Upwork Investor Day Presentation Deck

GSV Per Active Client Is Increasing GSV $4,000 $3,750 $3,500 $3,250 $3,000 10% 7% Q1-2019 9% 5% Q2-2019 8% Note: (1) See appendix for the definition of GSV per active client. 2% Q3-2019 7% 1% Q4-2019 7% 5% Q1-2020 4% 2% Q2-2020 TTM Avg GSV / Active Client(¹) *Acquired clients are defined as active clients who started on Upwork in the trailing 12-month period. 5% *Retained clients are defined as active clients who didn't start on Upwork in the trailing 12-month period. 3% Q3-2020 9% YOY Avg GSV / Retained Client 7% Q4-2020 11% YOY Avg GSV / Acquired Client 9% Q1-2021 15% 10% 5% 0% YOY Growth 105

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