#1Lulus lulus.com#2Disclaimer This presentation contains, in addition to historical Information, certain forward-looking statements that are based on Lulu's Fashion Holdings, Inc.'s ("Lulus" or the "Company") current assumptions, expectations and projections about future performance and events and relate to, among other matters, our future financial performance, our business strategy, industry and market trends, future expectations concerning our market position, future operations, use of proceeds in the anticipated offering and capital expenditures. Forwardlooking statements generally contain words such as "belleves." expects." "may," "will," "should," "seeks," "approximately." "intends," "plans," "estimates," "anticipates, and other expressions that are predictions of or indicate future events and trends and that do not relate to historical matters. Forward-looking statements are based on information available at the time those statements are made and/or management's good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause actual results to differ materially from expectations include, among others: our ability to maintain our desired merchandise assortment or manage our inventory effectively: our ability to anticipate identify, measure, and respond quickly to customer data on new and rapidly changing fashion trends, customer preferences and demands; our efforts to acquire or retain customers; our ability to maintain a high level of engagement with our customers and increase their spending with us; our ability to provide high-quality customer support; our ability to maintain a strong community around the Lulus brand with engaged customers and Influencers; our ability to manage the risks associated with sourcing, manufacturing, and warehousing: our ability to manage the risks associated with reliance on Independent third-party transportation provides for substantially all of our merchandise shipments; our ability to manage the risks associate with our two distribution facilities, including the process of strengthening the disaster recovery procedures implemented there; our ability to manage the risks associated with our suppliers; our ability to manage system security risk issues, including any real or perceived failure to protect confidential or personal information against security breaches and disruption of our internal operations or information technology systems; our ability to effectively manage our growth; our ability to effectively expand our manufacturing and production capacity: our ability to successfully enter new markets, manage our international expansion and comply with any applicable laws and regulations; the effects of Increased competition from our market competitors; the success of our marketing efforts and the ability to grow brand awareness and maintain, protect and enhance our brand; changes in government regulations and policies, tax laws and rates; our ability to obtain financing arrangements on terms favorable to us or at all, the effect of the COVID-19 pandemic on our business and operations, and general economic conditions. We are under no duty to update any of these forward-looking statements after the date of this presentation to conform these statements to actual results or revised expectations. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this presentation. This presentation includes certain non-GAAP financial measures (including on a forward-looking basis) such as adjusted EBITDA and adjusted Free Cash Flow. These non GAAP measures are an addition, and not a substitute for or superior to measures of financial performance prepared in accordance with GAAP and should not be considered as an alternative to net income, operating income or any other performance measures derived in accordance with GAAP. Reconciliations of non-GAAP measures to their most directly comparable GAAP counterparts are included in the Appendix to this presentation. Lulus believes that these non-GAAP measures of financial results (including on a forward-looking basis) provide useful supplemental information to investors about Lulus. Lulus' management uses forward looking non-GAAP measures to evaluate Lulus' projected financial and operating performance. However, there are a number of limitations related to the use of these non-GAAP measures and their nearest GAAP equivalents. For example other companies may calculate non-GAAP measures differently, or may use other measures to calculate their financial performance, and therefore Lulus' non-GAAP measures may not be directly comparable to similarly titled measures of other companies. [[[type]) Annotation] This presentation also contains estimates and other statistical data obtained from independent parties and by us relating to market size and growth and other data about our industry and ultimate consumers. