Grubhub Investor Presentation Deck

Value of Both New and Old Users Increases Over Time Net revenue per cohort Net Revenue Net Revenue Chicago - QI 2009 by Month 1 6 11 16 21 26 31 36 41 46 51 56 61 66 71 76 81 Months in Cohort Manhattan - Q1 2009 by Month 1 6 11 16 21 26 31 36 41 46 51 56 61 66 71 76 81 Months in Cohorl Los Angeles - Q1 2010 by Month 1 6 11 16 21 26 31 36 41 46 Months in Cohort 51 56 January Net Revenue Net Revenue Net Revenue 1 1 1 February 6 6 6 March Chicago - Q1 2013 by Month 11 11 16 21 Months in Cohort Manhattan - Q1 2013 by Month 16 21 Months in Cohorl Denver - Q1 2012 by Month II 26 16 21 Months in Cohort 26 31 26 31 31 GH 11

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