Overstock Results Presentation Deck

Blockchain Meets Capital Markets (Continued) to tZERO overstock.com Security Token Offering On December 18, 2017, tZERO launched a $250 million(¹) offering (the "Security Token Offering" or "STO") of the right to acquire, if issued by tZERO in the future, tZERO Preferred Equity Tokens (the “tZERO Security Token") through a Simple Agreement for Future Equity ("SAFE") The STO is expected to run through May 14, 2018 but may be extended or shortened There can be no assurance that the STO will be successful or that any tZERO Security Token will ever be issued tZERO currently expects to use the net proceeds of the Security Token Offering to: (i) repay amounts payable to Overstock (ii) make further strategic equity purchases (iii) to make investments in the development of the tZERO Security Token and the development of the Token Trading System (iv) develop the functional utility features that tZERO may offer to holders of the tZERO Security Token (v) fund general corporate purposes, which may include capital expenditures, acquisitions, debt repayments, cybersecurity upgrades and short term investments, among other things, and (vi) perform regulatory lobbying activities regarding blockchain technology Overstock may purchase up to $30 million of Tokens in the STO or may elect to receive Tokens in payment of some or all of tZERO's indebtedness to Overstock ■ ■ ■ - - - ■ ■ However, Overstock has not yet made a determination, and there can be no assurance as to whether or not either or both such possibilities will occur As of March 14, 2018, tZERO has received $91.4 million in proceeds, net of withdrawals, from the STO.(²) - € tZERO may increate the amount of the STO to $300 million. This presentation is not an offering to sell, or a solicitation of an offer to buy, tZERO Security Tokens, which are only offered by means of tZERO's Amended, Supplemented and Restated Offering Memorandun, dated March 1, 2018, 37

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