This estimated exit analysis and capital structure analysis for Square, Inc. is based on data gathered from public sources and using the online Private Company Analysis Tool at www.vcexperts.com. Full coverage of the data used for this analysis and similar data for thousands of private companies is available using the "Valuation and Deal Term Database" and the online "Private Company Analysis Tool" at www.vcexperts.com.

1. Exit Capitalization Table (by Security) - Square, Inc. (Approx)
Exit Value Max. Variance Exit Type Exit Date Actuals as of Date Option Vesting Acceleration Vesting Acceleration %
$3,500,000,000 $1,000,000,000 Sale or Liquidation 12/31/2012 07/25/2012 Full
Security Holder Issue Amount Quantity Anti-Dilution Quantity Quantity Quantity Quantity Net Exercise Cumlative Shares Common Stock % of Total % of
Date Invested Issued Adjustments Redeemed Expired Unvested Forfeited Adjustment Share Deemed Equivalents Equity Equity
Dividends Issued Class
Common Stock Jack Dorsey 06/17/2009 $79,845 7,984,489 - - - - - - - 7,984,489 7,984,489 29.8% 63.7%
Other Common Holders 11/14/2009 $45,458 4,545,751 - - - - - - - 4,545,751 4,545,751 17.0% 36.3%
FF Preferred Stock FF Preferred Holders 06/18/2009 $117 897,600 - - - - - - - 897,600 897,600 3.4% 100.0%
Employee Options Option Holders 11/03/2009 $6,327 1,214,850 - - - (582,115) - - - 632,735 632,735 2.4% 57.2%
Option Holders 03/17/2011 $406,832 1,033,224 - - - (839,494) - - - 193,730 193,730 0.7% 17.5%
Option Holders 05/10/2011 $126,368 1,768,416 - - - (1,510,522) - - - 257,894 257,894 1.0% 23.3%
Option Holders 09/14/2011 $281,149 343,126 - - - (321,680) - - - 21,446 21,446 0.1% 1.9%
Series A Preferred Stock Series A Preferred 11/13/2009 $10,099,963 4,670,071 - - - - - - - 4,670,071 4,670,071 17.4% 100.0%
Holder
Series B-1 Preferred Series B-1 Preferred 01/10/2011 $10,000,002 1,389,333 - - - - - - - 1,389,333 1,389,333 5.2% 100.0%
Stock Holder
Series B-2 Preferred Series B-2 Preferred 02/03/2011 $25,778,279 2,703,004 - - - - - - - 2,703,004 2,703,004 10.1% 100.0%
Stock Holder
Series C Preferred Stock Series C Preferred 06/24/2011 $96,474,591 1,663,880 - - - - - - - 1,663,880 1,663,880 6.2% 100.0%
Holder
Series D Preferred Stock Rizvi Traverse 07/24/2012 $199,999,922 1,815,870 - - - - - - - 1,815,870 1,815,870 6.8% 100.0%
Management
$343,298,853 30,029,614 (3,253,811) 26,775,803 26,775,803 100%

