Upwork Investor Day Presentation Deck

Client Behavior Changed, Starting in Q2-2020 Since Q2-2020... Finance June 2021 Ⓒ2021 Upwork Inc. Proprietary and confidential. Do not distribute. Older Cohorts Are Increasing Spend 105% ~5pt Average QoQ cohort spend retention (¹) from cohorts aged 1+ years in each of the past 3 quarters Notes: (1) Referencing quarterly cohorts. See appendix for the definition of cohort spend retention. Newer Cohorts Are Growing Faster 102% lift over historical average ~10pt Average QoQ cohort spend retention from start period to 2nd period for Q2-2020 to Q4-2020 cohorts lift over historical average

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