Uber Confidential | INTRO |

KEY CHARACTERISTICS 20+ questions DESCRIPTION Uber operates a marketplace for consumers (Passengers) to purchase local transportation services offered by third-party Drivers (Drivers) that transport people, goods, and meals. Uber sets and collects a fee for the transportation services and remits a portion of this fee to the Drivers.

Company Status Public or Private Private Funding to date ($m) 9,277 (Estimated, pending final closing of Series G) Key Investors First Round Capital, Founder Collective, Lowercase Capital, Benchmark Capital, Bezos Expeditions, CrunchFund, Goldman Sachs, Menlo Ventures, Google Ventures, TPG, BlackRock, Fidelity Investments, Hartford Financial, John Hancock, Kleiner Perkins Caufield & Byers, Wellington Management, Lone Pine Capital, New Enterprise Associates, Putnam Investments, Qatar Investment Authority, T. Rowe Price, Valiant Capital Partners, Baidu, Microsoft, Tiger Global Management

FY2014E FY2015E Growth Bookings ($m) 2,933 9,541 225% Pro Forma Net Revenue ($m) 693 2,446 253% GAAP Net Revenue ($m) 495 1,784 260% EBITDA ($m) (554) (2,000) EBITDA Margin (112)% (112)% Business Geographies Served Worldwide (68 countries) Revenue Sources Fleet Ride Share, Fleet Car Pool, Taxi Hail and Pay, Fleet Independent Delivery, Fleet Meal Delivery Target Customers Individual Consumers Number of Employees Approximately 5,000 Founding Date Mar. 2009 Contact HQ Address 1455 Market Street, San Francisco, CA 94103 URL https://www.uber.com/ Phone 949 394 4937 Facebook – Twitter – Instagram /uber – @Uber – uber OTHER | PEOPLE | TIMELINE | PRODUCTS | VALUATION | COMPETITION | FINANCIALS | MODELS | ANALYSIS | | ANALYSIS | MODELS | FINANCIALS | COMPETITION | VALUATION | PRODUCTS | TIMELINE | PEOPLE | OTHER

SUMMARY SCORE By the numbers DESCRIPTION Uber Score Histogram of Triton Research IPO Scores Score Relevant Indices Pages 1 2 3 4 5 6 7 8 9 10 Business Description Clarity: 8 9

Business Model Strength: 16 7

Operational Transparency: 23 2

Model Confidence: 24 5

Competitive Differentiation: 37 8

Valuation Appropriateness: 38 4

Investor Quality: 40 8

Management Quality : Appendix 9

Founder Power: Appendix 9

Director Firepower: Appendix 9

Capital Structure Quality: Appendix 8

Company Momentum: Appendix 9

Fame & Buzz: Appendix 9

Business Description p.1 of 4 Marketing vs. Reality DESCRIPTION What does the Company say it does? The Company is a technology company that offers a proprietary technology platform that provides lead generation and related services (collectively, “Uber Service”) to independent providers of transportation services. The Uber Service is licensed to such independent providers, who are the Company’s customers (each, a “Driver,” and collectively, the “Drivers”), and enables them to accept on-demand requests from riders requesting transportation services (each, a “Rider,” and collectively, the “Riders”). As a service to the Drivers, the Company facilitates payment of the fare for the transportation services provided by the Driver to the Riders through the Uber Service. Currently, the Uber Service is available in 65+ countries and 350+ cities worldwide. Drivers provide transportation services to Riders through a range of offerings based on vehicle type and / or number of Passengers that match Riders’ varying styles, preferences, and budgets. Fares charged to Riders by Drivers vary based on the offering that Riders select, and also vary by city.

What does the Company actually do? Product Type Product Name(s) Product Differentiation Launch Date The Basic Proposition Customer Value Proposition Fleet Ride Share • UberBlack • Town Car or better • Jan. 2010 Individual consumers Easier to order, more on- • UberX • Cost equivalent to a taxi • Jul. 2012 summon car service of demand, less expensive, varying types and price easier payment and • UberXL • SUV or Minivan • May 2014 categories (and also more accountable than • UberSelect • Premium UberX • Nov. 2014 messengers and food traditional car service. delivery) on-demand More reliable pickup, • UberSUV • Premium UberXL • Oct. 2015 from a smartphone, easier payment and • UberLux • Luxury Sedan • Dec. 2014 which also enables higher service standard Fleet Car Pool • UberPOOL • Lower cost / sharing • Aug. 2014 automatic payment than taxis and customer ratings Taxi Hail and Pay • UberT • Taxi comes to you • Sep. 2012 Fleet Independent • UberRUSH • App-based messenger • Apr. 2014 Deliveries service Fleet Meal Delivery • UberEATS • Fast delivery, low price, • Dec. 2014 Logistics and fleet infrastructure allow lower cost curated restaurants (test) and more accountable package and meal delivery • Jan. 2016 (launch) Autonomous • Advanced • T.B.D. • Feb. 2015 • In-sourced • T.B.D. Vehicle Research Technologies Center autonomous fleet development | ANALYSIS | MODELS | FINANCIALS | COMPETITION | VALUATION | PRODUCTS | TIMELINE | PEOPLE | OTHER

Business Description (CONTINUED) p.2 of 4 DESCRIPTION What does the Company actually do? (Continued) Product Type Product Name(s) What flows through the system? Who supplies them? Who consumes them? Fleet Ride Share • UberBlack • Passenger rides • Livery Drivers • Individual Passengers • UberX • UberXL • UberSelect • UberSUV • UberLux Fleet Car Pool • UberPOOL • Passenger rides • Livery Drivers • Individual Passengers Taxi Hail and Pay • UberT • Taxi pickups • Taxi Drivers • Individual Passengers Fleet Independent • UberRUSH • Package deliveries • Messengers • Individual consumers Deliveries and businesses Fleet Meal Delivery • UberEATS • Meal deliveries • Meals: Selected • Individual consumers restaurants • Deliveries: Livery Drivers Autonomous Vehicle • Advanced Technologies • Product development IP • Company employees • Company employees Research Center OTHER | PEOPLE | TIMELINE | PRODUCTS | VALUATION | COMPETITION | FINANCIALS | MODELS | ANALYSIS | | ANALYSIS | MODELS | FINANCIALS | COMPETITION | VALUATION | PRODUCTS | TIMELINE | PEOPLE | OTHER

Business Description (CONTINUED) p.3 of 4 DESCRIPTION What does the Company actually do? (Continued) Product Type Product Name(s) Revenue Model Cost Model Price Structure Customer Acquisition Fleet Ride Share • UberBlack • Ad Hoc • Marketplace • Base fare • B2C Marketing • UberX plus time and distance charges, • UberXL rates vary by • UberSelect individual city • UberSUV • UberLux Fleet Car Pool • UberPOOL • Ad Hoc • Marketplace • B2C Marketing Taxi Hail and Pay • UberT • Ad Hoc • Marketplace • Fixed fee per hail • B2C Marketing Fleet Independent • UberRUSH • Ad Hoc • Marketplace • Base charge • B2C Marketing Deliveries plus time and distance charges, rates vary by individual city Fleet Meal Delivery • UberEATS • Ad Hoc • Marketplace • Meal cost plus • B2C Marketing delivery charge Autonomous Vehicle • Advanced Technologies • T.B.D. • T.B.D. • T.B.D. • T.B.D. Research Center OTHER | PEOPLE | TIMELINE | PRODUCTS | VALUATION | COMPETITION | FINANCIALS | MODELS | ANALYSIS | | ANALYSIS | MODELS | FINANCIALS | COMPETITION | VALUATION | PRODUCTS | TIMELINE | PEOPLE | OTHER

Business Description (CONTINUED) p.4 of 4 DESCRIPTION What does the Company actually do? (Continued) Product Type Product Name(s) Revenue Employees Customers Fleet Ride Share • UberBlack ~100% 97% ~100% • UberX • UberXL • UberSelect • UberSUV • UberLux Fleet Car Pool • UberPOOL <1% <1% Taxi Hail and Pay • UberT <1% <1% Fleet Independent • UberRUSH <1% <1% Deliveries Fleet Meal Delivery • UberEATS <1% <1%

Autonomous Vehicle • Advanced Technologies 0% 3% 0% Research Center Total 100% 100% 100%

LINES OF BUSINESS SCHEMATICS p.1 of 2 Who does What to Whom

1. Ride Sharing Marketplace (UberX, UberBLACK, etc.) • Acquired through • Acquired through marketing by Uber marketing by Uber $,Gross Revenues (GMV) $, Net Revenues Payment per ride (base (marketplace fee, 20%- fare plus time rate 30% of total fare) plus mileage rate) 3RD- UBER RIDERS PARTY $, Payment per DRIVERS ride and access to marketplace services (70%-80% of total fare, customer acquisition, transaction services, reporting & analytics) 2-way rating system acts as “tip”

Rides 2. Courier Marketplace (UberRUSH) • Acquired through • Acquired through marketing by Uber marketing by Uber

(marketplace fee?, 1st mile, variable fee PRODUCTS INDIVIDUALS not disclosed) for additional miles) & COMPANIES 3RD- UBER REQUESTING COURIER PARTY $, Payment per SERVICE MESSENGERS delivery, access to marketplace services (customer acquisition, transaction services, reporting & analytics) 2-way rating system acts as “tip” OTHER | PEOPLE | TIMELINE | | TIMELINE | PEOPLE | OTHER Package delivery service © Triton Research LLC p.42 Version 1.0 February 9, 2016 212 804 6151 Uber Confidential

LINES OF BUSINESS SCHEMATICS (CONTINUED) p.2 of 2

3. Meal Delivery Marketplace (UberEATS)

Meal delivery INDIVIDUALS & 3RD- COMPANIES PARTY $, Payment for delivery, REQUESTING MEALS DRIVERS (customeraccess acquisition, to marketplace transaction services ) services, reporting & analytics)

) $Net Revenues? (marketplace fee?,

not disclosed) $, Gross Revenuesper delivery) (GMV (Delivery fee, fixed fee

$, Gross(~$8-$12 Revenues per meal)(GMV

UBER

$, Meal cost, access to

$, Net Revenues? marketplace services PRODUCTS (marketplace fee?, (customer acquisition, not disclosed) transaction services, reporting & analytics)

PRODUCT ANALYSIS p.1 of 5 What the Company actually sells and how

What is the name of the product or service? Uber (Passenger services sold under a number of different product names) When was the product or service launched? • San Francisco – Jun. 2010 • See Product Analysis – City Launches What is the product or service? • A marketplace for Passengers to obtain local transportation services from 3rd-party Drivers. The Company offers many types of Passenger transportation services that are largely differentiated by the type of vehicle used and additional optional services provided during the trip. While the naming of the services is generally consistent there are exceptions due to cultural / language differences (e.g., China or when “Van” is used instead of “SUV”) and due to pre-existing services (e.g., UberX in Paris was originally launched as an UberBLACK type service to comply with local regulations) –– Uber / UberX / UberGO / uber小优 / 人民优步 – Generally the lowest cost, single- destination, Passenger ride service that seats up to 4 riders in sedans that are less than 10 years old –– UberLUX / LUX / UberPREMIUM / TESLA – Very high-end sedans and SUVs driven by highly- rated Drivers (e.g., Tesla Model S, Mercedes Benz S-Class, BMW 7-Series) –– UberBLACK / BLACK – Passenger service in a commercially-registered and insured livery vehicle –– UberSelect / 优选轿车 / 高级轿车 – Identical to UberBLACK but the car is not required to be black (e.g., Audi A3-A8, BMW 3-7 Series, BMW X3 X5) –– UberEXEC – Slightly lower-priced version of UberLUX –– UberEXECLARGE – Slightly lower-priced version of UberLUX XL –– UberXL / UberVAN / VAN – Passenger service for up to six riders in an SUV or Minivan (e.g., Lexus GX470 or Honda Minivan) –– UberSUV / SUV / LuxuryVAN / UberLUX XL / LUX SUV – High-end version of UberXL; vehicles

between Driver and rider/s PRODUCTS –– WINE / WINEXL – Pairs a vehicle / Driver with rider/s for an entire day; used in Santa Barbara for wine tours –– UberANGEL – Rent-a-Driver where the Driver uses the Passengers car; available only in Colombia and is suspected of being a way of penetrating a difficult market by providing a service to people who are inebriated –– UberFAMILY / UberCARSEAT – UberX with car seat option –– UberEnglish – UberX but the Driver speaks English; offered in some Latin American cities –– UberBIKE – UberX but the vehicle can accommodate a bicycle; typically offered in European countries –– UberASSIST – UberX with trained Drivers to assist riders into and out of vehicles and can accommodate folding wheelchairs, walkers, scooters –– UberPOOL – UberX that allows Passengers to carpool and reduce their fare by up to 50% –– For Hire – UberX but vehicle is a Taxi (Seattle only) | TIMELINE | PEOPLE | OTHER

PRODUCT ANALYSIS (CONTINUED) p.2 of 5

What is the name of the product or service? Uber (Passenger services sold under a number of different product names) (Continued) Marketplace Service Transportation Service Who pays for the service? • Drivers • Riders Who records the revenue? • Uber • Drivers (less their portion for marketplace service cost) Who handles the service payment? • Uber • Uber What is the pricing structure? • Drivers pay Uber a fixed percentage of the • Riders pay a fixed fee (“base fare”) + a per total fee for each ride provided minute fee + a per mile fee; the entire cost • Typically between 20-30% although Uber of the ride is subject to a minimum total fee has run promotional events with take rates as (“minimum fare”) low as 0-5% (this fee is netted out from the • Riders who cancel requested rides are subject payment the Driver receives from Uber) to a cancellation fee • Typically Drivers can lower their fee rates by • All fees vary by city and are subject to being top Drivers in a locality or by driving spot-changes instituted by Uber based on an for a specified amount of time or specified excess or shortage of Drivers within a local number of rides market (See Product Analysis – U.S. City Pricing) | VALUATION | COMPETITION | FINANCIALS | MODELS | ANALYSIS | DESCRIPTION | INTRO | DESCRIPTION | ANALYSIS | MODELS | FINANCIALS | COMPETITION | VALUATION | PRODUCTS OTHER | PEOPLE | TIMELINE | | TIMELINE | PEOPLE | OTHER

PRODUCT ANALYSIS (CONTINUED) p.3 of 5

What is the name of the product or service? UberTAXILUX, UberTAXI, UberT, ICN Taxi, TAXI When was the product or service launched? • UberTaxi (Chicago pilot)– Apr. 2012 (pilot was quickly shut down due to regulatory concerns) • UberTaxi (New York pilot) – Sep. 2012 / Apr. 2013 • UberTaxi (San Francisco pilot) – Oct. 2012 What is the product or service? • A marketplace for 3rd-party taxis to acquire Passengers who wish to purchase local Passenger transportation services –– UberTAXI / UberT / TAXI – Paid service to hail a taxi from mobile app –– ICN Taxi – Free service to hail a taxi (Korea only) –– UberTAXILUX – Paid service to hail a premium "taxi" (Japan only) Marketplace Service Transportation Service Who pays for the service? • Riders • Riders Who records the revenue? • Uber • Taxi Drivers / Taxi company Who handles the service payment? • Uber • Taxi Drivers / Taxi company • In some cases such as Toronto’s TAXI, Uber facilitates the payment What is the pricing structure? • Riders pay Uber a fixed fee (“booking fee”) – • Dependent on local taxi service and usually $2 per ride but can be free (Korea) regulations | VALUATION | COMPETITION | FINANCIALS | MODELS | ANALYSIS | DESCRIPTION | INTRO | DESCRIPTION | ANALYSIS | MODELS | FINANCIALS | COMPETITION | VALUATION | PRODUCTS OTHER | PEOPLE | TIMELINE | | TIMELINE | PEOPLE | OTHER

PRODUCT ANALYSIS (CONTINUED) p.4 of 5

What is the name of the product or service? UberEATS When was the product or service launched? • Los Angeles (UberFresh pilot) – Aug. 2014 (within Uber app) • Barcelona (UberEATS pilot) – Feb. 2015 (within Uber app) • New York, Chicago (UberEATS pilot) – Apr. 2015 (within Uber app) • Austin (UberEATS pilot) – Aug. 2015 (within Uber app) • Toronto (UberEATS pilot) – Dec. 2015 (UberEATS app) • Seattle, Washington D.C., San Francisco, Atlanta, Houston, Dallas, Paris (UberEATS launch) – Mar. 2016 What is the product or service? • A marketplace for 3rd-party restaurants to acquire customers who wish to have food delivered by 3rd-party couriers • Currently the menus available are from a curated list of local restaurants • Currently the product is in limited rollout in Canada and the U.S. and is being expanded to 10 cities in total in Mar. 2016 Marketplace Service Meals Transportation Service Who pays for the service? • Not disclosed • Eaters • Eaters Who records the revenue? • Uber • Restaurant • Couriers Who handles the service payment? • Uber • Uber • Uber What is the pricing structure? • Not disclosed; possibly free • Meals are a fixed fee per • Fixed fee (“Flat fee”) per during the current pilot meal typically between delivery (not per meal) phase $8-12 | VALUATION | COMPETITION | FINANCIALS | MODELS | ANALYSIS | DESCRIPTION | INTRO | DESCRIPTION | ANALYSIS | MODELS | FINANCIALS | COMPETITION | VALUATION | PRODUCTS OTHER | PEOPLE | TIMELINE | | TIMELINE | PEOPLE | OTHER

PRODUCT ANALYSIS (CONTINUED) p.5 of 5

What is the name of the product or service? UberRUSH When was the product or service launched? • New York (pilot) – Apr. 2014 • Chicago, San Francisco (pilot) – Oct. 2015 What is the product or service? • A marketplace for 3rd-party couriers to acquire customers who wish to have packages delivered locally Marketplace Service Transportation Service Who pays for the service? • Messengers • Individual consumers • Businesses Who records the revenue? • Uber • Messengers (less marketplace service cost) Who handles the service payment? • Uber • Uber What is the pricing structure? • Not disclosed • Per mile fee based on direct line-of-site distance from pickup to delivery –– Chicago – $5.00 within one mile and $2.75 per additional mile –– San Francisco – $6.00 within one mile and $3.00 per additional mile –– New York – $5.00 within one mile and $2.75 per additional mile | VALUATION | COMPETITION | FINANCIALS | MODELS | ANALYSIS | DESCRIPTION | INTRO | DESCRIPTION | ANALYSIS | MODELS | FINANCIALS | COMPETITION | VALUATION | PRODUCTS OTHER | PEOPLE | TIMELINE | | TIMELINE | PEOPLE | OTHER

PRODUCT ANALYSIS – AUTONOMOUS DRIVING PROGRAM

Project Name Advanced Technologies Center (ATC) Head of Program Brian McClendon (bio on p.113) Inception Date Feb. 2015 Location Pittsburgh, PA Headcount Headcount – by Function Full-Time 104 Product Design & Engineering 88 Temporary Labor 0 Corporate 1 Data & Operations 15 Total 104 Total 104 Job Postings – by Function Product Design & Engineering 47 Corporate 2 Sales & Marketing 0 Data & Operations 1 Total 50 Autonomous Driving Patents 1 Announced Partnerships Business 1 INTRO | DESCRIPTION | ANALYSIS | MODELS | FINANCIALS | COMPETITION | VALUATION | Education / Research 2

PRODUCT ANALYSIS – CITY LAUNCHES

Summary of City Launches Number Population of Cities Covered 400 1,400,000,000

350 1,200,000,000

300 1,000,000,000

250 800,000,000

200 Population Covered 600,000,000 Number Of Cities 150

400,000,000 100

PRODUCT ANALYSIS – U.S. CITY PRICING

166 U.S. Cities total Base Fare ($) Per Minute Fare ($) Per Mile Fare ($) Minimum Fare ($) Cancellation Fee ($) UberX (166 cities total) Mean 1.45 0.19 1.20 5.12 4.98 Median 1.28 0.17 1.08 5.05 5.00 High 10.00 1.09 5.40 25.00 15.00 Low – 0.09 0.30 1.00 – UberXL (117 cities total) Mean 2.69 0.29 1.90 7.68 5.29 Median 2.85 0.27 1.80 7.55 5.00 High 16.00 1.15 5.00 30.00 15.00 Low 0.60 0.15 0.90 4.45 – UberBLACK (38 cities total) Mean 7.46 0.46 3.41 15.37 9.92 Median 7.00 0.43 3.48 15.00 10.00 High 16.00 1.15 5.00 30.00 15.00 Low 4.50 0.30 2.20 12.00 – UberSELECT (38 cities total) Mean 4.30 0.36 2.34 9.84 7.82 Median 4.00 0.35 2.25 10.30 10.00 High 7.00 0.55 3.95 15.40 10.00 Low 3.00 0.25 1.65 5.10 – UberSUV (31 cities total) Mean 14.55 0.55 4.20 25.16 10.16 Median 14.00 0.50 4.10 25.00 10.00 High 25.00 1.30 6.00 50.00 15.00 INTRO | DESCRIPTION | ANALYSIS | MODELS | FINANCIALS | COMPETITION | VALUATION | Low 12.00 0.35 3.65 20.00 – UberLUX (4 cities total) Mean 8.63 0.49 3.54 16.78 10.00 PRODUCTS Median 6.00 0.48 3.40 13.40 10.00 High 20.00 0.60 5.00 30.00 10.00 Low 2.50 0.40 2.35 10.30 10.00 UberLUX SUV (1 city total) Mean 5.00 0.80 4.70 25.70 10.00 Median 5.00 0.80 4.70 25.70 10.00 High 5.00 0.80 4.70 25.70 10.00 Low 5.00 0.80 4.70 25.70 10.00 UberLUX XL (1 city total) Mean 15.00 0.50 4.05 26.10 10.00

Median 15.00 0.50 4.05 26.10 10.00 | TIMELINE | PEOPLE | OTHER High 15.00 0.50 4.05 26.10 10.00 Low 15.00 0.50 4.05 26.10 10.00 © Triton Research LLC p.51 Version 1.0 February 9, 2016 212 804 6151 Uber Confidential

Bull Case vs. Bear Case p.1 of 4 Two sides of each issue

Bull Bear | DESCRIPTION | INTRO | DESCRIPTION | Industry / Market • The Company’s opportunity has expanded from car service • Heavily-regulated incumbent operations have produced to address much larger sectors including taxis, rental cars significant, and in some cases successful, resistance to Uber, and individual car ownership particularly in non-U.S. markets ANALYSIS • Construction of an urban mobility infrastructure and logistics • Intra-city transportation is inherently local, which requires backbone creates the opportunity to move all manner of expansion cost and infrastructure on a market-by-market cargo (e.g., packages and meals) in addition to people basis • Local market dynamics require a dominant position, which • Rapid international adoption of ride sharing beyond the must be obtained independently in each operating market original U.S. market suggests scalability across geography and culture • Intra-city transportation is inherently local, which restricts any competitive losses within an individual market Product • The Company’s solution compares favorably against both • None car service and taxis: –– Competitive cost for Passengers and attractive compensation for Drivers –– Significantly-reduced effort to order a car / hail a taxi; higher utilization rate among Driver fleet –– Improved customer certainty of car availability and specific arrival time –– Reduced friction related to payment and tipping –– Accountability and service improvement associated with mutual Driver / Passenger ratings –– Consistency of service across almost all major markets –– Robust customer-service wrapper • Positioning as a for-hire-vehicle service eliminates significant negatives associated with taxis, including medallion costs, regulated taxi shifts and shift changes. Shift elimination enables participation for large numbers of part-time and flex-time Drivers OTHER | PEOPLE | TIMELINE | PRODUCTS | VALUATION | COMPETITION | FINANCIALS | MODELS | | MODELS | FINANCIALS | COMPETITION | VALUATION | PRODUCTS | TIMELINE | PEOPLE | OTHER

Bull Case vs. Bear Case (CONTINUED) p.2 of 4

Bull Bear | DESCRIPTION | INTRO | DESCRIPTION | Management Team • Original management team still intact and displaying a level • Repeated willingness to play hardball with regulators, of missionary zeal rarely seen in the peace-time private sector politicians, competitors, industry incumbents, journalists, • Consistent willingness and ability to confront and overcome and potential investors has in some cases raised questions ANALYSIS previously insurmountable challenges related to local market of ethics regulation and incumbent corruption • Ability to execute against larger vision associated with • Consistent expansion of geographic footprint, product suite urban mobility / logistics and autonomous vehicles as yet and future vision unproven • Consistent ability to raise significant investment capital from marquee investors on favorable terms Strategy / Operations • By seizing and then extending a first-mover advantage, • Aggressive city-launches ahead of regulatory approval the Company has benefited from virtuous network effects has created meaningful backlash in many markets, and associated with growing both sides of its marketplace. As forced the Company to incur significant costs for lawyers, more Drivers enter the system, Passenger wait times fall, lobbyists and public relations actions at all levels from encouraging additional Passenger adoption and usage, municipal to Federal to international which in turn drives higher fleet utilization and Driver • Land-grab expansion strategy is appropriate for winner- hourly compensation take-all dynamic of consumer marketplaces, but produces • Aggressive expansion into new markets has enhanced Customer and Driver acquisition costs that will drive multi- the Company’s name recognition and brand, deprived year, multi-billion-dollar losses representing a shoot-the- competitors of safe bases of operation, and offered moon strategy of unusual aggregate dollar risk Passengers a transferable solution that is substitutional with rental cars as well as taxis • Fundraising success has allowed the Company to spend substantially on customer acquisition while also using fare prices as a lever to gain share from taxis and other ride sharing services OTHER | PEOPLE | TIMELINE | PRODUCTS | VALUATION | COMPETITION | FINANCIALS | MODELS | | MODELS | FINANCIALS | COMPETITION | VALUATION | PRODUCTS | TIMELINE | PEOPLE | OTHER

Bull Case vs. Bear Case (CONTINUED) p.3 of 4

Bull Bear | DESCRIPTION | INTRO | DESCRIPTION | Competition • In the U.S. the #2 ride sharing company Lyft is a small • Non-U.S. competitors including Ola, Grab (formerly GrabTaxi) fraction of Uber’s size by any metric, and the #3 competitor and Didi Kuaidi have substantial installed bases of Drivers in the market Sidecar ceded the field entirely within the and Passengers, dominant market shares in home markets, ANALYSIS last month significant backing from deep-pocketed investors, and have recently begun to act collectively to check Uber’s dominance • Consistent and numerous launches of new companies with unique value propositions (e.g., fixed-price rides, low cost pooling and point-to-point commuting solutions) will provide ongoing competitive challenges, particularly as investors clamor to participate in a fast-growing but now firmly-established investment theme • Potential future threats from well-funded organizations with strong local businesses and pertinent core competencies (e.g., Facebook, Google, foreign equivalents) Business Model • The Company’s marketplace cost model represents a very • Introduction of competition into previously monopolistic favorable alternative to fleet ownership. The Company taxi markets created a new and substantial cost: customer has imposed standards of uniformity on its Drivers acquisition. Given the competitive nature of fares, these while distributing ownership of vehicles, maintenance, new costs place significant and possibly insurmountable insurance, and care to the Driver base pressure on profitability • Marketplace cost models generally are favorable in terms • Marketplace structures require the Company to perform the complex task of balancing demand and supply or risk of cost, capital intensity and network effects for operators loss of Drivers (low utilization) or Passengers (no cars); that are able to scale (e.g., eBay, Alibaba, Google) maintaining balance was the reason Surge Pricing was introduced. Maintaining supply and demand balance at all times in 370 global markets operating independently of each other represents a significant operating challenge • Introduction of autonomous vehicles would challenge the existing cost model associated with distributed car ownership across the Driver pool (significant CAPEX) Business Model / • Highly-virtuous and aligned incentives between Passengers • None Product Fit and Drivers, with no advertising or sponsorship-related conflicts or non-transparent transactions OTHER | PEOPLE | TIMELINE | PRODUCTS | VALUATION | COMPETITION | FINANCIALS | MODELS | | MODELS | FINANCIALS | COMPETITION | VALUATION | PRODUCTS | TIMELINE | PEOPLE | OTHER

Bull Case vs. Bear Case (CONTINUED) p.4 of 4

Bull Bear | DESCRIPTION | INTRO | DESCRIPTION | Capital Structure • Largely equity-financed to date with a limited number of • Total absence of secondary liquidity as the Company has preferred classes imposed aggressive transfer restrictions on preferred • Large and high-profile investor base composed of marquee investors ANALYSIS Mutual Funds and public-market investors – as well as investment banks – may reduce time to an IPO, and the corresponding conversion of all shares to Common Disclosure • Because of the high-visibility of the consumer product • Management now well-known for providing little or and significant promotional spending, many details of no detailed operating data to new investors and has pricing, product lineup, and local footprints are readily previously insisted that investors reviewing its financials available waive the right to invest in competitors • Regulatory inquiry related to Driver employment and • Figures disclosed through leaks to the press are incomplete, urban congestion has forced release of meaningful inconsistent, and presented in non-standard formats operating details • Taxi & Limousine Commission regulation produces Freedom of Information Act access to trip-level data in some markets Valuation • The Company’s $62.5b publicly-disclosed valuation makes • The recent technology-company valuation climate has it the most valuable venture-backed startup currently imposed meaningful price resets and markdowns on a operating and brings a media / marketing halo that has broad range of companies in four major categories: reduced advertising costs and enhanced the Company’s –– Companies pricing IPOs at valuations lower than recent brand private-market financings • Highly-valued shares have served as effective currency –– Companies raising fresh capital in the private market at lower valuations than previous rounds for talent acquisition at the senior ranks and across the –– Companies held by Mutual Funds that mark the shares broad employee base, allowing the Company to grow below cost, and headcount to 5,000 in six years –– Companies exiting in M&A transactions at valuations • The Company’s capitalization will make an IPO filing a lower than private fundraising rounds, or in some cases market event similar to the IPOs of Facebook, Twitter and at valuations less than invested capital Alibaba • The universe of possible M&A buyers for the Company at current valuation levels and above is small and declining • To grow into a $62.5b valuation and produce outsized returns for investors from this level, the Company must defeat the "law of large numbers" by establishing a dominant and defensible industry position of the kinds

ISSUES ANALYSIS / QUESTIONS FOR MANAGEMENT p.1 of 2 What's important, what's not

Importance

1 - Core issue INTRO | DESCRIPTION | 2 - Future consideration 3 - It's interesting

4 - It doesn't matter ANALYSIS 5 - It's a distraction Importance – Issue Data Commentary & Analysis Questions for Management 1 – Customer acquisition • The Company spent over $400m • Customer acquisition is one • What is the difference between CAC in costs (CAC) on sales and marketing, pricing of the Company’s largest and established markets vs. new markets? promotions, partner incentives and most important categories of • How much is planned for Driver and on-boarding bonuses in 2014 spending consumer acquisition spending? • These expenditures increased to • On a blended basis, looking at • What is the primary acquisition over $500m in H1 2015 established and new markets strategy? combined, CAC appears to be • What is the projection for rationalization high relative to revenue, and of individual unit costs? potentially unsustainable • How does CAC evolve over time in an individual market? 1 – COGS • Published sources show COGS increased • Negative gross margins would • Why did COGS increase so much in Q2 172% quarter-over-quarter in Q2 2015, suggest that the Company’s 2015? but GAAP revenue increased only 31% business model is unprofitable • Are there seasonal factors or one- in the same period on a unit basis, as COGS typically time items within that expense line • As a result, gross margins declined from contains the variable (volume- item during that quarter? 40% to (24)% based) operating costs 2 – Average trip value • Comments from news publications • Declining average trip values • What has been the reason for the suggest that average trip values impact the profitability of the reduction in average trip value? have declined from ~$25 per trip to projection model to the extent • To what extent is this price decrease ~$12 per trip that the Company cannot pass the result of mix shift to lower expenses onto consumers or priced geographies vs. planned price reduce the cost of providing decreases vs. price competition? services • Prices may be lower due to increased competition in the market or product mix OTHER | PEOPLE | TIMELINE | PRODUCTS | VALUATION | COMPETITION | FINANCIALS | MODELS | | MODELS | FINANCIALS | COMPETITION | VALUATION | PRODUCTS | TIMELINE | PEOPLE | OTHER

ISSUES ANALYSIS / QUESTIONS FOR MANAGEMENT (CONTINUED) p.2 of 2

Importance

1 - Core issue INTRO | DESCRIPTION | 2 - Future consideration 3 - It's interesting

4 - It doesn't matter ANALYSIS 5 - It's a distraction Importance – Issue Data Commentary & Analysis Questions for Management 2 – Driverless cars • The Company has indicated it might • Driverless cars could increase the • What is the Company's plan for own and / or manage a sizable fleet Company’s take rate, as Drivers ownership and maintenance of of driverless cars as part of its future would be eliminated; however, autonomous vehicles? business plan Drivers also own and maintain • If the Company plans to own a their own cars, keeping those vehicle fleet, how does it anticipate expenses off the Company's P&L. financing, storing and maintaining For illustrative purposes, if the the vehicles? Company has 10 million vehicles deployed sometime in the future at a cost of $10,000 per vehicle, that would imply the need for $100 billion of financing 3 – Profitability • Public sources indicate that the • The Company's key revenue • What is the Company's strategy Company produced net income of and cost governors are tightly for profitability when its revenue $(602)m in Q2 2015 and $(697)m bounded by market forces potential and costs are largely in Q3 2015 – Passengers are very price dictated by the market? sensitive to fares, Drivers are very price sensitive to hourly compensation OTHER | PEOPLE | TIMELINE | PRODUCTS | VALUATION | COMPETITION | FINANCIALS | MODELS | | MODELS | FINANCIALS | COMPETITION | VALUATION | PRODUCTS | TIMELINE | PEOPLE | OTHER

FINANCIAL ANALYSIS OVERVIEW p.1 of 2 The GAAP financials crunched

1. The Company has increased sales & marketing expenses across 2. Drivers on the platform and trips taken have increased categories. correspondingly... INTRO | DESCRIPTION |

Estimated Driver & Passenger Acquisition Costs Estimated Number of Drivers and Passenger Trips ANALYSIS ($m) (m) ('000s) 1,600 800 781 1,200 1,459 1,100 1,400 189 700 1,000 1,200 600

358 800 Drivers 1,000 500

800 Trips 400 600 600 300 351 400 406 911 400 57 200 140 103 200 200 3 16 100 78 27 64 10 6 28 246 5 8 - 1 34 - - FY2012E FY2013E FY2014E FY2015E FY2012E FY2013E FY2014E FY2015E Sales and Marketing Incentives Price Promotions Estimated Trips Estimated Drivers

3. ...which has increased bookings and net revenue in tandem. 4. For the full-year 2015 the Company appears to have spent $1.87 to catalyze one trip...

