling of local goods

2/24/20 $525 2.5 x 2.4 x 37.2 x 25.8 xDeveloper of financial education and recommendation platform intended to offer free

credit scores and reports with monitoring

2/24/20 NA NA NA NA NA Operator of a real estate marketplace platform based in Seattle, Washington

2/13/20 NA NA NA NA NA Operator of an online marketplace for buying and selling highly valued items

2/13/20 $4,050 NA NA NA NADeveloper of ticketing software and solutions intended to bring the joy of live shows to

fans globally

2/11/20 $485 2.3 x NA NM NA Provider of online marketplace for connecting people seeking care services

1/27/20 NA NA NA NA NA Operator of an online store focused on selling indie and vintage-inspired women's clothing

10/31/19 NA NA NA NA NA Operator of an e-commerce website intended to offer apparel, shoes and accessories


M&A AND FINANCINGS


31

($MM)



10/15/19 NA NA NA NA NA Operator of an online platform intended to provide customizable products for weddings

10/10/19 $100 Confidential Provider of online photography services and photo products

8/29/19 $35 0.6 x NA NA NAOperator of an e-commerce website offering ergonomic home and office furniture

intended to create energizing spaces

8/21/19 $275 NA NA NA NA Provider of an online marketplace designed for new, used and vintage music gear

8/6/19 NA NA NA NA NAProvider of an online marketplace intended to offer a range of sports apparel and

accessories

8/2/19 $18 NA NA NA NA Retailer of engraved, monogrammed or custom-made gifts online

7/31/19 $140 NA NA NA NAManufacturer and retailer of intimate apparel intended to offer comfortable

undergarments for women

7/9/19 NA NA NA NA NAOperator of online retail hunting and outdoor apparel shop headquartered in Franklin,

Tennessee

6/10/19 $2,751 NA NA NA NAManufacturer and retailer of photo-based products and services for customers in the United

States through its portfolio of brands

6/10/19 NA NA NA NA NAProvider of online photo services enabling the users of film cameras, digital cameras and

camera phones to share, print and store their photos online

6/13/19 $160 NA NA NA NA Operator of an online marketplace intended to offer various deals on retail stores

5/21/19 NA NA NA NA NAProvider of an online marketplace designed for live auctions of collectibles, antiques and

fine art

5/1/19 NA NA NA NA NAOperator of an e-commerce platform designed to offer exclusive editions of artwork by

prominent contemporary artists

4/4/19 $750 1.9 x NA NA NAProvider of an online platform intended to help users feel good and inspire them to do

good as well

2/22/19 NA NA NA NA NAProvider of an online platform intended to offer a range of health, wellness and safety

products for infants, toddlers and parents

2/15/19 $6,368 10.3 x 9.4 x 23.1 x 17.9 xOperater of digital marketplaces specializing in the digital marketplaces and automotive

sectors

2/15/19 NA NA NA NA NA Provider of an online platform designed to sell wall art and decorative items

2/11/19 NA NA NA NA NAProvider of an online retail platform intended to offer food products especially frozen

meals

1/18/19 $5 0.1 x NA 2.4 x NAE-commerce destination for home furnishings, appliances, furniture, home goods and

related products

1/16/19 NA NA NA NA NAProvider of an online interior designing marketplace designed to exhibit and sell

furnishings and home decors


M&A AND FINANCINGS


32

($MM)



1/4/19 $250 NA NA NA NAProvider of an online e-commerce marketplace created to sell premium sneakers and

streetwear content

Summary Statistics

Mean 3.3x 5.5x 20.9x 21.9x

Median 2.3x 4.7x 23.1x 21.9x


M&A AND FINANCINGS

Precedent Financings

33

($MM)

Announced Amount Total Enterprise

Date Investor Target Invested Raised Value (EV) Target Description

12/22/20 $100 $145 $175Operator of an online marketplace designed to offer access to the global network of fully finished

apartments

12/15/20 $40 $40 NA Developer of an online platform for boutique products based in Lehi, Utah

12/15/20 $34 $38 NAProvider of an online marketplace created to offer healthcare practice loans and commercial real estate

mortgages

11/13/20 $72 $273 NA Operator of a learning platform intended to connect students all over the world to the best instructors

11/12/20 $275 $565 $2,800 Provider of an online marketplace designed to trade high-demand and limited edition sneakers

11/9/20 $250 $323 NAProvider of an online health and beauty marketplace designed to offers a robust catalog directly to

consumers

10/28/20 $100 $621 $750 Operator of an online renting platform intended to revolutionize the accessories and dressing industry

10/21/20 $100 $164 NA Provider of online peer-to-peer recreational vehicle rental services

