T.

ROWE

PRICE

Large-Cap

Growth

Fund

September

30,

2021

(Unaudited)

1

Portfolio

of

Investments

‡

Shares

$

Value

(Cost

and

value

in

$000s)

‡

COMMON

STOCKS

94.6%

COMMUNICATION

SERVICES

26.0%

Entertainment

3.9%

Live

Nation

Entertainment (1)

1,235,910‌

112,628‌

Netflix (1)

760,721‌

464,298‌

Sea,

ADR (1)

269,136‌

85,782‌

Spotify

Technology (1)

1,221,588‌

275,273‌

937,981‌

Interactive

Media

&

Services

22.1%

Alphabet,

Class

A (1)

661,349‌

1,768,130‌

Alphabet,

Class

C (1)

254,899‌

679,385‌

Facebook,

Class

A (1)

4,126,932‌

1,400,639‌

IAC/InterActiveCorp (1)

855,424‌

111,453‌

Match

Group (1)

1,409,139‌

221,221‌

Pinterest,

Class

A (1)

1,526,401‌

77,770‌

Snap,

Class

A (1)

9,189,679‌

678,842‌

Tencent

Holdings,

ADR 

4,633,432‌

276,940‌

Vimeo (1)

2,035,416‌

59,780‌

5,274,160‌

Total

Communication

Services

6,212,141‌

CONSUMER

DISCRETIONARY

17.2%

Auto

Components

0.9%

Aptiv (1)

1,365,803‌

203,464‌

203,464‌

Hotels,

Restaurants

&

Leisure

2.2%

Airbnb,

Class

A (1)

357,340‌

59,944‌

Booking

Holdings (1)

96,164‌

228,281‌

Chipotle

Mexican

Grill (1)

84,395‌

153,389‌

DraftKings,

Class

A (1)

1,996,537‌

96,153‌

537,767‌

Internet

&

Direct

Marketing

Retail

9.5%

Alibaba

Group

Holding,

ADR (1)

859,033‌

127,180‌

Amazon.com (1)

591,864‌

1,944,297‌

Coupang (1)

3,304,754‌

92,037‌

DoorDash,

Class

A (1)

213,069‌

43,888‌

Farfetch,

Class

A (1)

1,859,697‌

69,702‌

2,277,104‌

Multiline

Retail

1.1%

Dollar

General 

1,200,308‌

254,633‌

254,633‌

T.

ROWE

PRICE

Large-Cap

Growth

Fund

2

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Specialty

Retail

2.2%

Carvana (1)

619,818‌

186,900‌

Ross

Stores 

3,184,926‌

346,679‌

533,579‌

Textiles,

Apparel

&

Luxury

Goods

1.3%

Lululemon

Athletica (1)

429,553‌

173,840‌

NIKE,

Class

B 

954,009‌

138,551‌

312,391‌

Total

Consumer

Discretionary

4,118,938‌

ENERGY

0.0%

Oil,

Gas

&

Consumable

Fuels

0.0%

Reinvent

Technology

Partners

SPAC/Aurora

PIPE (1)(2)

745,806‌

6,665‌

Total

Energy

6,665‌

FINANCIALS

1.4%

Capital

Markets

1.4%

Charles

Schwab 

1,396,073‌

101,690‌

MarketAxess

Holdings 

89,556‌

37,675‌

S&P

Global 

339,636‌

144,308‌

XP,

Class

A (1)

1,068,112‌

42,906‌

Total

Financials

326,579‌

HEALTH

CARE

12.3%

Biotechnology

0.9%

Incyte (1)

895,645‌

61,603‌

Vertex

Pharmaceuticals (1)

821,738‌

149,055‌

210,658‌

Health

Care

Equipment

&

Supplies

4.3%

Becton

Dickinson

&

Company 

582,977‌

143,307‌

Intuitive

Surgical (1)

448,808‌

446,183‌

Stryker 

1,639,281‌

432,311‌

1,021,801‌

Health

Care

Providers

&

Services

6.1%

Anthem 

270,606‌

100,882‌

Centene (1)

1,534,030‌

95,585‌

Cigna 

1,977,741‌

395,864‌

HCA

Healthcare 

1,055,232‌

256,126‌

Humana 

409,155‌

159,223‌

UnitedHealth

Group 

1,141,559‌

446,053‌

1,453,733‌

T.

