Upwork Investor Day Presentation Deck

Majority of Client Growth Is Organic and We Are Growing Performance Marketing Quickly New Clients 27% 3% Q1-2019 - 35% 4% Q2-2019 26% 0% Q3-2019 19% -4% Q4-2019 10% -7% Q1-2020 31% 19% Q2-2020 Performance Marketing YOY Growth 72% 35% Q3-2020 Organic / Other YOY Growth 85% 39% Q4-2020 Clients from Performance Marketing 111% 56% Q1-2021 Clients from Organic / Other 150% 125% 100% 75% 50% 25% 0% -25% YOY Growth 108

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