Grubhub Investor Presentation Deck

Capital Efficient Model and Strong Financial Flexibility GH Capital light business model generates healthy cash flow ● ● Year end cash balance of $311mm Strong balance sheet and significant free cash flow generation provide flexibility to invest in growth while allowing us to return value to shareholders opportunistically ● 2015 Adjusted EBITDA of $105mm 2015 CapEx of $11mm- predominantly towards development no other large capital costs Negative working capital business $100mm buyback program authorized Actively negotiating credit facility of approximately $200mm Enables opportunistic purchases of stock going forward at attractive prices Expected net additional financial flexibility, even if full buyback authorization is utilized 22

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