2. Exit Capitalization Table (by Holder) - Square, Inc. (Approx)
Exit Value Max. Variance Exit Type Exit Date Actuals as of Date Option Vesting Acceleration Vesting Acceleration %
$3,500,000,000 $1,000,000,000 Sale or Liquidation 12/31/2012 07/25/2012 Full
Holder Security Issue Amount Quantity Anti-Dilution Quantity Quantity Quantity Quantity Net Exercise Cumlative Shares Common Stock % of % of
Date Invested Issued Adjustments Redeemed Expired Unvested Forfeited Adjustment Share Deemed Equivalents Total Equity
Dividends Issued Equity Class
Jack Dorsey Common Stock 06/17/2009 $79,845 7,984,489 - - - - - - - 7,984,489 7,984,489 29.8% 63.7%
FF Preferred Holders FF Preferred Stock 06/18/2009 $117 897,600 - - - - - - - 897,600 897,600 3.4% 100.0%
Option Holders Employee Options 11/03/2009 $6,327 1,214,850 - - - (582,115) - - - 632,735 632,735 2.4% 57.2%
Employee Options 03/17/2011 $406,832 1,033,224 - - - (839,494) - - - 193,730 193,730 0.7% 17.5%
Employee Options 05/10/2011 $126,368 1,768,416 - - - (1,510,522) - - - 257,894 257,894 1.0% 23.3%
Employee Options 09/14/2011 $281,149 343,126 - - - (321,680) - - - 21,446 21,446 0.1% 1.9%
Series A Preferred Holder Series A Preferred Stock 11/13/2009 $10,099,963 4,670,071 - - - - - - - 4,670,071 4,670,071 17.4% 100.0%
Other Common Holders Common Stock 11/14/2009 $45,458 4,545,751 - - - - - - - 4,545,751 4,545,751 17.0% 36.3%
Series B-1 Preferred Holder Series B-1 Preferred 01/10/2011 $10,000,002 1,389,333 - - - - - - - 1,389,333 1,389,333 5.2% 100.0%
Stock
Series B-2 Preferred Holder Series B-2 Preferred 02/03/2011 $25,778,279 2,703,004 - - - - - - - 2,703,004 2,703,004 10.1% 100.0%
Stock
Series C Preferred Holder Series C Preferred Stock 06/24/2011 $96,474,591 1,663,880 - - - - - - - 1,663,880 1,663,880 6.2% 100.0%
Rizvi Traverse Management Series D Preferred Stock 07/24/2012 $199,999,922 1,815,870 - - - - - - - 1,815,870 1,815,870 6.8% 100.0%
$343,298,853 30,029,614 (3,253,811) 26,775,803 26,775,803 100%

3. Fully Diluted Capitalization Table (by Security) - Square, Inc. (Approx)
Report as of Date Actuals as of Date
07/25/2012 07/25/2012
Security Holder Amount Invested Shares Deemed Issued Common Stock Equivalents
Before Report Date On Report Date Total Before Report Date Anti-Dilution Adjmts On Report Date Total Before Report Date % As Of Report Date %
Common Stock Jack Dorsey $79,845 - $79,845 7,984,489 - - 7,984,489 7,984,489 26.6% 7,984,489 26.6%
Other Common Holders $45,458 - $45,458 4,545,751 - - 4,545,751 4,545,751 15.1% 4,545,751 15.1%
FF Preferred Stock FF Preferred Holders $117 - $117 897,600 - - 897,600 897,600 3.0% 897,600 3.0%
Employee Options Option Holders - - - 1,214,850 - - 1,214,850 1,214,850 4.0% 1,214,850 4.0%
Option Holders - - - 1,033,224 - - 1,033,224 1,033,224 3.4% 1,033,224 3.4%
Option Holders - - - 1,768,416 - - 1,768,416 1,768,416 5.9% 1,768,416 5.9%
Option Holders - - - 343,126 - - 343,126 343,126 1.1% 343,126 1.1%
Series A Preferred Stock Series A Preferred Holder $10,099,963 - $10,099,963 4,670,071 - - 4,670,071 4,670,071 15.6% 4,670,071 15.6%
Series B-1 Preferred Stock Series B-1 Preferred Holder $10,000,002 - $10,000,002 1,389,333 - - 1,389,333 1,389,333 4.6% 1,389,333 4.6%
Series B-2 Preferred Stock Series B-2 Preferred Holder $25,778,279 - $25,778,279 2,703,004 - - 2,703,004 2,703,004 9.0% 2,703,004 9.0%
Series C Preferred Stock Series C Preferred Holder $96,474,591 - $96,474,591 1,663,880 - - 1,663,880 1,663,880 5.5% 1,663,880 5.5%
Series D Preferred Stock Rizvi Traverse Management $199,999,922 - $199,999,922 1,815,870 - - 1,815,870 1,815,870 6.0% 1,815,870 6.0%
$342,478,177 $ $342,478,177 30,029,614 30,029,614 30,029,614 100% 30,029,614 100%