Source: Triton Research analysis. © Triton Research LLC p.15 Version 1.0 February 9, 2016 212 804 6151 Uber Confidential

FINANCIAL ANALYSIS OVERVIEW (CONTINUED) p.2 of 2

5. ...while generating $2.28 per trip – meaning the Company has only 6. However, the Company's costs as a percent of revenue appear to | DESCRIPTION | INTRO | DESCRIPTION | $1.11 per trip to spend on COGS, R&D, and G&A. be stable across periods.

Estimated GAAP Net Revenue per Trip Percent of GAAP Net Revenue ANALYSIS

($) (%) 4.00 $3.87 250% $3.54 3.50 $3.36 216% 212% 212% 200% 26% 3.00 36% 28% 23% 13% 15% 2.50 $2.28 5% 152% 150% 17% 51% 2.00 71% 13% 50% 25% 1.50 100% 33% 32% 1.00 40% 50% 91% 81% 93% 0.50 50% - - FY2012E FY2013E FY2014E FY2015E FY2012E FY2013E FY2014E FY2015E COGS O&S S&M R&D G&A

Source: Triton Research analysis.

SELECTED KEY METRICS p.1 of 7 What a diligent investor needs to know

Data Item Context Data Point Unit Source Date Source | DESCRIPTION | INTRO | DESCRIPTION | Financials Gross Bookings Projected FY2016 26,120,000,000 $ Aug. 21, 2015 Reuters ANALYSIS Gross Bookings Projected FY2015 10,840,000,000 $ Aug. 21, 2015 Reuters Gross Bookings Run-Rate Q2 2015 8,526,400,000 $ Jan. 11, 2016 The Information Gross Bookings H1 2015 3,630,700,000 $ Jan. 11, 2016 The Information Gross Bookings FY2014 2,932,700,000 $ Jan. 11, 2016 The Information Gross Bookings FY2013 687,800,000 $ Aug. 21, 2015 Reuters

Net Revenue Run-Rate Q2 2015 1,503,600,000 $ Jan. 11, 2016 The Information Net Revenue H1 2015 663,200,000 $ Jan. 11, 2016 The Information Net Revenue FY2014 495,300,000 $ Jan. 11, 2016 The Information Net Revenue FY2013 104,405,000 $ Aug. 5, 2015 Gawker Net Revenue FY2012 16,145,000 $ Aug. 5, 2015 Gawker

Driver Payout Run-Rate Q2 2015 6,388,400,000 $ Jan. 11, 2016 The Information Driver Payout 2015 YTD 3,500,000,000 $ Nov. 3, 2015 Uber Blog Driver Payout H1 2015 2,715,600,000 $ Jan. 11, 2016 The Information Driver Payout FY2014 2,240,100,000 $ Jan. 11, 2016 The Information Driver Payout, New York 2011-2015 750,000,000 $ May 4, 2015 Uber Blog

EBIT Run-Rate Q2 2015 (2,236,400,000) $ Jan. 11, 2016 The Information EBIT H1 2015 (718,100,000) $ Jan. 11, 2016 The Information EBIT FY2014 (564,900,000) $ Jan. 11, 2016 The Information EBIT FY2013 (56,679,000) $ Aug. 5, 2015 Gawker EBIT FY2012 (18,679,000) $ Aug. 5, 2015 Gawker

Net Loss Run-Rate Q2 2015 (2,774,600,000) $ Jan. 11, 2016 The Information Net Loss H1 2015 (987,200,000) $ Jan. 11, 2016 The Information Net Loss FY2014 (671,400,000) $ Jan. 11, 2016 The Information Net Loss FY2013 (56,530,000) $ Aug. 5, 2015 Gawker Net Loss FY2012 (20,417,000) $ Aug. 5, 2015 Gawker

SELECTED KEY METRICS (CONTINUED) p.2 of 7

Data Item Context Data Point Unit Source Date Source | DESCRIPTION | INTRO | DESCRIPTION | Financials – Developed Markets Net Revenue Projected FY2019 22,700,000,000 $ Jan. 11, 2016 The Information ANALYSIS Profit Projected FY2019 8,200,000,000 $ Jan. 11, 2016 The Information Cumulative Profits 2016-2019 14,000,000,000 $ Jan. 11, 2016 The Information

Net Revenue Projected FY2016 4,400,000,000 $ Jan. 11, 2016 The Information EBITDA Projected FY2016 167,000,000 $ Jan. 11, 2016 The Information

Net Revenue FY2015 1,800,000,000 $ Jan. 11, 2016 The Information EBITDA FY2015 (431,000,000) $ Jan. 11, 2016 The Information

Users engaged users / "Eyeballs", Global Oct. to Nov. 2013 1,900,000 Dec. 4, 2013 Gawker week Monthly Active Users, Global Oct. to Nov. 2013 860,000 Passengers Dec. 4, 2013 Gawker Active Clients, Global Oct. to Nov. 2013 430,000 clients / week Dec. 4, 2013 Gawker Signups, Global Oct. to Nov. 2013 79,000 signups / week Dec. 4, 2013 Gawker Signups, New York 2015 30,000 signups / week Sep. 8, 2015 Fast Company

Passengers – Customer Acquisition Incentives New User Incentive Promotion, El Paso Jun. 2014 250.00 $ Jun. 26, 2014 Uber Blog New User Incentive Promotion, Michigan Jul. 2014 125.00 $ Jul. 24, 2014 Uber Blog New User Incentive Promotion, Oregon Nov. 2014 50.00 $ Nov. 12, 2014 Uber Blog New User Incentive and Referral Promotion Jan. 2014 40.00 $ Jan. 6, 2014 Uber Blog Customer Retention Promotion Jun. 2014 30.00 $ Jun. 18, 2014 Uber Blog New User Incentive Promotion Dec. 2013 25.00 $ Dec. 14, 2013 Uber Blog New User Incentive Promotion, Adelaide Aug. 2014 25.00 $ Aug. 20, 2014 Uber Blog Referral Promotion Dec. 2014 20.00 $ Dec. 11, 2014 Uber Blog New User Incentive Promotion Apr. 2014 20.00 $ Apr. 20, 2014 Uber Blog New User Incentive Promotion Dec. 2013 20.00 $ Dec. 4, 2013 Uber Blog Customer Retention Promotion May 2011 15.00 $ May 4, 2011 Uber Blog Referral Promotion Jun. 2011 10.00 $ Jun. 17, 2011 Uber Blog Credit to First Time Riders Apr. 2011 10.00 $ Apr. 6, 2011 TechCrunch Affiliate Fee for Developers Jul. 2015 5.00 $ Jul. 1, 2015 Uber Blog OTHER | PEOPLE | TIMELINE | PRODUCTS | VALUATION | COMPETITION | FINANCIALS | MODELS | | MODELS | FINANCIALS | COMPETITION | VALUATION | PRODUCTS | TIMELINE | PEOPLE | OTHER Sources: Press accounts and Triton Research analysis.

SELECTED KEY METRICS (CONTINUED) p.3 of 7

Data Item Context Data Point Unit Source Date Source | DESCRIPTION | INTRO | DESCRIPTION | Drivers Number of Drivers, Global Nov. 2015 1,100,000 Drivers Nov. 3, 2015 Uber Blog ANALYSIS Number of Drivers, Global Aug. 2015 1,000,000 Drivers Aug. 5, 2015 Uber Blog Target for Number of Women Drivers by 2020 Target for 2020 1,000,000 Drivers Mar. 10, 2015 Uber Blog Number of Drivers, U.S. Nov. 2015 400,000 Drivers Nov. 3, 2015 Uber Blog Number of Drivers, U.S. Sep. 2015 327,000 Drivers Oct. 24, 2015 Business Insider Number of Drivers, U.S. Dec. 2014 160,000 Drivers Jan. 22, 2015 Hall, Krueger Number of Drivers, Cumulative in California Inception to Sep. 2015 160,000 Drivers Sep. 1, 2015 Uber Blog Number of Drivers, Unspecific Mar. 2015 150,000 Drivers Mar. 2, 2015 Uber Blog Number of Drivers, Los Angeles Nov. 2015 48,000 Drivers Nov. 3, 2015 Uber Blog Number of Drivers, Chengdu, China Jun. 2015 42,000 Drivers Jun. 3, 2015 Uber Blog Number of Drivers, Chicago Nov. 2015 35,000 Drivers Nov. 3, 2015 Uber Blog Number of Drivers, U.S. Dec. 2013 30,000 Drivers Jan. 22, 2015 Hall, Krueger Number of Drivers, New York Oct. 2015 30,000 Drivers Oct. 7, 2015 NY Post Number of Drivers, Washington, D.C. Nov. 2015 27,000 Drivers Nov. 3, 2015 Uber Blog Number of Drivers, New York Jun. 2015 26,000 Drivers Jun. 3, 2015 Uber Blog Number of Drivers, San Francisco Jun. 2015 22,000 Drivers Jun. 3, 2015 Uber Blog Number of Monthly Driver Jobs Created May 2014 20,000 Drivers May 27, 2014 Uber Blog Number of Drivers, New York Dec. 2014 16,000 Drivers May 26, 2015 TheStreet Number of Drivers, Atlanta Nov. 2015 15,000 Drivers Nov. 3, 2015 Uber Blog Number of Drivers, London Jun. 2015 15,000 Drivers Jun. 3, 2015 Uber Blog Number of Drivers, New York Mar. 2015 13,000 Drivers Mar. 3, 2015 Crain's Number of Drivers, Austin Nov. 2015 10,000 Drivers Nov. 3, 2015 Uber Blog Number of Drivers, Philadelphia Nov. 2015 10,000 Drivers Nov. 3, 2015 Uber Blog Number of Drivers, Paris, France Jun. 2015 10,000 Drivers Jun. 3, 2015 Uber Blog

Drivers – Utilization Number of Median Trips per Hour, San Francisco Dec. 2014 1.70 trips / hour Jan. 22, 2015 Hall, Krueger Number of Median Trips per Hour, Boston Dec. 2014 1.67 trips / hour Jan. 22, 2015 Hall, Krueger Number of Median Trips per Hour, Chicago Dec. 2014 1.55 trips / hour Jan. 22, 2015 Hall, Krueger

SELECTED KEY METRICS (CONTINUED) p.4 of 7

Data Item Context Data Point Unit Source Date Source | DESCRIPTION | INTRO | DESCRIPTION | Drivers – Utilization (Continued) Number of Median Trips per Hour, Los Angeles Dec. 2014 1.44 trips / hour Jan. 22, 2015 Hall, Krueger ANALYSIS Number of Median Trips per Hour, Survey Average Dec. 2014 1.26 trips / hour Jan. 22, 2015 Hall, Krueger Number of Median Trips per Hour, New York Dec. 2014 1.09 trips / hour Jan. 22, 2015 Hall, Krueger Driver Utilization Rate (Paid Time), New York Sep. 2015 53% % Oct. 6, 2015 Uber Blog Driver Utilization Rate (Paid Time), New York Sep. 2014 48% % Oct. 6, 2015 Uber Blog Driver Utilization Rate (Paid Time) Jul. 2014 44% % Jul. 18, 2014 Business Insider Driver Utilization Rate (Paid Time), New York Sep. 2013 30% % Oct. 6, 2015 Uber Blog Driver Utilization Rate (Paid Time), New York Sep. 2012 27% % Oct. 6, 2015 Uber Blog

Drivers – Hours Per Week Percentage of Drivers Working Part Time in U.S. <35 Hours per Week Dec. 2014 81% % Jan. 22, 2015 Hall, Krueger Percentage of Drivers Working in U.S. <15 Hours per Week Dec. 2014 51% % Jan. 22, 2015 Hall, Krueger Percentage of Drivers Working in U.S. <10 Hours per Week Aug. 2015 50% % Aug. 5, 2015 Uber Blog Percentage of Drivers Working Full Time in U.S. >35 Hours per Week Dec. 2014 19% % Jan. 22, 2015 Hall, Krueger Percentage of Change In Driver Hours per Week 2015 (10)% % Nov. 3, 2015 Uber Blog

Drivers – Wages Median Driver Annual Income, New York 2014 90,766 $ May 27, 2014 Uber Blog Median Driver Annual Income After Expenses, New York 2014 75,000 $ May 27, 2014 Politico Median Driver Annual Income, San Francisco 2014 74,191 $ May 27, 2014 Uber Blog Median Driver Annual Income After Expenses, San Francisco 2014 60,000 $ Jun. 1, 2014 PC Mag Expected Driver Annual Income with UberX after Uber Fee, Dallas 2014 56,000 $ Jul. 18, 2014 Business Insider Expected Maximum Driver Annual Income With UberX After Uber Fee, 2014 50,000 $ Jul. 18, 2014 Business Insider New York Expected Driver Annual Income After All Expenses, Dallas 2014 36,988 $ Jul. 18, 2014 Business Insider Expected Driver Annual Income After All Expenses, New York 2014 35,000 $ Jul. 18, 2014 Business Insider Guaranteed Monthly Payout by Uber for Working 50 Hours Per Week, Nov. 2014 5,000 $ Nov. 3, 2014 NY Post New York Driver Recruiting Incentive Bonus 2014 1,000 $ Jul. 14, 2014 Bloomberg Driver Recruiting Incentive Bonus for Defecting from Lyft 2014 500 $ Jul. 14, 2014 Bloomberg UberSUV Gross Hourly Income, New York Sep. 2014 60.00 $ / hour Sep. 12, 2014 Business Insider

SELECTED KEY METRICS (CONTINUED) p.5 of 7

Data Item Context Data Point Unit Source Date Source | DESCRIPTION | INTRO | DESCRIPTION | Drivers – Wages (Continued) UberX Gross Hourly Income, New York Sep. 2015 39.30 $ / hour Oct. 6, 2015 Uber Blog ANALYSIS UberX Gross Hourly Income, New York Sep. 2014 36.96 $ / hour Oct. 6, 2015 Uber Blog Driver Net Hourly Income, New York Dec. 2014 30.35 $ / hour Jan. 22, 2015 Hall, Krueger UberX Gross Hourly Income, New York Sep. 2013 27.70 $ / hour Oct. 6, 2015 Uber Blog Driver Gross Hourly Income, Dallas Jul. 2014 27.00 $ / hour Jul. 18, 2014 Business Insider UberX Gross Hourly Income, New York Sep. 2012 26.36 $ / hour Oct. 6, 2015 Uber Blog Driver Net Hourly Income, San Francisco Dec. 2014 23.52 $ / hour Jan. 22, 2015 Hall, Krueger Driver Net Hourly Income, Boston Dec. 2014 19.06 $ / hour Jan. 22, 2015 Hall, Krueger Driver Net Hourly Income, Survey Average Dec. 2014 19.04 $ / hour Jan. 22, 2015 Hall, Krueger Driver Net Hourly Income, Washington, DC Dec. 2014 17.79 $ / hour Jan. 22, 2015 Hall, Krueger Driver Net Hourly Income, Los Angeles Dec. 2014 16.98 $ / hour Jan. 22, 2015 Hall, Krueger Driver Net Hourly Income, Chicago Dec. 2014 16.20 $ / hour Jan. 22, 2015 Hall, Krueger

Drivers – Miscellaneous Driver 1-Year Retention Rate Jun. 2014 55% % Jan. 22, 2015 Hall, Krueger Share of Drivers That are UberBLACK Partners Jan. 2015 18% % Jan. 22, 2015 Uber Blog Share of Drivers That Defected From Taxis or Black Cars Jan. 2015 18% % Jan. 22, 2015 Uber Blog Share of Drivers That are Women Jan. 2015 14% % Jan. 22, 2015 Uber Blog

Product – Cities Cities in Operation Jan. 2016 371 cities Jan. 26, 2016 Uber Website Cities in Operation Sep. 2015 339 cities Sep. 23, 2015 Uber Blog Cities in Operation Jul. 2015 300 cities Jul. 22, 2015 CNN Cities in Operation Dec. 2014 250 cities Dec. 4, 2014 Uber Blog Cities in Operation Jun. 2014 128 cities Jun. 6, 2014 Uber Blog Cities in Operation Dec. 2013 65 cities Dec. 18, 2013 Quartz Cities in Operation Sep. 2012 17 cities Sep. 7, 2012 TechCrunch Cities in Operation, China Sep. 2015 15 cities Sep. 8, 2015 Fast Company Cities in Operation, UberPOOL Sep. 2015 12 cities Sep. 22, 2015 Uber Blog Cities in Operation, UberEATS Apr. 2015 4 cities Apr. 28, 2015 Uber Blog

SELECTED KEY METRICS (CONTINUED) p.6 of 7

Data Item Context Data Point Unit Source Date Source | DESCRIPTION | INTRO | DESCRIPTION | Product – Countries Countries in Operation Dec. 2015 68 countries Dec. 27, 2015 Uber Website ANALYSIS Countries in Operation Jun. 2015 57 countries Jun. 28, 2015 Uber Website Countries in Operation Dec. 2014 53 countries Dec. 29, 2014 Uber Website Countries in Operation Jun. 2014 39 countries Jun. 26, 2014 Uber Website Countries in Operation Dec. 2013 22 countries Dec. 4, 2013 Uber Website Countries in Operation Jan. 2013 10 countries Jan. 26, 2013 Uber Website

Product – Miscellaneous Historical Surge Price Multiple, New York Jan. 2014 8.50 multiple Jan. 3, 2014 Reuters Average Surge Price Multiple, New York Oct. 2015 1.85 multiple Oct. 8, 2015 Politico UberX Share of All Uber Rides, New York Nov. 2015 80% % Nov. 18, 2015 Slate Percentage of U.S. Population Served by Uber Sep. 2015 75% % Sep. 23, 2015 Uber Blog Percentage of Trips that are UberPOOL Trips, San Francisco Sep. 2015 50% % Sep. 8, 2015 Fast Company Percentage of U.S. Population Served by Uber May 2014 43% % May 28, 2014 Uber Blog Uber Share of Pickups in New York City Apr. to Jun. 2015 16% % Oct. 13, 2015 FiveThirtyEight Uber Share of Pickups in New York City Apr. to Jun. 2014 4% % Oct. 13, 2015 FiveThirtyEight

Operating – Trips Number of Cumulative Trips 2009-2015 1,000,000,000 trips Dec. 30, 2015 Uber Blog Number of Trips per Year, Global 2014 140,000,000 trips / year Dec. 30, 2014 Uber Blog Number of Cumulative Trips, New York 2011-2015 30,000,000 trips May 4, 2015 Business Insider Number of Trips per Day, Global Nov. 2015 3,000,000 trips / day Nov. 24, 2015 Uber Blog Number of Trips per Day, Global Sep. 2015 2,000,000 trips / day Sep. 8, 2015 Fast Company Number of Trips on New Years Eve Jan. 2015 2,000,000 trips Jan. 2, 2015 Uber Blog Number of Trips per Day, Global Feb. 2015 1,000,000 trips / day Feb. 2, 2015 Uber Blog

Corporate – Employees Number of Employees, Global Nov. 2015 5,000 employees Nov. 25, 2015 Business Insider Number of Employees, Global Sep. 2015 4,000 employees Sep. 23, 2015 Uber Blog Number of Employees, San Francisco Sep. 2015 2,000 employees Sep. 23, 2015 Uber Blog Number of Employees, Global Jan. 2014 550 employees Jan. 8, 2014 Time OTHER | PEOPLE | TIMELINE | PRODUCTS | VALUATION | COMPETITION | FINANCIALS | MODELS | | MODELS | FINANCIALS | COMPETITION | VALUATION | PRODUCTS | TIMELINE | PEOPLE | OTHER Number of Employees, Expected to be Hired In New York May 2014 225 employees May 21, 2014 NY Post Sources: Press accounts and Triton Research analysis. © Triton Research LLC p.22 Version 1.0 February 9, 2016 212 804 6151 Uber Confidential

SELECTED KEY METRICS (CONTINUED) p.7 of 7

Data Item Context Data Point Unit Source Date Source | DESCRIPTION | INTRO | DESCRIPTION | Corporate – Employees (Continued) Number of Employees, Projected in New York Mar. 2015 150 employees Mar. 3, 2015 Crain's ANALYSIS Number of Employees, Global Sep. 2012 100 employees Sep. 21, 2012 Time Number of Employees, New York Mar. 2015 80 employees Mar. 3, 2015 Crain's Number of Employees, New York May 2014 50 employees May 21, 2014 NY Post Number of Engineering Employees Hiring Plan Mar. 2015 50 employees Mar. 3, 2015 Crain's Number of Employees, Global Oct. 2010 5 employees Dec. 5, 2011 Uber Blog

Corporate – Miscellaneous Square Footage of West 28th Street Office Jun. 2014 55,000 square feet Mar. 3, 2015 Crain's Lobbyists Under Retainer 2015 28 lobbyists Jun. 24, 2015 Skift Lobbyists Under Retainer 2014 14 lobbyists Jun. 24, 2015 Skift Lobbyists Under Retainer 2013 0 lobbyists Jun. 24, 2015 Skift Sources: Press accounts and Triton Research analysis.

MODEL CASES p.1 of 2 What do you have to believe?

Management's Case ($m) FY2012E FY2013E FY2014E FY2015E FY2016E FY2017E FY2018E FY2019E FY2020E Pro Forma Net Revenue 27 158 693 2,446 5,334 11,510 19,332 26,931 36,546 % Growth 479% 338% 253% 118% 116% 68% 39% 36%

Pro Forma EBITDA (19) (55) (554) (2,000) (2,750) (2,750) 1,405 6,177 13,903 INTRO | DESCRIPTION | ANALYSIS | % Margin (68)% (35)% (80)% (82)% (52)% (24)% 7% 23% 38% Thesis: In press accounts and in the investment community, the Company has indicated a 2018 target revenue multiple of "low single digits" vs. a MODELS $62.5b valuation, and a 10% EBITDA margin. To achieve those levels, supply and demand acquisition metrics must improve 50% and take rate must increase 8% over a 5-year period.

Steady State Acquisition Cost Case ($m) FY2012E FY2013E FY2014E FY2015E FY2016E FY2017E FY2018E FY2019E FY2020E Pro Forma Net Revenue 27 158 693 2,446 6,014 8,546 9,003 9,085 9,100 % Growth 479% 338% 253% 146% 42% 5% 1% 0% Pro Forma EBITDA (19) (55) (554) (2,000) (4,000) (4,000) (4,000) (4,000) (4,000) % Margin (68)% (35)% (80)% (82)% (67)% (47)% (44)% (44)% (44)% Thesis: This case assumes the Company continues to raise capital at current levels and deploys the maximum available amounts for supply and demand acquisition, while holding acquisition metrics constant across the board. Operating investment is constrained by absolute levels of pro forma EBITDA.

CAC Headwind Case ($m) FY2012E FY2013E FY2014E FY2015E FY2016E FY2017E FY2018E FY2019E FY2020E Pro Forma Net Revenue 27 158 693 2,446 5,660 7,353 6,935 6,325 5,790 % Growth 479% 338% 253% 131% 30% (6%) (9%) (8%) Pro Forma EBITDA (19) (55) (554) (2,000) (4,000) (4,000) (4,000) (4,000) (4,000) % Margin (68)% (35)% (80)% (82)% (71)% (54)% (58)% (63)% (69)% Thesis: This case assumes the Company continues to raise capital at current levels and deploys the maximum available amounts for supply and demand acquisition, and that acquisition costs increase by 25% over a 5-year period. Operating investment is again constrained by absolute levels of pro forma EBITDA. Source: Triton Research analysis. Model Confidence: 1 2 3 4 5 6 7 8 9 10 OTHER | PEOPLE | TIMELINE | PRODUCTS | VALUATION | COMPETITION | FINANCIALS | | FINANCIALS | COMPETITION | VALUATION | PRODUCTS | TIMELINE | PEOPLE | OTHER Who Swiss Knows? Watch

MODEL CASES (CONTINUED) p.2 of 2

Model Case Graphs

($m) Pro Forma Net Revenue 40,000 35,000 Management's Case 30,000 INTRO | DESCRIPTION | ANALYSIS | 25,000

20,000 MODELS 15,000 10,000 Steady State Acquisition Cost Case

5,000 CAC Headwind Case - FY2012E FY2013E FY2014E FY2015E FY2016E FY2017E FY2018E FY2019E FY2020E

EBITDA ($m) 15,000 12,000 Management's Case 9,000 6,000 3,000 - (3000) Steady State Acquisition Cost Case (6,000) CAC Headwind Case FY2012E FY2013E FY2014E FY2015E FY2016E FY2017E FY2018E FY2019E FY2020E

Source: Triton Research analysis. © Triton Research LLC p.25 Version 1.0 February 9, 2016 212 804 6151 Uber Confidential

FINANCIALS p.1 of 4 Revenue and profit

Financial Graphs

Annual Bookings, GAAP Net Revenue, and EBITDA ($m) 12,000

10,000 9,541

8,000

6,000 INTRO | DESCRIPTION | ANALYSIS | MODELS |

4,000 2,933

1,784 FINANCIALS 2,000 688 495 104 - (55) (554) (2,000) (2,000) (4,000) Bookings GAAP Net Revenue EBITDA 2013 2014 2015 Quarterly Bookings, GAAP Net Revenue, and EBITDA ($m) 3,500 3,247 3,000 2,663 2,500 2,132 2,000 1,499 1,500

1,000 623 498 500 287 376 N.D. N.D. 46 57 - (51) (105) (153) (500) (549) (585) (1,000) (713) Bookings GAAP Net Revenue EBITDA

FINANCIALS (CONTINUED) p.2 of 4

Income Statement Years Ending Quarters Ending Dec. 2012 Dec. 2013 Dec. 2014 Dec. 2015 Mar. 2014 Jun. 2014 Mar. 2015 Jun. 2015 Sep. 2015 Dec. 2015 ($'000s) FY2012 FY2013 FY2014 FY2015 Q1 14 Q2 14 Q1 15 Q2 15 Q3 15 Q4 15 Gross bookings 687,800 2,932,700 9,541,000 1,499,100 2,131,600 2,663,300 3,247,000 Net partner earnings (2,240,100) (1,118,500) (1,597,100) Pro forma net revenue 27,322 158,194 692,600 380,600 534,500 Other revenue 24,600 12,900 17,200

Promotions – price cut (57,300) (21,900) (50,100) INTRO | DESCRIPTION | ANALYSIS | MODELS | Partner incentives and misc. payments (86,600) (49,600) (80,500) Join and support payments (16,200) (3,700) (2,600)

Refunds (13,900) (9,500) (13,400) FINANCIALS Taxes and fees (47,900) (21,500) (29,200) GAAP net revenue 16,145 104,405 495,300 1,784,000 45,641 56,999 287,300 375,900 498,000 622,800 Cost of revenue 14,665 51,869 399,500 22,212 32,325 171,300 466,200 Gross profit 1,480 52,536 95,800 23,429 24,674 116,000 (90,300) Total operating expenses 20,159 109,215 660,700 75,083 131,497 275,000 468,800 Operations and support 11,447 41,931 159,900 18,091 16,710 60,100 99,000 Sales and marketing 823 34,189 246,000 32,371 41,466 98,200 196,800 Research and development 3,760 13,457 65,900 7,988 12,262 38,100 56,600 General and administrative 4,129 17,668 177,700 15,563 59,381 72,400 106,300 Depreciation and amortization – 1,970 11,200 1,070 1,678 6,200 10,100 EBIT (18,679) (56,679) (564,900) (51,654) (106,823) (159,000) (559,100) Total other income (1,738) 149 (106,500) (631) (2,004) (226,100) (43,000) Other income (1,738) 149 (7,100) (631) (2,004) (72,900) (29,800) Income tax expense – – (2,200) – – – – Stock based compensation – (97,200) (153,200) (13,200) Net income (20,417) (56,530) (671,400) (52,285) (108,827) (385,100) (602,100) (697,000) EBITDA (18,679) (54,709) (553,700)(2,000,000) (50,584) (105,145) (152,800) (549,000) (585,000) (713,000) Sources: Press accounts, Triton Research analysis. OTHER | PEOPLE | TIMELINE | PRODUCTS | VALUATION | COMPETITION | | COMPETITION | VALUATION | PRODUCTS | TIMELINE | PEOPLE | OTHER

FINANCIALS (CONTINUED) p.3 of 4

Cash Flow Statement Year Ending Half Year Ending ($'000s) Dec. 2014 Jun. 2015 Net loss (671,400) (987,200) Depreciation and amortization 11,200 16,300 Provision for bad debts 14,700 20,200 Stock based compensation 20,800 22,600 Change in fair value of derivative – 28,200 Original issue discount amortization – 48,400 INTRO | DESCRIPTION | ANALYSIS | MODELS | Payment in kind interest on debt – 19,200 Other 5,400 – FINANCIALS Accounts receivable (38,900) (72,000) Prepaid expenses and other assets (38,100) (39,800) Other assets – – Accounts payable 66,600 (33,600) Accrued expenses and other liabilities 167,600 224,400 Net cash from operations (462,100) (753,300) Purchases of property, equipment and software (76,400) (82,400) Business combinations and asset acquisitions – (45,600) Investment in joint venture (63,000) (2,000) Change in restricted cash (31,800) (24,900) Net cash from investment (171,200) (154,900) Proceeds from exercise of stock options, net of repurchase 14,900 19,200 Repurchase of outstanding shares (252,400) (430,200) Issuance of convertible notes, net of issuance costs 215,000 1,777,700 Issuance of employee loans collateralized by shares (6,700) – Change in borrowings – 7,400 Issuance of series a preference shares by a subsidiary 37,500 – Issuance of convertible preferred stock, net of issuance costs 2,348,500 1,721,900 Net cash from financing 2,356,800 3,096,000 Forex (700) 300 Net change in cash 1,722,800 2,188,300 Cash and equivalents at beginning of period 238,200 1,961,000 Cash and equivalents at end of period 1,961,000 4,149,300 OTHER | PEOPLE | TIMELINE | PRODUCTS | VALUATION | COMPETITION | | COMPETITION | VALUATION | PRODUCTS | TIMELINE | PEOPLE | OTHER Sources: Press accounts, Triton Research analysis.