ROWE

PRICE

Large-Cap

Growth

Fund

3

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Life

Sciences

Tools

&

Services

1.0%

Avantor (1)

5,650,941‌

231,124‌

231,124‌

Total

Health

Care

2,917,316‌

INDUSTRIALS

&

BUSINESS

SERVICES

1.4%

Machinery

0.8%

Ingersoll

Rand (1)

3,859,225‌

194,544‌

194,544‌

Professional

Services

0.6%

CoStar

Group (1)

1,644,664‌

141,540‌

141,540‌

Total

Industrials

&

Business

Services

336,084‌

INFORMATION

TECHNOLOGY

36.1%

Communications

Equipment

0.0%

Magic

Leap,

Acquisition

Date:

1/20/16

-

10/12/17,

Cost $22,587 (1)(3)(4)

46,480‌

553‌

553‌

Electronic

Equip,

Instr

&

Cmpts

0.6%

Amphenol,

Class

A 

2,118,390‌

155,130‌

155,130‌

IT

Services

9.2%

Affirm

Holdings (1)

85,669‌

10,206‌

Fidelity

National

Information

Services 

657,635‌

80,021‌

Global

Payments 

4,024,340‌

634,155‌

MongoDB (1)

388,287‌

183,081‌

PayPal

Holdings (1)

1,422,655‌

370,189‌

Shopify,

Class

A (1)

36,902‌

50,031‌

Snowflake,

Class

A (1)

102,849‌

31,105‌

Stripe,

Class

B,

Acquisition

Date:

12/17/19

-

5/18/21,

Cost $17,445 (1)(3)(4)

696,358‌

34,658‌

Visa,

Class

A 

3,613,558‌

804,920‌

2,198,366‌

Semiconductors

&

Semiconductor

Equipment

2.2%

Advanced

Micro

Devices (1)

1,357,259‌

139,662‌

ASML

Holding 

527,493‌

393,040‌

532,702‌

Software

20.0%

Canva,

Acquisition

Date:

8/16/21,

Cost $6,948 (1)(3)(4)

4,077‌

6,948‌

Celonis,

Acquisition

Date:

6/17/21,

Cost $9,559 (1)(3)(4)

25,851‌

9,559‌

Celonis,

EC,

Acquisition

Date:

8/27/21,

Cost $34 (1)(3)(4)

34,444‌

34‌

Fortinet (1)

1,054,243‌

307,881‌

T.

ROWE

PRICE

Large-Cap

Growth

Fund

4

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Intuit 

1,374,115‌

741,349‌

Microsoft 

7,312,820‌

2,061,630‌

salesforce.com (1)

1,959,050‌

531,334‌

SentinelOne,

Class

A (1)

1,292,577‌

69,243‌

ServiceNow (1)

572,241‌

356,089‌

Splunk (1)

1,136,872‌

164,517‌

Synopsys (1)

665,981‌

199,401‌

UiPath,

Class

A (1)

2,487,698‌

130,878‌

Workday,

Class

A (1)

246,941‌

61,708‌

Zoom

Video

Communications,

Class

A (1)

561,580‌

146,853‌

4,787,424‌

Technology

Hardware,

Storage

&

Peripherals

4.1%

Apple 

6,886,857‌

974,490‌

974,490‌

Total

Information

Technology

8,648,665‌

Total

Miscellaneous

Common

Stocks

 0.2% (5)

43,253‌

Total

Common

Stocks

(Cost

$9,427,304)

22,609,641‌

CONVERTIBLE

PREFERRED

STOCKS

4.7%

CONSUMER

DISCRETIONARY

3.8%

Automobiles

3.8%

Rivian

Automotive,

Series

D,

Acquisition

Date:

12/23/19,

Cost $48,920 (1)(3)(4)

4,553,218‌

323,415‌

Rivian

Automotive,

Series

E,

Acquisition

Date:

7/10/20,

Cost $106,688 (1)(3)(4)

6,887,531‌

489,222‌

Rivian

Automotive,

Series

F,

Acquisition

Date:

1/19/21,

Cost $50,390 (1)(3)(4)

1,367,440‌

97,129‌

Total

Consumer

Discretionary

909,766‌

INFORMATION

TECHNOLOGY

0.8%

Software

0.8%

Aurora

Innovation,

Series

B,

Acquisition

Date:

3/1/19,

Cost $14,738 (1)(4)

1,594,980‌

30,903‌

Celonis,

Series

D,

Acquisition

Date:

6/17/21,

Cost $24,937 (1)(3)

(4)

67,436‌

24,937‌

Databricks,

Series

H,

Acquisition

Date:

8/31/21,

Cost $22,390 (1)

(3)(4)

101,562‌

22,390‌

Nuro,

Series

C,

Acquisition

Date:

10/30/20

-

3/2/21,

Cost $27,654 (1)(3)(4)

2,118,369‌

27,654‌

Rappi,

Series

E,

Acquisition

Date:

9/8/20

-

9/24/20,

Cost $23,981 (1)(3)(4)

401,388‌

25,859‌

Rappi,

Series

F,

Acquisition

Date:

7/8/21,

Cost $35,081 (1)(3)(4)

544,536‌

35,081‌

T.

ROWE

PRICE

Large-Cap

Growth

Fund

5

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Waymo,

Series

A-2,

Acquisition

Date:

5/8/20,

Cost $16,211 (1)(3)

(4)

188,785‌

17,316‌

Waymo,

Series

B-2,

Acquisition

Date:

6/11/21,

Cost $1,296 (1)(3)

(4)

14,135‌

1,296‌

Total

Information

Technology

185,436‌

MATERIALS

0.1%

Chemicals

0.1%

Redwood

Materials,

Series

C,

Acquisition

Date:

5/28/21,

Cost $23,334 (1)(3)(4)

492,252‌

23,334‌

Sila

Nano,

Series

F,

Acquisition

Date:

1/7/21,

Cost $16,932 (1)(3)

(4)

410,238‌

16,932‌

Total

Materials

40,266‌

Total

Convertible

Preferred

Stocks

(Cost

$412,552)

1,135,468‌

SHORT-TERM

INVESTMENTS

0.6%

Money

Market

Funds

0.6%

T.

Rowe

Price

Government

Reserve

Fund,

0.05% (6)(7)

133,735,871‌

133,736‌

Total

Short-Term

Investments

(Cost

$133,736)

133,736‌

Total

Investments

in

Securities

99.9%

(Cost

$9,973,592)

$

23,878,845‌

Other

Assets

Less

Liabilities

0.1%

35,661‌

Net

Assets

100.0%

$

23,914,506‌

‡

Shares

are

denominated

in

U.S.

dollars

unless

otherwise

noted.

(1)

Non-income

producing

(2)

A

portion

of

the

position

represents

an

unfunded

commitment;

a

liability

to

fund

the

commitment

has

been

recognized.

The

fund's

total

unfunded

commitment

at

September

30,

2021,

was

$7,458

and

was

valued

at

$6,665

(0.0%

of

net

assets).

(3)

Level

3

in

fair

value

hierarchy.

(4)

Security

cannot

be

offered

for

public

resale

without

first

being

registered

under

the

Securities

Act

of

1933

and

related

rules

("restricted

security").

Acquisition

date

represents

the

day

on

which

an

enforceable

right

to

acquire

such

security

is

obtained

and

is

presented

along

with

related

cost

in

the

security

description.

The

fund

has

registration

rights

for

certain

restricted

securities.

Any

costs

related

to

such

registration

are

borne

by

the

issuer.