10/8/20 $200 $2,470 $17,500Operator of an on-demand goods delivery application intended to facilitate the delivery of essential

goods to busy people and families

10/5/20 $200 $454 $4,000Developer of a digitized online mortgage lending platform designed to democratize the home-financing

ecosystem

10/5/20 $60 $166 $450Developer of an online food marketplace platform intended to deliver farm-fresh food to doors all across

the United States

9/23/20 $100 $290 $1,750 Provider of an online footwear marketplace intended to buy and sell sneakers online

9/17/20 $380 $1,280 $3,520 Operator of a learning platform intended to connect students all over the world to the best instructors

9/11/20 $85 $145 $635Developer of an online retail platform designed to provide consumers with well-designed, quality

clothing and accessories at an approachable price point

9/10/20 $33 $65 $108Operator of an online marketplace for home furniture and home decor items designed to help people to

buy and sell chic furnishings in an easy-to-use online marketplace

9/9/20 $12 $28 NA Provider of an online marketplace for trading used bicycles and cycling accessories

9/3/20 $40 $73 NAProvider of an online health and beauty marketplace designed to offers a robust catalog directly to

consumers

8/27/20 $39 $62 NA Operator of an e-commerce platform intended to sell secondhand luxury bags

8/17/20 $35 $84 $635 Operator of an online Chinese supermarket intended to offer authentic gourmet delicacies from Asia

8/13/20 $350 $1,970 $6,200 Operator of a multi-channel sports merchandise retailer


M&A AND FINANCINGS

Precedent Financings (cont’d)

34

($MM)



7/1/20 $453 $834 NA Operator of an online shopping platform designed to offer a simple way to buy and sell locally

6/30/20 $30 $274 $400Operator of an online shopping platform intended to offer wholesale club experience for modern

shoppers

5/14/20 $15 $73 $120 Operator of an e-commerce platform and offline stores intended to offer secondhand luxury handbags

4/29/20 $128 $290 $1,328 Provider of an online marketplace designed to trade high-demand and limited edition sneakers

3/10/20 $60 $150 $400Operator of an online marketplace intended to provide information on residential properties and rented

workspace

2/6/20 $30 $45 $95Operator of an online marketplace designed to offer access to the global network of fully finished

apartments

2/5/20 $17 $25 $38 Provider of an online retail platform designed to facilitate both offline and online shopping for customers

1/31/20 $100 $420 $775Developer of an e-commerce platform designed to change the way people discover and shop for designer

fashion

1/31/20 $17 $23 $67Developer of an online marketplace built on pioneering technology intended to connect today's dynamic

workforce with companies facing increasingly complex staffing requirements

1/30/20 $16 $74 $126Developer of an online flower delivery platform designed to connect farms and a curated network of

artisan florists directly to consumers

12/9/19 $10 $12 NA Developer of an online marketplace platform designed to offer products for home decoration

12/2/19 $40 $61 $440 Developer of an online shopping platform designed to help women rediscover fashion

11/18/19 $16 $26 $84 Operator of an online retail platform intended to sell meat and seafood products

11/6/19 $16 $27 $46 Provider of an online marketplace intended to offer and help users browse commercial spaces

10/2/19 $35 $49 $400 Operator of an online retail platform intended to provide professional clothing for women

9/1/19 $80 $89 $930Developer of a lifestyle membership platform designed to provide women with products from premium

and emerging brands

8/26/19 $100 $112 NA Operator of an online retail platform intended to sell bedding textiles

8/21/19 $175 $338 $670Developer of an online clothing retail platform designed to offer thrift shopping online while making it

mainstream

8/20/19 $50 $56 NADeveloper of an online marketplace designed to transform the way the meetings are booked to benefit

event planners and hoteliers

8/6/19 $40 $40 NA Provider of an online ticketing marketplace to buy and sell tickets


M&A AND FINANCINGS

Precedent Financings (cont’d)

35

($MM)



8/1/19 $300 $1,800 $11,200 Operator of a mobile e-commerce platform designed to make affordable products accessible to everyone

7/5/19 $14 $23 $59 Developer of a retail platform intended to bring modern brick-and-mortar shopping experience online

6/26/19 $15 $28 $55Developer of an online kids shopping platform intended to help kids to be socially responsible and make

an impact

6/25/19 $150 $424 $1,700 Provider of an online marketplace designed to hire workers and offer local services

6/17/19 $50 $90 $165Operator of an online luxury footwear platform intended to offer branded shoes and other fashion

apparel and accessories

5/14/19 $25 $31 $95Operator of an e-commerce platform intended to be used for the wholesale ordering of professional

grade supplements

5/7/19 $43 $64 $193 Developer of an online marketplace designed to provide warehousing spaces on-demand

4/15/19 $25 $48 $110 Operator of an online marketplace intended to make wholesale automotive deals simple and transparent

