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GOTHAM CITY RESEARCH LLC

Endurance International Group:Malicious Activities

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Disclaimer:By reading this report, you agree that use of GOTHAM CITY RESEARCH LLCs research is at your own risk.In no event will you hold GOTHAM CITY RESEARCH LLC or any affiliated party liable for any direct orindirect trading losses caused by any information in this report. This report is not investment advice or arecommendation or solicitation to buy any securities. GOTHAM CITY RESEARCH LLC is not registered asan investment advisor in any jurisdiction. Gotham City Research LLC is not affiliated or associated withGotham Asset Management, LLC or any of its affiliates.You agree to do your own research and due diligence before making any investment decision withrespect to securities covered herein. You represent to GOTHAM CITY RESEARCH LLC that you havesufficient investment sophistication to critically assess the information, analysis and opinions in thisreport. You further agree that you will not communicate the contents of this report to any other personunless that person has agreed to be bound by these same terms of service.You should assume that as of the publication date of this report, GOTHAM CITY RESEARCH LLC stands toprofit in the event the issuers stock declines. We may buy, sell, cover or otherwise change the form orsubstance of its position in the issuer. GOTHAM CITY RESEARCH LLC disclaims any obligation to notifythe market of any such changes.Our research and report includes forward-looking statements, estimates, projections, and opinionsprepared with respect to, among other things, certain accounting, legal, and regulatory issues the issuerfaces and the potential impact of those issues on its future business, financial condition and results ofoperations, as well as more generally, the issuers anticipated operating performance, access to capitalmarkets, market conditions, assets and liabilities. Such statements, estimates, projections and opinionsmay prove to be substantially inaccurate and are inherently subject to significant risks and uncertaintiesbeyond GOTHAM CITY RESEARCH LLCs control.Our research and report expresses our opinions, which we have based upon generally availableinformation, field research, inferences and deductions through our due diligence and analyticalprocess. GOTHAM CITY RESEARCH LLC believes all information contained herein is accurate andreliable, and has been obtained from public sources we believe to be accurate and reliable.However, such information is presented as is, without warranty of any kind, whether express orimplied. GOTHAM CITY RESEARCH LLC, makes no representation, express or implied, as to the accuracy,timeliness, or completeness of any such information or with regard to the results to be obtained from itsuse. All expressions of opinion are subject to change without notice, and GOTHAM CITY RESEARCH LLCis not obligated to update or supplement any reports or any of the information, analysis and opinioncontained in them.You should assume that GOTHAM CITY RESEARCH LLC has and/or will submit our findings with theSecurities Exchange Commission, and other entities.

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Table of ContentsI. DisclaimerII. A Question Regarding Malicious Activities

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A Question Regarding Malicious ActivitiesQuestion:Did your employees deliberately target customers within the internet underground community, despiteknowing that these accounts would be used for malicious activities, in violation of your own terms ofservice? Were your employees instructed to do so?Background:Gotham City Research believes that the bulk of EIGIs reported growth, profits, & cash flow disappear assoon as the companys suspect activities are exposed and decline.

Companies like Blinkx plc, Lumber Liquidators, and Home Capital Group, were all perceived by someinvestors as good companies, with charismatic management, until they were not. Other investors wereaware of the red flags, yet shrugged off the concerns of whistleblowers and critics.

In all cases, the markets eventually cared about the whistleblowers and/or critics concerns, and eachcompanies shares subsequently declined -50% to -90%. We believe Endurance International Group is nodifferent from these companies.

Lets suppose there were whistleblowers who can prove that EIGI intentionally targeted customersengaging in malicious activities? Or lets suppose that we or someone else can corroborate such claims.Why would EIGI engage in such shady business practices?

For now, some market participants have played chicken with our and others concerns, just as they did inthe cases of Blinkx, Lumber Liquidators, and Home Capital Group. We recommend that you do not do so,lest you be in for a surprise.