The

aggregate

value

of

restricted

securities

(excluding

144A

holdings)

at

period

end

amounts

to

$1,187,220

and

represents

5.0%

of

net

assets.

(5)

The

identity

of

certain

securities

has

been

concealed

to

protect

the

fund

while

it

completes

a

purchase

or

selling

program

for

the

securities.

(6)

Seven-day

yield

(7)

Affiliated

Companies

ADR

American

Depositary

Receipts

T.

ROWE

PRICE

Large-Cap

Growth

Fund

6

.

.

.

.

.

.

.

.

.

.

EC

Escrow

CUSIP;

represents

a

beneficial

interest

in

a

residual

pool

of

assets;

the

amount

and

timing

of

future

distributions,

if

any,

is

uncertain;

when

presented,

interest

rate

and

maturity

date

are

those

of

the

original

security.

PIPE

Private

Investment

in

Public

Equity

SPAC

Special

Purpose

Acquisition

Company

T.

ROWE

PRICE

Large-Cap

Growth

Fund

7

The

accompanying

notes

are

an

integral

part

of

this

Portfolio

of

Investments.

AFFILIATED

COMPANIES

($000s)

The

fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

1940

Act,

an

affiliated

company

is

one

in

which

the

fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

that

is

under

common

ownership

or

control.

The

following

securities

were

considered

affiliated

companies

for

all

or

some

portion

of

the

nine

months

ended

September

30,

2021.

Net

realized

gain

(loss),

investment

income,

change

in

net

unrealized

gain/loss,

and

purchase

and

sales

cost

reflect

all

activity

for

the

period

then

ended.

Affiliate

Net

Realized

Gain

(Loss)

Change

in

Net

Unrealized

Gain/Loss

Investment

Income

T.

Rowe

Price

Government

Reserve

Fund,

0.05%

$

—‌#

$

—‌

$

56‌+

Supplementary

Investment

Schedule

Affiliate

Value

12/31/20

Purchase

Cost

Sales

Cost

Value

09/30/21

T.

Rowe

Price

Government

Reserve

Fund,

0.05%

$

108,415‌

 ¤

 ¤

$

133,736‌^

#

Capital

gain

distributions

from

mutual

funds

represented

$0

of

the

net

realized

gain

(loss).

+

Investment

income

comprised

$56

of

dividend

income

and

$0

of

interest

income.

¤

Purchase

and

sale

information

not

shown

for

cash

management

funds.

^

The

cost

basis

of

investments

in

affiliated

companies

was

$133,736.

T.

ROWE

PRICE

Large-Cap

Growth

Fund

Unaudited

Notes

to

Portfolio

of

Investments

8

T.

Rowe

Price

Large-Cap

Growth

Fund (the

fund) is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act)

as

an

open-end

management

investment

company

and

follows

accounting

and

reporting

guidance

of

the

Financial

Accounting

Standards

Board

Accounting

Standards

Codification

Topic

946.

The

accompanying

Portfolio

of

Investments

was

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP).

For

additional

information

on

the

fund’s

significant

accounting

policies

and

investment

related

disclosures,

please

refer

to

the

fund’s most

recent

semiannual

or

annual

shareholder

report

and

its

prospectus. 

VALUATION 

Fair

Value

  The

fund’s

financial

instruments

are

valued

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

4

p.m.

ET,

each

day

the

NYSE

is

open

for

business,

and

are

reported

at

fair

value,

which

GAAP

defines

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date. The

T.

Rowe

Price

Valuation

Committee

(the

Valuation

Committee)

is

an

internal

committee

that

has

been

delegated

certain

responsibilities

by

the

fund’s

Board

of

Directors

(the

Board)

to

ensure

that

financial

instruments

are

appropriately

priced

at

fair

value

in

accordance

with

GAAP

and

the

1940

Act.

Subject

to

oversight

by

the

Board,

the

Valuation

Committee

develops

and

oversees

pricing-related

policies

and

procedures

and

approves

all

fair

value

determinations.