4/12/19 $20 $31 $100Developer of a shopping platform aimed to connect consumers to the items and brands that match their

preferences

4/10/19 $181 $303 $511 Provider of an online car marketplace designed to simplify the process of buying and selling cars

4/9/19 $12 $22 $80 Developer of an online mobile shopping application designed to purchase items directly from retailers

4/1/19 $29 $54 NA Provider of an online marketplace intended to sell pre-owned luxury goods

3/22/19 $50 $338 $1,050 The RealReal Inc provides online marketplace for authenticated and consigned luxury goods

3/21/19 $125 $521 $1,000Developer of an online renting platform intended to revolutionize the accessories and dressing retail

industry

2/28/19 $20 $29 $95Developer of a mobile commerce and digital marketing platform designed to connect merchants in the

retail fueling industry to their consumers

2/13/19 $16 $36 $326Developer of an online wholesale fashion platform designed to improve the entire wholesale buying

process

2/7/19 $80 $252 $520 Provider of an online marketplace intended to offer rare and luxury products

2/5/19 $30 $45 $124Developer of an online apparel and accessories platform designed to bridge the gap between luxury

goods and affordable fashion

1/17/19 $15 $23 $60Developer of an online marketplace designed to simplify the leasing process of small to medium-sized

office spaces

1/1/19 $18 $22 $53 Developer of an online platform designed to offer seafood


36

I. GCA OVERVIEW


III. PUBLIC MARKETS



($MM, except per share data)

CIQ

Stock Price Market Cash & Total Enterprise EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin Revenue

Company 2/5/2021 Cap ST. Invest. Debt Value (EV) CY21E CY22E CY21E CY22E 21E/20A 22E/21E CY21E CY22E

Marketplaces

Alibaba Group Holding Limited $265.67 $718,664 $70,790 $22,676 $691,511 5.0x 4.2x 18.0x 15.1x 40% 19% 28% 28%Airbnb $195.31 $115,867 $4,495 $2,282 $113,654 25.4x 18.6x NM NM 37% 37% 0% 10%

Uber Technologies $58.58 $103,322 $7,286 $10,073 $107,349 6.1x 4.6x NM NM 43% 31% (2%) 7%MercadoLibre $1,918.13 $95,657 $2,664 $1,465 $94,458 17.2x 12.3x NM NM 44% 40% 6% 9%

eBay Inc. $62.23 $42,898 $3,826 $8,143 $47,215 4.0x 3.7x 11.3x 10.3x 17% 6% 35% 36%

Delivery Hero SE $158.55 $33,095 $2,903 $1,976 $32,166 5.9x 4.2x NM NM 77% 41% (9%) (0%)Etsy $231.12 $29,142 $1,525 $1,110 $28,728 15.8x 13.0x NM 43.3x 12% 21% 28% 30%

Copart $119.39 $28,192 $606 $526 $28,112 10.5x 9.6x 23.5x 20.8x 16% 9% 45% 46%Farfetch Limited $66.51 $22,587 $757 $621 $22,615 10.2x 7.9x NM NM 34% 29% 2% 7%

Carvana Co. $288.15 $20,337 $286 $1,414 $21,996 2.8x 2.0x NM NM 47% 37% (0%) 2%Lyft $53.12 $16,867 $2,453 $1,025 $15,438 4.6x 3.4x NM NM 42% 36% (8%) 4%

Just Eat Takeaway.com N.V. $109.30 $16,265 $591 $641 $16,320 4.6x 3.8x NM 28.3x 22% 23% 9% 13%Fiverr International Ltd. $274.29 $9,632 $214 $5 $9,423 36.3x 27.3x NM NM 38% 33% 10% 16%

Stitch Fix $82.06 $8,605 $388 $166 $8,382 3.6x 3.1x NM NM 28% 15% 1% 3%

Grubhub Inc. $72.54 $6,728 $413 $615 $6,931 3.2x 2.8x 42.8x 24.2x 20% 14% 7% 11%Upwork Inc. $51.59 $6,298 $155 $37 $6,180 14.2x 12.0x NM NM 19% 19% 3% 6%

Vroom $46.71 $6,084 $1,161 $264 $5,186 2.1x 1.3x NM NM 85% 58% (7%) (3%)Poshmark $69.21 $5,076 $0 $0 $5,076 13.9x 10.4x NM NM 35% 34% (6%) 1%

Shutterstock $70.91 $2,597 $383 $43 $2,257 3.2x 3.0x 15.0x 12.9x 7% 8% 21% 23%The RealReal $24.06 $2,131 $395 $275 $2,011 4.8x 3.9x NM NM 36% 25% NM (11%)

