NAVER Corp. · KRX:035420
NAVER — Poshmark — Merger or Acquisition (2022)
21 slides from NAVER's merger presentation, 2022
Slide 1: NAVER to Acquire Poshmark
NAVER to Acquire Poshmark Powering Communities, Re-fashioning Commerce
Slide 2: Important information and where to find it
Important information and where to find it Participants in the solicitation This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. It does not constitute a prospectus or prospectus equivalent document.
Slide 3: Forward-looking statements
Forward-looking statements This communication contains "forward-looking statements’ within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act. These forward-looking statements are based on NAVER's current e
Slide 4: Overview of transaction
Overview of transaction Terms * NAVER to acquire all issued and outstanding Poshmark shares for $17.90 in cash + Enterprise value $1.2 billion! Leadership * Poshmark will continue to operate under its existing brand and be led by Manish Chandra and the current management team Timing to Close * Expec
Slide 5: NAVER and Poshmark to create the global re-commerce community of choice
NAVER and Poshmark to create the global re-commerce community of choice dP POSHMARK Social platform for sharing styles (Simple, Social, Sustainable buying) _ .NAVER paces Cloud
Slide 6: Shared set of values and vision: Content, Community, Empowerment
Shared set of values and vision: Content, Community, Empowerment NAVER ¢ First blogging platform in Korea ant w Content * Largest storytelling platform globally Yaad wattpad (Webtoons, Wattpad) * NAVER: 36M DAU & 2) * Cafe, Band, Zepeto (340M+ Community : registered users), Weverse (6M+ qyeyerse fin
Slide 7: Poshmark: The largest fashion re-commerce platform in the U.S.
Poshmark: The largest fashion re-commerce platform in the U.S. Source: Comscore (TTM July 2022), Activate Analysis
Slide 8: Platform for peer to peer fashion
6 NCH2OE 1 Zin 5 Died yp Suubin 15 Ean for peer to peer fashion No.1 awareness platform in fashion re-commerce Gen Z & Millenials MZ consists of 80% of total users Community Community curates listings, provide personalized feed ‘ Subculture Purchase items not available anywhere else @ POSHMARK Econo
Slide 9: Sustainability Social Impact, Sharing Closets, Posh Fest
Sustainability Social Impact ~ Sharing Closets Posh Fest
Slide 10: Social marketplace powered by a hyper-engaged community
. > POSHMARK Social marketplace powered by a hyper-engaged community Large and passionate SOM ~25min Over 80% community Registered users Spent daily Of purchases were preceded bya social action Powerful, scaled $1 8B $326M $7.3M financial model GMV in 2021 Revenue in 2021 Adjusted EBITDA in 2021 Pro
Slide 11: NAVER: Korea's largest internet company
NAVER Korea's largest internet company, spanning the full ecosystem Korea's largest internet ~36M 4OM+ $5.7B Solan IN) with Monthly Users Registered Users Annual Revenue in 2021 5 distinct service areas fe) = ee Search Commerce Content Fintech Cloud / Al The only search engine in the cot that has +5
Slide 12: Payment Processing
Payment Processing
Slide 13: NAVER Metaverse, K-POP, K-Fashion
NAVER Metaverse K-POP Community K-Fashion / K-Beauty Zepeto Weverse Commerce
Slide 14: Strategic rationale
Strategic rationale @ Re-commerce is a large, fast-growing and dynamic market @ Builds new retail format with "social graph," more accurate than any other personalization algorithm @ Transaction expected to - Develop "Simpler" buyer-seller journey powered by NAVER's search and Al technology - Amplif
Slide 15: Re-commerce is a large, fast-growing and dynamic market
@ Re-commerce is a large, fast-growing and dynamic market US online re-commerce market growth Growth by market dimension Total Online 130B INDEX RELATIVE Re-commerce $ 2% 92021 TAM + 0, 2 0 % 2.05x 1.8x Total Oniine 16x Re-commerce $1138 $97B $80B : - ; / 2021 2022E 2023E 2024E 2025E 2021 2022E 2023
Slide 16: Empowering sellers and buyers community
Empoweri ) tothrive } from acividl a / and specialty boutiques f Put people at the | of commerce Hyper-engaged@hd — diversified community as a | Sellers become buyers Evryorfiaes discover persaiializ ar customized.taste wiltiithe "sociahgraph" Yt
Slide 17: Transaction expected to:
@ Transaction expected to: NAVER | @ PosHMARK Develop "Simpler" buyer-seller journey powered by NAVER's search and Al technology Amplify “Social” user experience driven by NAVER's live commerce, community enablement Contribute to “Sustainable” society and economy with NAVER and Poshmark's big bet on
Slide 18: Complementary asset that broadens and strengthens NAVER's community + commerce
@ Complementary asset that broadens and strengthens NAVER's community + commerce (? POSHMARK NAVER Discovery-based shopping + Search-based shopping Vertical marketplace Horizontal marketplace Fashion and living focused Across groceries, electronics, and commodities, etc. MZ Generation Sensitive to t
Slide 19: Accelerate path to profitability via NAVER's proven playbook
© Accelerate path to profitability via NAVER's proven playbook with an asset-light business Scaled Leadership Strong Financial Merits Going Forward Strong historical performance Accretive to go-forward growth with robust growth across all KPIs with clear path to profitability 2021 GMV ~$ 1 ° 8 B Tar
Slide 20: Combination positioned to create a unique global re-commerce footprint
© Combination positioned to create a unique global re-commerce footprint Both U.S NAVER SouthKorea LINE Japan, Taiwan, Hong Kong, Thailand, Singapore, Indonesia, Vietnam Canada, Australia, P UK, India
Slide 21: NAVER and Poshmark
NAVER — dp POSHMARK