Upwork Investor Presentation Deck

Key Marketing and Acquisition Growth Levers 1 Launched our work marketplace marketing efforts to build awareness and drive demand © 2022 Upwork Inc. Q1'22 Investor Presentation 2 Expanding paid acquisition reach by: Expanding SEM keywords and mobile SEM conversion optimizations Growing international presence ~30% YoY via keyword expansion globally Shifting to new brand messaging across channels to improve CTRS April 2022 3 Improving conversion rates by: ● Matching intent to best product lines Improving CLTV model to optimize client keyword bidding 4 Automating and scaling SEM and social through proprietary bidding tool: Increasing registration-to-Start conversions through better client onboarding • Aggressively supporting Enterprise Sales land and expand efforts • Optimizing reactivation and retention efforts by moving to more holistic marketing automation 5 Increasing investment in brand marketing: • Increase awareness of Upwork and take advantage of this unique moment in time when companies and talent are reimagining how they want to work ● Expect to invest approximately $80 million in brand marketing in 2022 17

View entire presentation