Summary Statistics

Mean 9.7x 7.6x 22.1x 22.1x 35% 27% 9% 12%Median 5.5x 4.2x 18.0x 20.8x 35% 27% 3% 8%

E-Commerce

Amazon.com $3,352.15 $1,688,025 $84,396 $101,229 $1,704,858 3.6x 3.1x 23.5x 18.9x 24% 17% 15% 16%JD.com $96.64 $149,780 $17,894 $5,002 $140,499 1.0x 0.8x 30.8x 21.6x 23% 21% 3% 4%

Zalando SE $118.49 $29,838 $3,161 $2,087 $28,763 2.5x 2.2x 36.1x 28.1x 17% 18% 7% 8%

Wayfair Inc. $289.30 $29,780 $2,557 $3,832 $31,055 1.9x 1.6x 43.6x 30.2x 13% 19% 4% 5%

Ocado Group plc $38.55 $28,458 $1,605 $1,363 $28,245 7.6x 6.5x NM NM 18% 17% 4% 6%

Vipshop Holdings Limited $33.10 $22,419 $2,037 $596 $21,086 1.2x 1.0x 15.4x 13.2x 19% 11% 7% 8%ContextLogic Inc. $28.60 $16,788 $1,094 $49 $15,743 5.0x 4.1x NM NM 27% 22% (3%) 1%

Rakuten $10.47 $14,250 $30,491 $20,319 $4,273 0.3x 0.2x 3.9x 2.0x 9% 11% 7% 13%ZOZO $33.99 $10,380 $413 $194 $10,162 7.0x 6.5x 23.1x 21.0x 9% 7% 30% 31%

ASOS Plc $67.26 $6,699 $545 $418 $6,573 1.2x 1.0x 13.0x 13.0x 26% 20% 9% 8%boohoo group plc $5.01 $6,252 $461 $18 $5,811 2.3x 1.6x 21.8x 17.5x 33% 40% 11% 9%

Zur Rose Group AG $528.25 $5,530 $273 $553 $5,810 2.7x 1.9x NM NM 22% 41% 0% 3%

Shop Apotheke Europe N.V. $279.08 $5,005 $184 $200 $5,021 3.5x 2.6x NM NM 22% 33% 2% 3%AO World plc $4.60 $2,172 $110 $137 $2,197 0.9x 0.8x 21.1x 16.7x 19% 8% 4% 5%

1-800-FLOWERS.COM $31.69 $2,055 $371 $278 $1,963 1.0x 1.0x 10.1x 10.1x 16% (0%) 10% 10%Boozt AB (publ) $22.64 $1,442 $118 $81 $1,405 2.3x 2.0x 27.5x 21.5x 16% 16% 8% 9%

Kogan.com Ltd $13.23 $1,398 $101 $2 $1,299 2.0x 1.7x NM 15.2x 32% 16% 4% 11%Westwing Group AG $48.32 $971 $107 $35 $895 1.5x 1.2x 21.8x 17.5x 12% 22% 7% 7%

home24 SE $30.61 $808 $59 $42 $774 1.1x 0.9x 38.9x 33.9x 15% 22% 3% 3%PetMed Express $34.79 $699 $107 $0 $593 1.8x 1.8x 13.3x 12.6x 4% 3% 14% 14%

Summary Statistics

Mean 2.5x 2.1x 22.9x 18.3x 19% 18% 7% 9%

Median 2.0x 1.7x 21.8x 17.5x 18% 17% 7% 8%

APPENDIX – PUBLIC COMPANY VALUATIONS

37Sources: Capital IQ, Wall Street Estimates. Multiples <0x and >50x considered NM.

GCA is a global investment bank that provides strategic M&A, capital markets and private funds advisory services to growth companies and market leaders. The firm offers worldwide coverage with over 500 professionals in 25 offices across America, Asia and Europe. Built by the people that run the business, GCA is a firm of experts who focus on deals that require commitment, original perspective, skill and exceptional networks.

www.gcaglobal.com

This report was prepared by GCA Advisors, LLC, a registered broker-dealer and member of FINRA and SIPC. Sources of data include Capital IQ and other news organizations. Information obtained from third-party sources is considered reliable, but we do not guarantee that the information herein is accurate and complete. The report shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities mentioned herein; past performance does not guarantee future results. Recipients of this report should not interpret the information herein as sufficient grounds for an investment decision or any other decision.

DISCLAIMER: This report includes logos or other words or devices that may be registered trademarks of their respective owners. Such use is solely for purposes of convenience in referring to the trademark owners and their products/services. This report and its contents are not endorsed by, sponsored by or affiliated with any trademark owners. GCA Advisors, LLC and its affiliates are not affiliated with any trademark owner but may provide financial services to one or more trademark owners or their affiliates.

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