Offline Merchants = Set Up Payment System… Square Estimated Active Sellers & Points of Sale (POS) Gross Payment Volume (GPV) 3MM $90B obal Gl , rs Software Services e ll 2MM $60B e S obal Payroll Loans e Gl , tiv V c A GP ted 1MM $30B tima s E Invoices Analytics 0 $0 2013 2014 2015 2016 2017 GPV Active Sellers Source: Square (5/18). Note: Active Sellers have accepted five or more payments using Square in the last 12 months. In 11/15 Square disclosed it had 2MM users and in 3/16 disclosed it was adding 100K sellers per quarter 51 – assuming seller trends remained constant, Square had approximately 2.8MM active sellers at the end of 2017. (~2.8MM = 2017E)