FINANCIALS (CONTINUED) p.4 of 4

Balance Sheet

($'000s) Dec. 2013 Jun. 2014 Dec. 2014 Jun. 2015 ASSETS: Current assets Cash and cash equivalents 236,291 1,161,922 1,961,000 4,149,300 Accounts receivable 12,614 21,436

Prepaid expenses and other current assets 7,267 16,930 INTRO | DESCRIPTION | ANALYSIS | MODELS | Total current assets 256,172 1,200,288 Property and equipment, net 9,383 54,004

Restricted cash 10,010 26,094 FINANCIALS Other assets 1,679 4,350 Total assets 277,245 1,284,735 LIABILITIES & EQUITY: Current Liabilities Accounts payable 11,298 55,472 Accrued liabilities 16,178 38,021 Other current liabilities 13,534 20,913 Total current liabilities 41,010 114,406 Long term liabilities 6,760 12,395 Total liabilities 47,770 126,801 Preferred stock 318,796 1,501,701 Additional paid-in capital 4,564 5,768 Accumulated other comprehensive income (157) (991) Accumulated deficit (93,728) (348,544) Total equity 229,475 1,157,934 Total liabilities and stockholders' equity 277,245 1,284,735 Sources: Press accounts, Triton Research analysis. OTHER | PEOPLE | TIMELINE | PRODUCTS | VALUATION | COMPETITION | | COMPETITION | VALUATION | PRODUCTS | TIMELINE | PEOPLE | OTHER

COMPETITIVE SET p.1 of 8 Who plays in the space

Summary of Competitive Set

($m) Total Funding Number of Employees 10,000 8,000 9,277 7,000 7,000 8,000 6,000 5,000 6,000 5,000 4,000 4,420 4,000 4,000 3,000 2,013 2,000 2,000 1,300 700 1,000 700 500 - - Uber Lyft Didi Ola Grab Uber Lyft Didi Ola Grab

($m) Most Recent Valuation Number of Operating Cities 70,000 400 375 INTRO | DESCRIPTION | ANALYSIS | MODELS | FINANCIALS | 62,500 360 60,000 350 50,000 300 250 40,000 206 200 30,000 COMPETITION 150 102 20,000 16,500 100 10,000 5,500 5,000 50 1,600 26 - - Uber Lyft Didi Ola Grab Uber Lyft Didi Ola Grab

Competitive Set (CONTINUED) p.2 of 8

Fleet Ride Share Companies Corporate Information Number Most Acquisition Total of Rounds Recent Company Estimated Public / Amount Parent Funding (Past Seed / Valuation Date Age Number of Company Private Subsidiary Acquired ($m) Company ($m) Angel) ($m) Headquarters Founded (Years) Employees

Uber Private N N N.A. N.A. 9,277 8 62,500 San Francisco, CA Mar. 2009 6.9 5,000

1 Didi Private N N N.A. N.A. 4,420 7 16,500 Beijing, China Sep. 2012 3.4 4,000

2 Lyft Private N N N.A. N.A. 2,013 6 5,500 San Francisco, CA May 2012 3.7 700

3 Ola Cab Private N N N.A. N.A. 1,300 6 5,000 Bangalore, India Dec. 2010 5.2 7,000 Midview City, 4 Grab Private N N N.A. N.A. 700 5 1,600 Apr. 2011 4.8 500 Singapore

6 Hailo Private N N N.A. N.A. 101 3 250 London, U.K. Sep. 2010 5.4 133

7 Curb Public Y Y N.D. Verifone N.A. 3 N.A. Alexandria, VA Feb. 2007 9.0 N.D. COMPETITION 8 Sidecar Public Y Y < 39.0 GM 35 4 N.A. San Francisco, CA Sep. 2011 4.4 68

9 GroundLink Private N N N.A. N.A. 20 1 N.D. New York, NY May 2005 10.8 111

10 Fasten Private N N N.A. N.A. 9 N.D. N.D. Boston, MA May 2015 0.8 10

11 Summon Private N N N.A. N.A. N.D. 1 N.D. San Francisco, CA Jul. 2012 3.6 19

12 zTrip Public Y N N.A. Transdev N.A. N.A. N.A. Paris, France Oct. 2012 3.3 N.D.

Competitive Set (CONTINUED) p.3 of 8

Fleet Ride Share Companies (Continued) Estimated Revenue Metrics Bookings Revenues Bookings Bookings Bookings Bookings Run GAAP Net GAAP Net GAAP Net GAAP Revenue FY2013 FY2014 FY2015 Rate – End of Revenue FY2013 Revenue FY2014 Revenue FY2015 Run Rate – End Company ($m) ($m) ($m) 2015 ($m) ($m) ($m) ($m) of 2015 ($m)

Uber 688 2,933 9,541 13,000 104 495 1,784 2,500

1 Didi N.D. N.D. N.D. N.D. N.D. N.D. >444 N.D.

2 Lyft N.D. N.D. N.D. 1,200 12 130 300 N.D.

3 Ola Cab N.D. N.D. N.D. >1,000 N.D. N.D. N.D. >200

5 Gett N.D. N.D. N.D. N.D. <100 >100 N.D. N.D.

6 Hailo 100 N.D. N.D. N.D. N.D. N.D. N.D. N.D.

7 Curb N.D. N.D. N.D. N.D. N.D. N.D. N.D. N.D. COMPETITION

8 Sidecar N.D. N.D. N.D. N.D. N.D. N.D. N.D. N.D.

9 GroundLink N.D. N.D. N.D. N.D. N.D. N.D. N.D. N.D.

10 Fasten N.D. N.D. N.D. N.D. N.D. N.D. N.D. N.D.

11 Summon N.D. N.D. N.D. N.D. N.D. N.D. N.D. N.D.

12 zTrip N.D. N.D. N.D. N.D. N.D. N.D. N.D. N.D.

Competitive Set (CONTINUED) p.4 of 8

Fleet Ride Share Companies (Continued) Estimated System Metrics Number of Drivers Number of Registered Riders Number of Active Riders As of As of As of As of As of As of As of As of As of Company Aug. 2014 Oct. 2014 Dec. 2014 Nov. 2015 Jan. 2016 Oct. 2014 Jan. 2016 Dec. 2014 Jan. 2016

Uber N.D. N.D. N.D. 1,100,000 N.D. N.D. N.D. N.D. N.D.

1 Didi N.D. N.D. 1,000,000 N.D. N.D. N.D. 250,000,000 N.D. N.D.

2 Lyft N.D. N.D. N.D. N.D. 315,000 N.D. N.D. N.D. 5,000,000

3 Ola Cab N.D. N.D. N.D. 350,000 400,000 N.D. N.D. N.D. N.D.

4 Grab N.D. N.D. N.D. N.D. 200,000 N.D. N.D. 500,000 N.D.

6 Hailo N.D. 60,000 N.D. N.D. N.D. 2,500,000 N.D. N.D. N.D.

7 Curb 41,000 N.D. N.D. N.D. N.D. N.D. N.D. N.D. N.D. COMPETITION 8 Sidecar N.D. N.D. N.D. N.D. N.D. N.D. N.D. N.D. N.D.

9 GroundLink N.D. N.D. N.D. N.D. N.D. N.D. N.D. N.D. N.D.

10 Fasten N.D. N.D. N.D. N.D. N.D. N.D. N.D. N.D. N.D.

11 Summon N.D. N.D. N.D. N.D. N.D. N.D. N.D. N.D. N.D.

12 zTrip N.D. N.D. N.D. N.D. N.D. N.D. N.D. N.D. N.D.

CSompetitive et (CONTINUED) p.5 of 8

Fleet Ride Share Companies (Continued) Estimated System Metrics (Continued) Number of Monthly Active Riders Number of Monthly Rides

Company Dec. 2014 Apr. 2015 Sep. 2015 Oct. 2015 Nov. 2015 Dec. 2015 Jan. 2016

Uber N.D. N.D. 18,000,000 N.D. >91,250,000 N.D. N.D.

1 Didi N.D. N.D. N.D. N.D. N.D. 200,000,000 213,000,000

2 Lyft 631,000 N.D. N.D. 7,000,000 N.D. N.D. N.D.

3 Ola Cab N.D. N.D. N.D. N.D. 30,500,000 N.D. N.D.

4 Grab N.D. 620,000 N.D. N.D. N.D. N.D. 46,000,000

6 Hailo N.D. N.D. N.D. N.D. N.D. N.D. N.D.

7 Curb N.D. N.D. N.D. 100,000 N.D. N.D. N.D. COMPETITION 8 Sidecar N.D. N.D. N.D. N.D. N.D. N.D. N.D.

9 GroundLink N.D. N.D. N.D. N.D. N.D. N.D. N.D.

10 Fasten N.D. N.D. N.D. N.D. N.D. N.D. N.D.

11 Summon N.D. N.D. N.D. N.D. N.D. N.D. N.D.

12 zTrip N.D. N.D. N.D. N.D. N.D. N.D. N.D.

CSompetitive et (CONTINUED) p.6 of 8

Fleet Ride Share Companies (Continued) Operations Transportation Service Offerings Number of Autonomous Package Food Operating Driving R&D / Ride-Share Carpool Delivery Delivery Shuttle Company Operating Continents Operating Countries Cities Partnership(s) Service Service Service Service Service North America, Africa, Asia, Uber 68 countries 375 Y Y Y Y Y N Australia, Europe, South America 1 Didi Asia China 360 N Y Y N Y Y

2 Lyft North America United States 206 Y Y Y N N N

3 Ola Cab Asia India 102 N Y Y Y Y Y Indonesia, Malaysia, Philippines, 4 Grab Asia 26 N Y Y Y N N Singapore, Thailand, Vietnam

United States, Israel, Russia, | | FINANCIALS | MODELS | ANALYSIS | DESCRIPTION INTRO 5 Gett North America, Asia, Europe 57 N Y N N N N United Kingdom Ireland, Japan, Singapore, Spain, 6 Hailo Asia, Europe 10 N Y N N N N United Kingdom

7 Curb North America United States 63 N Y N N N N COMPETITION

8 Sidecar North America United States 10 N Y Y Y Y N North America, Asia, Australia, 9 GroundLink 110 countries >110 N Y N N N N Europe, South America 10 Fasten North America United States 1 N Y N N N N

11 Summon North America United States 1 N Y N N N N United States, Mexico, 12 zTrip North America, Europe 75 N Y N N N N Netherlands, United Kingdom Sources: Compiled from publicly-available sources including press accounts, industry analyses, and company disclosures. OTHER |OTHER | PEOPLE | TIMELINE | PRODUCTS | VALUATION

CSompetitive et (CONTINUED) p.7 of 8

Fleet Ride Share Companies (Continued) Product Specifications Black Car Cash Ad / / Fleet Self- Surge Payment Sponsor Purchase Delivery Company Car Taxi Drive? Pricing Option Support V ehicle Driver V ehicle Owner Decision Latency Pickup Location Company Contractor, Company Contractor, Uber Y Y N Y N N Ad Hoc On-Demand Consumer Designated Taxi Fleet Driver Taxi Fleet Company Contractor, Company Contractor, 1 Didi Y Y N Y Y Y Ad Hoc On-Demand Consumer Designated Taxi Fleet Driver Taxi Fleet 2 Lyft Y N N Y N N Company Contractor Company Contractor Ad Hoc On-Demand Consumer Designated On-Demand, 3 Ola Cab Y N N Y Y N Company Contractor Company Contractor Ad Hoc Consumer Designated Schedule Ahead 4 Grab Y N N N Y N Company Contractor Company Contractor Ad Hoc On-Demand Consumer Designated

5 Gett Y N N N N N Company Contractor Company Contractor Ad Hoc On-Demand Consumer Designated | | FINANCIALS | MODELS | ANALYSIS | DESCRIPTION INTRO Company Contractor, Company Contractor, 6 Hailo Y Y N N N N Ad Hoc On-Demand Consumer Designated Taxi Fleet Driver Taxi Fleet Black Car / Fleet Car Company Contractor, On-Demand, 7 Curb Y Y N N Y N Ad Hoc Consumer Designated COMPETITION Driver, Taxi Fleet Driver Taxi Fleet Schedule Ahead 8 Sidecar Y N N N N N Company Contractor Company Contractor Ad Hoc On-Demand Consumer Designated Black Car / Fleet Car Black Car Fleet, 9 GroundLink Y N N Y N N Driver, Company Ad Hoc Schedule Ahead Consumer Designated Company Employee 10 Fasten Y N N N N N Company Contractor Company Contractor Ad Hoc On-Demand Consumer Designated Company Contractor, Company Contractor, 11 Summon Y Y N N N Y Ad Hoc Schedule Ahead Consumer Designated Taxi Fleet Driver Taxi Fleet Company Contractor, Company Contractor, On-Demand, 12 zTrip Y Y N N Y N Ad Hoc Consumer Designated Taxi Fleet Driver Taxi Fleet Schedule Ahead Sources: Compiled from publicly-available sources including press accounts, industry analyses, and company disclosures. OTHER |OTHER | PEOPLE | TIMELINE | PRODUCTS | VALUATION

CSompetitive et (CONTINUED) p.8 of 8

Fleet Ride Share Companies (Continued) User Features Android Mobile App Usage Metrics Number of Android Number of Android Average Number of Installs (Low) Installs (High) Android Rating Android Reviews Company Hail Pay Tip Driver Rating Jan. 2016 Jan. 2016 Jan. 2016 Jan. 2016

Uber Y Y N Y 10,000,000 50,000,000 4.2 367,979

1 Didi Y Y Y Y N.D. N.D. N.D. N.D.

2 Lyft Y Y Y Y 1,000,000 5,000,000 4.3 58,870

3 Ola Cab Y Y N Y 10,000,000 50,000,000 3.9 266,193

4 Grab Y Y Y Y 5,000,000 10,000,000 4.3 100,125

6 Hailo Y Y Y Y 1,000,000 5,000,000 4.7 29,439

7 Curb Y Y Y Y 500,000 1,000,000 3.7 4,362 COMPETITION

8 Sidecar Y Y Y Y 100,000 500,000 3.8 1,848

9 GroundLink Y Y Y N 5,000 10,000 4.6 105

10 Fasten Y Y N Y 5,000 10,000 4.2 139

11 Summon Y Y Y Y N.A N.A N.A N.A

12 zTrip Y Y Y Y 10,000 50,000 3.3 183

Sources: Compiled from publicly-available sources including press accounts, industry analyses, and company disclosures.

COMPARABLE BUSINESS VALUATIONS p.1 of 10 Trading and deal comps

Summary of Comparable Valuations Valuation Multiple – Median Valuation Multiple – High Comparable Type LTM Revenue LTM EBITDA LTM Revenue LTM EBITDA Recent Technology IPOs At Open 6.2x 32.0x 26.8x 55.3x 1st-day Close 11.8x 32.7x 45.3x 74.2x Public Comparables Service Marketplaces 2.0x 13.8x 14.8x 30.9x Product Marketplaces 4.6x 17.0x 15.4x 27.8x Transportation Companies 1.0x 4.5x 1.3x 5.1x Private Placements Large Technology Companies 22.9x 254.1x 100.0x 500.0x Uber 131.9x N.M. 216.8x N.M. M&A Transactions 3.1x 21.8x 117.8x 41.6x

Uber 35.0x N.M. 35.0x N.M. ALUATION

Sources: Bloomberg, Triton Research analysis. V Please see Appendix for details.

Valuation 1 2 3 4 5 6 7 8 9 10 OTHER |OTHER | PEOPLE | TIMELINE | PRODUCTS Appropriateness: It's an It's a Outrage Steal

COMPARABLE BUSINESS vALUATIONS (CONTINUED) p.2 of 10 Trading and deal comps

Recent Technology IPO Comparables (Ordered by Date) Multiples Enterprise Value Last 12 Months Before IPO At IPO Open At 1st Day Close GAAP Net IPO Raise At IPO At 1st Day Revenue EBITDA Valuation / Valuation / Valuation / Valuation / Company Industry IPO Date ($b) Open ($m) Close ($m) ($m) ($m) Revenue EBITDA Revenue EBITDA Facebook Advertising Marketplace May 2012 16.01 79,312 79,805 4,038 2,444 19.6x 32.5x 19.8x 32.7x Care.com Service Marketplace Jan. 2013 0.09 408 634 75 (18) 5.4x N.M. 8.5x N.M. Tremor Video Advertising Marketplace Jun. 2013 0.08 394 319 113 (3) 3.5x N.M. 2.8x N.M. YuMe Advertising Marketplace Aug. 2013 0.05 224 224 123 11 1.8x 20.4x 1.8x 20.4x Rocket Fuel Advertising Marketplace Sep. 2013 0.12 930 1,879 160 (6) 5.8x N.M. 11.8x N.M. Criteo Advertising Marketplace Oct. 2013 0.25 1,454 1,703 353 14 4.1x N.M. 4.8x N.M. 58.com Product Marketplace Oct. 2013 0.19 2,488 3,619 107 (6) 23.3x N.M. 33.8x N.M. Twitter Advertising Marketplace Nov. 2013 1.82 13,064 24,184 534 48 24.5x N.M. 45.3x N.M. Coupons.com Service Marketplace Mar. 2014 0.17 1,043 2,128 168 2 6.2x N.M. 12.7x N.M. Rubicon Project Advertising Marketplace Apr. 2014 0.10 432 615 84 11 5.2x 39.6x 7.3x 56.4x Grubhub Service Marketplace Apr. 2014 0.19 1,841 2,471 137 33 13.4x 55.3x 18.0x 74.2x

TubeMogul Advertising Marketplace Jul. 2014 0.04 161 317 70 (3) 2.3x N.M. 4.6x N.M. ALUATION V Alibaba Product Marketplace Sep. 2014 21.77 158,443 223,051 8,463 4,954 18.7x 32.0x 26.4x 45.0x HubSpot Advertising Marketplace Oct. 2014 0.13 703 905 94 (26) 7.5x N.M. 9.7x N.M. LendingClub Financial Marketplace Dec. 2014 0.87 4,725 7,861 177 16 26.8x N.M. 44.5x N.M. On Deck Capital Financial Marketplace Dec. 2014 0.20 1,557 2,111 131 (3) 11.9x N.M. 16.2x N.M. Etsy Product Marketplace Apr. 2015 0.27 1,527 3,097 214 19 7.2x N.M. 14.5x N.M. Match Dating Marketplace Nov. 2015 0.40 4,124 4,782 992 276 4.2x 15.0x 4.8x 17.4x Yirendai Financial Marketplace Dec. 2015 0.08 470 418 157 50 3.0x 9.3x 2.7x 8.3x

Mean 10.1x 29.1x 14.8x 36.3x Median 6.2x 32.0x 11.8x 32.7x High 26.8x 55.3x 45.3x 74.2x Low 1.8x 9.3x 1.8x 8.3x

Uber Car Service Marketplace N.A. N.A. 62,500 N.A. 1,784 (2,000) 35.0x N.M. N.A. N.A. OTHER |OTHER | PEOPLE | TIMELINE | PRODUCTS Sources: Bloomberg, Triton Research analysis.

COMPARABLE BUSINESS vALUATIONS (CONTINUED) p.3 of 10

Public Comparables (Ordered by EV) Last 12 Months Multiples Enterprise Value GAAP Net Revenue Valuation / Valuation / Company Industry ($m) ($m) EBITDA ($m) Revenue EBITDA Service Marketplaces (As of Feb. 8, 2016) Google Advertising Marketplace 408,041 74,989 29,626 5.4x 13.8x Facebook Advertising Marketplace 265,482 17,928 11,130 14.8x 23.9x Priceline Travel Marketplace 50,848 9,064 3,694 5.6x 13.8x Temasek Holdings, Kinnevik, Expedia 12,869 6,330 1,049 2.0x 12.3x Verlinvest, Rocket Internet LinkedIn Jobs Marketplace 12,477 2,991 780 4.2x 16.0x Twitter Advertising Marketplace 8,122 1,929 392 4.2x 20.7x Tripadvisor Travel Marketplace 7,658 1,471 475 5.2x 16.1x IAC Dating Marketplace 3,849 3,231 487 1.2x 7.9x MarketAxess Financial Marketplace 3,672 303 166 12.1x 22.1x Match.com Dating Marketplace 2,781 1,020 290 2.7x 9.6x LendingClub Financial Marketplace 1,606 362 52 4.4x 30.9x

GrubHub Food Marketplace 1,411 362 103 3.9x 13.6x | | COMPETITION | FINANCIALS | MODELS | ANALYSIS | DESCRIPTION INTRO Criteo Advertising Marketplace 1,312 1,163 123 1.1x 10.6x Angie's List Home Services Marketplace 522 340 29 1.5x 18.0x ALUATION V Monster Worldwide Jobs Marketplace 506 727 75 0.7x 6.8x Dice Holdings Jobs Marketplace 473 262 76 1.8x 6.2x Rubicon Project Advertising Marketplace 331 196 14 1.7x 24.1x On Deck Capital Financial Marketplace 322 225 16 1.4x 19.6x Yirendai Financial Marketplace 126 157 50 0.8x 2.5x Care.com Home Services Marketplace 105 143 (64) 0.7x N.M. Rocket Fuel Advertising Marketplace 98 476 (159) 0.2x N.M.

Mean 3.6x 15.2x Median 2.0x 13.8x High 14.8x 30.9x Low 0.2x 2.5x

Uber Car Service Marketplace 62,500 1,784 (2,000) 35.0x N.M.

Sources: Bloomberg, Triton Research analysis. |OTHER | PEOPLE | TIMELINE | PRODUCTS

COMPARABLE BUSINESS vALUATIONS (CONTINUED) p.4 of 10

Public Comparables (Continued) Last 12 Months Multiples Enterprise Value GAAP Net Revenue Valuation / Valuation / Company Industry ($m) ($m) EBITDA ($m) Revenue EBITDA Product Marketplaces (As of Feb. 8, 2016) Alibaba Consumer Goods Marketplace 145,809 13,821 5,241 10.5x 27.8x JD.com Consumer Goods Marketplace 28,514 25,854 43 1.1x N.M. EBay Consumer Goods Marketplace 27,714 8,592 3,304 3.2x 8.4x 58.com Consumer Goods Marketplace 8,198 532 (148) 15.4x N.M. Mercado Libre Consumer Goods Marketplace 3,748 632 189 5.9x 19.8x Etsy Consumer Goods Marketplace 467 251 33 1.9x 14.2x

Mean 6.3x 17.5x Median 4.6x 17.0x High 15.4x 27.8x Low 1.1x 8.4x

Transportation Companies (As of Feb. 8, 2016)

American Airlines Airline 34,974 40,990 8,619 0.9x 4.1x | | COMPETITION | FINANCIALS | MODELS | ANALYSIS | DESCRIPTION INTRO Southwest Airlines Airline 22,903 19,820 5,131 1.2x 4.5x United Continental Airline 21,076 38,141 6,484 0.6x 3.3x ALUATION V JetBlue Airways Airline 7,589 6,416 1,561 1.2x 4.9x Alaska Air Airline 7,252 5,598 1,618 1.3x 4.5x Virgin America Airline 929 1,510 184 0.6x 5.1x

Mean 0.9x 4.4x Median 1.0x 4.5x High 1.3x 5.1x Low 0.6x 3.3x

Uber Car Service Marketplace 62,500 1,784 (2,000) 35.0x N.M.

Sources: Bloomberg, Triton Research analysis. OTHER |OTHER | PEOPLE | TIMELINE | PRODUCTS

COMPARABLE BUSINESS vALUATIONS (CONTINUED) p.5 of 10

Private Placement Comparables (Ordered by Company) Last 12 Months Before Placement Date Multiples Large Technology Companies GAAP Net Placement V aluation Revenue EBITDA V aluation / V aluation / Company Investors Industry Date ($m) ($m) ($m) Revenue EBITDA General Atlantic, Hillhouse Capital Group, Tiger Global Management, Kleiner Perkins Airbnb Home Rental Marketplace Dec. 2015 24,000 900 N.D. 26.7x N.D. Caufield & Byers, GGV Capital, China Broadband Capital, Horizon Ventures TPG, Dragoneer Investment Group, Sequoia, Airbnb Home Rental Marketplace Aug. 2014 10,000 375 N.D. 26.7x N.D. T. Rowe Price Airbnb Founders Fund Home Rental Marketplace Oct. 2012 2,500 180 N.D. 13.9x N.D. Capital International Private Equity Fund, Didi Chuxing (1) Ping An Ventures, Alibaba, Tencent, Temasek, Car Service Marketplace Sep. 2015 16,500 444 N.D. 37.2x N.D. Coatue Management DST Global, Baillie Gifford, BlackRock, Sands Funding Circle Financial Marketplace Apr. 2015 1,000 20 N.D. 49.8x N.D. Capital Ventures, Temasek Temasek Holdings, Kinnevik, Verlinvest, Lazada Product Marketplace Nov. 2014 1,250 154 153 8.1x 8.2x Rocket Internet GM, Kingdom Holding Company, Janus Capital Lyft (2) Car Service Marketplace Jan. 2016 4,500 300 N.D. 15.0x N.D. Management, Didi Chuxing, Rakuten, Alibaba

(2) Coatue Management, Andreessen Horowitz, Third AL Lyft Car Service Marketplace Mar. 2014 700 12 N.D. 58.3x N.D. V UATION Point, Mayfield Fund, Alibaba, Founders Fund SoftBank, Tiger Global Management, Falcon Edge, Steadview Capital, ABG Capital, Ola Car Service Marketplace Nov. 2015 5,000 N.D. N.D. N.D. N.D. Mauritius, JS Capital, Baillie Gifford, DST Global, Didi Chuxing SoftBank, Tiger Global Management, Matrix Ola Car Service Marketplace Oct. 2014 1,000 N.D. N.D. N.D. N.D. Partners, Steadview Capital Postmates Tiger Global Management Service Marketplace Jun. 2015 500 100 N.D. 5.0x N.D. Credit Suisse Group, J.P. Morgan, SunTrust Prosper Banks, USAA, Neuberger Berman Group, Financial Marketplace Apr. 2015 1,900 168 (7) 11.3x N.M. BBVA Ventures, Breyer Capital, Passport Capital Sources: Bloomberg, Triton Research analysis. (1) Revenue for first 5 months of 2015 have been annualized. (2) Revenue based on combined net revenue from Lyft Classic and gross revenue from Lyft Line. OTHER |OTHER | PEOPLE | TIMELINE | PRODUCTS

COMPARABLE BUSINESS vALUATIONS (CONTINUED) p.6 of 10

Private Placement Comparables (Ordered by Company – Continued) Last 12 Months Before Placement Date Multiples GAAP Net Placement V aluation Revenue EBITDA V aluation / V aluation / Company Investors Industry Date ($m) ($m) ($m) Revenue EBITDA SoftBank, Third Point, Wellington Social Finance Management, Institutional Venture Partners, Financial Marketplace Oct. 2015 4,000 40 8 100.0x 500.0x RenRen, Baseline Ventures, DCM Ventures Mean 30.9x 254.1x Median 22.9x 254.1x High 100.0x 500.0x Low 5.0x 8.2x Uber Historical Financings Uber Microsoft, Bennett Coleman Car Service Marketplace May 2015 50,000 495 (554) 100.9x N.M. New Enterprise Associates, Lone Pine Capital, Valiant Capital Partners, Qatar Investment Uber Car Service Marketplace Feb. 2015 40,000 495 (554) 80.8x N.M. Authority, Fidelity Investments, T. Rowe Price, Putnam Investments, Sherpa Capital Fidelity Investments, BlackRock, Wellington Management, Hartford Financial, John | | COMPETITION | FINANCIALS | MODELS | ANALYSIS | DESCRIPTION INTRO Uber Hancock, Summit Partners, Kleiner Perkins Car Service Marketplace Jun. 2014 17,000 104 (554) 162.8x N.M. Caufield & Byers, Google Ventures, Menlo

Ventures, Sherpa Capital AL V UATION Uber Google Ventures, TPG, Benchmark Capital Car Service Marketplace Aug. 2013 3,500 16 (55) 216.8x N.M.