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates and data. In addition, projections, assumption and estimates of our future performance and the future performance of the geographic and other markets in which we operate are necessarily subject to a high degree of uncertainty and risk The Company has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the Company has filed with the SEC for more complete information about the Company and this offering. You may get these documents for free by visiting EDGAR on the SEC web site at http://www.sec.gov. Alternatively, the Company, any underwriter, or any dealer participating in the offering will arrange to send you the prospectus if you request it from Goldman Sachs & Co. LLC, Attn: Prospectus Department, 200 West Street, New York, New York 10282, or by email at [email protected]; or BofA Securities, Inc., NC1-004-03-43, Attention: Prospectus Department, 200 North College Street, 3rd floor, Charlotte, North Carolina 29255, by telephone at (800) 294-1322, or by email at dg.prospectus_requests abofa.com; or Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, by telephone at (877) 821-7388, or by email at [email protected]. This presentation shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of our capital stock in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.#3Introduction#4David McCreight CHIEF EXECUTIVE OFFICER#5The Beginning Chico, CA#6Our History 1996 Boutique opens in Chico, CA 2005 Launches ecommerce platform 2008 >100% growth despite global economic downturn 2009 Transition exclusively to DTC ecommerce model Opens distribution center and corporate headquarters in Chico, CA E 2015 Opens LA buying office, enhancing speed to market 2014 Formalizes Lulus brand H.I.G. makes strategic investments 2016-2019 179% revenue growth 2016 Brand refresh to further align with increasingly sophisticated customer base 2017 Opens second Chico warehouse 1: Information for the period ended October 3, 2021 is based on management estimates and has not been audited or reviewed by our independent registered public accounting firm As such, the information is subject to change. Year over year net revenue growth figures are based on the midpoint of the estimated range for the period ended October 3, 2021 that is included elsewhere in this prospectus. 2019 Launches East Coast distribution center, establishing bi-coastal network Launches mobile app 2018 IVP+ CPPIB make strategic investment Moves to larger Chico warehouse LO2021 YTD Net revenue grows 40% YOY Q3 net revenue +90% YOY¹ 2020 Revenue declines 33% as a result of the COVID-19 pandemic#7Leading DTC fashion brand Serving 2.5MM active customers Generating $330MM + in Q3 LTM net revenue Q3 Financials are preliminary, unaudited and subject to change.#8Market Opportunity PELITU#9Traditional Retailers & Brick and Mortar High fixed cost Long buying cycles Customer preference for online Q4 reliance Inventory Assortment Customer feedback Seasonality#10US online penetration 49% 38% 25% 17% all 2019 2021 2016 2025#11Omni-channel & eCommerce Marketplaces Elongated merchandising and buying cycles Reliance on third party brands Assortment Brand units sold Seasonality Customer feedback Wholesale to retail markup Delayed and indirect#12DTC brands Lulus Owned brands Direct engagement Nimble merchandising cycles Direct access to data Asset light distribution model#13Affordable luxury brand positioning NICHE Reformation ARITZIA free people DOLLS KILL REVOLVE asos FASHIONNOVA boohoo EXPENSIVE SHEIN Lulus INEXPENSIVE Madewell NORDSTROM ZARA PACSUN EVERLANE shopbop AMERICAN EAGLE H&M OUTFITTERS CLASSIC#147.5+ million social media followers 2+ million daily active email and SMS subscribers#15Merchandising Process#16Crystal Landsem CO-PRESIDENT & CHIEF FINANCIAL OFFICER#17Test, learn, and reorder in practice Original vendor sample Customization into the Forever Your Girl (2#18Forever Your Girl Bodycon Dress WEDDING GUEST DRESS Material was comfortable and had some stretch to it! Loved the fit and the color. Would definitely buy againt -Lily H 59135 340, 30 waist 37 hip (2651) SO CUTE Fies so well and love the ruching: Definitely covers up any trouble spots! -Sandra T 5438bs, 348 LOVE THIS COCKTAIL DRESS! I ended up loving this dress way more than I thought I would! Its the perfect length, little tighter than I normally wear but still the right -Venessa A#19Technology & Operations JAU 1.1#20Lulus Mark Vos CO-PRESIDENT & CHIEF INFORMATION OFFICER Lulus#21Science and Art Leveraging our data warehouse and predictive data modeling, our technology analyzes, predicts and recommends decisions, which we elevate with human input Predictive Data Analytics + Buyers new products COLOR ADDITIONS & STYLE EXTENSIONS reorder products DEMAND & PREDICTION, REVIEWS & RETURN, & SEASONALITY TREND ANALYZES, LAST YEAR SALES ASSORTMENT, & ARCHITECTURE customers#22Technology optimizes our efficiency High SKU velocity Low SKU affinity Order to ship speed Fast inventory turnover#23Proprietary systems Automatic shipment service Intelligent order pick strategies Integrated reverse logistics system Algorithmic inventory allocation#24Brand and Marketing