Jet.com Update

Executive Summary

• In this report, we discuss several significant developments at Jet.com since our last report on
  July 20, 2015.
• In October 2015, the company dropped its plans to charge membership fees due to management’s view that its pricing strategy will enable it to remain competitive on pricing while offering attractive profits to investors.
• Jet.com closed its Series B funding round, increasing its valuation to approximately $1.5 billion.
• This February, Jet.com acquired home goods
  e-commerce company Hayneedle, which should add another $350 million in revenues to its $500 million revenue run rate.
• In addition, we provide an update on Jet.com’s pricing mechanism, its JetAnywhere program, and its Jet Wholesale bulk purchasing plan.