Spyglass Portfolio -- Megatrends

0 New Position: DoorDash, Inc. (DASH) Why DoorDash? Why Now? DOORDASH DoorDash is a clear market-leading internet platform with a long runway to compound growth. Spyglass believes the market is underestimating the earnings power of the business. 2 3 250 200 150 100 50 3 5 Q4 2020: The Spyglass team begins following DoorDash shortly after its IPO April 2022: DoorDash is officially added to the Spyglass interest list Q1 2023: Spyglass team listens to the DoorDash presentation at the Morgan Stanley technology conference May 2023: DoorDash grows EBITDA over 200% year-over-year in Q1 2023, investment idea is presented to the Spyglass team Q3 2023: DoorDash announces 37% quarter-over- quarter EBITDA growth in Q2 2023, Spyglass meets with the Company and makes initial investment 5 77.93 Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar 06/16/21 2022 Jun 2023 Sep Source: Bloomberg. 27

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