Upwork Investor Day Presentation Deck

GSV Acceleration Has Been Driven by Growth in Active Clients TTM Active Clients (1) 700K 600K 500K 400K 300K 200K 100K OK 10% Q1-2019 10% Q2-2019 Note: (1) See appendix for the definition of active clients. 10% Q3-2019 9% Q4-2019 7% Q1-2020 9% Q2-2020 Active client count growth has accelerated for 4 consecutive quarters 12% Q3-2020 17% YoY Growth Q4-2020 25% Q1-2021 TTM Active Clients 25% 20% 15% 10% 5% 0% YOY Growth 104

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