Mean 140.3x N.M. Median 131.9x N.M. High 216.8x N.M. Low 80.8x N.M.

Uber Tiger Global…. Car Service Marketplace Dec. 2015 62,500 1,784 (2,000) 35.0x N.M.

Sources: Bloomberg, Triton Research analysis. OTHER |OTHER | PEOPLE | TIMELINE | PRODUCTS

COMPARABLE BUSINESS vALUATIONS (CONTINUED) p.7 of 10

M&A Comparables (Ordered by Valuation / Revenue) Last 12 Months Before Acquisition Date Multiples GAAP Net Acquisition Transaction Revenue EBITDA V aluation / V aluation / Target Company Industry Acquiror Date Value ($m) ($m) ($m) Revenue EBITDA VacationSpot.com Travel Marketplace Expedia Mar. 2000 82 1 (5) 117.8x N.M. Milo.com Product Marketplace eBay Dec. 2010 75 1 N.D. 75.0x N.M. Markplaats B.V. Product Marketplace eBay Nov. 2004 290 8 N.D. 37.2x N.M. JUST EAT Food Marketplace Menulog Group May 2015 687 21 N.D. 33.0x N.M. OpenTable Food Marketplace Priceline Jun. 2014 2,600 190 72 13.7x 35.9x DoubleClick Advertising Marketplace Google Apr. 2007 3,100 300 N.D. 10.3x N.M. Right Media Advertising Marketplace Yahoo! Jul. 2007 680 70 N.D. 9.7x N.M. aQuantive Advertising Marketplace Microsoft Aug. 2007 5,144 543 124 9.5x 41.6x GrubHub Holdings Meals Marketplace GrubHub Aug. 2013 422 48 N.D. 8.9x N.M. RecruitmentScotland.com Job Marketplace Monster Worldwide May 2000 13 2 N.D. 8.7x N.M. Alibaba.com Ltd. Product Marketplace Alibaba Group Jun. 2012 8,705 1,031 361 8.5x 24.1x AdMob Advertising Marketplace Google May 2010 681 100 N.D. 6.8x N.M. | | COMPETITION | FINANCIALS | MODELS | ANALYSIS | DESCRIPTION INTRO Rigzone.com Job Marketplace Dice Holdings Aug. 2012 55 8 N.D. 6.7x N.M. Alibaba Group (Buying Yahoo Stake) Product Marketplace Alibaba Group Sep. 2012 35,500 5,494 2,068 6.5x 17.2x AL

Society6 Advertising Marketplace Demand Media Jun. 2013 94 15 4 6.3x 23.5x V UATION JobKorea Job Marketplace Monster Worldwide Nov. 2013 94 15 N.D. 6.3x N.M. KAYAK Software Travel Marketplace Priceline May 2013 1,882 302 62 6.2x 30.3x Besser Betreut GmbH Service Marketplace Care.com Jul. 2012 23 4 N.D. 5.9x N.M. Booking.com B.V. Travel Marketplace Priceline Jul. 2005 132 25 N.D. 5.3x N.M. TravelNow.com Travel Marketplace Hotels.com Feb. 2001 44 9 (2) 5.0x N.M. Vintacom Dating Marketplace Think Partnership Dec. 2005 5 1 N.D. 4.9x N.M. buy.at Advertising Marketplace AOL Feb. 2008 125 26 N.D. 4.8x N.M. Worldwideworker.com B.V. Job Marketplace Dice Holdings May 2010 9 2 N.D. 4.5x N.M. Product Marketplace / Gmarket eBay Jun. 2009 985 220 49 4.5x 20.1x Online Retailer Advertising.com Japan Advertising Marketplace AOL Feb. 2012 40 9 N.D. 4.4x N.M. Adap.tv Advertising Marketplace AOL Sep. 2013 405 100 N.D. 4.1x N.M. Product Marketplace / Joyo.com Amazon Sep. 2004 75 19 N.D. 3.9x N.M. |OTHER | PEOPLE | TIMELINE | PRODUCTS Online Retailer Sources: Bloomberg, Triton Research analysis. © Triton Research LLC p.77 Version 1.0 February 9, 2016 212 804 6151 Uber Confidential

COMPARABLE BUSINESS vALUATIONS (CONTINUED) p.8 of 10

M&A Comparables (Continued) Last 12 Months Before Acquisition Date Multiples GAAP Net Acquisition Transaction Revenue EBITDA V aluation / V aluation / Target Company Industry Acquiror Date Value ($m) ($m) ($m) Revenue EBITDA JumpTap Advertising Marketplace Millennial Media Aug. 2013 225 64 (11) 3.5x N.M. MoPub Advertising Marketplace Twitter Sep. 2013 350 100 N.A. 3.5x N.M. Chartwell Carey International Chauffeur Service Jul. 2000 400 116 N.D. 3.5x N.M. Investments / Ford Jobpilot Job Marketplace Monster Worldwide Apr. 2004 86 28 N.D. 3.1x N.M. StubHub Product Marketplace eBay Feb. 2007 307 100 N.D. 3.1x N.M. eFinancialGroup Job Marketplace Dice Holdings Nov. 2006 90 30 N.D. 3.0x N.M. Hotels.com Lodging Marketplace IAC/InterActiveCorp Jun. 2003 3,187 1,057 121 3.0x 26.4x Travelscape Travel Marketplace Expedia Mar. 2000 96 32 N.D. 3.0x N.M. Product Marketplace / Net-A-Porter Richemont Apr. 2010 535 183 N.D. 2.9x N.M. Online Retailer Emailjob.com Job Marketplace Monster Worldwide Feb. 2005 26 9 N.D. 2.9x N.M. Advertising.com Advertising Marketplace AOL Aug. 2004 435 152 24 2.9x 18.4x | | COMPETITION | FINANCIALS | MODELS | ANALYSIS | DESCRIPTION INTRO Buy.com Online Retailer Rakuten Mar. 2010 250 93 N.D. 2.7x N.M. HotJobs.com Job Marketplace Yahoo! Feb. 2002 319 124 (10) 2.6x N.M. AL

Greystripe Advertising Marketplace Conversant Apr. 2011 71 28 N.D. 2.6x N.M. V UATION Commission Junction Advertising Marketplace Conversant Dec. 2003 56 22 4 2.6x 14.3x Hellman & Friedman DoubleClick Advertising Marketplace Apr. 2005 790 310 51 2.6x 15.6x and JMI Equity Product Marketplace / Shopbop Amazon Mar. 2006 75 30 N.D. 2.5x N.M. Online Retailer DatingDirect Dating Marketplace Meetic Jan. 2007 54 22 N.D. 2.5x N.M. SiteScout Advertising Marketplace Centro Nov. 2013 40 20 N.D. 2.0x N.M. Jobline International Job Marketplace Monster Worldwide Jul. 2001 41 22 (38) 1.9x N.M. Product Marketplace / Quidsi Amazon Nov. 2011 545 300 N.D. 1.8x N.M. Online Retailer Fastclick Advertising Marketplace Conversant Aug. 2005 129 74 10 1.8x 12.9x Orbitz Worldwide Travel Marketplace Expedia Feb. 2015 1,600 934 111 1.7x 14.4x Travelweb Travel Marketplace Priceline Dec. 2004 34 20 (5) 1.7x N.M. Product Marketplace / GSI Commerce eBay Mar. 2011 2,400 1,409 82 1.7x 29.3x |OTHER | PEOPLE | TIMELINE | PRODUCTS Online Retailer Sources: Bloomberg, Triton Research analysis. © Triton Research LLC p.78 Version 1.0 February 9, 2016 212 804 6151 Uber Confidential

COMPARABLE BUSINESS vALUATIONS (CONTINUED) p.9 of 10

M&A Comparables (Continued) Last 12 Months Before Acquisition Date Multiples GAAP Net Acquisition Transaction Revenue EBITDA V aluation / V aluation / Target Company Industry Acquiror Date Value ($m) ($m) ($m) Revenue EBITDA Search123.com Advertising Marketplace Conversant May 2003 5 3 (1) 1.5x N.M. OnTargetJobs Job Marketplace Dice Holdings Nov. 2013 50 38 N.D. 1.3x N.M. Zappos Online Retailer Amazon Jul. 2009 928 1,000 N.D. 0.9x N.M. Product Marketplace / Vitacost.com The Kroger Co Jul. 2014 245 390 N.D. 0.6x N.M. Online Retailer Mediaplex Advertising Marketplace Conversant Oct. 2001 26 43 (20) 0.6x N.M. Classic Custom Vacations Travel Marketplace Expedia Mar. 2002 47 81 N.D. 0.6x N.M. Assistane Genie Logiciel Dating Marketplace Cupid Jul. 2012 5 8 N.D. 0.6x N.M. Product Marketplace / Sunning Redbaby.com Sep. 2012 66 159 N.D. 0.4x N.M. Online Retailer Commerce Group Product Marketplace / Cnshangquan Mecox Lane Jan. 2014 50 137 N.D. 0.4x N.M. Online Retailer E-Commerce Ltd. Peapod Product Marketplace Koninklijke Ahold Aug. 2001 32 93 (53) 0.4x N.M.

High 117.8x 41.6x AL V UATION Low 0.3x 12.9x

Uber Car Service Marketplace N.A. N.A. 62,500 1,784 (2,000) 35.0x N.M.

Sources: Bloomberg, Triton Research analysis. OTHER |OTHER | PEOPLE | TIMELINE | PRODUCTS

COMPARABLE BUSINESS vALUATIONS (CONTINUED) p.10 of 10

Secondary Transaction Comparables (Ordered by Date) Last 12 Months Before Investment Date Multiples GAAP Net Investment V aluation Revenue EBITDA V aluation / V aluation / Company Investors Date ($m) ($m) ($m) Revenue EBITDA Lyft (1) Kingdom Holding Company Jan. 2016 4,500 796 N.D. 5.7x N.D. Airbnb N.D. Oct. 2014 13,000 250 N.D. 52.0x N.D. Palantir N.D. End 2012 4,500 375 N.D. 12.0x N.D. SpaceX Draper Fisher Jurvetson End 2012 6,000 460 N.D. 13.1x N.D.

Mean 20.7x N.D. Median 12.5x N.D. High 52.0x N.D. Low 5.7x N.D.

Uber 62,500 1,784 (2,000) 35.0x N.M.

Historical Capitalization & Valuation p.1 of 5 How the Company was funded and valued over time

Private Placements

Valuation Est. Total Est. Trailing Pre- Post- Share Shares Est. Total Shares GAAP Financing Amount Money Money Price Issued Shares Pre Post Revenue Revenue Date Round ($m) ($m) ($m) ($) (m) (m) (m) ($m) Multiple Investors Uber Technologies, Inc. First Round Capital, Founder Collective, Lowercase Capital, Cyan and Scott Banister, Jason Calacanis, Oct. 2010 Series Seed 2 4 6 0.01 174 441 615 N.A. N.M. David Cohen, Shawn Fanning, Mitch Kapor, Alfred Lin, Oren Michels, Babak Nivi, Jason Port, Naval Ravikant, Josh Spear, Mike Walsh Benchmark Capital, First Round Capital, Founder Feb. 2011 Series A 14 49 63 0.09 152 530 682 N.A. N.M. Collective, Cyan and Scott Banister, Alfred Lin Benchmark Capital, Bezos Expeditions, CampVentures, CrunchFund, Data Collective, First Round Capital, Goldman Sachs, Lowercase Capital, Dec. 2011 Series B 44 300 344 0.35 124 846 970 N.A. N.M. Menlo Ventures, Sigma Partners, Signatures Capital, Summit Action Fund, Tusk Ventures, Troy Carter, Nihal Mehta, Bobby Yazdani Aug. 2013 Series C 364 3,500 3,864 3.36 108 1,042 1,150 16 216.8x Benchmark Capital, Google Ventures, TPG

BlackRock, Fidelity Investments, Google Ventures, | | COMPETITION | FINANCIALS | MODELS | ANALYSIS | DESCRIPTION INTRO Hartford Financial, John Hancock, Kleiner Perkins Jun. 2014 Series D 1,353 17,000 18,353 15.51 87 1,096 1,183 104 162.8x Caufield & Byers, Menlo Ventures, Sherpa Capital, Summit Partners, Wellington Management ALUATION Jan. 2015 Convertible Debt 1,600 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. Goldman Sachs (HNW) V Fidelity Investments, Lone Pine Capital, New Dec. 2014 Enterprise Associates, Putnam Investments, to Feb. Series E 2,800 40,000 42,800 33.32 84 1,201 1,285 495 80.8x Qatar Investment Authority, Sherpa Capital, T. 2015 Rowe Price, Valiant Capital Partners May 2015 Series F 1,000 50,000 51,000 39.64 25 1,261 1,287 495 100.9x Microsoft, Bennett Coleman Total $7,177 Tiger Global Management, T. Rowe Price, Dec. 2015 Series G 2,100 62,500 64,600 48.77 43 1,281 1,325 1,784 35.0x Merrill Lynch (HNW), Morgan Stanley (HNW), (ongoing) Others T.B.D. Pro Forma Total $9,277 Uber China Dec. 2014 Series A N.D. N.D. N.D. N.D. N.D. N.D. N.D. N.D. N.D. Baidu Baidu, China Life Insurance, China Taiping Jan. 2016 Series B 2,000 7,000 9,000 N.D. N.D. N.D. N.D. N.D. N.D. Insurance Holdings, Citic Securities, Guangzhou Automobile Grou, HNA Group, Uber Technologies Total $2,000 |OTHER | PEOPLE | TIMELINE | PRODUCTS Source: Triton Research analysis. © Triton Research LLC p.39 Version 1.0 February 9, 2016 212 804 6151 Uber Confidential

Historical Capitalization & Valuation (CONTINUED) p.2 of 5

Valuation History Fully-Diluted Post-Money Share Price ($) Valuation ($m) 60 70,000

60,000 50

50,000 40

40,000 30 Fully-Diluted Share Price Post- Money 30,000 Valuation 20 20,000

- - ALUATION V ay 2015 ug. 2013 Oct. 2010 Jun. 2014Jun. Dec. 2015 Feb. 2015 Feb. 2011 Dec. 2011 M A Please see Appendix for details.

Investor Quality: 1 2 3 4 5 6 7 8 9 10 Uncle Warren

|OTHER | PEOPLE | TIMELINE | PRODUCTS Bob Buffett Source: Triton Research analysis. © Triton Research LLC p.40 Version 1.0 February 9, 2016 212 804 6151 Uber Confidential

Historical Capitalization & Valuation (CONTINUED) p.3 of 5

Uber Mutual Fund Carrying Values

Summary of Mutual Fund Prices Price ($) 60

10 ALUATION V

- Dec. 2014 Dec. 2015 BlackRock Fidelity Hartford John Hancock Putnam T. Rowe Price Wellington

Sources: Bloomberg, Triton Research analysis. Please see Appendix for details. OTHER |OTHER | PEOPLE | TIMELINE | PRODUCTS

HISTORICAL CAPITALIzATION & vALUATION (CONTINUED) p.4 of 5

Uber Mutual Fund Carrying Values (Ordered by Date) Last 12 Months Multiples Estimated GAAP Net Valuation Revenue EBITDA Valuation / Valuation / Mutual Fund Valuation Date Share Price ($) ($m) ($m) ($m) Revenue EBITDA Fidelity Dec. 15 48.77 64,600 1,784 (2,000) 36.2x N.M. Hartford Dec. 15 48.77 64,600 1,784 (2,000) 36.2x N.M. Wellington Dec. 15 48.77 64,600 1,784 (2,000) 36.2x N.M. T. Rowe Price Dec. 15 48.77 64,600 1,784 (2,000) 36.2x N.M. BlackRock Oct. 15 42.27 54,379 1,056 (1,100) 51.5x N.M. Hartford Oct. 15 35.67 45,900 1,056 (1,100) 43.5x N.M. Putnam Oct. 15 35.67 45,900 1,056 (1,100) 43.5x N.M. Fidelity Sep. 15 39.64 51,000 1,056 (1,100) 48.3x N.M. T. Rowe Price Sep. 15 37.78 48,609 1,056 (1,100) 46.0x N.M. Fidelity Aug. 15 39.64 51,000 1,056 (1,100) 48.3x N.M. Wellington Aug. 15 39.64 51,000 1,056 (1,100) 48.3x N.M.

John Hancock Aug. 15 36.31 46,717 1,056 (1,100) 44.2x N.M. | | COMPETITION | FINANCIALS | MODELS | ANALYSIS | DESCRIPTION INTRO BlackRock Jul. 15 40.02 51,494 1,056 (1,100) 48.8x N.M. Hartford Jul. 15 35.67 45,900 1,056 (1,100) 43.5x N.M. ALUATION Putnam Jul. 15 35.67 45,900 1,056 (1,100) 43.5x N.M. V Fidelity Jun. 15 33.32 42,867 1,056 (1,100) 40.6x N.M. T. Rowe Price Jun. 15 33.32 42,870 1,056 (1,100) 40.6x N.M. Fidelity May 15 33.32 42,870 737 (656) 58.2x N.M. Wellington May 15 39.64 51,000 737 (656) 69.2x N.M. John Hancock May 15 39.64 51,000 737 (656) 69.2x N.M. BlackRock Apr. 15 33.97 43,639 737 (656) 59.2x N.M. Hartford Apr. 15 29.99 38,520 737 (656) 52.3x N.M. Putnam Apr. 15 29.99 38,520 737 (656) 52.3x N.M. Fidelity Mar. 15 33.32 42,801 737 (656) 58.1x N.M. T. Rowe Price Mar. 15 33.32 42,803 737 (656) 58.1x N.M. Fidelity Feb. 15 33.32 42,801 495 (554) 86.4x N.M. Wellington Feb. 15 33.32 42,801 495 (554) 86.4x N.M. OTHER |OTHER | PEOPLE | TIMELINE | PRODUCTS Sources: Bloomberg, Triton Research analysis.

HISTORICAL CAPITALIzATION & vALUATION (CONTINUED) p.5 of 5

Uber Mutual Fund Carrying Values (Ordered by Date – Continued ) Last 12 Months Multiples Estimated GAAP Net Valuation Revenue EBITDA Valuation / Valuation / Mutual Fund Valuation Date Share Price ($) ($m) ($m) ($m) Revenue EBITDA John Hancock Feb. 15 33.32 42,800 495 (554) 86.4x N.M. Putnam Feb. 15 33.32 42,800 495 (554) 86.4x N.M. BlackRock Jan. 15 33.32 39,416 495 (554) 79.6x N.M. Hartford Jan. 15 29.99 35,475 495 (554) 71.6x N.M. Fidelity Dec. 14 33.32 39,416 495 (554) 79.6x N.M. T. Rowe Price Dec. 14 33.32 39,418 495 (554) 79.6x N.M. Fidelity Nov. 14 33.32 39,416 104 (55) 377.5x N.M. Wellington Nov. 14 30.44 36,017 104 (55) 345.0x N.M. John Hancock Nov. 14 27.06 32,013 104 (55) 306.6x N.M. BlackRock Oct. 14 15.57 18,423 104 (55) 176.5x N.M. Hartford Oct. 14 13.96 16,517 104 (55) 158.2x N.M. Fidelity Sep. 14 15.51 18,353 104 (55) 175.8x N.M. | | COMPETITION | FINANCIALS | MODELS | ANALYSIS | DESCRIPTION INTRO Fidelity Aug. 14 15.51 18,353 104 (55) 175.8x N.M. Wellington Aug. 14 15.51 18,353 104 (55) 175.8x N.M. ALUATION John Hancock Aug. 14 15.51 18,353 104 (55) 175.8x N.M. V BlackRock Jul. 14 15.51 18,353 104 (55) 175.8x N.M. Hartford Jul. 14 13.96 16,517 104 (55) 158.2x N.M. Fidelity Jun. 14 15.51 18,353 104 (55) 175.8x N.M. BlackRock Jun. 14 15.51 18,353 104 (55) 175.8x N.M. Wellington Jun. 14 15.51 18,353 104 (55) 175.8x N.M. Hartford Jun. 14 15.51 18,353 104 (55) 175.8x N.M. John Hancock Jun. 14 15.51 18,353 104 (55) 175.8x N.M. Sources: Bloomberg, Triton Research analysis. OTHER |OTHER | PEOPLE | TIMELINE | PRODUCTS

Timeline p.1 of 11 What happened and when

Investments / Awards / Products / Acquisitions / Press / Date Operations Team Corporate Events Dec. 2008 Garrett Camp and Travis Kalanick discussed concept for limo timeshares at LeWeb conference in Paris Mar. 2009 Co-founder Garrett Camp began Company founded work on a limo-sharing mobile app Jun. 2009 Travis Kalanick joined Garrett Camp part-time as Chief Incubator Jan. 2010 First test run in NYC Mar. 2010 Ryan Graves from Foursquare joined as General Manager May 2010 UberCab launched in San UberCab gave first live demo Francisco. Launched iOS app at The SF Apps show in San Francisco Jun. 2010 Stated 10 UberCab Drivers GM Ryan Graves promoted to CEO Jul. 2010 Incorporated in Delaware as UberCab Aug. 2010 Austin Geidt from UC Berkeley joined as Marketing & Support Manager Oct. 2010 Rob Hayes from First Round $1.6m seed round from Received Cease and Desist Capital joined Board. Stated 5 First Round Capital, Founder order from the SF Metro Transit | | PRODUCTS | VALUATION | COMPETITION | FINANCIALS | MODELS | ANALYSIS | DESCRIPTION INTRO employees Collective, Lowercase Capital and Authority and Public Utilities others. Changed name to Uber Commission of CA Nov. 2010 Launched mobile app on TIMELINE Android. Added Driver rating feature. Announced $65 flat fee to and from all SF area airports Dec. 2010 Announced 2x fare increase and Co-founder Travis Kalanick VIP Driver auction for New Year’s named CEO. Former CEO Ryan

Eve. Performed 1-day trial run in Graves named Head of Global |OTHER | PEOPLE Paris, France Operations

T imeline (CONTINUED) p.2 of 11

Investments / Awards / Products / Acquisitions / Press / Date Operations Team Corporate Events Feb. 2011 Bill Gurley from Benchmark $14.1m Series A from Benchmark joined Board. Marketing & Capital, First Round Capital, Support Manager Austin Geidt Founder Collective and others promoted to Operations Manager Mar. 2011 Launched fixed-rate service in Palo Alto. Launched limited test service in NYC May 2011 Officially launched in NYC CEO Travis Kalanick presented with Airbnb CEO Brian Chesky at TechCrunch’s Disrupt conference in New York Jun. 2011 Announced half-priced service Operations Manager Austin for duration of SF Taxi strike Geidt promoted to Launch Manager Jul. 2011 Launched UberStand promotion Kevin Novak from Michigan for on-demand lemonade-stand State University joined as Data ordering Scientist Aug. 2011 Launched in Seattle. Launched standard variable-rate service in SF suburbs Sep. 2011 Launched in Chicago Oct. 2011 Announced flat-rate trips to all airports in current and future cities. | | PRODUCTS | VALUATION | COMPETITION | FINANCIALS | MODELS | ANALYSIS | DESCRIPTION INTRO Announced real-time surge pricing

(up to 2x standard rates) for Hal- TIMELINE loween. Launched in Boston Dec. 2011 Stated 35% monthly revenue $43.8m Series B from growth. Launched in Washington, Benchmark Capital, Menlo DC, and Paris as first international Ventures, Goldman Sachs and expansion. Launched demand- others based surge pricing to all users OTHER |OTHER | PEOPLE

T imeline (CONTINUED) p.3 of 11

Investments / Awards / Products / Acquisitions / Press / Date Operations Team Corporate Events Jan. 2012 Launch Manager Austin Geidt DC Taxicab Commission promoted to Head of Global published report that Uber was Expansion & Head of Process operating illegally Mar. 2012 Launched in Los Angeles and Toronto Apr. 2012 Launched mobile app on Shalin Amin from Socialize.it Blackberry and Windows Phone. joined as Head of Design Launched Uber TAXI in Chicago May 2012 Launched in Philadelphia and Vancouver. Launched Uber referral program for new user acquisition Jun. 2012 Launched in San Diego and Co-founder and CEO Travis London Kalanick held debate with HailoCab Co-founder at LeWeb London 2012 Jul. 2012 Removed sedan minimum rate. Salle Yoo from Davis Wright Sponsored Microsoft Worldwide Launched SUV request option. Tremaine LLP joined as General Partner Conference in Toronto. Launched UberX low-cost option Counsel Launched promotion for on- in SF and NYC. Launched in demand ice cream delivery Atlanta Aug. 2012 Received Cease and Desist order

Sep. 2012 Launched in Denver and Stated 100 employees NYC Taxi & Limousine TIMELINE Dallas. Launched Uber TAXI in Commission released statement NYC. Announced promotional claiming that Uber was partnership with PopChips brand operating illegally Oct. 2012 Launched in Minneapolis / Sued by group of taxi and livery St. Paul. UberTAXI service in companies in Chicago NYC halted in response to Taxi

and Limousine Commission. |OTHER | PEOPLE UberTAXI launched in SF

T imeline (CONTINUED) p.4 of 11

Investments / Awards / Products / Acquisitions / Press / Date Operations Team Corporate Events Nov. 2012 Launched in Sydney and Phoenix Named in class-action lawsuit in SF. Passenger Transportation Board in Vancouver released statement demanding $75 minimum fare for Uber Dec. 2012 Launched in Amsterdam Washington DC and NYC released updated legislature allowing electronic taxi hailing. Featured on Anderson Cooper 360˚ profile on CNN Jan. 2013 Announced price reduction for Signed agreement with California standard rides in SF. UberTAXI Public Utility Commission for launched in Washington, DC continued legal operation in the state. Named TechCrunch’s Best Collaborative Consumption Service runner up to Airbnb Feb. 2013 Announced Drivers “not specifically licensed to drive a limousine or taxi” could sign up as UberX Drivers in California. Launched in Baltimore, Stockholm, Melbourne, Berlin and Singapore

Mar. 2013 Launched in Detroit and Milan Colorado Public Utilities | | PRODUCTS | VALUATION | COMPETITION | FINANCIALS | MODELS | ANALYSIS | DESCRIPTION INTRO Commission proposed rule changes to ban Uber in Colorado Apr. 2013 Launched UberX in Seattle and Thuan Pham from VMware Released first Uber Policy TIMELINE Chicago using pre-screened but joined as CTO Whitepaper non-Taxi / Limo licensed Drivers. UberTAXI service resumed in NYC. Launched in Lyon and Munich OTHER |OTHER | PEOPLE

T imeline (CONTINUED) p.5 of 11

Investments / Awards / Products / Acquisitions / Press / Date Operations Team Corporate Events May 2013 Launched in Oakland and Rome. DC Taxi Commission announced Launched UberX in San Diego. new legislature banning Announced Google Wallet UberTAXI in Washington, DC support Jun. 2013 Launched “Cheaper than a Stated 1,000 employees DC Taxi Commission rule change Taxi” price cuts for UberX in postponed SF. Launched in Indianapolis and Bethesda. Announced promotional partnership with MINI auto brand Jul. 2013 Launched in Zurich and Seoul. Announced legislature blocked Launched UberX ridesharing in Uber expansion into Portland, London and Chicago Houston and all of Florida Aug. 2013 Launched in Mexico City, Taiwan David Bonderman from TPG and $364.2m Series C from TPG, New legislation issued banning and Honolulu. Launched UberX David Drummond from Google Google Ventures, Benchmark Uber in Denver and Dallas ridesharing in DC and Phoenix Ventures joined Board Capital Sep. 2013 Launched in Dubai, Brent Callinicos from Google, Partnered with NFL Players Johannesburg, Bangalore, Emil Michael from Klout and Ed Association to provide rides Charlotte, Evanston and Baker from Facebook joined as for NFL players and families. Providence. Launched support CFO, SVP of Business and Head Partnered with GE to provide for Blackberry 7 of Growth, respectively free DeLorean rides. California became first state approving

Timeline (CONTINUED) p.6 of 11

Investments / Awards / Products / Acquisitions / Press / Date Operations Team Corporate Events Oct. 2013 Launched in Bogota and Jacksonville proposed Columbus. Launched UberX legislation to become first city ridesharing in Cape Town, in Florida allowing Uber Calgary, Santa Barbara, Dallas and Denver. Expanded “Cheaper than a Taxi” UberX campaign to DC, LA, San Diego, Boston, Baltimore and Detroit Nov. 2013 Stated availability in 60 cities Uber banned in Calgary. worldwide. Announced vehicle Launched “Bring Uber to Miami” financing partnership with GM petition and Toyota. Stated $100,000 gross per year per “fully utilized car”. Announced Fair Split feature and PayPal support to app. Announced shutdown of services in Calgary Jan. 2014 Data Scientist Kevin Novak UberX service blocked for trips promoted to Head of Data to LAX airport Science. Stated 550 employees Mar. 2014 Announced price reduction for Jeff Holden from Groupon joined standard UberBLACK service. as Chief Product Officer Announced insurance policy to | PRODUCTS | VALUATION | COMPETITION | FINANCIALS | MODELS | ANALYSIS | DESCRIPTION | INTRO | DESCRIPTION | ANALYSIS | MODELS | FINANCIALS | COMPETITION | VALUATION | PRODUCTS | cover every Uber rider. Launched UberWAV wheelchair accessible

vehicle options in Chicago TIMELINE Apr. 2014 Stated availability in 100 cities Hosted Driver recruitment event worldwide. Launched UberRUSH in Chicago. Declared illegal in package delivery service in NYC two states in Australia OTHER | PEOPLE | | PEOPLE | OTHER