Specifically,

the

Valuation

Committee

establishes

policies

and

procedures

used

in

valuing

financial

instruments,

including

those

which

cannot

be

valued

in

accordance

with

normal

procedures

or

using

pricing

vendors;

determines

pricing

techniques,

sources,

and

persons

eligible

to

effect

fair

value

pricing

actions;

evaluates

the

services

and

performance

of

the

pricing

vendors;

oversees

the

pricing

process

to

ensure

policies

and

procedures

are

being

followed;

and

provides

guidance

on

internal

controls

and

valuation-related

matters.

The

Valuation

Committee

provides

periodic

reporting

to

the

Board

on

valuation

matters.

Various

valuation

techniques

and

inputs

are

used

to

determine

the

fair

value

of

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

to

measure

fair

value:

Level

1

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

T.

ROWE

PRICE

Large-Cap

Growth

Fund

9

Level

2

–

inputs

other

than

Level

1

quoted

prices

that

are

observable,

either

directly

or

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

instruments

in

active

markets,

quoted

prices

for

identical

or

similar

financial

instruments

in

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

Level

3

–

unobservable

inputs

(including

the fund’s

own

assumptions

in

determining

fair

value)

Observable

inputs

are

developed

using

market

data,

such

as

publicly

available

information

about

actual

events

or

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

Unobservable

inputs

are

those

for

which

market

data

are

not

available

and

are

developed

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

GAAP

requires

valuation

techniques

to

maximize

the

use

of

relevant

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

When

multiple

inputs

are

used

to

derive

fair

value,

the

financial

instrument

is

assigned

to

the

level

within

the

fair

value

hierarchy

based

on

the

lowest-level

input

that

is

significant

to

the

fair

value

of

the

financial

instrument.

Input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level

but

rather

the

degree

of

judgment

used

in

determining

those

values.

Valuation

Techniques 

Equity

securities,

including

exchange-traded

funds,

listed

or

regularly

traded

on

a

securities

exchange

or

in

the

over-the-counter

(OTC)

market

are

valued

at

the

last

quoted

sale

price

or,

for

certain

markets,

the

official

closing

price

at

the

time

the

valuations

are

made.

OTC

Bulletin

Board

securities

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices.

A

security

that

is

listed

or

traded

on

more

than

one

exchange

is

valued

at

the

quotation

on

the

exchange

determined

to

be

the

primary

market

for

such

security.

Listed

securities

not

traded

on

a

particular

day

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

for

domestic

securities.

Investments

in

mutual

funds

are

valued

at

the

mutual

fund’s

closing

NAV

per

share

on

the

day

of

valuation.

Investments

for

which

market

quotations

or

market-based

valuations

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Committee,

in

accordance

with

fair

valuation

policies

and

procedures.

The

objective

of

any

fair

value

pricing

determination

is

to

arrive

at

a

price

that

could

reasonably

be

expected

from

a

current

sale.

Financial

instruments

fair

valued

by

the

Valuation

Committee

are

primarily

private

placements,

restricted

securities,

warrants,

rights,

and

other

securities

that

are

not

publicly

traded.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

T.

ROWE

PRICE

Large-Cap

Growth

Fund

10

considerations.

The

Valuation

Committee

typically

will

afford

greatest

weight

to

actual

prices

in

arm’s

length

transactions,

to

the

extent

they

represent

orderly

transactions

between

market

participants,

transaction

information

can

be

reliably

obtained,

and

prices

are

deemed

representative

of

fair

value.

However,

the

Valuation

Committee

may

also

consider

other

valuation

methods

such

as

market-based

valuation

multiples;

a

discount

or

premium

from

market

value

of

a

similar,

freely

traded

security

of

the

same

issuer;

discounted

cash

flows;

yield

to

maturity;

or

some

combination.

Fair

value

determinations

are

reviewed

on

a

regular

basis

and

updated

as

information

becomes

available,

including

actual

purchase

and

sale

transactions

of

the

investment.

