Ann: Appendix 3Y, page-38

Relative to FVRR and UPWK, FLN has been operating within its means. Not burning cash. Taking less from its users.

FVRR/ UPWK presumably would see the latent potential in FLN from switching to their models. This is likely not priced into FLN's current SP.

Some numbers:

• FLN traded near $A1 ps in 2019 (MC ~ $A450m / ~ US$295m). The potential may be greater than this under the competitors' models.

• FLN reportedly knocked back US$400m from Japan's Recruit Co in 2013. That preceded escrow.com.

• FVRR's Mkt Cap has increased ~ US$500m in recent weeks.

IF there is an appetite for consolidation, any potential deal could include a scrip component in order to get the 2 major FLN shareholders over the line, thereby enabling FLN shareholders to participate in the reported expected future growth in the freelancing marketplace.

DYOR