Timeline (CONTINUED) p.7 of 11

Investments / Awards / Products / Acquisitions / Press / Date Operations Team Corporate Events May 2014 Launched UberFAMILY for riders with small children. Stated UberX Driver median income of $90,766 in NYC and $74,191 in SF. Stated 20,000 new Driver jobs per month. Partnered with AT&T to embed Uber app in Android phones. Opened new global headquarters in SF Jun. 2014 Stated availability in 128 cities $1,352.6m Series D from Colorado announced legislation in 37 countries. Partnered with BlackRock, Wellington allowing ridesharing. Received American Express to offer 2x Management, Fidelity, and Cease and Desist order from reward points on Uber rides others Virginia DMV Jul. 2014 Launched Uber for Business corporate accounts. Launched $500 new Driver and $250 new Driver referral program in NYC. Launched UberWAV in NYC for handicapped riders. Partnered with Google for in-car Wifi in Philadelphia. Announced integration with Concur’s expense management software | PRODUCTS | VALUATION | COMPETITION | FINANCIALS | MODELS | ANALYSIS | DESCRIPTION | INTRO | DESCRIPTION | ANALYSIS | MODELS | FINANCIALS | COMPETITION | VALUATION | PRODUCTS | Aug. 2014 Stated availability in 205 cities in 45 countries. Launched in

22 new U.S. college towns. TIMELINE Launched Uber API developer tools for integrating into 3rd-party apps. Announced Operation SLOG (Supplying Long-term Operations Growth) UberX Driver recruitment plan OTHER | PEOPLE | | PEOPLE | OTHER

Timeline (CONTINUED) p.8 of 11

Investments / Awards / Products / Acquisitions / Press / Date Operations Team Corporate Events Sep. 2014 Phil Cardenas from Airbnb and David Plouffe from Bloomberg LP joined as Head of Global Safety and SVP, Policy, Strategy, respectively Oct. 2014 DC Council passed Vehicle-for- hire Innovation Act allowing Uber to continue operations within the city Nov. 2014 Announced Morgan Stanley as Received Iraq and Afghanistan an Uber for Business customer. Veterans of America’s Civilian Launched Driver reward Leadership Award for veteran program. Partnered with Google Driver program in NYC to add Uber pickup time and fare estimates to Google Maps. Partnered with Spotify to allow riders to control music within vehicle Dec. 2014 Launched food delivery service Uber China raised undisclosed Sued by LA and SF district UberFRESH in Los Angeles. Stated amount from Baidu in Series A attorneys for unlawful business availability in 250 cities in 50 funding round practices. Legislature banning countries. Launched UberPOOL in Uber in Portland overturned by NYC for discounted carpool UberX city’s Mayor. Named to Apple’s | PRODUCTS | VALUATION | COMPETITION | FINANCIALS | MODELS | ANALYSIS | DESCRIPTION | INTRO | DESCRIPTION | ANALYSIS | MODELS | FINANCIALS | COMPETITION | VALUATION | PRODUCTS | rides. Launched one week trial of list of Top Apps of 2014 uberESSENTIALS for 10 minute

delivery of pharmacy goods in TIMELINE DC. Partnered with Sprint to embed Uber app in Android phones. Announced partnership with Baidu and America Movil for Chinese and Latin America expansion OTHER | PEOPLE | | PEOPLE | OTHER

Timeline (CONTINUED) p.9 of 11

Investments / Awards / Products / Acquisitions / Press / Date Operations Team Corporate Events Jan. 2015 Partnered with H&R Block $1,600m convertible debt from and Intuit to offer tax services Goldman Sachs for Drivers. Partnered with Metromile to offer tailored auto insurance to Uber Drivers Feb. 2015 Opened Advanced Technologies Closed $2,800.5m Series E from Participated in Salute to Center (ATC) in Pittsburgh New Enterprise Associates, Veterans Patient Week by to develop self-driving cars. Fidelity, T. Row Price and others delivering appreciation notes to Launched food delivery service veteran patients UberEATS in Barcelona Mar. 2015 Launched Request endpoint to Gautam Gupta promoted to Acquired mapping company Launched Momentum Magazine provide developers access to Head of Finance from Business deCarta for undisclosed amount targeted to Uber Drivers. Uber’s API Operations & Finance Hosted women Driver-partner appreciation events in 16 cities worldwide Apr. 2015 Partnered with Microsoft to offer Joe Sullivan from Facebook Partnered with Goodwill and Uber add-in for Outlook to set up joined as Chief Security Officer other charities for delivery of ride reminders donations May 2015 Rachel Whetstone from Google $1,000m Series F from Microsoft joined as SVP, Policy, Commu- nications Jun. 2015 Stated availability in 311 cities Brian McClendon from Google Acquired map data business Joined EAT (RED) DRINK (RED)

in 58 countries. Partnered with joined as VP, Advanced division of Microsoft for SAVE LIVES campaign to raise INTRO | DESCRIPTION | ANALYSIS | MODELS | FINANCIALS | COMPETITION | VALUATION | PRODUCTS | FleetCor and MasterCard to Technologies undisclosed amount money and awareness to offer Partner Fuel Card that fight AIDS. California Labor provides fuel discounts to Uber Commission determined a San TIMELINE Drivers. Launched UberDRIVE Francisco-based Uber Driver is mobile game. Opened “Center of an employee, not a contractor. Excellence” in Phoenix to support Banned in France Drivers and riders. Launched Affiliate Program to offer cash rewards to U.S. based developers OTHER | PEOPLE | | PEOPLE | OTHER for referring users

Timeline (CONTINUED) p.10 of 11

Investments / Awards / Products / Acquisitions / Press / Date Operations Team Corporate Events Jul. 2015 Announced Wunderman as an Participated on 83rd annual Uber for Business customer. U.S. Conference of Mayors and Launched Xchange Leasing hosted 40 mayors at Uber’s HQ. program offering flexible NYC Mayor dropped plans to lease options to Uber Drivers. limit Uber growth in NYC Partnered with AARP’s Life Reimagined to sign up Life Reimagined’s members as Uber Drivers. Launched UberSUV Aug. 2015 Authorized by California Division Measurement Standards as estimating reliable fare based on GPS data. Partnered with India’s wireless carrier Airtel to enable fare payments through mobile app Sep. 2015 Partnered with Hilton to offer Stated 4,000 employees Launched UberGIVING to make ride reminders through Hilton it easier for people to donate reservation emails. Announced items. Uber Drivers filed class long distance carpooling service action lawsuit in California UberCOMMUTE against Uber to be recognized as employees Oct. 2015 Launched UberRUSH in Chicago, Partnered with National Center | PRODUCTS | VALUATION | COMPETITION | FINANCIALS | MODELS | ANALYSIS | DESCRIPTION | INTRO | DESCRIPTION | ANALYSIS | MODELS | FINANCIALS | COMPETITION | VALUATION | PRODUCTS | NYC, San Francisco for Missing & Exploited Children to provide AMBER alerts to Uber

Drivers TIMELINE Nov. 2015 Partnered with Stride Health to Manik Gupta from Google Partnered with White House to help Uber Drivers find health joined as Director, Products, support homeless veterans insurance plans Maps. Announced Uber Safety Advisory Board. Reuters reported 5,000 Uber employees OTHER | PEOPLE | | PEOPLE | OTHER

Timeline (CONTINUED) p.11 of 11

ESTIMATED EMPLOYEES BY FUNCTION AND LOCATION Who does what and where

Number of Number of Function Sub-Function Employees Share Location Employees Share Data & Operations Operations 1,905 38.1% San Francisco, CA 1,840 36.8% Product Design & Engineering Engineering 773 15.5% Los Angeles, CA 567 11.3% Sales & Marketing Marketing 433 8.7% Chicago, IL 523 10.5% Corporate Human Resources 229 4.6% New York City 506 10.1% Localization Safety & Support Support 195 3.9% Washington, DC 299 6.0% Product Design & Engineering Arts and Design 191 3.8% Seattle, WA 176 3.5% Data & Operations Information Technology 154 3.1% London, United Kingdom 170 3.4% Product Design & Engineering Entrepreneurship 153 3.1% Pittsburgh, PA 108 2.2% Sales & Marketing Media and Communication 126 2.5% Amsterdam 103 2.1% Sales & Marketing Sales 122 2.4% Singapore 65 1.3% Localization Safety & Support Community and Social Services 107 2.1% New Delhi, India 65 1.3% Product Design & Engineering Research 107 2.1% Beijing, China 61 1.2% Product Design & Engineering Product Management 98 2.0% Sydney, Australia 59 1.2% Corporate Legal 88 1.8% Manila, Philippines 56 1.1% Corporate Administrative 78 1.6% Mexico City, Mexico 56 1.1% Corporate Finance 77 1.5% Bogota, Colombia 46 0.9% Localization Safety & Support Education 62 1.2% Melbourne, Australia 42 0.8% Sales & Marketing Business Development 32 0.6% Hyderabad, India 36 0.7% Corporate Accounting 26 0.5% Shanghai, China 35 0.7% Corporate Consulting 25 0.5% Mumbai, India 34 0.7% Corporate Healthcare Services 12 0.2% Bangalore, India 29 0.6% Product Design & Engineering Program and Project Management 3 0.1% Hong Kong 27 0.5% Data & Operations Quality Assurance 3 0.1% Guangzhou, China 18 0.4% Corporate Purchasing 1 0.0% Jakarta, Indonesia 16 0.3% TOTAL 5,000 100.0% Pune, India 15 0.3%

Wuhan, China 10 0.2% PEOPLE Hangzhou, China 8 0.2% Chennai, India 6 0.1%

San Jose, Costa Rica 4 0.1% | OTHER TOTAL 5,000 100.0%

S enior ManaGEMENT p.1 of 6 Who runs the Company

Name 2009 2010 2011 2012 2013 2014 2015 2016 Travis Kalanick Co-founder, Director Co-founder, CEO, Director

Thuan Pham CTO

Salle Yoo General Counsel

Jeff Holden Chief Product Officer

Ryan Graves CEO, GM Head of Global Operations, Director

Ed Baker Head of Growth

Austin Geidt Marketing & Support Launch Manager Manager Head of Global Expansion & Head of Process Operations Manager Shalin Amin Director of Design, Product & Brand Head of Design Experience

Kevin Novak Data Scientist Head of Data Science

Phil Cardenas Head of Global Safety

Rachel Whetstone SVP, Communications & Policy PEOPLE

Brian McClendon VP, Advanced Technologies OTHER | OTHER

Senior Management p.2 of 6

Name 2009 2010 2011 2012 2013 2014 2015 2016 Manik Gupta Director of Products, Maps

Gautam Gupta Business Operations & Head of Finance Finance

Joe Sullivan Chief Security Officer

SENIOR MANAGEMENT (CONTINUED) p.3 of 6

Name Title Start Date Travis Kalanick Co-founder, CEO, Director Mar. 2009 Work Experience: Co-founder, Chief Incubator, Uber (2009–2010) Head of P2P Initiatives, Akamai Technologies (2007–2008) Founder, CEO, Red Swoosh (2001–2007) Co-founder, Scour.net (1998–2000) Education: Computer Engineering, Business Economics, UCLA(1) (1994–1998) Thuan Pham CTO Apr. 2013 Work Experience: VP, R&D, Cloud Management Platform, VMware (2010–2013) VP, R&D, Virtual Infrastructure Management, VMware (2004–2010) VP, Engineering, Westbridge Technology (2002–2004) VP, Engineering, DoubleClick (1999–2002) Senior Director, Engineering, NetGravity (1995–1999) Member of Technical Staff, Silicon Graphics (1994–1995) Member of Technical Staff, Hewlett-Packard (1991–1994) Education: MS, Electrical Engineering, Computer Science, MIT (1990–1991) BS, Electrical Engineering, Computer Science, MIT (1986–1990) Salle Yoo General Counsel Jul. 2012 Work Experience: Partner, Davis Wright Tremaine LLP (1999–2012) Education: JD, Boston University (1992–1995) BA, Government, Scripps College (1988–1992) Jeff Holden Chief Product Officer Mar. 2014 Work Experience: SVP, Product Management, Groupon (2011–2014) CEO, Pelago (2006–2011) SVP, Worldwide Discovery, Amazon (2005–2006) SVP, Consumer Applications, Amazon (2004–2005) VP, Consumer Applications, Amazon (2001–2004) Director, Supply Chain Optimization Systems, Amazon (1997–2001) Various Positions, D. E. Shaw & Company (1992–1997) Education: MS, Computer Science, University of Illinois at Urbana-Champaign (1990–1991) BS, Computer Science, University of Illinois at Urbana-Champaign (1986–1990) | | TIMELINE | PRODUCTS | VALUATION | COMPETITION | FINANCIALS | MODELS | ANALYSIS | DESCRIPTION INTRO Board Positions: Become.com (2010–2013)

(1) Did not graduate. PEOPLE OTHER | OTHER

SENIOR MANAGEMENT (CONTINUED) p.4 of 6

Name Title Start Date Ryan Graves Head of Global Operations, Dec. 2010 Work Experience: CEO, GM, Uber (2010–2010) Director Business Development Intern, Foursquare (2009–2010) IT Program Leader, Management Leadership Program, GE Healthcare (2008–2010) CEO & Founder, SocialDreamium (2008–2009) Consultant, PartnerSolve (2006–2007) Unknown Position, CNA Insurance (Unknown) Education: BA, Economics, Miami University (2002–2006) Ed Baker Head of Growth Sep. 2013 Work Experience: Head of International Growth, Facebook (2011–2013) Co-founder, CEO, Friend.ly (2009–2011) Co-founder, CEO, Demigo (2008–2009) Co-founder, CEO, Viki (2007–2008) Co-founder, Send Hotness (2007–2008) Associate, Bain Capital (2004–2006) Senior Associate Consultant, Bain & Company (2001–2004) Co-founder, CEO, DateSite.com (1998–2000) Education: MBA, Stanford University (2006–2008) BA, Chemistry, Harvard University (1997–2001) Austin Geidt Head of Global Expansion Jan. 2012 Work Experience: Launch Manager, Uber (2011–2012) & Head of Process Operations Manager, Uber (2011–2011) Marketing & Support Manager, Uber (2010–2011) Education: University of California at Berkeley (2007–2010) Shalin Amin Director of Design, Product Sep. 2014 Work Experience: Head of Design, Uber (2012–2014) and Brand Experience Founder, Socialize.it (2011–2012) Design Director, Hot Studio (2010–2011) Senior Visual Designer, Hot Studio (2007–2010) Design Director, Creative B'stro (2006–2007) Director, Interactive Projects, Noise 13 (2003–2006) Education: BFA, New Media, Academy of Art University (2001–2003) | | TIMELINE | PRODUCTS | VALUATION | COMPETITION | FINANCIALS | MODELS | ANALYSIS | DESCRIPTION INTRO BS, Marketing, North Carolina State University (1996–2001) PEOPLE OTHER | OTHER

SENIOR MANAGEMENT (CONTINUED) p.5 of 6

Name Title Start Date Kevin Novak Head of Data Science Jan. 2014 Work Experience: Data Scientist, Uber (2011–2014) Researcher, Michigan State University (2010–2011) Education: MS, Physics, Michigan State University (2008–2010) BS, Physics, Xavier University (2004–2008) Phil Cardenas Head of Global Safety Sep. 2014 Work Experience: Head of Global Trust & Safety, Airbnb (2011–2014) Commercial Fraud Specialist, Zurich Insurance (2005–2011) Intelligence Officer, U.S. Army (2009–2010) Education: BS, Criminology, California State University at Fresno (2002–2005) Emil Michael SVP, Business Sep. 2013 Work Experience: COO, Klout (2012–2013) Founder, President, Venture Consulting (2011–2012) Special Assistant to the Secretary of Defense (2009–2011) SVP, Field Operations,Tellme Networks (1999–2008) Associate, Investment Banking, Goldman Sachs (1998–1999) Education: JD, Stanford University (1995–1998) BA, Government, Harvard University (1990–1994) Rachel Whetstone SVP, Policy, May 2015 Work Experience: SVP, Communications, Public Policy, Google (2005–2015) Communications Chief of Staff to Michael Howard (2003–2005) Co-founder, Director, Portland PR (2001–2003) Carlton Communications (Unknown–2001) Conservative Central Office, Advisor to Michael Howard (1989–Unknown) One2One (Unknown) Education: BA, Politics, Bristol University (1986–1989) Brian McClendon VP, Advanced Technologies Jun. 2015 Work Experience: Angel Investor, McClendon Ventures (1997–Present) Co-head, Google Maps, Google (2004–2015) VP, Engineering, Keyhole (2003–2004) VP, Engineering, Intrinsic Graphics (1998–2003) Director, Engineering, @Home Network (1996–1998)

Education: BS, Electrical Engineering, University of Kansas (1982–1986) PEOPLE Board Positions: GET IT Mobile (2004–Present) Keyhole (2001–2004)

Intrinsic Graphics (1998–2003) | OTHER

SENIOR MANAGEMENT (CONTINUED) p.6 of 6

Name Title Start Date Manik Gupta Director of Products, Maps Nov. 2015 Work Experience: Director, Product Management, Google Maps, Google (2014–2015) Various Project Management Positions, Google (2008–2014) Project Manager, Hewlett-Packard Singapore (2003–2007) Country Manager, Co-founder, CoTech / BuyItTogether.com (1999–2003) Education: MBA, Analytical Finance & Strategic Marketing, Indian School of Business (2007–2008) BS, Computer Engineering, Nanyang Technological University (1995–1999) Gautam Gupta Head of Finance Mar. 2015 Work Experience: Business Operations & Finance, Uber (2013–2015) VP, Goldman Sachs (2010–2013) Associate, Investment Banking, Goldman Sachs (2007–2010) Flight Operations Analyst, Singapore Airlines (2002–2005) Education: MBA, MIT (2005–2007) BS, Computer Engineering, Nanyang Technological University (1998–2002) Joe Sullivan Chief Security Officer Apr. 2015 Work Experience: Chief Security Officer, Facebook (2010–2015) Associate General Counsel, Facebook (2008–2010) Associate General Counsel, PayPal (2006–2008) Senior Director, Trust and Safety Department, eBay (2002–2006) Assistant United States Attorney, Computer Hacking and IP Unit, Northern District of California (2000–2002) United States Department of Justice (1993–2001) Education: JD, University of Miami (1990–1993) BA, Political Science, Providence College (1986–1990) Board Positions: NCSA (2011–2015) | | TIMELINE | PRODUCTS | VALUATION | COMPETITION | FINANCIALS | MODELS | ANALYSIS | DESCRIPTION INTRO PEOPLE OTHER | OTHER

BOARD OF DIRECTORS p.1 of 5 Who governs the Company

Name 2009 2010 2011 2012 2013 2014 2015 2016 Travis Kalanick Co-founder, Director Co-founder, CEO, Director

Ryan Graves CEO, GM Head of Global Operations, Director

Garrett Camp Director

Rob Hayes Director

Bill Gurley Director

David Bonderman Director

David Drummond Director

David Plouffe Director

BOARD OF DIRECTORS (CONTINUED) p.2 of 5

Name Title Start Date Travis Kalanick Co-founder, CEO, Director Mar. 2009 See Senior Management Section Ryan Graves Head of Global Operations, Feb. 2010 See Senior Management Section Director Garrett Camp Co-founder, Chairman Mar. 2009 Work Experience: Founder, Expa (2013–Present) Co–founder, CEO, StumbleUpon (2001–2012) Education: MS, Software Engineering, University of Calgary (2001–2005) BS, Electrical Engineering, University of Calgary (1996–2001) Board Positions: Reserve (2014–Present) Chairman, StumbleUpon (2012–Present) Rob Hayes Director Oct. 2010 Work Experience: Partner, First Round Capital (2006–Present) Director, Omidyar Network (2004–2006) Senior Director, Business Development, PalmSource (2001–2003) Director, Palm Ventures, Palm (1999–2001) Product Manager, Geoworks (1995–1998) Localization Manager, GO Corporation (1990–1993) Education: MBA, Finance, Columbia University (1993–1995) BA, Political Economy, University of California at Berkeley (1984–1988) Board Positions: Airware (2014–Present) EAT Club (2013–Present) Better Finance (Unknown–Present) Manifest (2012–Present) UrbanSitter (2012–2014) Gnip (2010–2014) DNAnexus (2009–2014) OneTrueFan (2010–2011) SimpleGeo (2009–2011) Mint (2006–2009) Krugle (2006–2006)

BOARD OF DIRECTORS (CONTINUED) p.3 of 5

Name Title Start Date Bill Gurley Director Feb. 2011 Work Experience: Partner, Benchmark Capital (1999–Present) Freelance Writer, Fortune Magazine (1996–2001) Analyst, Technology Group, Deutsche Bank (1996–1997) Analyst, Credit Suisse (1993–1996) Electrical Engineer, Compaq Computers (1989–1991) Education: MBA, Finance, University of Texas (1991–1993) BS, Computer Engineering, University of Florida (1986–1989) Unknown, Millsap College (1984–1986) Board Positions: Vessel (2014–Present) HackerOne (2014–Present) GrubHub Seamless (2013–Present) Sailthru (2013–Present) Stitch Fix (2013–Present) DogVacay (2012–Present) Brighter.com (2011–Present) Scale Computing (2010–Present) Nextdoor.com (2008–Present) Zillow (2005–Present) Linden Lab (2004–Present) OpenTable (1999–Present) Ubiquiti (2012–Present) GrubHub Holdings (2010–2013) Demandforce (2010–2012) Clicker Media (2008–2011) VUDU (2006–2010) JAMDAT (2004–2006) Avamar Technologies (2000–2005) Shopping.com (1997–2005) Nordstrom.com (1999–2002)

BOARD OF DIRECTORS (CONTINUED) p.4 of 5

Name Title Start Date David Bonderman Director Aug. 2013 Work Experience: Co-founder, TPG (1992–Present) COO, Robert M. Bass Group (1983–1992) Partner, Arnold & Porter LLP (1970–1983) Fellow in Foreign & Comparative Law, Harvard University (1969–1970) Special Assistant to the U.S. Attorney General (1968–1969) Assistant Professor, Tulane University Law School (1967–1968) Education: JD, Harvard University (1963–1966) BA, University of Washington (1959–1963) Board Positions: Kite Pharma (2011–Present) Caesar’s Entertainment (2008–Present) XOJet (2007–Present) Chairman, Ryanair (1996–Present) Air GP (1996–Present) CoStar Group (1987–Present) General Motors (2009–2014) Armstrong World Industries (2009–2012) Univision (2007–2011) Gemalto (2006–2009) Washington Mutual (2008–2008) Burger King (2002–2008) Ducati Motor Holdings (1996–2006) GemPlus (1999–2006) Veritas Software (2000–2005) Continental Airlines (1997–2005) Seagate (2000–2004) ProQuest (1987–2004) Hotwire (2000–2003) Washington Mutual (1988–2002) American Savings Bank (1997–2002) Virgin Entertainment (1999–2001) | | TIMELINE | PRODUCTS | VALUATION | COMPETITION | FINANCIALS | MODELS | ANALYSIS | DESCRIPTION INTRO J. Crew (1997–2001) Beringer Wine Estates (1996–2000) PEOPLE Denbury Resources (1996–1997) National Education (1997–1997) Chairman, Continental Airlines (1993–1997) Carr Realty (1992–1997) | OTHER Bowe Bell & Howell (1988–1992) © Triton Research LLC p.117 Version 1.0 February 9, 2016 212 804 6151 Uber Confidential

BOARD OF DIRECTORS (CONTINUED) p.5 of 5

Name Title Start Date David Drummond Director Aug. 2013 Work Experience: SVP, Corporate Development, Google (2015–Present) SVP, Chief Legal Officer, Google (2006–2015) VP, Corporate Development & General Counsel, Google (2002–2006) CFO, SmartForce (1999–2002) Partner, Wilson Sonsini Goodrich & Rosati (1998–1999) Education: JD, Stanford University (1986–1989) BA, Santa Clara University (1981–1985) Board Positions: Chairman, Google Capital (Unknown–Present) Chairman, Google Ventures (Unknown–Present) KKR Management (2014–Present) Rocket Lawyer (2008–Present) David Plouffe Director, Chief Advisor May 2015 Work Experience: SVP, Policy, Strategy, Uber (2014–2015) Contributor, ABC News (2013–Present) Founder, Consultant, Plouffe Strategies (2013–Present) Speaker, Washington Speakers Bureau (2009–Present) Contributor, Strategic Advisor, Bloomberg (2013–2014) Senior Advisor to President Barack Obama (2011–2013) Campaign Manager, Obama for America (2007–2008) Campaign Strategist, Deval Patrick for Governor of Massachusetts (2006–2006) Campaign Strategist, Obama for Illinois Senate (2003–2005) Partner, AKPD Message & Media (2001–2004) Executive Director, Democratic Congressional Campaign Committee (1999–2000) Deputy Chief of Staff to Democratic Leader Richard Gephardt, U.S. House of Representatives (1997–1998) Campaign Manager, Bob Torricelli for U.S. Senate (1996–1996) Campaign Director, Charles Oberly for U.S. Senate (1994–1994) Campaign Manager, John Oliver for Congress (1992–1992) State Field Director, Tom Harkin for President (1992–1992) Deputy Field Director, Tom Harkin for U.S. Senate (1990–1990)

Board Positions: Obama Foundation (2014–Present) PEOPLE OTHER | OTHER

MANAGEMENT COMMENTARY p.1 of 4 What little they say...

On Valuation “We want to provide as many residents within a city with as many “We are a private company. If you were to compare the multiples of quality transportation options as possible; Major cities around the world public companies, Uber is at or below those multiples, on any front. So have a transportation gap, and the services offered to citizens were the I think it’s kind of a no-brainer for the folks getting involved. When you same as they were 50 years ago. Now the technology is available to offer look at a business and you are like, ‘wow, in six months they are going to a different kind of service to users.” – Travis Kalanick, Co-founder, CEO, be twice the size’—and we have a history of doing that—it’s a pretty Director – Le Web Conference – Dec. 7, 2011 interesting opportunity.” – Travis Kalanick, Co-founder, CEO, Director – On Competition Businessweek – Jun. 6, 2014 “I like the competition. I think it's good for us. It keeps us on our toes, “Uber has its normal margin of 20 percent. We have that margin in and makes sure that we're focusing on the right things. When you all cities around the world. Lyft is taking zero percent margins right use Uber versus any other competitor, you're going to see the things now, trying to compete [with us]. I think we are just trying to build we focus on. You're going to see that reliability. You're going to see an the business for the long run and feel pretty good about it.” – Travis application that's easy to use.” – Ryan Graves, Head of Global Operations Kalanick, Co-founder, CEO, Director – Businessweek – Jun. 6, 2014 – CNBC – Nov. 25, 2015 “We’re at least doubling every six months. It’s probably more robust “We knew that Lyft was going to raise a ton of money, and we are going than that, but that’s good enough…That’s revenue. If you look at [to their investors] ‘Just so you know, we’re going to be fund-raising [the number of] trips, because we’re going into lower and lower-cost after this, so before you decide whether you want to invest in them, just products, the growth on trips is like 5, 6x.” – Travis Kalanick, Co-founder, make sure you know that we are going to be fund-raising immediately CEO, Director – The Wall Street Journal – Jun. 6, 2014 after.’” – Travis Kalanick, Co-founder, CEO, Director – Vanity Fair – Nov. “We just passed the 1,000 employee mark. If we are doubling every 30, 2014 six months on the revenue side, you want to grow slightly slower than “If you call an employee at another company, that's normal, but if that that on the operations and business side…The things that make the falls in the car business, the sky is falling. I think what we found is we headlines are not really the core of the business. The core of the business are aggressive at getting as many cars on the road because when there's is engineering and product and operations, which are in the cities a lot of cars on the road your pick up time goes down. Every once in a making this a reality. That’s a vast majority of the business.” – Travis while a team in Shanghai or New York might get really aggressive about Kalanick, Co-founder, CEO, Director – The Wall Street Journal – Jun. 6, recruiting Drivers, but we have really strong principles and feel good 2014 about how we act in the marketplace.” – Travis Kalanick, Co-founder, On Use Of Funding CEO, Director – CNN – Jun. 12, 2014 “Uber hasn’t acquired a single company. We are really focused on the “The only thing I can say is that we are 25 percent cheaper than a taxi product, building the business. We are not in acquisition mode right today in San Francisco. You can make the argument we will end up at now.” – Travis Kalanick, Co-founder, CEO, Director – TechCrunch – Sep. 8, 40 to 45 or maybe 50 percent cheaper. It’s a higher-quality ride and it’s INTRO | DESCRIPTION | ANALYSIS | MODELS | FINANCIALS | COMPETITION | VALUATION | PRODUCTS | TIMELINE | 2014 less expensive. But some people may still want to take a taxi.” – Travis

Kalanick, Co-founder, CEO, Director – Bloomberg Businessweek – Jun. 06, PEOPLE “This is about capitalizing for the opportunities that we see ahead of 2014 ourselves. This is about continuing to grow in the cities we are in. Our vision is to offer a way for people to get around cities without having to On Product drive a car. It’s ground transportation as a service.” – Travis Kalanick, Co- “We are providing a product and a service that people really love. | OTHER founder, CEO, Director – Bloomberg Businessweek – Jun. 6, 2014

MANAGEMENT COMMENTARY (CONTINUED) p.2 of 4

Transportation is something everybody does, it’s a commute…if “Travis loves the delivery stuff - Uber Barbecue at SXSW and stuff like you can make it more efficient, more reliable, more convenient, more that. I think there is a lot of stuff that can go on top. I think a lot of these comfortable, you can touch them in a personal and heartfelt way. And services are just going to use each other because now you have that I think we have touched that nerve, and I think because of that our infrastructure below that is running a task, you now have an Uber to customers stand up for their right or their ability to have that kind of get you there. All of these shared services and the shared economy is offering for themselves.” – Travis Kalanick, Co-founder, CEO, Director – starting to use each other, and you can start to build interesting ideas on Tech Cocktail – Nov. 15, 2012 top of these companies.” – Garrett Camp, Co-founder, Chairman – DEMO We’re not necessarily Airbnb for rides. We’re, I think, the best quality Conference – Apr. 22, 2013 transportation option. So eventually in every major metropolitan city, On The Political Landscape people need to get around that city. In the same way FourSquare helps ”One of the things we have experienced is pretty explosive growth. people have fun in that city, we help people get around that city. We are The thing you need to do when that growth happens…is you have to really focused on the convenience of transportation within a city, we are learn to adapt quickly too… When you are a big company, you have a logistics and technology company looking to improve that experience. to walk like a big company. If you’re a scrappy company, you can be a – Ryan Graves, Head of Global Operations – TechCrunch TV – Jan. 1, 2012 little more scrappy. But we got big really quick, and that was one of the On Expanding Business big lessons, was how to be…more statesmanlike, more diplomatic… “The point is if you can push a button and can get a ride, then why not with the same mission, the same goals, but communicate more like a push a button and get a helicopter.” – Travis Kalanick, Co-founder, CEO, statesman as we got bigger.” – Travis Kalanick, Co-founder, CEO, Director Director – Businessweek – Jan. 19, 2016 – TechCrunch Crunchies Awards – Feb. 5, 2015 “If we can get you a car in five minutes, we can get you anything in five “We didn’t realize it, but there was a political campaign that was minutes.” – Travis Kalanick, Co-founder, CEO, Director – Vanity Fair – Nov. happening, and Uber was the candidate, and the opposition was the 30, 2014 taxi cartel. Maybe there are some primaries going on with other folks in the ride sharing space, but the big opponent was the taxi cartel, “The business as it is, the current growth, that is what was funded. The and they were out there, they have been giving political donations for logistics, or moving things as well as people, is icing on the cake. We are dozens of years, decades, they have been lobbying folks for those same doing experiments right now. It’s too early to know how it all works out. decades. They have created a situation where there is a monopoly in The core business itself was what was pitched [to investors].” – Travis every single city for taxi, and that causes problems for people who want Kalanick, Co-founder, CEO, Director – Businessweek – Jun. 6, 2014 to get around the city efficiently, it causes problems for creating jobs. It's “[Uber Rush, a package delivery system in Manhattan] is going really not only that riders don’t have options, but the Drivers also get stuck, well. It’s super-young, only a month or two old. It’s almost like I’m because there are no other options for a job. You may have a situation talking about an infant. But the growth of Uber Rush in New York is far like in New York where a Driver leases a car for forty thousand dollars a greater than what the original Uber service was in San Francisco at the year. It should be a Bentley but instead is just a taxi, and for that right INTRO | DESCRIPTION | ANALYSIS | MODELS | FINANCIALS | COMPETITION | VALUATION | PRODUCTS | TIMELINE | same age. There are still some things we want to do on product and he gets to be impoverished, and that is because he didn’t have options. operations. We want to get that playbook down. We did a year of Uber in That medallion to operate and own a single taxi is worth a million PEOPLE San Francisco before we went to a second city. You get those processes dollars, why? Because of the artificial scarcity.” – Travis Kalanick, Co- down, then you really get started.” – Travis Kalanick, Co-founder, CEO, founder, CEO, Director – TechCrunch – Sep. 8, 2014