4. Fully Diluted Capitalization Table (by Holder) - Square, Inc. (Approx)
Report as of Date Actuals as of Date
07/25/2012 07/25/2012
Security Holder Amount Invested Shares Deemed Issued Common Stock Equivalents
Before Report Date On Report Date Total Before Report Date Anti-Dilution Adjmts On Report Date Total Before Report Date % As Of Report Date %
Jack Dorsey Common Stock $79,845 - $79,845 7,984,489 - - 7,984,489 7,984,489 26.6% 7,984,489 26.6%
FF Preferred Holders FF Preferred Stock $117 - $117 897,600 - - 897,600 897,600 3.0% 897,600 3.0%
Option Holders Employee Options - - - 1,214,850 - - 1,214,850 1,214,850 4.0% 1,214,850 4.0%
Employee Options - - - 1,033,224 - - 1,033,224 1,033,224 3.4% 1,033,224 3.4%
Employee Options - - - 1,768,416 - - 1,768,416 1,768,416 5.9% 1,768,416 5.9%
Employee Options - - - 343,126 - - 343,126 343,126 1.1% 343,126 1.1%
Series A Preferred Holder Series A Preferred Stock $10,099,963 - $10,099,963 4,670,071 - - 4,670,071 4,670,071 15.6% 4,670,071 15.6%
Other Common Holders Common Stock $45,458 - $45,458 4,545,751 - - 4,545,751 4,545,751 15.1% 4,545,751 15.1%
Series B-1 Preferred Holder Series B-1 Preferred Stock $10,000,002 - $10,000,002 1,389,333 - - 1,389,333 1,389,333 4.6% 1,389,333 4.6%
Series B-2 Preferred Holder Series B-2 Preferred Stock $25,778,279 - $25,778,279 2,703,004 - - 2,703,004 2,703,004 9.0% 2,703,004 9.0%
Series C Preferred Holder Series C Preferred Stock $96,474,591 - $96,474,591 1,663,880 - - 1,663,880 1,663,880 5.5% 1,663,880 5.5%
Rizvi Traverse Management Series D Preferred Stock $199,999,922 - $199,999,922 1,815,870 - - 1,815,870 1,815,870 6.0% 1,815,870 6.0%
$342,478,177 $ $342,478,177 30,029,614 30,029,614 30,029,614 100% 30,029,614 100%

5. Exit Distribution Report (by Security) - Square, Inc. (Approx)
Exit Value Max. Variance Exit Type Exit Date Actuals as of Date Option Vesting Acceleration Vesting Acceleration %
$3,500,000,000 $1,000,000,000 Sale or Liquidation 12/31/2012 07/25/2012 Full
Security Holder Seniority Exercise Yes/No Convert Yes/No Net Share Price Distributions Amount Invested Gain/Loss
At Issue At Exit Liquidation Preference Pro-Rata Participation Total % Amount Multiple
Common Stock Jack Dorsey N/A N/A $0.01 $130.72 - $1,043,692,819 $1,043,692,819 29.8% $79,845 $1,043,612,975 13,071.5
Other Common Holders N/A N/A $0.01 $130.72 - $594,198,035 $594,198,035 17.0% $45,458 $594,152,578 13,071.5
FF Preferred Stock FF Preferred Holders N/A N/A - $130.72 - $117,329,822 $117,329,822 3.4% $117 $117,329,706 1,005,500.3
Employee Options Option Holders Yes N/A $0.01 $130.72 - $82,707,901 $82,707,901 2.4% $6,327 $82,701,573 13,071.5
Option Holders Yes N/A $2.10 $130.72 - $25,323,360 $25,323,360 0.7% $406,832 $24,916,528 62.2
Option Holders Yes N/A $0.49 $130.72 - $33,710,625 $33,710,625 1.0% $126,368 $33,584,257 266.8
Option Holders Yes N/A $13.11 $130.72 - $2,803,233 $2,803,233 0.1% $281,149 $2,522,084 10.0
Series A Preferred Stock Series A Preferred Holder 1 N/A Yes $2.16 $130.72 - $610,448,530 $610,448,530 17.4% $10,099,963 $600,348,567 60.4
Series B-1 Preferred Stock Series B-1 Preferred Holder 1 N/A Yes $7.20 $130.72 - $181,606,722 $181,606,722 5.2% $10,000,002 $171,606,720 18.2
Series B-2 Preferred Stock Series B-2 Preferred Holder 1 N/A Yes $9.54 $130.72 - $353,323,283 $353,323,283 10.1% $25,778,279 $327,545,004 13.7
Series C Preferred Stock Series C Preferred Holder 1 N/A Yes $57.98 $130.72 - $217,494,145 $217,494,145 6.2% $96,474,591 $121,019,554 2.3
Series D Preferred Stock Rizvi Traverse Management 1 N/A Yes $110.14 $130.72 - $237,361,524 $237,361,524 6.8% $199,999,922 $37,361,603 1.2
$203 $1,569 $ $3,499,999,999 $3,499,999,999 100% $343,298,853 $3,156,701,149

