UPDATED Square, Inc: Capital Structure, Valuation, & Exit Analysis

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 FullSecurity 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 ClassCommon 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% HolderSeries 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 HolderSeries 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 HolderSeries 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% HolderSeries 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%

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 FullHolder 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 ClassJack 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% StockSeries 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% StockSeries 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%

Fully Diluted Capitalization Table (by Security) - Square, Inc. (Approx)Report as of Date Actuals as of Date07/25/2012 07/25/2012Security 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%

Fully Diluted Capitalization Table (by Holder) - Square, Inc. (Approx)Report as of Date Actuals as of Date07/25/2012 07/25/2012Security 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%

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 FullSecurity 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 MultipleCommon 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 13,071.5FF Preferred Stock FF Preferred Holders N/A N/A - $130.72 - $117,329,822 $117,329,822 3.4% $117 $117,329,706 1,005,500.3Employee 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 10.0Series 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 60.4Series 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 18.2Series 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 13.7Series 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 2.3Series 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

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 FullSecurity 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 MultipleJack 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 13,071.5FF Preferred Holders FF Preferred Stock N/A N/A - $130.72 - $117,329,822 $117,329,822 3.4% $117 $117,329,706 1,005,500.3Option 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 10.0Series 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 60.4Other 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 13,071.5Series 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 18.2Series 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 13.7Series 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 2.3Rizvi 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

Escrow Analysis Report - Square, Inc. (Approx)Escrow Type Apportionment Method Escrow ReleasedNo EscrowSecurity 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 ReleasedCommon 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 - - - $130.72FF Preferred Stock FF Preferred Holders 06/18/2009 $117,329,822 - - - $117,329,822 $130.72 - - - $130.72Employee 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 - - - $130.71Series A Preferred Stock Series A Preferred 11/13/2009 $610,448,530 - - - $610,448,530 $130.72 - - - $130.72 HolderSeries B-1 Preferred Series B-1 Preferred 01/10/2011 $181,606,722 - - - $181,606,722 $130.72 - - - $130.72Stock HolderSeries B-2 Preferred Series B-2 Preferred 02/03/2011 $353,323,283 - - - $353,323,283 $130.72 - - - $130.72Stock HolderSeries C Preferred Stock Series C Preferred 06/24/2011 $217,494,145 - - - $217,494,145 $130.72 - - - $130.72 HolderSeries 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

Security Terms — Square, Inc. (Approx)Common StockSecurity NameCommon StockFF Preferred StockPreferred StockSecurity Name Convertible To Conversion Dividend Redeemable / Date Seniority Liquidation Multiple Participating Participation Cap Anti-DilutionSeries A Preferred Stock Common Stock 1.0000000000 Non-Cumulative - Paid in Cash Annually 8.00000 No 1 1.0000000000 No - Broad-BasedSeries B-1 Preferred Stock Common Stock 1.0000000000 Non-Cumulative - Paid in Cash Annually 8.00000 No 1 1.0000000000 No - Broad-BasedSeries B-2 Preferred Stock Common Stock 1.0000000000 Non-Cumulative - Paid in Cash Annually 8.00000 No 1 1.0000000000 No - Broad-BasedSeries C Preferred Stock Common Stock 1.0000000000 Non-Cumulative - Paid in Cash Annually 8.00000 No 1 1.0000000000 No - Broad-BasedSeries D Preferred Stock Common Stock 1.0000000000 Non-Cumulative - Paid in Cash Annually 8.00000 No 1 1.0000000000 No - Broad-BasedWarrantSecurity Name Convertible ToRSU Common StockOptionSecurity Name Convertible ToEmployee Options Common Stock

Security Holders — Square, Inc. (Approx)Holder Firm Holder Type Contact Person Contact Details Email Cost of CapitalFF 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%

Security Issuances — Square, Inc. (Approx)Common StockSecurity Holder Issue Date Shares Issued Share Price Before DiscountsCommon Stock Jack Dorsey 06/17/2009 7,984,489 $0.01FF Preferred Stock FF Preferred Holders 06/18/2009 897,600 -Common Stock Other Common Holders 11/14/2009 4,545,751 $0.01Preferred StockSecurity Holder Issue Date Shares Issued Share Price Before Discounts Purchase Discount PercentageSeries 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 -WarrantSecurity Holder Issue Date Shares Issued Exercise Price Expiration Date Net (Cashless) ExerciseOptionSecurity Holder Issue Date Shares Issued Exercise Price Expiration Date Vesting Start Date Vesting Cliﬀ Months Fully Vested Months Net (Cashless) ExerciseEmployee Options Option Holders 11/03/2009 1,214,850 $0.01 11/03/2020 11/03/2010 - 48 NoEmployee Options Option Holders 03/17/2011 1,033,224 $2.10 03/17/2021 03/17/2012 - 48 NoEmployee Options Option Holders 05/10/2011 1,768,416 $0.49 05/10/2021 05/10/2012 - 48 NoEmployee Options Option Holders 09/14/2011 343,126 $13.11 02/14/2021 09/14/2012 - 48 No

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UPDATED Square, Inc: Capital Structure, Valuation, & Exit Analysis

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UPDATED Square, Inc: Capital Structure, Valuation, & Exit Analysis Presentation Transcript

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