Director – Businessweek – Jun. 6, 2014 | OTHER

MANAGEMENT COMMENTARY (CONTINUED) p.3 of 4

“So then we you say we want to fix [flawed transportation laws], and speculative. The point is that, we did this huge funding, there were no you want to meet with the city council person, or a deputy major, they secondary shares. I’ve never personally sold a share of Uber. There’s are a literally say there is no meeting unless you go through this guy, and few others [that have sold Uber stock], but not employees… not even this guy is a lobbyist.” – Travis Kalanick, Co-founder, CEO, Director – former employees.” – Travis Kalanick, Co-founder, CEO, Director – The TechCrunch – Sep. 8, 2014 Wall Street Journal – Jun. 6, 2014 “We’ve now launched in 130 cities, and there’s only one product in one On Company Formation city that we ever backed out of: Vancouver…There are flare-ups, the “We started small, opening it up to about a hundred of our friends in taxi industry will put pressure on a city government to stifle competition San Francisco and then launching officially five years ago this week… and then that’s when Nairi [an Uber spokeswomen] and I are up late… Those days, in San Francisco, it wasn’t just about waiting 20 minutes In the win column we have 130 and in the loss column we have one. So for a cab, it was about waiting 20 minutes to maybe get a cab. The first yes, these are battles but we we’ve lost one battle out of many.” – Travis Drivers wanted to spend their precious time actually moving people Kalanick, Co-founder, CEO, Director – Wall Street Journal – Jun. 06, 2014 around their city, not waiting idly for fares that may never appear.” – My politics are: I'm a trustbuster. Very focused. And yeah, I'm pro- Travis Kalanick, Co-founder, CEO, Director – Uber Newsroom – Jun. 3, efficiency. I want the most economic activity at the lowest price 2014 possible. It's good for everybody, it's not red or blue. – Travis Kalanick, “Garrett and I started talking about Uber in 2008 at LeWeb, we were Co-founder, CEO, Director – Wall Street Journal – Jan. 25, 2013 throwing out ideas, all kinds of ideas…we just got this bad boy started. On Exit Plans And when it started we were like ‘this is a limo company…do you want “Look, we’re maturing as a company, but we’re like eighth-graders, or to start a limo company? Do you want to run a limo company? I don’t ninth. We’re in junior high, and somebody’s telling us that we need to want to run a limo company.’ So I incubated it, built the team up…and go to the prom. It’s just a little early. Give us a few years. Give us a little it became really clear to me that this was a product and tech company. time, and when the time is right something like that will happen. Right [Then] it was the right match to come in and run it full time.” – Travis now we’re just too early in our cycle. We’re five years old. And if you look Kalanick, Co-founder, CEO, Director – Disrupt Backstage – Jun. 22, 2011 at the age of most companies when they go public it’s usually later in On International Expansion their life.” – Travis Kalanick, Co-founder, CEO, Director – The Wall Street “In U.S. we are in a very good spot. We are starting to see the things Journal – Oct. 26, 2015 that happened in the U.S. in Europe, and we are working through it. The “It took Facebook a long time to go public, but once they did, Zuck business in Europe is growing faster than the U.S. at this point.” – Travis has become a huge proponent – is it misery enjoys company?” – Kalanick, Co-founder, CEO, Director – TechCrunch – Sep. 8, 2014 Travis Kalanick, Co-founder, CEO, Director – The Wall Street Journal Live Conference – Oct. 21, 2015 On Chinese Expansion

“(On the possibility to sell to a bigger company) You’re asking somebody “It’s just different than everywhere else… And, so, you can’t take your INTRO | DESCRIPTION | ANALYSIS | MODELS | FINANCIALS | COMPETITION | VALUATION | PRODUCTS | TIMELINE | who has a wife and is really happily married, ‘So, what’s your next wife pattern or your model for other places and take that to China. You just going to be like?’ And I’m like, ‘What?’” – Travis Kalanick, Co-founder, can’t. You have to do it different… that’s where the action is. There are PEOPLE CEO, Director – Vanity Fair – Nov. 30, 2014 certain things in life where you have to go for it—just for the sheer adventure of it, and also for the potential. Part of being an entrepreneur “No [IPO plans]. I’m just ultra-focused on the business. I mean it’s all OTHER | | OTHER

MANAGEMENT COMMENTARY (CONTINUED) p.4 of 4 is going to places that go against what the conventional wisdom might On Future Plans say.” – Travis Kalanick, Co-founder, CEO, Director – Fast Company– Sep. “We're learning as we go. In that regard, we're very much still a start-up. 8, 2015 It's still definitely in our blood. If we can continue to grow and learn, and “What we've seen here in China is growth that far outpaces anything take on those challenges, I think investors are likely to be pretty happy we've seen before. When we started this year, we were about 1 percent with the outcome.” – Ryan Graves, Head of Global Operations – CNBC – market share. Today, nine months later, we’re looking at about 30 to Nov. 25, 2015 35 percent market share.” – Travis Kalanick, Co-founder, CEO, Director – “We want to get to the point that using Uber is cheaper than owning Baidu Event – Sep. 8, 2015 a car.” – Travis Kalanick, Co-founder, CEO, Director – Vanity Fair – Nov. On Pricing 30, 2014 “You want supply to always be full, and you use price to basically either “[Our] long term vision starts with being everyone’s private Driver… bring more supply on or get more supply off, or get more demand in the rolling out a transportation system in every major city in the world, and system or get some demand out. It’s classic Econ 101.” – Travis Kalanick, making those cities better by doing so.” – Travis Kalanick, Co-founder, Co-founder, CEO, Director – Vanity Fair – Nov. 30, 2014 CEO, Director – Tech Cocktail – Nov. 15, 2012 On UberPool On Autonomous Driving “If one fully licensed Uber car is out there in a day, you might be sharing “It's going to be interesting, ultimately, to see how cities handle these one car across 30 or 40 people instead of having 30 or 40 people having disruption waves, which are going to be coming faster and faster. Some 30 or 40 cars.” – Travis Kalanick, Co-founder, CEO, Director – Summit At cities are going to allow it, and then they’re going to be bastion of the Sea – Nov. 13, 2015 future, and the other cities are going to look like they’re in the Middle Ages.” – Travis Kalanick, Co-founder, CEO, Director – The Wall Street “Two people taking a similar route are now taking one car instead of JournalDLive Conference – Oct. 21, 2015 two. Not only is it much less expensive than taking a cab or owning a car, it has the potential to be as affordable as taking a subway, or a “We need to make sure that we are a part of the future. You can’t bus, or other means of transportation. And that’s what we believe is the call yourself a technology company if you’re resisting technological real game changer.” – Travis Kalanick, Co-founder, CEO, Director - Fast progress.” – Travis Kalanick, Co-founder, CEO, Director – Fast Company – Company – Sep. 8, 2015 Sep. 8, 2015 “UberPool has been available in just a handful of cities over the last few “The Uber experience is expensive because it’s not just the car but the months, and already it’s been responsible for millions of rides. In San other dude in the car. When there’s no other dude in the car, the cost [of Francisco, almost half of all rides in this city are UberPOOL rides. Think taking an Uber] gets cheaper than owning a vehicle.” – Travis Kalanick, about how many times two people would have been in two separate Co-founder, CEO, Director – Code Conference – May 28, 2014 cars, but now they are in one. Think about how many cars off the road “Look, this is the way the world is going. If Uber doesn’t go there, it’s not | TIMELINE | PRODUCTS | VALUATION | COMPETITION | FINANCIALS | MODELS | ANALYSIS | DESCRIPTION | INTRO | DESCRIPTION | ANALYSIS | MODELS | FINANCIALS | COMPETITION | VALUATION | PRODUCTS | TIMELINE | that means. As more people in more cities use UberPool, it will help going to exist either way.” – Travis Kalanick, Co-founder, CEO, Director – contribute to the future that Uber has already begun to create: fewer Code Conference – May 28, 2014 PEOPLE people owning cars, and fewer cars on the road.” – Travis Kalanick, Co- “We are looking for improving the technologies that mapping and founder, CEO, Director – Uber Newsroom – Jun. 3, 2014 Driverless vehicles are dependent on, and [the College of Optical Sciences] is a great place to start.” – Brian McClendon, VP of Advanced OTHER | | OTHER Technology – Code Conference – May 28, 2014

ACQUISITIONS, INTELLECTUAL PROPERTY, & LAWSUITS p.1 of 11 Assets and liabilities

Number of Acquisitions 3

2 2

- Mapping

Number of Patents 20 16 15 15 13

5 5 1 - Business & Operations Navigation & Mapping User Interface Database Architecture Autonomous Vehicles

2012 2013 2014 2015 OTHER Please see Appendix for details.

ACQUISITIONS, INTELLECTUAL PROPERTY, & LAWSUITS (CONTINUED) p.2 of 11

Acquisitions Acquisition Price / Investment Amount Date Target ($m) Seller(s) Asset / Business Acquired 1 Jun. 2015 Map Data Business N.D. Microsoft • Technology: Mapping imagery collection Division of Microsoft • Team: 100 employees joined Uber • Products: Data Center, Cameras, IP • Business: N.D. 2 Mar. 2015 deCarta N.D. Norwest Venture Partners, • Technology: Mapping, search, navigation Mobius Venture Capital, software Cardinal Venture Capital • Team: 30 employees joined Uber • Products: Geospatial Platform & Data, Local Search & Geocoding, Client APIs, Navigation App / SDK • Business: N.D. | | PEOPLE | TIMELINE | PRODUCTS | VALUATION | COMPETITION | FINANCIALS | MODELS | ANALYSIS | DESCRIPTION INTRO OTHER

ACQUISITIONS, INTELLECTUAL PROPERTY, & LAWSUITS (CONTINUED) p.3 of 11

Intellectual Property – Patents Patent Title Patent Number Inventors Filing Date Assignee 1 A system and method of optimizing US5963956A Brian E. Smartt Feb. 27, 1997 deCarta Inc. database queries in two or more dimensions 2 Software and protocol structure for an US20020186691A1 Steven Bristow, Richard Bentley, Apr. 16, 2001 deCarta Inc. automated user notification system Bruce Durham, Gregory Delory 3 Method and apparatus for location- US20020123934A1 Hirohisa A. Tanaka, Geoffrey R. Jul. 5, 2001 deCarta Inc. sensitive, subsidized cell phone billing Hendrey, Philip J. Koopman, Jr. 4 System and method for initiating US20030060214A1 Geoffrey R. Hendrey, Jul. 17, 2002 deCarta Inc. responses to location-based events Chandrashekar Basavaiah, Tony Campione, Scott Stouffer 5 User interface to aid system US20050125118A1 Matt D. Chalker, Jeffrey Kim, Dec. 3, 2003 deCarta Inc. installation Christina Woo 6 Geocoding locations near a specified US20050171691A1 Brian E Smartt, Richard F Poppen, Dec. 20, 2004 deCarta Inc. city Linnea Dunn 7 Automated prioritization of map US20060041376A1 Richard Poppen, Eric Wels, David Jul. 22, 2005 deCarta Inc. objects Hunkins 8 Generalization of features in a digital US20070024624A1 Richard F. Poppen Jul. 26, 2006 deCarta Inc. map 9 High precision internet local search US20070143318A1 Geoffrey R. Hendrey, Richard F. Dec. 8, 2006 Uber Technologies, Poppen Inc. 10 Draggable maps US20070229524A1 Geoffrey R. Hendrey, Brent Hamby Feb. 13, 2007 deCarta Inc. 11 Dynamically configured rendering of US20080147824A1 Geoffrey R. Hendrey Oct. 1, 2007 deCarta Inc. digital maps 12 Generalization of features in a digital US20090040229A1 Andrew Stitt, Richard F. Poppen Aug. 6, 2008 deCarta Inc. map using round number coordinates | | PEOPLE | TIMELINE | PRODUCTS | VALUATION | COMPETITION | FINANCIALS | MODELS | ANALYSIS | DESCRIPTION INTRO 13 Gradually changing perspective map US20090244100A1 William C. Schwegler, Richard F. Apr. 1, 2009 deCarta Inc. Poppen OTHER

ACQUISITIONS, INTELLECTUAL PROPERTY, & LAWSUITS (CONTINUED) p.4 of 11

Intellectual Property – Patents (Continued) Patent Title Patent Number Inventors Filing Date Assignee 14 Point of interest search along a route US20110106429A1 Richard F. Poppen, Weidong Tang, Apr. 1, 2009 deCarta Inc. Daniel R. Brownstone 15 Point of interest search along a route CA2757148A1 Richard F. Poppen, Weidong Tang Apr. 1, 2009 deCarta Inc. with return 16 Retrieval of vehicular traffic US20090254272A1 Geoffrey R. Hendrey Apr. 1, 2009 deCarta Inc. information optimized for wireless mobile environments 17 Transmission of routes between client US20090248291A1 Richard F. Poppen Apr. 1, 2009 deCarta Inc. and server using route ids 18 System and method for arranging US20110301985A1 Garrett Camp, Oscar Salazar, Dec. 6, 2010 Uber Technologies, transport amongst parties through Travis Kalanick Inc. use of mobile devices 19 Systems and methods for performing US20130238584A1 Geoffrey R. Hendrey May 10, 2012 deCarta Inc. search and retrieval of electronic documents using a big index 20 Systems and methods for performing US20130238584A1 Geoffrey R. Hendrey May 10, 2012 deCarta Inc. search and retrieval of electronic documents using a big index 21 Computing device display screen USD732049S1 Shalin Amin Nov. 8, 2012 Uber Technologies, with electronic summary or receipt Inc. graphical user interface 22 Computing device display screen with USD724620S1 Richard Gary Hansen, Travis Nov. 8, 2012 Uber Technologies, graphical user interface Kalanick Inc. 23 Computing device display screen with USD738901S1 Shalin Amin Nov. 8, 2012 Uber Technologies, graphical user interface Inc.

Casey Edgeton OTHER

ACQUISITIONS, INTELLECTUAL PROPERTY, & LAWSUITS (CONTINUED) p.5 of 11

Intellectual Property – Patents (Continued) Patent Title Patent Number Inventors Filing Date Assignee 25 Display screen of a computing device USD743978S1 Shalin Amin Nov. 8, 2012 Uber Technologies, with a computer-generated electronic Inc. panel for providing confirmation for a service request 26 Providing a confirmation interface for US20140129302A1 Shalin Amin, Mina Radhakrishnan, Nov. 8, 2012 Uber Technologies, on-demand services through use of Paul-Phillip Holden, Travis Kalanick, Inc. portable computing devices Casey Edgeton 27 Providing a summary or receipt for US20130132246A1 Shalin Amin, Mina Radhakrishnan, Nov. 8, 2012 Uber Technologies, on-demand services through use of Paul-Phillip Holden Inc. portable computing devices 28 Providing on-demand services US20140129951A1 Shalin Amin, Mina Radhakrishnan, Nov. 8, 2012 Uber Technologies, through use of portable computing Paul-Phillip Holden, Curtis Inc. devices Chambers 29 System and method for arranging US20140129135A1 Paul-Phillip Holden, Matthew Nov. 8, 2012 Uber Technologies, transport amongst parties through Sweeney Inc. use of mobile devices 30 Transitioning user interface features US20130132887A1 Shalin Amin, Paul-Phillip Holden, Nov. 8, 2012 Uber Technologies, for on-demand services through use of Mina Radhakrishnan Inc. portable computing devices 31 Systems and methods for performing US20130198159A1 Geoffrey R. Hendrey Nov. 30, 2012 Uber Technologies, geo-search and retrieval of electronic Inc. point-of-interest records using a big index 32 Determining an amount for a toll based US20140278838A1 Kevin Mark Novak Mar. 14, 2013 Uber Technologies, on location data points provided by a Inc. computing device 33 Enabling a user to verify a price change US20130268406A1 Mina Radhakrishnan, Shalin Mar. 14, 2013 Uber Technologies, | | PEOPLE | TIMELINE | PRODUCTS | VALUATION | COMPETITION | FINANCIALS | MODELS | ANALYSIS | DESCRIPTION INTRO for an on-demand service Amin, Curtis Chambers, Ryan Inc.

McKillen, Travis Kalanick OTHER

ACQUISITIONS, INTELLECTUAL PROPERTY, & LAWSUITS (CONTINUED) p.6 of 11

Intellectual Property – Patents (Continued) Patent Title Patent Number Inventors Filing Date Assignee 34 Generating promotions for a service US20140279011A1 Brian Richard McMullen, Mina Mar. 14, 2013 Uber Technologies, using a map interface Radhakrishnan, Ryan McKillen, Inc. Amos Barreto 35 System and method for dynamically US20130246207A1 Kevin Mark Novak, Travis Kalanick Mar. 14, 2013 Uber Technologies, adjusting prices for services Inc. 36 Translated view navigation for US20140267343A1 Y Arcas Blaise Aguera, Markus Mar. 14, 2013 Uber Technologies, visualizations Unger, Donald A. Barnett, Sudipta Inc. Narayan Sinha, Timo Pekka Pylvaenaeinen, Christopher Stephen Messer, Eric Joel Stollnitz, Johannes Peter Kopf 37 Providing user feedback for transport US20130246301A1 Mina Radhakrishnan, Garrett Camp, Mar. 15, 2013 Uber Technologies, services through use of mobile devices Oscar Salazar, Travis Kalanick Inc. 38 System and method for providing US20140011522A1 Hungyu Henry Lin, Travis Mar. 15, 2013 Uber Technologies, dynamic supply positioning for on- Kalanick, Emily Wang Inc. demand services 39 Location Searching with Category US20150088860A1 Brent Hamby, Zhaolei Song Sep. 20, 2013 deCarta Inc. Indices 40 Methods, systems, and apparatus for CA2902430A1 Christopher Charles Osterwood, Mar. 14, 2014 Uber Technologies, multi-sensory stereo vision for robotics Daniel Leland Strother, David Inc. Arthur Larose 41 Providing notifications to devices based US20150271290A1 Christine Tao, Navya Rehani, Mar. 19, 2014 Uber Technologies, on real-time conditions related to an Thomas McConnell Inc. on-demand service 42 System and method for splitting a fee US20150012341A1 Shalin Amin Jun. 23, 2014 Uber Technologies, for an on-demand service Inc.

ACQUISITIONS, INTELLECTUAL PROPERTY, & LAWSUITS (CONTINUED) p.7 of 11

Intellectual Property – Patents (Continued) Patent Title Patent Number Inventors Filing Date Assignee 44 Determining location information US20150099461A1 Paul-Phillip Holden, Matthew Oct. 3, 2014 Uber Technologies, using a location data point provided by Sweeney, Jeremy Grosser Inc. a computing device 45 Configurable push notifications for a US20150262430A1 Stacey Farrelly, Shalin Amin, Nov. 19, 2014 Uber Technologies, transport service Robert Marshall, Kevin Novak, Inc. Matthew Sweeney 46 Intelligent dispatch system for US20150161554A1 Matthew Sweeney, Amos Dec. 10, 2014 Uber Technologies, selecting service providers Barreto, Sophia Cui, Laszlo Korsos Inc. 47 Intelligent queuing for user selection in US20150161752A1 Amos Barreto, Laszlo Korsos Dec. 10, 2014 Uber Technologies, providing on-demand services Inc. 48 Optimizing selection of Drivers for US20150161564A1 Matthew Sweeney, Amos Dec. 10, 2014 Uber Technologies, transport requests Barreto, Sophia Cui, Laszlo Korsos Inc. 49 System and method for optimizing WO2015089207A1 Matthew Sweeney, Amos Dec. 10, 2014 Uber Technologies, selection of Drivers for transport Barreto, Sophia Cui, Laszlo Korsos Inc. requests 50 User-configurable indication device for US20150332425A1 Travis Kalanick, Shalin Amin, Yves Jan. 23, 2015 Uber Technologies, use with an on-demand service Behar, Noah Murphy-Reinhertz, Inc. Liam Adelman, Stephen Braitsch, Giulia Borghini, Willy Carteau, Naoya Edahiro, William Clark, Strahan McMullen 51 Adjusting attributes for an on-demand US20150281387A1 Amos Barreto Mar. 27, 2015 Uber Technologies, service system based on real-time Inc. information | | PEOPLE | TIMELINE | PRODUCTS | VALUATION | COMPETITION | FINANCIALS | MODELS | ANALYSIS | DESCRIPTION INTRO OTHER

ACQUISITIONS, INTELLECTUAL PROPERTY, & LAWSUITS (CONTINUED) p.8 of 11

Lawsuits

Category Filing Date Plaintiff Most Recent Update Case Status 1 Regulatory • Nov. 2015 • City of Calgary • Dec. 2015 • Closed – For Uber 2 Regulatory • Oct. 2015 • The People of the State of California • Dec. 2015 • Ongoing 3 Regulatory • Oct. 2015 • St. Louis Metropolitan Taxi Division – Class • Dec. 2015 • Ongoing Action 4 Regulatory • Sep. 2015 • City of Jakarta • Dec. 2015 • Closed – For Uber 5 Regulatory • Sep. 2015 • A White and Yellow Cab, Inc. • N.D. • N.D. 6 Regulatory • Aug. 2015 • Kiran Vuppala (Uber Rider) • Dec. 2015 • Ongoing 7 Regulatory • Aug. 2015 • Stewart Rosen (Uber Rider) • Dec. 2015 • Ongoing 8 Regulatory • Aug. 2015 • Ramsi Tadepalli (Uber Rider) • Nov. 2015 • Closed – Against Uber 9 Regulatory • Jul. 2015 • City of Toronto – Class Action • Dec. 2015 • Ongoing 10 Regulatory • Jun. 2015 • Checker Cab of Philadelphia, Inc. – Class Action • Nov. 2015 • Closed – For Uber 11 Regulatory • Jun. 2015 • City of Toronto • Jul. 2015 • Closed – For Uber 12 Regulatory • Apr. 2015 • XYZ Two Way Radio Service, Inc. • Nov. 2015 • Dismissed 13 Regulatory • Mar. 2015 • Christopher Davis (Taxi Driver) • Apr. 2015 • Dismissed 14 Regulatory • Mar. 2015 • City of Seoul • Nov. 2015 • Ongoing 15 Regulatory • Mar. 2015 • LA Taxi Cooperative, Inc. • Jul. 2015 • Ongoing 16 Regulatory • Mar. 2015 • Lawrence O. Anderson (Uber Rider) • Apr. 2015 • Dismissed 17 Regulatory • Mar. 2015 • Taxiblu Consorzio Radiotaxi Satellitare Societa • May 2015 • Closed – Against Uber Cooperativa 18 Regulatory • Mar. 2015 • Association of Portuguese Taxi Drivers • Sep. 2015 • Closed – Against Uber 19 Regulatory • Feb. 2015 • City of Madison, WI • May 2015 • Ongoing 20 Regulatory • Feb. 2015 • Southern Transportation, Inc. • Sep. 2015 • Dismissed 21 Regulatory • Jan. 2015 • Andrea Pappey, Ernesto Mejia, and Others • Dec. 2015 • Ongoing (Uber Riders) | | PEOPLE | TIMELINE | PRODUCTS | VALUATION | COMPETITION | FINANCIALS | MODELS | ANALYSIS | DESCRIPTION INTRO 22 Regulatory • Jan. 2015 • Jacob Sabatino (Uber Rider) • Dec. 2015 • Ongoing 23 Regulatory • Jan. 2015 • Miadeco Corp. • Mar. 2015 • Ongoing OTHER

ACQUISITIONS, INTELLECTUAL PROPERTY, & LAWSUITS (CONTINUED) p.9 of 11

Lawsuits (Continued)

Category Filing Date Plaintiff Most Recent Update Case Status 24 Regulatory • Jan. 2015 • Jacqueline Borja, Ariana Levitt and Others (Taxi • Jun. 2015 • Dismissed Drivers) 25 Regulatory • Dec. 2014 • Thai Department of Land Transport • Nov. 2015 • Ongoing 26 Regulatory • Dec. 2014 • Ho Chi Minh City, Vietnam • Mar. 2015 • Closed – Against Uber 27 Regulatory • Dec. 2014 • Madrid Taxi Association • Nov. 2015 • Closed – Against Uber 28 Regulatory • Dec. 2014 • City of Portland • Oct. 2015 • Dismissed 29 Regulatory • Dec. 2014 • French Government • Dec. 2015 • Closed – Against Uber 30 Regulatory • Dec. 2014 • Rachel Cullinane, Jacqueline Nunez, and • Aug. 2015 • Ongoing Others (Uber Riders) 31 Regulatory • Dec. 2014 • City of Seoul • Feb. 2015 • Ongoing 32 Regulatory • Dec. 2014 • City of New Delhi • Sep. 2015 • Closed – Against Uber 33 Regulatory • Dec. 2014 • South Central District Prosecutors' Office • Dec. 2014 • Closed – Against Uber 34 Regulatory • Oct. 2014 • Taxi Deutschland • Sep. 2015 • Closed – Against Uber 35 Regulatory • Sep. 2014 • National Federation of the Blind of California • Apr. 2015 • Closed – Against Uber 36 Regulatory • Aug. 2014 • Heiwa Salovitz (Uber Rider) • Nov. 2014 • Dismissed 37 Regulatory • Jun. 2014 • Dan J. Ramos, Laura Posadas, and Others • Aug. 2014 • Dismissed (Uber Riders) 38 Regulatory • May 2014 • Greenwich Taxi, Inc. • Apr. 2015 • Closed – For Uber 39 Regulatory • Apr. 2014 • Greater Houston Transportation Company • Dec. 2015 • Ongoing 40 Labor (Uber Drivers) • Nov. 2015 • Joseph Dinofa (Uber Driver) – Class Action • Dec. 2015 • Ongoing 41 Labor (Uber Drivers) • Nov. 2015 • David Micheletti (Uber Driver) – Class Action • Dec. 2015 • Ongoing 42 Labor (Uber Drivers) • Nov. 2015 • Alper Karaali (Uber Driver) • Nov. 2015 • Ongoing 43 Labor (Uber Drivers) • Nov. 2015 • Elizabeth Varon (Uber Driver) • Dec. 2015 • Dismissed

45 Labor (Uber Drivers) • Oct. 2015 • Manzoor Mumin and Olasapo Ogunmokun • Dec. 2015 • Ongoing OTHER (Uber Drivers)

ACQUISITIONS, INTELLECTUAL PROPERTY, & LAWSUITS (CONTINUED) p.10 of 11

Lawsuits (Continued)

Category Filing Date Plaintiff Most Recent Update Case Status 46 Labor (Uber Drivers) • Sep. 2015 • City of Seattle (Pro Uber Drivers) – Collective • Dec. 15 • Ongoing Bargaining 47 Labor (Uber Drivers) • Aug. 2015 • Ricardo Del Rio (Uber Drivers) – Class Action • Oct. 2015 • Ongoing 48 Labor (Uber Drivers) • Aug. 2015 • Greg Fisher (Uber Driver) • Nov. 2015 • Dismissed 49 Labor (Uber Drivers) • May 2015 • Michael Nokchan (Uber Driver) • Jun. 2015 • Ongoing 50 Labor (Uber Drivers) • Mar. 2015 • Abdul Kadir Mohamed (Uber Driver) – Class • Oct. 2015 • Ongoing Action 51 Labor (Uber Drivers) • Jan. 2015 • Sasha Antman (Uber Driver) • Oct. 2015 • Dismissed 52 Labor (Uber Drivers) • Dec. 2014 • Cy. R. Brown (Uber Driver) • Mar. 2015 • Dismissed 53 Labor (Uber Drivers) • Nov. 2014 • Mark Goldberg (Uber Driver) • Apr. 2015 • Dismissed 54 Labor (Uber Drivers) • Oct. 2014 • Ronald Gillette (Uber Driver) – Class Action • Oct. 2015 • Ongoing 55 Labor (Uber Drivers) • Jun. 2014 • Hakan Yucesoy (Uber Driver) • Jan. 2015 • Dismissed 56 Labor (Uber Drivers) • Jan. 2014 • Dundar (Uber Driver) • Jul. 2014 • Closed 57 Labor (Uber Drivers) • Aug. 2013 • Caren Ehret (Uber Driver) – Class Action • Aug. 2014 • Dismissed 58 Labor (Uber Drivers) • Jul. 2013 • Douglas O'Connor and Thomas Colopy (Uber • Dec. 2015 • Ongoing Drivers) – Class Action 59 Labor (Uber Drivers) • Jan. 2013 • Rashid Alatraqchi (Uber Driver) • Sep. 2014 • Dismissed 60 Labor (Uber Drivers) • Jan. 2013 • David Lavitman (Uber Driver) • Aug. 2013 • Dismissed 61 Personal Injury • Oct. 2015 • Two unnamed women (Uber Riders) • Dec. 2015 • Ongoing 62 Personal Injury • Sep. 2015 • Terry S. Phillips and Melanie Mroz (Uber • Oct. 2015 • Dismissed Riders) 63 Personal Injury • Feb. 2015 • Erik Search (Uber Rider) • Dec. 2015 • Ongoing 64 Personal Injury • Jan. 2015 • Unnamed woman (Uber Rider) • Sep. 2015 • Dismissed 65 Personal Injury • Sep. 2014 • Patrick Karajah (Uber Rider) • Oct. 2014 • Dismissed

