Spyglass Investment Strategy Overview

0 New Position: DoorDash, Inc. (DASH) America's Dominant Delivery Platform US Category Share Based on Total Sales 2018: DoorDash 17% . 2020: DoorDash 50% • 2023: DoorDash 65% National Market Share 23% 2% 1% 9% DoorDash Total Gross Order Volume 2018: $3 billion $70 $60 $50 $40 • 2020: $25 billion DOORDASH • 2023: $64-65 billion (expected) Gross Order Volume ($ Billions) $30 65% $20 $10 ■Doordash ■ Uber Eats ■ Grubhub ■ Postmates ■ Other $0 2018 2019 2020 2021 2022 2023 Source: Company Filings, Statista and Yipit data 26

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