7. Exit Distribution Report (by Holder) - Square, Inc. (Approx)
Exit Value Max. Variance Exit Type Exit Date Actuals as of Date Option Vesting Acceleration Vesting Acceleration %
$3,500,000,000 $1,000,000,000 Sale or Liquidation 12/31/2012 07/25/2012 Full
Security Holder Seniority Exercise Yes/No Convert Yes/No Net Share Price Distributions Amount Invested Gain/Loss
At Issue At Exit Liquidation Preference Pro-Rata Participation Total % Amount Multiple
Jack Dorsey Common Stock N/A N/A $0.01 $130.72 - $1,043,692,819 $1,043,692,819 29.8% $79,845 $1,043,612,975 13,071.5
FF Preferred Holders FF Preferred Stock N/A N/A - $130.72 - $117,329,822 $117,329,822 3.4% $117 $117,329,706 1,005,500.3
Option Holders Employee Options Yes N/A $0.01 $130.72 - $82,707,901 $82,707,901 2.4% $6,327 $82,701,573 13,071.5
Employee Options Yes N/A $2.10 $130.72 - $25,323,360 $25,323,360 0.7% $406,832 $24,916,528 62.2
Employee Options Yes N/A $0.49 $130.72 - $33,710,625 $33,710,625 1.0% $126,368 $33,584,257 266.8
Employee Options Yes N/A $13.11 $130.72 - $2,803,233 $2,803,233 0.1% $281,149 $2,522,084 10.0
Series A Preferred Holder Series A Preferred Stock 1 N/A Yes $2.16 $130.72 - $610,448,530 $610,448,530 17.4% $10,099,963 $600,348,567 60.4
Other Common Holders Common Stock N/A N/A $0.01 $130.72 - $594,198,035 $594,198,035 17.0% $45,458 $594,152,578 13,071.5
Series B-1 Preferred Holder Series B-1 Preferred Stock 1 N/A Yes $7.20 $130.72 - $181,606,722 $181,606,722 5.2% $10,000,002 $171,606,720 18.2
Series B-2 Preferred Holder Series B-2 Preferred Stock 1 N/A Yes $9.54 $130.72 - $353,323,283 $353,323,283 10.1% $25,778,279 $327,545,004 13.7
Series C Preferred Holder Series C Preferred Stock 1 N/A Yes $57.98 $130.72 - $217,494,145 $217,494,145 6.2% $96,474,591 $121,019,554 2.3
Rizvi Traverse Management Series D Preferred Stock 1 N/A Yes $110.14 $130.72 - $237,361,524 $237,361,524 6.8% $199,999,922 $37,361,603 1.2

9. Escrow Analysis Report - Square, Inc. (Approx)
Escrow Type Apportionment Method Escrow Released
No Escrow
Security Holder Issue Dollar Amounts Per Share Amounts
Date Gross Exit Proceeds Escrow Withheld Cumulative Net Escrow Net Proceeds Gross Exit Proceeds Escrow Withheld Cumulative Net Escrow Net Proceeds
before Escrow at Exit Closing Escrow Balance after Escrow before Escrow at Exit Closing Escrow Balance after Escrow
Released Released
Common Stock Jack Dorsey 06/17/2009 $1,043,692,819 - - - $1,043,692,819 $130.72 - - - $130.72
Other Common Holders 11/14/2009 $594,198,035 - - - $594,198,035 $130.72 - - - $130.72
FF Preferred Stock FF Preferred Holders 06/18/2009 $117,329,822 - - - $117,329,822 $130.72 - - - $130.72
Employee Options Option Holders 11/03/2009 $82,707,901 - - - $82,707,901 $130.71 - - - $130.71
Option Holders 03/17/2011 $25,323,360 - - - $25,323,360 $130.71 - - - $130.71
Option Holders 05/10/2011 $33,710,625 - - - $33,710,625 $130.72 - - - $130.72
Option Holders 09/14/2011 $2,803,233 - - - $2,803,233 $130.71 - - - $130.71
Series A Preferred Stock Series A Preferred 11/13/2009 $610,448,530 - - - $610,448,530 $130.72 - - - $130.72
Holder
Series B-1 Preferred Series B-1 Preferred 01/10/2011 $181,606,722 - - - $181,606,722 $130.72 - - - $130.72
Stock Holder
Series B-2 Preferred Series B-2 Preferred 02/03/2011 $353,323,283 - - - $353,323,283 $130.72 - - - $130.72
Stock Holder
Series C Preferred Stock Series C Preferred 06/24/2011 $217,494,145 - - - $217,494,145 $130.72 - - - $130.72
Holder
Series D Preferred Stock Rizvi Traverse 07/24/2012 $237,361,524 - - - $237,361,524 $130.72 - - - $130.72
Management
$3,499,999,999 $ $ $ $3,499,999,999 $1,569 $ $ $ $1,569

