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Purple Investment Thesis Purple Investment Thesis Pinchot lane partners April 8, 2019 Disclaimer This presentation is available for information purposes only and does not constitute an offer or sale or any form of general solicitation or general advertising of interests in any fund or investment vehicle (hereinafter, a "Fund") managed by Pinchot Lane Investment Management LLC or one of its affiliates (“Pinchot Lane”). Any such offer will only be made in compliance with applicable state and federal securities laws pursuant to an offering memorandum and related offering documents which will be provided to qualified prospective investors upon request. Prospective investors should review a Fund’s offering memorandum carefully, which includes important disclosures and risk factors associated with an investment in a Fund. In addition, prospective investors are encouraged to consult with their financial, tax, accounting or other advisors to determine whether an investment in a Fund is suitable for them. Any views expressed in this presentation represent the opinions of Pinchot Lane, whose analysis is based solely on publicly available information. No representation or warranty, express or implied, is made as to the accuracy or completeness of any information contained herein. Pinchot Lane expressly disclaims any and all liability based, in whole or in part, on such information, any errors therein or omissions therefrom. Pinchot Lane also reserves the right to modify or change its views or conclusions at any time in the future without notice. The information contained in this presentation does not recommend the purchase or sale of any security nor is it an offer to sell or a solicitation of an offer to buy any security. Furthermore, the information contained in this presentation is not intended to be, nor should it be construed or used as, investment, tax or legal advice. The investments discussed in articles posted in this presentation do not represent all of the investments made by Pinchot Lane and it should not be assumed that any of the investments made by Pinchot Lane for its clients have been or will be profitable. No representation or warranty, express or implied, is made as to the future performance of any Pinchot Lane fund or investment, or that investors will or are likely to achieve results comparable to those achieved by Pinchot Lane in the past, will make any profit at all or will be able to avoid incurring a loss on their investment. Past performance is no guarantee of future results. Nothing contained in this presentation should be taken as any form of commitment on the part of Pinchot Lane to take any action in connection with any particular security. Pinchot Lane and its affiliates are in the business of buying and selling securities. They have, and may in the future, buy, sell or change the form of their position in any security for any or no reason whatsoever. Pinchot Lane has neither sought nor obtained the consent from any third party to use any statements or information contained in this presentation that have been obtained or derived from statements made or published by such third parties. Any such statements or information should not be viewed as indicating the support of such third parties for the views expressed herein. This presentation may include forward looking statements. Specific forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and include, without limitation, words such as “may,” “will,” “expects,” “believes,” “anticipates,” “plans,” “estimates,” “projects,” “targets,” “forecasts,” “seeks,” “could’” or the negative of such terms or other variations on such terms or comparable terminology. Similarly, statements that describe our objectives, plans or goals are forward- looking. Pinchot Lane’s forward-looking statements are based on our current intent, belief, expectations, estimates and projections. These statements are not guarantees of future performance and involve risks, uncertainties, assumptions and other factors that are difficult to predict and that could cause actual results to differ materially. Accordingly, you should not rely upon forward-looking statements as a prediction of actual results and actual results may vary materially from what is expressed in or indicated by the forward- looking statements. Pinchot Lane will have no obligation to update or correct any information contained in this presentation even if Pinchot Lane is aware that it is inaccurate or outdated. Furthermore, Pinchot Lane may add, change, discontinue, remove or suspend any content posted in this presentation without notice and without liability at any time. Pinchot Lane accepts no liability and will not be liable for any loss or damage arising directly or indirectly (including special, incidental or consequential loss or damage) from use of this presentation, including any loss, damage or expense arising from, but not limited to, any defect, error, imperfection, fault, omission, mistake or inaccuracy in this presentation, its contents or associated services, or due to any unavailability of this presentation or any part thereof or any contents or associated services. Pinchot Lane also assumes no responsibility for, and shall not be liable for any damages to or viruses that may infect, your computer equipment or other property on account of your access to or use of this presentation. Your use of this presentation and use of or reliance upon any materials contained in this presentation is at your own risk. 2 Objectives of this Presentation • Pinchot Lane Partners is invested in the Class A common stock of Purple Innovation, Inc. (NASDAQ: PRPL, the “Company”) • This presentation attempts to outline both the opportunities and challenges faced by the Company and its new management team as it seeks to capture its fair share of the rapidly emerging, digitally-native mattress market • While Purple faces challenges as it emerges from startup mode, the opportunities to grow into a profitable, truly differentiated player are massive and importantly, not merely hypothetical or speculative • As a small-cap, public company with miniscule non-founder free float, Purple is not well covered by sellside analyst research • This presentation hopefully serves as a good overview of the Company, its competitive position, challenges, and future prospects based on readily- available public information 3 Purple Highlights (1/2) • Leading digitally-native mattress industry disrupter with highly differentiated core comfort technology • Proven resonance with consumers – revenue growth trajectory and online following shows popularity of brand and leadership within rapidly emerging DTC mattress segment • Multi-channel success with presence in both DTC and growing wholesale business • Highly attractive unit economics at scale • Long runway for tremendous growth (three year-old company) • Multiple additional avenues and markets for growth • Formidable moats in proprietary core technology and manufacturing processes • New management team being put in place to drive profitable growth going forward • Only N. American publicly-listed, digitally-native new mattress player 4 Purple Highlights (2/2) • Revenue growth was +45% in FY2018, guided to >25% growth in FY2019 (even higher unit growth due to greater mix of wholesale revenue) • Trading at TEV / Revenue <1.0x • First projected year of Adjusted EBITDA profit in 2019 5 Background of PRPL public listing Circumstances behind PRPL’s public listing • Company became public in February 2018 through a SPAC transaction with several small investment funds investing in PRPL predecessor (GPAC) to approve the acquisition of Purple from Innohold, an entity set up by Purple founders (Pearce brothers) • Extremely low-float common stock • 54m common shares outstanding between Class A and Class B (founder) stock; ~44m Class B shares are not registered and do not trade • 9.73m shares of Class A (non-founder) common outstanding – Of which 61% is owned by Coliseum/Blackwell syndicate (hedge fund also providing high-cost debt financing); Coliseum principals are also on Company’s Board of Directors – Blackwell appears to be a co-investment entity owned by Duke University Mgmt Company (DUMAC) – See slide 13 for further detail on Coliseum Investors’ ownership and cost bases • Over 19m potentially dilutive shares’ worth of warrants, all of which are currently out of the money (majority of these have a conversion price of $11.50/share) • Given there are only 3.9m shares of non-Coliseum, non-founder shares outstanding, realistically only ~$20m of tradeable common stock outstanding – Based on the assumption that Coliseum/Blackwell syndicate are long-term shareholders • Four other investment funds (Baleen, Royce, Pleiades, David) have retained Class A common shares since SPAC transaction – assuming these are long-term shareholders, only 2.2m shares tradeable, or ~$10m at current price 6 Purple is a high-growth, digitally-native brand that currently isn’t investable by most institutional funds Given limited free float, who can reasonably own PRPL in the secondary market? • Retail investors • Small equity funds / family offices Despite Purple’s attractive fundamental growth story and large market opportunity, the Company lacks broad sellside analyst coverage and is likely completely off the radar screen of many institutional growth equity investors 7 Introduction to Purple • Second largest player in rapidly emerging “bed-in-a-box” (BiB) mattress category behind Casper • Pearce Brothers
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