Because

any

fair

value

determination

involves

a

significant

amount

of

judgment,

there

is

a

degree

of

subjectivity

inherent

in

such

pricing

decisions,

and

fair

value

prices

determined

by

the

Valuation

Committee

could

differ

from

those

of

other

market

participants.

Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

September

30,

2021

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

Following

is

a

reconciliation

of

the

fund’s

Level

3

holdings

for

the

period ended

September

30,

2021.

Gain

(loss)

reflects

both

realized

and

change

in

unrealized

gain/

loss

on

Level

3

holdings

during

the

period,

if

any.

The

change

in

unrealized

gain/

loss

on

Level

3

instruments

held

at

September

30,

2021,

totaled $675,858,000 for

the

period ended

September

30,

2021.

During

the

period,

transfers

out

of

Level

3

were

because

observable

market

data

became

available

for

the

security.

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Common

Stocks

$

22,551,224‌

$

6,665‌

$

51,752‌

$

22,609,641‌

Convertible

Preferred

Stocks

—‌

30,903‌

1,104,565‌

1,135,468‌

Short-Term

Investments

133,736‌

—‌

—‌

133,736‌

Total

$

22,684,960‌

$

37,568‌

$

1,156,317‌

$

23,878,845‌

T.

ROWE

PRICE

Large-Cap

Growth

Fund

11

In

accordance

with

GAAP,

the

following

table

provides

quantitative

information

about

significant

unobservable

inputs

used

to

determine

the

fair

valuations

of

the

fund’s

Level

3

assets,

by

class

of

financial

instrument.

Because

the

Valuation

Committee

considers

a

wide

variety

of

factors

and

inputs,

both

observable

and

unobservable,

in

determining

fair

values,

the

unobservable

inputs

presented

do

not

reflect

all

inputs

significant

to

the

fair

value

determination.

($000s)

Beginning

Balance

12/31/20

Gain

(Loss)

During

Period

Total

Purchases

Total

Sales

Transfer

Out

of

Level

3

Ending

Balance

9/30/21

Investment

in

Securities

Common

Stocks

$

11,988‌

$

(4,823‌)

$

49,835‌

$

(5,248‌)

$

—‌

$

51,752‌

Convertible

Preferred

Stocks

332,253‌

669,052‌

183,809‌

(49,197‌)

(31,352‌)

1,104,565‌

Total

$

344,241‌

$

664,229‌

$

233,644‌

$

(54,445‌)

$

(31,352‌)

$

1,156,317‌

T.

ROWE

PRICE

Large-Cap

Growth

Fund

12

#

No

quantitative

unobservable

inputs

significant

to

the

valuation

technique

were

created

by

the

fund’s

management.

*

Unobservable

inputs

were

weighted

by

the

relative

fair

value

of

the

instruments.

**

Represents

the

directional

change

in

the

fair

value

of

the

Level

3

investment(s)

that

would

have

resulted

from

an

increase

in

the

corresponding

input

at

period

end.

A

decrease

in

the

unobservable

input

would

have

had

the

opposite

effect.

Significant

increases

and

decreases

in

these

inputs

in

isolation

could

result

in

significantly

higher

or

lower

fair

value

measurements.

+

Valuation

techniques

may

change

in

order

to

reflect

management’s

judgment

of

current

market

participant

assumptions.

F1232-054Q3

09/21 

Investments

in

Securities

Value

(000s)

Valuation

Technique(s)+

Significant

Unobservable

Input(s)

Value

or

Range

of

Input(s)

Weighted

Average

of

Input(s)*

Impact

to

Valuation

from

an

Increase

in

Input**

Common

Stock

$

51,752‌

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

Market

comparable

Enterprise

value

to

gross

profit

multiple

36.0x

-

48.2x

42.1x

Increase

Gross

profit

growth

rate

40%

40%

Increase

Discount

for

lack

of

marketability

10%

10%

Decrease

Convertible

Preferred

Stocks

$

1,104,565‌

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

Capital

conversion

reference

point

$55

Billion

$55

Billion

Increase