67 Personal Injury • Jan. 2014 • Ang Jiang Liu (Pedestrian) • Jul. 2015 • Dismissed – (Private OTHER Settlement)

ACQUISITIONS, INTELLECTUAL PROPERTY, & LAWSUITS (CONTINUED) p.11 of 11

Lawsuits (Continued)

Category Filing Date Plaintiff Most Recent Update Case Status 68 Personal Injury • Dec. 2013 • Ryan Lawrence (Pedestrian) • Apr. 2015 • Dismissed 69 Personal Injury • Dec. 2013 • Jason Herrera and Nikolas Kolintzas (Uber • Jul. 2015 • Closed – Against Uber Riders) 70 Personal Injury • Nov. 2013 • Unnamed woman (Uber Rider) • Sep. 2015 • Dismissed 71 Personal Injury • Jul. 2013 • Claire Fahrbach (Pedestrian) • Aug. 2013 • Dismissed 72 Insurance • Aug. 2015 • Evanston Insurance Company • Dec. 2015 • Ongoing 73 Insurance • Mar. 2013 • Landmark American Insurance Company • Aug. 2014 • Dismissed 74 Insurance • Mar. 2013 • Landmark American Insurance Company • Jun. 2013 • Dismissed 75 Intellectual Property • May 2015 • Kevin Halpern and Celluride Wireless Inc. • Jul. 2015 • Dismissed 76 Intellectual Property • Jun. 2015 • Location Services IP, LLC • Jul. 2015 • Ongoing 77 Intellectual Property • Sep. 2015 • Uber Promotions Inc. • Nov. 2015 • Ongoing 78 Intellectual Property • Sep. 2013 • Eclipse IP, LLC • Mar. 2014 • Dismissed 79 Telecommunications • Nov. 2015 • Elvira Gonzalez (Unaffiliated Mobile Phone User) • Dec. 2015 • Ongoing 80 Telecommunications • Aug. 2015 • Alexios Kafatos (Unaffiliated Mobile Phone User) • Oct. 2015 • Ongoing 81 Telecommunications • Aug. 2015 • Todd C. Bank (Unaffiliated Mobile Phone User) • Dec. 2015 • Ongoing 82 Telecommunications • Aug. 2015 • Carol Williams Gordon (Unaffiliated Mobile • Nov. 2015 • Dismissed Phone User) 83 Telecommunications • Jul. 2015 • Maria Vergara (Unaffiliated Mobile Phone • Dec. 2015 • Ongoing User) 84 Telecommunications • Apr. 2015 • Asfike Koullilan (Unaffiliated Mobile Phone • Jul. 2015 • Dismissed User) 85 Telecommunications • Mar. 2014 • Shahriar Noorparvar (Unaffiliated Mobile • Aug. 2014 • Dismissed Phone User) | | PEOPLE | TIMELINE | PRODUCTS | VALUATION | COMPETITION | FINANCIALS | MODELS | ANALYSIS | DESCRIPTION INTRO OTHER

Appendices

PRODUCT ANALYSIS – CITY LAUNCH DETAILS p.1 of 13 Urban City Country Launch Date Population Population Covered 1 San Francisco U.S. Jun. 2010 4,594,060 1,266,244 2 New York City U.S. May 2011 20,092,883 8,918,411 3 Seattle U.S. Aug. 2011 3,059,393 668,342 4 Chicago U.S. Sep. 2011 9,554,598 2,722,389 5 Paris France Dec. 2011 12,005,077 10,460,118 6 Washington D.C. U.S. Dec. 2011 6,033,737 658,893 7 Los Angeles U.S. Mar. 2012 13,262,220 3,928,864 8 Boston U.S. Apr. 2012 4,732,161 765,578 9 Toronto Canada Apr. 2012 6,054,191 6,055,724 10 San Diego U.S. May 2012 3,100,500 1,381,069 11 Philadelphia U.S. Jun. 2012 6,051,170 1,560,297 12 London U.K. Jul. 2012 14,031,830 8,278,251 13 Atlanta U.S. Aug. 2012 5,614,323 456,002 14 Dallas-Fort Worth U.S. Sep. 2012 6,954,330 1,664,251 15 Denver U.S. Sep. 2012 3,277,309 1,016,970 16 Minneapolis U.S. Oct. 2012 3,280,000 704,847 17 Orange County U.S. Oct. 2012 3,145,515 820,574 18 Phoenix U.S. Nov. 2012 4,489,109 2,001,762 | | VALUATION | COMPETITION | FINANCIALS | MODELS | ANALYSIS | DESCRIPTION INTRO 19 Amsterdam Netherlands Dec. 2012 2,332,773 1,068,724 20 Doha Qatar Jan. 2013 956,460 796,947

21 Melbourne Australia Jan. 2013 4,246,345 4,181,021 PRODUCTS 22 Milan Italy Jan. 2013 5,264,000 1,293,135 23 Sacramento U.S. Jan. 2013 2,414,783 485,199 24 Singapore Singapore Jan. 2013 5,535,000 5,469,724 25 Stockholm Sweden Jan. 2013 1,630,738 789,024 26 Sydney Australia Jan. 2013 4,840,600 4,373,433 27 Baltimore U.S. Feb. 2013 2,710,489 622,793 28 Berlin Germany Feb. 2013 5,005,216 3,421,829 29 Detroit U.S. Mar. 2013 4,296,611 680,250

30 Munich Germany Mar. 2013 5,203,738 1,407,836 |OTHER | PEOPLE | TIMELINE 31 Lyon France Apr. 2013 2,214,068 1,551,108 © Triton Research LLC p.83 Version 1.0 February 9, 2016 212 804 6151 Uber Confidential

PRODUCT ANALYSIS – CITY LAUNCH DETAILS (CONTINUED) p.2 of 13 Urban City Country Launch Date Population Population Covered 32 Rome Italy Apr. 2013 4,321,244 2,751,082 33 The Hamptons U.S. Jul. 2013 14,716 78,247 34 Zurich Switzerland Jul. 2013 1,900,000 1,210,875 35 Honolulu U.S. Aug. 2013 983,429 350,399 36 Johannesburg South Africa Aug. 2013 7,151,447 752,349 37 Seoul Korea Aug. 2013 25,620,000 10,007,651 38 Taipei Taiwan Aug. 2013 7,438,000 2,686,516 39 Mexico City Mexico Aug. 2013 21,178,959 8,874,724 40 Bangalore India Sep. 2013 8,728,906 5,701,446 41 Cape Town South Africa Sep. 2013 3,740,026 987,007 42 Charlotte U.S. Sep. 2013 2,380,314 809,958 43 Dubai U.A.E. Sep. 2013 2,106,000 1,089,000 44 Shanghai China Sep. 2013 24,750,000 20,217,748 45 Abu Dhabi U.A.E. Oct. 2013 2,300,000 527,000 46 Durban South Africa Oct. 2013 3,442,361 669,242 47 Kuala Lumpur Malaysia Oct. 2013 7,200,000 1,698,250 48 New Delhi India Oct. 2013 21,753,486 302,363 49 Oklahoma City U.S. Oct. 2013 1,252,987 620,602 | | VALUATION | COMPETITION | FINANCIALS | MODELS | ANALYSIS | DESCRIPTION INTRO 50 Santa Barbara U.S. Oct. 2013 423,895 91,196 51 Moscow Russia Nov. 2013 16,170,000 11,918,057

52 New Jersey U.S. Nov. 2013 8,938,175 84,034 PRODUCTS 53 Tokyo Japan Nov. 2013 38,001,018 8,945,695 54 Montreal Canada Nov. 2013 3,824,221 4,027,121 55 Columbus U.S. Dec. 2013 1,900,000 835,957 56 Nashville U.S. Dec. 2013 659,042 644,014 57 Shenzhen China Dec. 2013 10,630,000 10,358,381 58 Bogota Colombia Jan. 2014 7,878,783 7,776,845 59 Cali - Colombia Colombia Jan. 2014 3,400,000 2,344,734 60 Chennai India Jan. 2014 8,917,749 6,560,242

61 Dublin Ireland Jan. 2014 1,801,040 1,110,627 |OTHER | PEOPLE | TIMELINE 62 Guangzhou China Jan. 2014 23,900,000 10,641,408 © Triton Research LLC p.84 Version 1.0 February 9, 2016 212 804 6151 Uber Confidential

PRODUCT ANALYSIS – CITY LAUNCH DETAILS (CONTINUED) p.3 of 13 Urban City Country Launch Date Population Population Covered 63 Hyderabad India Jan. 2014 7,749,334 5,742,036 64 Jacksonville U.S. Jan. 2014 1,345,596 853,382 65 Manila Philippines Jan. 2014 11,855,975 1,652,171 66 Santiago Chile Jan. 2014 6,683,852 5,128,041 67 Bangkok Thailand Feb. 2014 8,305,218 8,305,218 68 Brussels Belgium Feb. 2014 1,830,000 1,550,299 69 Fresno U.S. Feb. 2014 972,297 515,986 70 Houston U.S. Feb. 2014 6,490,180 2,239,558 71 Milwaukee U.S. Feb. 2014 1,554,593 599,642 72 Mumbai India Feb. 2014 20,748,395 16,434,386 73 Riyadh Saudi Arabia Feb. 2014 5,700,000 4,087,152 74 Rotterdam Netherlands Feb. 2014 1,015,215 1,003,088 75 Vienna Austria Feb. 2014 2,419,000 1,766,746 76 Auckland New Zealand Mar. 2014 1,570,500 1,526,900 77 Cincinnati U.S. Mar. 2014 2,100,000 298,165 78 Hong Kong China Mar. 2014 7,188,000 7,241,700 79 Lima Peru Mar. 2014 9,886,647 9,735,587 80 Manchester U.K. Mar. 2014 2,553,379 2,244,931 | VALUATION | COMPETITION | FINANCIALS | MODELS | ANALYSIS | DESCRIPTION | INTRO | DESCRIPTION | ANALYSIS | MODELS | FINANCIALS | COMPETITION | VALUATION | 81 Panama Panama Mar. 2014 1,501,381 1,025,425 82 Pittsburgh U.S. Mar. 2014 2,360,733 305,412

83 Tulsa U.S. Mar. 2014 1,131,458 399,682 PRODUCTS 84 Madison U.S. Mar. 2014 56,593 245,691 85 Albuquerque U.S. Apr. 2014 887,077 557,169 86 Ann Arbor U.S. Apr. 2014 344,791 117,770 87 Beijing China Apr. 2014 21,148,000 16,446,857 88 Brisbane Australia Apr. 2014 2,274,600 2,143,121 89 Cleveland U.S. Apr. 2014 2,077,240 389,521 90 Connecticut U.S. Apr. 2014 3,597,000 124,705 91 Jeddah Saudi Arabia Apr. 2014 3,400,000 2,801,481

92 Louisville U.S. Apr. 2014 1,269,702 612,780 | TIMELINE | PEOPLE | OTHER 93 Modesto U.S. Apr. 2014 514,453 209,286 © Triton Research LLC p.85 Version 1.0 February 9, 2016 212 804 6151 Uber Confidential

PRODUCT ANALYSIS – CITY LAUNCH DETAILS (CONTINUED) p.4 of 13 Urban City Country Launch Date Population Population Covered 94 Palm Springs U.S. Apr. 2014 44,552 46,854 95 Raleigh-Durham U.S. Apr. 2014 1,214,516 691,789 96 Tacoma U.S. Apr. 2014 205,159 205,159 97 Tampa Bay U.S. Apr. 2014 2,934,941 358,699 98 Tucson U.S. Apr. 2014 996,544 527,972 99 Memphis U.S. Apr. 2014 1,316,100 656,861 100 Kansas City U.S. May 2014 2,035,166 470,800 101 New Jersey (Shore) U.S. May 2014 See NJ 184,082 102 Omaha U.S. May 2014 904,421 446,599 103 Perth Australia May 2014 2,021,200 1,901,582 104 Salt Lake City U.S. May 2014 1,153,340 190,884 105 Spokane U.S. May 2014 609,000 212,052 106 Hampton Roads U.S. May 2014 1,716,624 450,980 107 Austin U.S. Jun. 2014 1,943,299 912,791 108 Bakersfield U.S. Jun. 2014 839,631 368,759 109 Eastern North Carolina U.S. Jun. 2014 400,000 89,852 110 El Paso U.S. Jun. 2014 830,735 679,036 111 Fayetteville U.S. Jun. 2014 377,193 203,948 | VALUATION | COMPETITION | FINANCIALS | MODELS | ANALYSIS | DESCRIPTION | INTRO | DESCRIPTION | ANALYSIS | MODELS | FINANCIALS | COMPETITION | VALUATION | 112 Piedmont Triad U.S. Jun. 2014 1,611,243 282,586 113 Ho Chi Minh City Vietnam Jun. 2014 7,982,000 6,405,000

114 Istanbul Turkey Jun. 2014 14,030,000 14,160,467 PRODUCTS 115 Jakarta Indonesia Jun. 2014 9,608,000 9,607,787 116 Lexington U.S. Jun. 2014 708,677 310,797 117 Lille France Jun. 2014 3,800,000 1,018,356 118 Lubbock U.S. Jun. 2014 290,805 243,839 119 Miami U.S. Jun. 2014 5,929,819 430,332 120 Orlando U.S. Jun. 2014 2,134,411 262,372 121 Pune India Jun. 2014 5,049,968 3,760,636 122 Rio De Janeiro Brazil Jun. 2014 11,973,505 6,320,446

123 Wilmington U.S. Jun. 2014 263,429 113,657 | TIMELINE | PEOPLE | OTHER 124 Amarillo U.S. Jul. 2014 253,823 197,254 © Triton Research LLC p.86 Version 1.0 February 9, 2016 212 804 6151 Uber Confidential

PRODUCT ANALYSIS – CITY LAUNCH DETAILS (CONTINUED) p.5 of 13 Urban City Country Launch Date Population Population Covered 125 Baton Rouge U.S. Jul. 2014 802,484 228,895 126 Beirut Lebanon Jul. 2014 2,063,363 363,033 127 Charleston U.S. Jul. 2014 669,157 130,113 128 Columbia U.S. Jul. 2014 767,598 132,067 129 Grand Rapids U.S. Jul. 2014 1,005,648 193,792 130 Greenville U.S. Jul. 2014 850,965 89,852 131 Guadalajara Mexico Jul. 2014 4,328,584 4,737,096 132 Kalamazoo U.S. Jul. 2014 326,589 75,922 133 Lagos Nigeria Jul. 2014 21,000,000 527,157 134 Lansing U.S. Jul. 2014 464,036 114,620 135 Lisbon Portugal Jul. 2014 2,821,876 517,975 136 Myrtle Beach U.S. Jul. 2014 270,943 49,127 137 Saint Petersburg Russia Jul. 2014 4,879,566 4,990,602 138 San Luis Obispo U.S. Jul. 2014 269,637 279,083 139 Sao Paulo Brazil Jul. 2014 20,935,204 11,152,968 140 Vancouver U.S. Jul. 2014 169,294 169,294 141 Ventura U.S. Jul. 2014 106,433 109,484 142 Flint U.S. Jul. 2014 1,007,435 99,002 | VALUATION | COMPETITION | FINANCIALS | MODELS | ANALYSIS | DESCRIPTION | INTRO | DESCRIPTION | ANALYSIS | MODELS | FINANCIALS | COMPETITION | VALUATION | 143 Toledo U.S. Jul. 2014 608,145 281,031 144 Adelaide Australia Aug. 2014 1,304,631 1,263,888

145 Ahmedabad India Aug. 2014 6,352,254 4,525,013 PRODUCTS 146 Asheville U.S. Aug. 2014 424,858 87,882 147 Athens U.S. Aug. 2014 192,222 119,648 148 Chandigarh India Aug. 2014 960,787 808,515 149 Charlottesville-Harrisonburg U.S. Aug. 2014 108,193 98,071 150 Chengdu China Aug. 2014 9,209,890 6,316,922 151 College Station U.S. Aug. 2014 236,819 103,483 152 Dayton U.S. Aug. 2014 841,502 141,003 153 Gainesville U.S. Aug. 2014 273,377 128,460

154 Geelong Australia Aug. 2014 179,689 181,853 | TIMELINE | PEOPLE | OTHER 155 Gold Coast Australia Aug. 2014 546,067 605,134 © Triton Research LLC p.87 Version 1.0 February 9, 2016 212 804 6151 Uber Confidential

PRODUCT ANALYSIS – CITY LAUNCH DETAILS (CONTINUED) p.6 of 13 Urban City Country Launch Date Population Population Covered 156 Gothenburg Sweden Aug. 2014 976,143 491,630 157 Hangzhou China Aug. 2014 8,844,400 5,162,093 158 Inland Empire U.S. Aug. 2014 4,026,000 534,717 159 Jaipur India Aug. 2014 3,646,590 2,322,575 160 Johor Bahru Malaysia Aug. 2014 1,805,000 469,239 161 Knoxville U.S. Aug. 2014 699,097 184,281 162 Kolkata India Aug. 2014 14,617,882 13,205,697 163 Lincoln U.S. Aug. 2014 302,157 272,996 164 Oxford U.S. Aug. 2014 21,757 18,916 165 Prague Czech Republic Aug. 2014 2,156,097 1,244,762 166 Richmond U.S. Aug. 2014 1,258,251 217,853 167 Roanoke-Blacksburg U.S. Aug. 2014 288,309 99,428 168 South Bend U.S. Aug. 2014 316,865 101,190 169 Tallahassee U.S. Aug. 2014 357,259 188,107 170 Tel Aviv Israel Aug. 2014 3,642,000 416,577 171 Tuscaloosa U.S. Aug. 2014 221,553 96,122 172 Waco U.S. Aug. 2014 234,905 130,194 173 Warsaw Poland Aug. 2014 2,666,274 1,711,324 | VALUATION | COMPETITION | FINANCIALS | MODELS | ANALYSIS | DESCRIPTION | INTRO | DESCRIPTION | ANALYSIS | MODELS | FINANCIALS | COMPETITION | VALUATION | 174 Wellington New Zealand Aug. 2014 402,300 200,000 175 Wichita U.S. Aug. 2014 633,020 388,413

176 Tijuana Mexico Aug. 2014 1,751,302 1,909,074 PRODUCTS 177 Akron U.S. Aug. 2014 705,686 197,859 178 Belo Horizonte Brazil Sep. 2014 5,767,414 2,375,151 179 Bordeaux France Sep. 2014 1,140,668 843,425 180 Des Moines U.S. Sep. 2014 569,633 209,220 181 Fayetteville U.S. Sep. 2014 347,045 80,621 182 Flagstaff U.S. Sep. 2014 134,011 68,785 183 Geneva Switzerland Sep. 2014 188,634 532,129 184 Madrid Spain Sep. 2014 6,489,162 3,141,992

185 New Orleans U.S. Sep. 2014 1,205,374 384,320 | TIMELINE | PEOPLE | OTHER 186 Toulouse France Sep. 2014 1,250,251 879,683 © Triton Research LLC p.88 Version 1.0 February 9, 2016 212 804 6151 Uber Confidential

PRODUCT ANALYSIS – CITY LAUNCH DETAILS (CONTINUED) p.7 of 13 Urban City Country Launch Date Population Population Covered 187 Boise U.S. Oct. 2014 664,422 216,282 188 Burlington U.S. Oct. 2014 208,055 51,812 189 Columbia U.S. Oct. 2014 1,967,066 116,906 190 Green Bay U.S. Oct. 2014 306,241 104,891 191 Greater Maine U.S. Oct. 2014 310,184 33,039 192 New Hampshire U.S. Oct. 2014 1,327,000 110,448 193 Ottawa Canada Oct. 2014 1,236,324 989,978 194 Portland U.S. Oct. 2014 203,914 66,666 195 Budapest Hungary Nov. 2014 2,530,167 2,548,428 196 Cairo Egypt Nov. 2014 20,500,000 7,248,671 197 Chattanooga U.S. Nov. 2014 528,143 173,778 198 Copenhagen Denmark Nov. 2014 1,950,522 572,287 199 Hanoi Vietnam Nov. 2014 7,088,000 2,632,087 200 Helsinki Finland Nov. 2014 1,402,394 608,316 201 Kochi India Nov. 2014 2,117,990 1,355,972 202 Leeds U.K. Nov. 2014 2,302,000 766,399 203 Little Rock U.S. Nov. 2014 700,952 197,706 204 Oslo Norway Nov. 2014 942,084 634,293 | VALUATION | COMPETITION | FINANCIALS | MODELS | ANALYSIS | DESCRIPTION | INTRO | DESCRIPTION | ANALYSIS | MODELS | FINANCIALS | COMPETITION | VALUATION | 205 Santa Fe U.S. Nov. 2014 144,170 70,297 206 Wuhan China Nov. 2014 10,220,000 7,541,527

207 Athens Greece Dec. 2014 3,753,783 664,046 PRODUCTS 208 Basel Switzerland Dec. 2014 830,000 502,207 209 Brasilia Brazil Dec. 2014 2,481,000 2,481,272 210 Cedar Rapids U.S. Dec. 2014 262,421 129,195 211 Corpus Christi U.S. Dec. 2014 413,280 320,434 212 Central Atlantic Coast U.S. Dec. 2014 600,756 202,353 213 Edmonton Canada Dec. 2014 1,328,300 1,328,290 214 Florida Keys U.S. Dec. 2014 79,535 24,649 215 Fort Myers-Naples U.S. Dec. 2014 618,754 70,918

216 Jackson U.S. Dec. 2014 539,057 171,155 | TIMELINE | PEOPLE | OTHER 217 Manama Bahrain Dec. 2014 329,510 176,909 © Triton Research LLC p.89 Version 1.0 February 9, 2016 212 804 6151 Uber Confidential

PRODUCT ANALYSIS – CITY LAUNCH DETAILS (CONTINUED) p.8 of 13 Urban City Country Launch Date Population Population Covered 218 Maui U.S. Dec. 2014 144,444 26,337 219 Medellin Colombia Dec. 2014 3,731,447 2,441,123 220 Mornington Peninsula Australia Dec. 2014 144,685 144,685 221 Ocala U.S. Dec. 2014 337,362 57,586 222 Pensacola U.S. Dec. 2014 461,227 53,068 223 Portland U.S. Dec. 2014 2,348,247 619,360 224 Porto Portugal Dec. 2014 1,762,524 224,894 225 Sarasota U.S. Dec. 2014 720,042 54,214 226 Sofia Bulgaria Dec. 2014 1,228,282 1,210,820 227 Tianjin China Dec. 2014 11,524,238 9,290,263 228 Monterrey Mexico Dec. 2014 4,080,329 4,414,800 229 Lehigh Valley U.S. Jan. 2015 821,623 119,104 230 Bali Indonesia Jan. 2015 4,225,000 4,225,384 231 Chongqing China Jan. 2015 17,000,000 6,263,790 232 Nairobi Kenya Jan. 2015 6,547,547 3,133,518 233 Springfield U.S. Jan. 2015 201,437 165,378 234 Worcester U.S. Jan. 2015 799,277 183,016 235 Harrisburg U.S. Jan. 2015 549,475 49,528 | VALUATION | COMPETITION | FINANCIALS | MODELS | ANALYSIS | DESCRIPTION | INTRO | DESCRIPTION | ANALYSIS | MODELS | FINANCIALS | COMPETITION | VALUATION | 236 Barranquilla Colombia Feb. 2015 2,370,753 1,212,943 237 Birmingham U.K. Feb. 2015 3,683,000 1,101,360

238 Champaign U.S. Feb. 2015 231,891 84,513 PRODUCTS 239 Lafayette U.S. Feb. 2015 479,763 126,066 240 Las Cruces U.S. Feb. 2015 209,233 101,408 241 Lausanne Switzerland Feb. 2015 133,897 343,728 242 Quebec City Canada Feb. 2015 765,706 799,632 243 Rockford U.S. Feb. 2015 349,431 149,123 244 State College U.S. Feb. 2015 138,524 42,034 245 Wiles-Barre Scranton U.S. Feb. 2015 563,129 75,281 246 Stillwater U.S. Feb. 2015 45,688 45,688

247 Bucharest Romania Mar. 2015 2,272,163 1,912,515 | TIMELINE | PEOPLE | OTHER 248 Lancaster U.S. Mar. 2015 507,766 161,043 © Triton Research LLC p.90 Version 1.0 February 9, 2016 212 804 6151 Uber Confidential

PRODUCT ANALYSIS – CITY LAUNCH DETAILS (CONTINUED) p.9 of 13 Urban City Country Launch Date Population Population Covered 249 Reading U.S. Mar. 2015 413,521 87,812 250 Amman Jordan Apr. 2015 4,000,000 2,376,022 251 Augusta U.S. Apr. 2015 603,658 196,741 252 Nice France Apr. 2015 1,005,230 941,777 253 Eastern Province Saudi Arabia Apr. 2015 495,360 N.D. 254 Erie U.S. Apr. 2015 279,966 99,452 255 Krakow Poland Apr. 2015 1,725,894 759,131 256 Lawrence U.S. Apr. 2015 114,322 92,763 257 Newcastle U.K. Apr. 2015 1,650,000 189,863 258 Western Ma U.S. Apr. 2015 814,967 153,991 259 Topeka U.S. Apr. 2015 233,758 127,215 260 Greater Maryland U.S. May 2015 3,063,063 136,152 261 Baku Azerbaijan May 2015 4,000,000 2,166,355 262 Fargo U.S. May 2015 228,291 115,863 263 Fort Wayne U.S. May 2015 419,453 258,522 264 Manhattan U.S. May 2015 98,085 276,056 265 Nw Indiana U.S. May 2015 819,537 203,975 266 Outer Banks U.S. May 2015 64,094 776 | VALUATION | COMPETITION | FINANCIALS | MODELS | ANALYSIS | DESCRIPTION | INTRO | DESCRIPTION | ANALYSIS | MODELS | FINANCIALS | COMPETITION | VALUATION | 267 Penang Malaysia May 2015 1,520,143 1,520,143 268 Rhode Island U.S. May 2015 1,622,520 179,154

269 Savannah-Hilton Head U.S. May 2015 372,708 144,352 PRODUCTS 270 Sheffield U.K. May 2015 1,569,000 640,720 271 Tallinn Estonia May 2015 542,983 411,063 272 Bandung Indonesia Jun. 2015 7,889,219 2,394,873 273 Bristol U.K. Jun. 2015 617,280 551,066 274 Changsha China Jun. 2015 3,617,469 3,193,354 275 Coeur D'alene U.S. Jun. 2015 609,000 44,137 276 Eastern Idaho U.S. Jun. 2015 358,588 58,691 277 Foshan China Jun. 2015 7,197,394 6,771,895

278 Trojmiasto Poland Jun. 2015 1,098,379 746,963 | TIMELINE | PEOPLE | OTHER 279 Marseille France Jun. 2015 1,831,500 1,559,789 © Triton Research LLC p.91 Version 1.0 February 9, 2016 212 804 6151 Uber Confidential

PRODUCT ANALYSIS – CITY LAUNCH DETAILS (CONTINUED) p.10 of 13 Urban City Country Launch Date Population Population Covered 280 Mobile U.S. Jun. 2015 615,234 194,675 281 Nantes France Jun. 2015 873,133 591,461 282 Qingdao China Jun. 2015 4,587,183 3,990,942 283 Queretaro Mexico Jun. 2015 1,924,144 1,194,218 284 Strasbourg France Jun. 2015 764,013 449,931 285 Delaware U.S. Jun. 2015 935,614 71,817 286 Ekaterinburg Russia Jun. 2015 1,387,000 1,420,285 287 Yuma U.S. Jun. 2015 196,972 93,400 288 Bhubaneswar India Jul. 2015 881,988 658,220 289 Casablanca Morocco Jul. 2015 3,360,000 3,352,399 290 Coimbatore India Jul. 2015 2,151,466 1,461,139 291 Hamilton Canada Jul. 2015 721,053 3,686 292 Indore India Jul. 2015 1,964,086 1,516,918 293 Killeen U.S. Jul. 2015 405,300 138,154 294 Kitchener-Waterloo Canada Jul. 2015 477,160 506,858 295 London Canada Jul. 2015 474,786 502,360 296 Mysore India Jul. 2015 887,000 799,228 297 Nagpur India Jul. 2015 2,583,911 2,129,500 | VALUATION | COMPETITION | FINANCIALS | MODELS | ANALYSIS | DESCRIPTION | INTRO | DESCRIPTION | ANALYSIS | MODELS | FINANCIALS | COMPETITION | VALUATION | 298 Quad Cities U.S. Jul. 2015 474,937 102,448 299 Surat India Jul. 2015 4,585,367 2,811,614

300 Suzhou China Jul. 2015 5,468,300 4,083,923 PRODUCTS 301 Visakhapatnam India Jul. 2015 1,897,823 1,345,938 302 Xi'an China Jul. 2015 5,566,711 5,206,253 303 Abilene U.S. Aug. 2015 165,252 120,958 304 Ames U.S. Aug. 2015 89,542 63,266 305 Bowling Green U.S. Aug. 2015 165,732 62,479 306 Bratislava Slovakia Aug. 2015 650,000 416,489 307 Guwahati India Aug. 2015 1,253,938 818,809 308 Indianapolis U.S. Aug. 2015 1,971,274 848,788

309 Merseyside U.K. Aug. 2015 1,380,000 1,391,113 | TIMELINE | PEOPLE | OTHER 310 Midland U.S. Aug. 2015 280,419 128,037 © Triton Research LLC p.92 Version 1.0 February 9, 2016 212 804 6151 Uber Confidential

PRODUCT ANALYSIS – CITY LAUNCH DETAILS (CONTINUED) p.11 of 13 Urban City Country Launch Date Population Population Covered 311 Ningbo China Aug. 2015 3,491,597 2,583,073 312 San Jose Costa Rica Aug. 2015 1,543,000 288,054 313 Thiruvananthapuram India Aug. 2015 2,687,406 889,635 314 Vadodara India Aug. 2015 2,065,771 1,491,045 315 Ajmer India Sep. 2015 542,321 490,520 316 Dalian China Sep. 2015 6,690,432 3,902,467 317 Florence Italy Sep. 2015 361,679 371,623 318 Jinan China Sep. 2015 6,813,984 3,527,566 319 Jodhpur India Sep. 2015 1,300,000 860,818 320 Kazan Russia Sep. 2015 1,567,558 1,168,745 321 Las Vegas U.S. Sep. 2015 1,950,000 613,599 322 Nashik India Sep. 2015 1,077,000 1,152,326 323 Puebla Mexico Sep. 2015 5,914,085 2,921,157 324 Reno U.S. Sep. 2015 425,417 236,995 325 St Louis U.S. Sep. 2015 2,800,000 317,419 326 Udaipur India Sep. 2015 451,735 389,438 327 Yantai China Sep. 2015 6,968,202 1,797,861 328 Canberra Australia Oct. 2015 356,585 418,856 | VALUATION | COMPETITION | FINANCIALS | MODELS | ANALYSIS | DESCRIPTION | INTRO | DESCRIPTION | ANALYSIS | MODELS | FINANCIALS | COMPETITION | VALUATION | 329 Colombo Sri Lanka Oct. 2015 5,648,000 203,203 330 Glasgow U.K. Oct. 2015 1,750,000 577,869

