Grubhub Investor Presentation Deck

Margins Remain High Excluding Temporary Investment Driver build out pressuring near term margins Adj. EBITDA (mm) $35 $30 $25 $20 $15 SIO $5 SO 35% Adj. EBITDA Margins $31.7 Grubhub excl. Delivery Grubhub Q4 2015 $0.5 Acquisitions ($5.5) Delivery Investment 27% Adj. EBITDA Margins $26.8 Total Company GH Excluding ~$17 million in new diner marketing costs would lift core Grubhub EBITDA margins to 50%+ Operating leverage in technology spend and G&A as business grows 13

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