Upwork Investor Presentation Deck

GSV Per Active Client is Increasing GSV per Active Client ¹ 4,500 $4,250 $4,000 $3,750 $3,500 $3,250 $3,000 14% Ⓒ2022 Upwork Inc. $3,592 Q1-2019 12% $3,757 $3,677 10% 1 See appendix for the definition of GSV per Active Client. Q1'22 Investor Presentation $3,864 April 2022 9% $3,932 $3,897 $3,896 9% 6% 4% $3,989 3% $4,016 2% $4,198 8% TTM Avg GSV per Active Client(¹) $4,375 12% $4,599 15% Q2-2019 Q3-2019 Q4-2019 Q1-2020 Q2-2020 Q3-2020 Q4-2020 Q1-2021 Q2-2021 Q3-2021 Q4-2021 Q1-2022 $4,742 18% YOY Growth 20% 15% 10% 5% 0% YOY Growth

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