331 Leon Mexico Oct. 2015 1,609,504 1,698,890 PRODUCTS 332 Macau China Oct. 2015 566,375 621,700 333 Novosibirsk Russia Oct. 2015 1,567,087 1,511,369 334 San Antonio U.S. Oct. 2015 2,270,000 1,436,697 335 Santo Domingo Dominican Republic Oct. 2015 2,907,100 1,126,306 336 Zagreb Croatia Oct. 2015 790,017 790,017 337 Alexandria Egypt Nov. 2015 4,546,231 4,358,439 338 Bellingham U.S. Nov. 2015 206,353 83,365 339 Edinburgh U.K. Nov. 2015 1,339,380 448,624

340 Georgia Coast U.S. Nov. 2015 500,000 15,383 | TIMELINE | PEOPLE | OTHER 341 Minsk Belarus Nov. 2015 2,101,018 1,911,433 © Triton Research LLC p.93 Version 1.0 February 9, 2016 212 804 6151 Uber Confidential

PRODUCT ANALYSIS – CITY LAUNCH DETAILS (CONTINUED) p.12 of 13 Urban City Country Launch Date Population Population Covered 342 Montevideo Uruguay Nov. 2015 1,947,604 1,305,082 343 Niagara Region Canada Nov. 2015 1,135,509 431,346 344 Peoria & Bloomington-Normal U.S. Nov. 2015 373,590 253,248 345 Porto Alegre Brazil Nov. 2015 4,405,769 1,409,351 346 Portsmouth U.K. Nov. 2015 1,547,000 442,252 347 Poznan Poland Nov. 2015 1,400,000 552,393 348 Taichung Taiwan Nov. 2015 2,719,835 1,117,763 349 Vilnius Lithuania Nov. 2015 806,308 538,430 350 Windsor Canada Nov. 2015 319,246 333,937 351 Wroclaw Poland Nov. 2015 1,164,600 631,377 352 Kingston Canada Nov. 2015 159,561 168,353 353 Cebu Philippines Dec. 2015 2,551,100 866,171 354 Incheon Korea Dec. 2015 2,966,216 2,837,935 355 Nanjing China Dec. 2015 7,347,900 5,827,888 356 Rostov-On-Don Russia Dec. 2015 1,109,800 1,100,091 357 Sochi Russia Dec. 2015 343,334 441,407 358 Xiamen China Dec. 2015 5,114,758 3,119,110 359 Belfast U.K. Dec. 2015 579,276 276,459 | VALUATION | COMPETITION | FINANCIALS | MODELS | ANALYSIS | DESCRIPTION | INTRO | DESCRIPTION | ANALYSIS | MODELS | FINANCIALS | COMPETITION | VALUATION | 360 Bucaramanga Colombia Dec. 2015 1,212,657 527,451 361 Cartagena Colombia Dec. 2015 1,239,430 990,179

362 Guiyang China Dec. 2015 3,037,159 2,520,061 PRODUCTS 363 Mangalore India Dec. 2015 774,785 539,387 364 Port Elizabeth South Africa Dec. 2015 1,152,915 775,255 365 Taos U.S. Dec. 2015 32,937 5,716 366 Toluca Mexico Dec. 2015 1,600,000 2,152,552 367 Birmingham U.S. Jan. 2016 1,140,300 212,247 368 Campinas Brazil Jan. 2016 2,633,523 1,164,098 369 Cucuta Colombia Jan. 2016 833,816 643,666 370 Genoa Italy Jan. 2016 588,688 589,639

371 Goiania Brazil Jan. 2016 2,206,734 1,301,892 | TIMELINE | PEOPLE | OTHER 372 Ibague Colombia Jan. 2016 553,526 523,068 © Triton Research LLC p.94 Version 1.0 February 9, 2016 212 804 6151 Uber Confidential

PRODUCT ANALYSIS – AUTONOMOUS DRIVING PROGRAM DETAILS p.1 of 6

UBER ATC – FULL-TIME EMPLOYEES

Key Employees Name Title Function Key Prior Role Start Date Brian McClendon VP, Advanced Technologies Corporate VP, Engineering, Google Jun. 2015 John Bares Director Product Design & Engineering President, CEO, Carnegie Robotics Jan. 2015 Jeff Schneider Engineering Lead Product Design & Engineering Research Professor, Carnegie Mellon University Feb. 2015 Bill Ross Engineering Team Lead Product Design & Engineering Robot Commander, National Robotics Feb. 2015 Engineering Center Chris Valasek Security Lead Product Design & Engineering Director of Vehicle Security Research, IOActive Sep. 2015 Charlie Miller Engineer Product Design & Engineering Engineer, Platform Services, Twitter Sep. 2015

All Other Employees Name Title Function Start Date Aaron Doubt Director of Facilities and Special Projects Data & Operations Jan. 2015 David Stager Lead Systems Engineer Product Design & Engineering Jan. 2015 Carl Wellington Senior Engineer Product Design & Engineering Jan. 2015 Peter Rander Engineering Lead Product Design & Engineering Jan. 2015 Jean-Sébastien Valois Senior Software Engineer Product Design & Engineering Jan. 2015 Michael Sergi-Curfman Senior Engineer Product Design & Engineering Jan. 2015 INTRO | DESCRIPTION | ANALYSIS | MODELS | FINANCIALS | COMPETITION | VALUATION | Daniel Tascione Software Engineer Product Design & Engineering Jan. 2015

Sean Hyde Senior Robotics Engineer Product Design & Engineering Jan. 2015 PRODUCTS Sean Kelly Engineer Product Design & Engineering Jan. 2015 Dan Strother Senior FPGA Design Engineer Product Design & Engineering Feb. 2015 Paul Smith Senior Mechanical Engineer Product Design & Engineering Feb. 2015 Meaghan Finneral Technical Recruiter Data & Operations Mar. 2015 Narek Melik-Barkhudarov Software Engineer Product Design & Engineering Apr. 2015 Julie Derence Software Engineer Product Design & Engineering Apr. 2015 Adam Panzica Engineer Product Design & Engineering Apr. 2015 Marc Fox Technical Recruiter Data & Operations May 2015

Alex Greif Logistics Coordinator Data & Operations May 2015 | TIMELINE | PEOPLE | OTHER Wei Lu Senior Engineer Product Design & Engineering May 2015

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UBER ATC – FULL-TIME EMPLOYEES (CONTINUED)

All Other Employees (Continued) Name Title Function Start Date Michael Riley Overloaded Operator Product Design & Engineering May 2015 Matthew Whiteside Map Production Specialist Data & Operations Jun. 2015 Matthew Whiteside Map Production Specialist Data & Operations Jun. 2015 Jeff Howell Systems Engineer Product Design & Engineering Jun. 2015 Ben Cox Senior Engineer Product Design & Engineering Jun. 2015 Ian McCullough Senior Engineer Product Design & Engineering Jun. 2015 Igor Filippov Senior Engineer Product Design & Engineering Jun. 2015 Aaron Siri Software Engineer Product Design & Engineering Jun. 2015 Jamie Rasmussen Senior Engineer Product Design & Engineering Jun. 2015 Yunkai Cui Machine Learning Specialist Product Design & Engineering Jun. 2015 Randy Warner Senior Engineer Product Design & Engineering Jun. 2015 Rachel Keitzer People Operations Data & Operations Jul. 2015 Hank Lin Software Engineer II Product Design & Engineering Jul. 2015 Patrick McClure Map Production Specialist Product Design & Engineering Jul. 2015 Tyler Krampe Software Engineer Product Design & Engineering Jul. 2015

Matt Gode Software Engineer Product Design & Engineering Jul. 2015 PRODUCTS Brandon McKenzie Senior Systems Engineer Product Design & Engineering Jul. 2015 Alicia Poling Recruiting Coordinator Data & Operations Aug. 2015 Cassie Murray Administrative Assistant Data & Operations Aug. 2015 Andrew Heine Software Engineer Product Design & Engineering Aug. 2015 Brian Bailey Systems Engineer Product Design & Engineering Aug. 2015 Emily Duff Bartel Engineer Product Design & Engineering Aug. 2015 Karthik Lakshmanan Senior Engineer Product Design & Engineering Aug. 2015 Lon Farr Mobile Communications Engineer Product Design & Engineering Aug. 2015

Sarah Krchnavy Map Production Manager Product Design & Engineering Aug. 2015 | TIMELINE | PEOPLE | OTHER

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UBER ATC – FULL-TIME EMPLOYEES (CONTINUED)

All Other Employees (Continued) Name Title Function Start Date Scott Poeppel Systems Engineer Product Design & Engineering Aug. 2015 Trevor Kemp Software Infrastructure Engineer Product Design & Engineering Aug. 2015 Matt Harris Product Manager Product Design & Engineering Aug. 2015 Emily Duff Bartel Engineer Product Design & Engineering Aug. 2015 Brett Bavar Senior Software Engineer Product Design & Engineering Aug. 2015 Elie Krevat Software Engineer Product Design & Engineering Aug. 2015 Steven Pukansky Software Engineer Product Design & Engineering Aug. 2015 Trevor Kemp Software Infrastructure Engineer Product Design & Engineering Aug. 2015 Scott Poeppel Systems Engineer Product Design & Engineering Aug. 2015 Alex Chao Data Scientist Data & Operations Sep. 2015 Cat Greko Recruiting Coordinator Data & Operations Sep. 2015 Joe Carl Mapping Technician Data & Operations Sep. 2015 Allison Plummer Labeling Production Manager Product Design & Engineering Sep. 2015 Ethan Eade Engineer Product Design & Engineering Sep. 2015 Jeremy Puhlman Engineer Product Design & Engineering Sep. 2015

Matt Way Senior Software Engineer Product Design & Engineering Sep. 2015 PRODUCTS Warren Smith Senior Engineer Product Design & Engineering Sep. 2015 Elizabeth Dreimiller Map Production Specialist Product Design & Engineering Sep. 2015 Nicolas Andrey Engineer Product Design & Engineering Sep. 2015 Ethan Minogue Engineer Product Design & Engineering Sep. 2015 Xiaodong Zhang Senior Engineer Product Design & Engineering Sep. 2015 Alden Merchant Manufacturing Engineer Product Design & Engineering Oct. 2015 Matthew Homman People Operations Data & Operations Nov. 2015 Dennis Biber Test Engineer Product Design & Engineering Nov. 2015

Koabi Brooks Engineer Product Design & Engineering Nov. 2015 | TIMELINE | PEOPLE | OTHER

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UBER ATC – FULL-TIME EMPLOYEES (CONTINUED)

All Other Employees (Continued) Name Title Function Start Date Nemanja Djuric Applied Scientist Product Design & Engineering Nov. 2015 Michael Schuett Developer Tooling and Infrastructure Engineer Product Design & Engineering Nov. 2015 Eric Kratzer Senior Engineer Product Design & Engineering Nov. 2015 Joshua Homa Engineer Product Design & Engineering Nov. 2015 Software Engineer Software Engineer Product Design & Engineering Nov. 2015 Brittany Herremans Mapping Technician Data & Operations Dec. 2015 Alexandar Barancic Technical Recruiter Data & Operations Dec. 2015 Robert Zlot Senior Engineer Product Design & Engineering Dec. 2015 Somchaya Liemhetcharat Senior Engineer Product Design & Engineering Dec. 2015 Richard Donnelly Senior Digital Designer Product Design & Engineering Dec. 2015 Colin Green Senior Engineer Product Design & Engineering Dec. 2015 Randy Monroe Network Engineering Product Design & Engineering Dec. 2015 Lei Yan Software Engineer Product Design & Engineering Dec. 2015 Carlos Vallespi Senior Engineer Product Design & Engineering Dec. 2015 Joshua Byler CNC Operator / Programmer Product Design & Engineering Dec. 2015

Joan Wang Engineer Product Design & Engineering Jan. 2016 PRODUCTS Ming Fang Software Engineer Product Design & Engineering Jan. 2016 Aaqib Habib Software Engineer Product Design & Engineering Jan. 2016 Michael Knight Software Engineer Product Design & Engineering Jan. 2016 Pengcheng Xu Software Engineer Product Design & Engineering Jan. 2016 Poornima Kaniarasu Engineer Product Design & Engineering Jan. 2016 Steve Ayers Systems Utility Engineer Product Design & Engineering Jan. 2016 Rohan Arepally Software Engineer Product Design & Engineering Jan. 2016 Justin Micich Senior Engineer Product Design & Engineering Jan. 2016 OTHER | PEOPLE | TIMELINE | | TIMELINE | PEOPLE | OTHER

PRODUCT ANALYSIS – AUTONOMOUS DRIVING PROGRAM DETAILS (CONTINUED) p.5 of 6

UBER ATC – JOB POSTINGS IN PITTSBURGH, PA ( AS OF DEC. 2015) Title Function Title Function 1 Build Engineer Product Design & Engineering 28 Offboard Infrastructure Engineer Product Design & Engineering 2 Calibration Technician Product Design & Engineering 29 Perception Engineer Product Design & Engineering 3 Communications Engineer Product Design & Engineering 30 Pose and Localization Engineer Product Design & Engineering 4 Data Collection Engineer Product Design & Engineering 31 Quality Engineer Product Design & Engineering 5 Data Collection Engineer Product Design & Engineering 32 Radar Engineer Product Design & Engineering (Tucson, AZ location) 33 Site Reliability Engineer Product Design & Engineering 6 Developer Tools and Product Design & Engineering 34 Software Engineer – C++ / Product Design & Engineering Infrastructure Engineer Python 7 Electrical Technician Product Design & Engineering 35 Software Engineer – Full Stack Product Design & Engineering 8 Electrical Technician Product Design & Engineering 36 Software Engineer – iOS Product Design & Engineering 9 Embedded Engineer Product Design & Engineering 37 Software Engineer – Perception Product Design & Engineering 10 Enterprise Security Specialist Product Design & Engineering Simulation 11 Field Testing Site Manager Product Design & Engineering 38 Software Engineer – Simulation Product Design & Engineering 12 Fleet Optimization Engineer Product Design & Engineering 39 Software Quality and Test Engineer Product Design & Engineering 13 FPGA Design Engineer Product Design & Engineering 40 Software / Systems Architect Product Design & Engineering 14 Functional Safety Engineer Product Design & Engineering 41 Systems Utility Engineer Product Design & Engineering 15 Hardware Engineer Product Design & Engineering 42 Technical Lead Product Design & Engineering | VALUATION | COMPETITION | FINANCIALS | MODELS | ANALYSIS | DESCRIPTION | INTRO | DESCRIPTION | ANALYSIS | MODELS | FINANCIALS | COMPETITION | VALUATION | 16 Hardware V&V and Test Engineer Product Design & Engineering 43 Technical Services Engineer Product Design & Engineering 17 Infrastructure Engineer Product Design & Engineering 44 Testing Engineer – Planning Product Design & Engineering

18 Internal Tools Engineer Product Design & Engineering and Results Analysis PRODUCTS 19 Label Production Specialist Product Design & Engineering 45 Traffic Simulation Engineer Product Design & Engineering 20 Machine Learning Specialist Product Design & Engineering 46 User Interfaces Engineer Product Design & Engineering 21 Manufacturing Engineer Product Design & Engineering 47 Video / Data Compression Product Design & Engineering 22 Mapping C++ Software Engineer Product Design & Engineering Engineer 23 Mechanical Engineer Product Design & Engineering 48 Security Specialist Data & Operations 24 Mechanical Technician Product Design & Engineering 49 HR Business Partner – ATC Corporate 25 Motion Planning Engineer Product Design & Engineering 50 Senior Technical Recruiter – ATC Corporate 26 Network Security Specialist Product Design & Engineering

27 Network Software Engineer Product Design & Engineering | TIMELINE | PEOPLE | OTHER

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UBER ATC – ANNOUNCED AUTONOMOUS DRIVING PARTNERSHIPS

JOB POSTINGS BY FUNCTION AND LOCATION p.1 of 9 Help wanted...

JOB POSTINGS BY FUNCTION AND LOCATION (CONTINUED) p.2 of 9

Number of Postings Number of Postings City / Region 2014 2015 Growth 1 San Francisco, CA 124 301 143% 2 Beijing, China 12 61 408% 3 Amsterdam, The Netherlands 30 53 77% 4 Pittsburgh, PA [Advanced Technologies Center] – 50 N.A. 5 Singapore (not city specific) 15 38 153% 6 New Delhi, India 12 34 183% 7 Shanghai, China 9 30 233% 8 Hyderabad, India 6 21 250% 9 Seattle, WA 7 21 200% 10 Washington, DC 21 19 (10)% 11 Mexico City, Mexico 4 16 300% 12 Sydney, Australia 6 16 167% 13 Bangalore, India 7 15 114% 14 Warsaw, Poland 4 15 275% 15 London, United Kingdom 11 13 18% 16 Manila, Philippines 3 13 333% 17 New York, NY 5 13 160% 18 Mumbai, India 6 12 100% 19 Shenzhen, China 2 12 500% 20 Wuhan, China 2 12 500% 21 Bogota, Colombia 5 11 120% 22 Chicago, IL 7 11 57% 23 Guangzhou, China 2 11 450% | TIMELINE | PRODUCTS | VALUATION | COMPETITION | FINANCIALS | MODELS | ANALYSIS | DESCRIPTION | INTRO | DESCRIPTION | ANALYSIS | MODELS | FINANCIALS | COMPETITION | VALUATION | PRODUCTS | TIMELINE | 24 Hong Kong 11 10 (9)%

25 San Carlos, CA – 10 N.A. PEOPLE 26 Chennai, India 3 9 200% 27 Paris, France 6 9 50% OTHER | | OTHER 28 Los Angeles, CA 7 8 14%

JOB POSTINGS BY FUNCTION AND LOCATION (CONTINUED) p.3 of 9

Number of Postings Number of Postings City / Region 2014 2015 Growth 29 Hangzhou, China 1 7 600% 30 Jakarta, Indonesia 6 7 17% 31 Melbourne, Australia 5 7 40% 32 Pune, India 1 7 600% 33 San Jose, Costa Rica – 7 N.A. 34 Xiamen, China – 7 N.A. 35 Boulder, CO – 6 N.A. 36 Brisbane, Australia 4 6 50% 37 Chengdu, China 3 6 100% 38 Dalian, China – 6 N.A. 39 India (not city-specific) – 6 N.A. 40 Jaipur, India 1 6 500% 41 Jinan, China – 6 N.A. 42 Kolkata, India 3 6 100% 43 Perth, Australia 5 6 20% 44 Vilnius, Lithuania 3 6 100% 45 Xi'an, China – 6 N.A. 46 Auckland, New Zealand 4 5 25% 47 Bangkok, Thailand 2 5 150% 48 Chandigarh, India 1 5 400% 49 Changsha, China – 5 N.A. 50 Dubai, United Arab Emirates 2 5 150% 51 Moscow, Russia 3 5 67% | TIMELINE | PRODUCTS | VALUATION | COMPETITION | FINANCIALS | MODELS | ANALYSIS | DESCRIPTION | INTRO | DESCRIPTION | ANALYSIS | MODELS | FINANCIALS | COMPETITION | VALUATION | PRODUCTS | TIMELINE | 52 Nanjing, China 3 5 67%

53 Ningbo, China 3 5 67% PEOPLE 54 Qingdao, China 3 5 67% 55 Sao Paulo, Brazil 3 5 67% OTHER | | OTHER 56 Shenyang, China – 5 N.A.

JOB POSTINGS BY FUNCTION AND LOCATION (CONTINUED) p.4 of 9

Number of Postings Number of Postings City / Region 2014 2015 Growth 57 Stockholm, Sweden – 5 N.A. 58 Suzhou, China 3 5 67% 59 Toronto, Canada 1 5 400% 60 Adelaide, Australia 2 4 100% 61 Ahmedabad, India 1 4 300% 62 Canberra, Australia – 4 N.A. 63 Ha'erbin, China – 4 N.A. 64 Hefei, China – 4 N.A. 65 Kochi, India 3 4 33% 66 Taiyuan, China – 4 N.A. 67 Tokyo, Japan 6 4 (33)% 68 Wellington, New Zealand 1 4 300% 69 Yantai, China – 4 N.A. 70 Zhuhai, China – 4 N.A. 71 Aarhus, Denmark 2 3 50% 72 Austin, TX 4 3 (25)% 73 Barranquilla, Colombia 3 3 0% 74 Belo Horizonte, Brazil 3 3 0% 75 Brasilia, Brazil 3 3 0% 76 Calgary, Canada 2 3 50% 77 Changchun, China – 3 N.A. 78 Chongqing, China 3 3 0% 79 Christchurch, New Zealand – 3 N.A. | TIMELINE | PRODUCTS | VALUATION | COMPETITION | FINANCIALS | MODELS | ANALYSIS | DESCRIPTION | INTRO | DESCRIPTION | ANALYSIS | MODELS | FINANCIALS | COMPETITION | VALUATION | PRODUCTS | TIMELINE | 80 Dallas, TX – 3 N.A.

81 Foshan, China 1 3 200% PEOPLE 82 Guadalajara, Mexico 1 3 200% 83 Hanoi, Vietnam 2 3 50% OTHER | | OTHER 84 Ho Chi Minh City, Vietnam 2 3 50%

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Number of Postings Number of Postings City / Region 2014 2015 Growth 85 Johannesburg, South Africa 2 3 50% 86 Kuala Lumpur, Malaysia 2 3 50% 87 Kunming, China – 3 N.A. 88 Lahore, Pakistan – 3 N.A. 89 Lima, Peru 1 3 200% 90 Limerick, Ireland – 3 N.A. 91 Miami, FL 4 3 (25)% 92 Montevideo, Uruguay – 3 N.A. 93 Multi-Country (APAC) 3 3 0% 94 Multi-Country (EMEA) 3 3 0% 95 Oslo, Norway 2 3 50% 96 Phoenix, AZ 4 3 (25)% 97 Porto Alegre, Brazil – 3 N.A. 98 Recife, Brazil – 3 N.A. 99 Rio de Janeiro, Brazil 3 3 0% 100 Taipei, Taiwan 1 3 200% 101 Tianjin, China – 3 N.A. 102 Brussels, Belgium 1 2 100% 103 Bucharest, Romania 1 2 100% 104 Changzhou, China – 2 N.A. 105 Cincinnati, OH 1 2 100% 106 Denton, TX – 2 N.A. 107 Denver, CO 1 2 100% | TIMELINE | PRODUCTS | VALUATION | COMPETITION | FINANCIALS | MODELS | ANALYSIS | DESCRIPTION | INTRO | DESCRIPTION | ANALYSIS | MODELS | FINANCIALS | COMPETITION | VALUATION | PRODUCTS | TIMELINE | 108 Detroit, MI – 2 N.A.

109 El Paso, TX – 2 N.A. PEOPLE 110 Fort Worth, TX – 2 N.A. 111 Jinhua, China – 2 N.A. OTHER | | OTHER 112 Las Vegas, NV 3 2 (33)%

JOB POSTINGS BY FUNCTION AND LOCATION (CONTINUED) p.6 of 9

Number of Postings Number of Postings City / Region 2014 2015 Growth 113 Lubbock, TX – 2 N.A. 114 Macau, China 3 2 (33)% 115 Midland, TX – 2 N.A. 116 Minneapolis, MN – 2 N.A. 117 Panama City, Panama 3 2 (33)% 118 Panyu, China – 2 N.A. 119 Plano, TX – 2 N.A. 120 Portland, OR 2 2 0% 121 Prague, Czech Republic 1 2 100% 122 San Diego, CA – 2 N.A. 123 Shaoxing, China – 2 N.A. 124 Sofia, Bulgaria 2 2 0% 125 Tijuana, Mexico – 2 N.A. 126 Waco, TX – 2 N.A. 127 Wuxi, China – 2 N.A. 128 Alexandria, Egypt – 1 N.A. 129 Atlanta, GA – 1 N.A. 130 Berlin, Germany 1 1 0% 131 Bratislava, Slovakia – 1 N.A. 132 Budapest, Hungary 1 1 0% 133 Cairo, Egypt 2 1 (50)% 134 Cardiff, United Kingdom – 1 N.A. 135 China (not city specific) – 1 N.A. | TIMELINE | PRODUCTS | VALUATION | COMPETITION | FINANCIALS | MODELS | ANALYSIS | DESCRIPTION | INTRO | DESCRIPTION | ANALYSIS | MODELS | FINANCIALS | COMPETITION | VALUATION | PRODUCTS | TIMELINE | 136 Cleveland, OH 1 1 0%

137 Colombo, Sri Lanka 3 1 (67)% PEOPLE 138 Copenhagen, Denmark 3 1 (67)% 139 Des Moines, IA – 1 N.A. OTHER | | OTHER 140 Grand Rapids, MI – 1 N.A.

JOB POSTINGS BY FUNCTION AND LOCATION (CONTINUED) p.7 of 9

Number of Postings Number of Postings City / Region 2014 2015 Growth 141 Helsinki, Finland 2 1 (50)% 142 Hoboken / Jersey City, NJ – 1 N.A. 143 Honolulu, HI 1 1 0% 144 Houston, TX 3 1 (67)% 145 Huzhou, China – 1 N.A. 146 Kingston, Canada – 1 N.A. 147 Leeds, United Kingdom 1 1 0% 148 Lexington, KY – 1 N.A. 149 Louisville, KY 2 1 (50)% 150 Madison, WI – 1 N.A. 151 Madrid, Spain – 1 N.A. 152 Manchester, United Kingdom 2 1 (50)% 153 Medellin, Colombia 2 1 (50)% 154 Milan, Italy 1 1 0% 155 Milwaukee, WI – 1 N.A. 156 Mississauga, Canada – 1 N.A. 157 Monterrey, Mexico 3 1 (67)% 158 United Kingdom (not city specific) – 1 N.A. 159 Nairobi, Kenya 3 1 (67)% 160 Niagara Falls, NY – 1 N.A. 161 Novosibirsk, Russia – 1 N.A. 162 Ottawa, Canada 3 1 (67)% 163 Pittsburgh, PA – 1 N.A. | TIMELINE | PRODUCTS | VALUATION | COMPETITION | FINANCIALS | MODELS | ANALYSIS | DESCRIPTION | INTRO | DESCRIPTION | ANALYSIS | MODELS | FINANCIALS | COMPETITION | VALUATION | PRODUCTS | TIMELINE | 164 Richmond, VA – 1 N.A.

165 Sacramento, CA – 1 N.A. PEOPLE 166 Salt Lake City, UT 1 1 0% 167 Stoke-on-Trent, United Kingdom – 1 N.A. OTHER | | OTHER 168 Surat, India 3 1 (67)%

JOB POSTINGS BY FUNCTION AND LOCATION (CONTINUED) p.8 of 9

Number of Postings Number of Postings City / Region 2014 2015 Growth 169 Sweden (not city specific) – 1 N.A. 170 Taichung, Taiwan 3 1 (67)% 171 Tallinn, Estonia – 1 N.A. 172 Tulsa, OK – 1 N.A. 173 Windsor, Canada – 1 N.A. 174 York, United Kingdom – 1 N.A. 175 Zhongshan, China – 1 N.A. 176 Amman, Jordan 2 – (100)% 177 Athens, Greece 2 – (100)% 178 Bali, Indonesia 2 – (100)% 179 Barcelona, Spain 1 – (100)% 180 Boston, MA 8 – (100)% 181 Bristol, United Kingdom 2 – (100)% 182 Cali, Colombia 1 – (100)% 183 Casablanca, Morocco 3 – (100)% 184 Charlotte, NC 1 – (100)% 185 Columbus, OH 6 – (100)% 186 Doha, Qatar 1 – (100)% 187 Dublin, Ireland 2 – (100)% 188 Düsseldorf, Germany 1 – (100)% 189 Edinburgh, United Kingdom 2 – (100)% 190 Glasgow, United Kingdom 2 – (100)% 191 Jeddah, Saudi Arabia 1 – (100)% | TIMELINE | PRODUCTS | VALUATION | COMPETITION | FINANCIALS | MODELS | ANALYSIS | DESCRIPTION | INTRO | DESCRIPTION | ANALYSIS | MODELS | FINANCIALS | COMPETITION | VALUATION | PRODUCTS | TIMELINE | 192 Kaohsiung, Taiwan 3 – (100)%

193 Krakow, Poland 2 – (100)% PEOPLE 194 Lisbon, Portugal 1 – (100)% 195 Liverpool, United Kingdom 3 – (100)% OTHER | | OTHER 196 Manama, Bahrain 2 – (100)%

JOB POSTINGS BY FUNCTION AND LOCATION (CONTINUED) p.9 of 9

Number of Postings Number of Postings City / Region 2014 2015 Growth 197 Montreal, Canada 2 – (100)% 198 Multi-City (Latin America) 3 – (100)% 199 Multi-City (U.S.) 1 – (100)% 200 Nashville, TN 2 – (100)% 201 Newcastle, United Kingdom 3 – (100)% 202 Philadelphia, PA 1 – (100)% 203 Puebla, Mexico 3 – (100)% 204 Riyadh, Saudi Arabia 2 – (100)% 205 Santiago, Chile 2 – (100)% 206 Seoul, South Korea 5 – (100)% 207 Sheffield, United Kingdom 3 – (100)% 208 South Coast, United Kingdom 3 – (100)% 209 St. Petersburg, Russia 1 – (100)% 210 Stockholm, Sweden 2 – (100)% 211 Tianjin, China 2 – (100)% 212 Vancouver, Canada 2 – (100)% 213 Wellington, Canada 2 – (100)% 214 Zurich, Switzerland 2 – (100)% Total 599 1,259 110% | TIMELINE | PRODUCTS | VALUATION | COMPETITION | FINANCIALS | MODELS | ANALYSIS | DESCRIPTION | INTRO | DESCRIPTION | ANALYSIS | MODELS | FINANCIALS | COMPETITION | VALUATION | PRODUCTS | TIMELINE | PEOPLE OTHER | | OTHER

IMPORTANT DISCLOSURE