10. Security Terms — Square, Inc. (Approx)
Common Stock
Security Name
Common Stock
FF Preferred Stock
Preferred Stock
Security Name Convertible To Conversion Dividend Redeemable / Date Seniority Liquidation Multiple Participating Participation Cap Anti-Dilution
Series A Preferred Stock Common Stock 1.0000000000 Non-Cumulative - Paid in Cash Annually 8.00000 No 1 1.0000000000 No - Broad-Based
Series B-1 Preferred Stock Common Stock 1.0000000000 Non-Cumulative - Paid in Cash Annually 8.00000 No 1 1.0000000000 No - Broad-Based
Series B-2 Preferred Stock Common Stock 1.0000000000 Non-Cumulative - Paid in Cash Annually 8.00000 No 1 1.0000000000 No - Broad-Based
Series C Preferred Stock Common Stock 1.0000000000 Non-Cumulative - Paid in Cash Annually 8.00000 No 1 1.0000000000 No - Broad-Based
Series D Preferred Stock Common Stock 1.0000000000 Non-Cumulative - Paid in Cash Annually 8.00000 No 1 1.0000000000 No - Broad-Based
Warrant
Security Name Convertible To
RSU Common Stock
Option
Security Name Convertible To
Employee Options Common Stock

11. Security Holders — Square, Inc. (Approx)
Holder Firm Holder Type Contact Person Contact Details Email Cost of Capital
FF Preferred Holders Founder 10.00000%
Jack Dorsey Founder 10.00000%
Option Holders Employee 10.00000%
Other Common Holders Other 10.00000%
Rizvi Traverse Management PE Fund 10.00000%
Series A Preferred Holder VC Fund 10.00000%
Series B-1 Preferred Holder VC Fund 10.00000%
Series B-2 Preferred Holder VC Fund 10.00000%
Series C Preferred Holder VC Fund 10.00000%

12. Security Issuances — Square, Inc. (Approx)
Common Stock
Security Holder Issue Date Shares Issued Share Price Before Discounts
Common Stock Jack Dorsey 06/17/2009 7,984,489 $0.01
FF Preferred Stock FF Preferred Holders 06/18/2009 897,600 -
Common Stock Other Common Holders 11/14/2009 4,545,751 $0.01
Preferred Stock
Security Holder Issue Date Shares Issued Share Price Before Discounts Purchase Discount Percentage
Series A Preferred Stock Series A Preferred Holder 11/13/2009 4,670,071 $2.16 -
Series B-1 Preferred Stock Series B-1 Preferred Holder 01/10/2011 1,389,333 $7.20 -
Series B-2 Preferred Stock Series B-2 Preferred Holder 02/03/2011 2,703,004 $9.54 -
Series C Preferred Stock Series C Preferred Holder 06/24/2011 1,663,880 $57.98 -
Series D Preferred Stock Rizvi Traverse Management 07/24/2012 1,815,870 $110.14 -
Warrant
Security Holder Issue Date Shares Issued Exercise Price Expiration Date Net (Cashless) Exercise
Option
Security Holder Issue Date Shares Issued Exercise Price Expiration Date Vesting Start Date Vesting Cliff Months Fully Vested Months Net (Cashless) Exercise
Employee Options Option Holders 11/03/2009 1,214,850 $0.01 11/03/2020 11/03/2010 - 48 No
Employee Options Option Holders 03/17/2011 1,033,224 $2.10 03/17/2021 03/17/2012 - 48 No
Employee Options Option Holders 05/10/2011 1,768,416 $0.49 05/10/2021 05/10/2012 - 48 No
Employee Options Option Holders 09/14/2011 343,126 $13.11 02/14/2021 09/14/2012 - 48 No

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