Customer Acquisition Cost (CAC) = Rising in Highly Competitive / Capitalized Sectors Cost Per User Activation – Mobile Finance Apps, Global per Liftoff $60 al ob l G , on ati v ti er Ac$30 er Us t p Cos erage v A $0 1/17 4/17 7/17 10/17 1/18 4/18 7/18 10/18 1/19 Source: Liftoff’s 2019 / 2018 Mobile Finance App Report. Note: Report draws from internal Liftoff Data from 2/1/17 to 3/31/19, spanning 19B+ ad impressions across 5MM+ App installs, 270MM+ clicks & 3MM activations / registrations. Data focused on North America, Europe, Middle East, Africa & Asia Pacific. Internet Trends Note: Activation = Adding & depositing funds to an account, activating a spending card, opening an equities position or starting a paid subscription. 28 2019