Strategy#25Noelle Sadler CHIEF MARKETING OFFICER#266:20 Q Search FILTER SORT SHOP Lulus Forever Your Girl Black Lulus Bring It Rose Gold Sequin Bodycon Dress Bodycon Mini Dress $58 LIST WEDDINGS ACCOUNT Owned#276:20 tune2tunde 18m Tot to wear white after Labor Day Send Message Earned#286:20 All Posts G. Lulus butumn entrance Q Ö Paid#29Our Customers CING BIGG Unger#30Large, diverse, and growing community 2.5 million active customers#31Amy Coleman DIRECTOR OF CUSTOMER EXPERIENCE#32A lifestyle brand for all occasions Going out Vacation Formal Everyday Styles Bridal Lounge#33$82k Average customer household income#34$1,200 Median annual customer spend on fashion purchases#35$129 Average annual net revenue per active customer#3611% Implied wallet share#37FY2020 64% sales from repeat customers#38Financial Highlights#39Between 2016-2019 Net revenue +179% to $370 million#40Annual financials - adj. EBITDA margin Adj. EBITDA ($MM) Q2 2021 financials are unaudited 5.7% 2019A $21 7.6% 2020A $19 10.1% LTM Q2 2021 $28#41Financial highlights of 1H fiscal 2021 Revenue of $172.5mm up 24% 1H 2021 financials are unaudited#42Financial highlights of 1H fiscal 2021 1H 2021 financials are unaudited Gross margins of 47.8%#43Financial highlights of 1H fiscal 2021 1H 2021 financials are unaudited Adj. EBITDA of $23.2mm · up 68%#44Financial highlights of 1H fiscal 2021 Operating income of $17.8mm 1H 2021 financials are unaudited#45Preliminary estimates Q3 fiscal 2021 Revenue of $105.4mm an increase of $50.9mm YoY or 93% Estimated Q3 fiscal 2021 financial results are preliminary, unaudited and subject to change Numbers represent the midpoint of the estimated range#46Preliminary estimates Q3 fiscal 2021 Gross margin of 47.5%, +275bps over same period last year Estimated Q3 fiscal 2021 financial results are preliminary, unaudited and subject to change Numbers represent the midpoint of the estimated range#47Preliminary estimates Q3 fiscal 2021 Adj. EBITDA of $11.5mm up 118.8% vs Q3 2020 Estimated Q3 fiscal 2021 financial results are preliminary, unaudited and subject to change Numbers represent the midpoint of the estimated range#48Preliminary estimates Q3 fiscal 2021 Net income of $3.6mm Estimated Q3 fiscal 2021 financial results are preliminary, unaudited and subject to change Numbers represent the midpoint of the estimated range#49Principal purposes Increase capitalization and financial flexibility Increase brand awareness Facilitate access to public equity markets#50Robust long-term growth targets 20% Net Revenue Growth 12%+ Adj. EBITDA Margin 20%+ Adj. EBITDA Growth 85% FCF Conversion#51Growth Roadmap#52Deepen existing customer relationships Grow brand awareness and attract new customers Pursue new and underpenetrated categories Further develop international markets#53Customer growth plan Continued investment in performance marketing Expansion of new marketing channels Expansion of brand ambassador program Brand partnerships and influencer collaborations#5420% G of our 7.5mm social media followers are international#55Annual P&L summary and adj. EBITDA reconciliation ($mm) Lulus Fashion Lounge, Inc. (in thousands) Orders YOY Growth Total Net Revenue YOY Growth Total COGS Total Gross Profit Gross Margin% Net Income Adj. EBITDA Reconciliation Net Income Depreciation & Amortization Interest Expense Income Taxes Management Fees Equity-Based Compensation Transaction Fees Adjusted EBITDA(4) % Margin FY2019 FY2020 5,307 3,400 (36%) $(469) 3,041 15,206 445 758 2,040 $21,021 5.7% FY2021 (unaudited) Q1A $369,622 24% 208,418 $161,204 44% $248,656 $68,967 $103,574 $172,541 (33) % (12%) 69% 24% 138,364 37,854 52,154 90,008 $110,292 $31,113 $51,420 $82,533 44% 45% 50% 48% $(469) $(19,304) $(1,375) $8,344 $6,969 17,657 1,950 $18,911 7.6% $(19,304) $(1,375) 3,216 725 16,037 3,807 (1,271) 163 157 626 1,913 Q2A $5,390 7.8% $8,344 696 3,617 3,296 160 1,661 1H FY2021 2,259 17% $17,774 17.2% $6,969 1,421 7,424 3,459 317 3,574 $23,164 13.4% FY2021 Q3E (unaudited) Low $104,538 $106,320 92% 55,137 $49,401 47% $3,307 95% 55,553 $50,767 48% $3,850 $3,307 730 3,649 1,388 156 1,848 High $11,078 10.6% $3,850 695 3,612 1,616 165 1,947 $11,885 11.2% (1) Based on management estimates and has not been audited or reviewed by our independent accountants. As such the information is subject to change (2) Represents management fees and expenses paid pursuant to the professional services agreement with the Sponsor and Institutional Venture Partners for consulting and other services (3) Represents equity-based compensation expense related to vesting of Class P unit awards and equity-based compensation expense for stock options and special compensation awards (4) Adjusted EBITDA is defined as income before interest expense, income taxes, depreciation and amortization, adjusted to exclude the effect of equity-based compensation expense, management fees, and transaction fees, which represent the write-off of offering costs deferred during 2019 upon abandonment of a prior offering in 2020#56Lulus