DRAPER ASSOCIATES L P - 28 May 2021 Form 4 Insider Report for PubMatic, Inc. (PUBM)

Footnote F1

These shares are held of record by Draper Associates, L.P. ("DALP"). DALP invests lockstep alongside Draper Fisher Jurvetson Fund VIII, L.P ("Fund VIII"). The General Partner of DALP is Draper Management Company, LLC ("DMC"). The Managing Member of DMC is Timothy C. Draper. Mr. Draper may be deemed to have voting and investment power over the securities held by DALP. Mr. Draper disclaims beneficial ownership over such securities except to the extent of his pecuniary interest therein, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of the reported securities for purposes of Section 16 or for any other purposes.

Footnote F2

These shares are held of record by Fund VIII. Timothy C. Draper and John H.N. Fisher are Managing Directors of the general partner entities of Fund VIII (Draper Fisher Jurvetson Fund VIII Partners, L.P. ("Fund VIII Partners") and DFJ VIII, Ltd ("Fund VIII Ltd")) and as such, they may be deemed to have voting and investment power with respect to such shares. Mr. Draper and Mr. Fisher (and the general partners of Fund VIII) each disclaims beneficial ownership over such securities except to the extent of their pecuniary interest therein, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of the reported securities for purposes of Section 16 or for any other purposes.

Footnote F3

These shares are held of record by Draper Fisher Jurvetson Partners VIII, LLC ("Fund VIII LLC") which is a side-by-side fund of Fund VIII. Fund VIII LLC invests lockstep alongside Fund VIII. The Managing Members of Fund VIII LLC are Timothy C. Draper and John H.N. Fisher and as such, they may be deemed to have voting and investment power with respect to such shares. Mr. Draper and Mr. Fisher each disclaims beneficial ownership over such securities except to the extent of his pecuniary interest therein, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of the reported securities for purposes of Section 16 or for any other purposes.

Footnote F4

Represents Class A Common Stock of the Issuer held by DALP.

Footnote F5

Represents a pro rata in-kind distribution of Class A Common Stock of the Issuer by Fund VIII to its partners or members (including its general partner Fund VIII Partners and Fund VIII Ltd, the general partner of Fund VIII Partners) and includes the subsequent pro rata in-kind distribution by Fund VIII Partners and Fund VIII Ltd. to its respective partners.

Footnote F6

Represents receipt of Class A Common Stock of the Issuer by virtue of the pro rata in-kind distribution by Fund VIII and the general partner of Fund VIII.

Footnote F7

Represents a pro rata in-kind distribution of Class A Common Stock of the Issuer by Draper Fisher Jurvetson Partners VIII, LLC ("Fund VIII LLC") to its members.

Footnote F8

These shares are held of record by Draper Associates Riskmasters Fund II, LLC ("DARF II"). DARF II invests lockstep alongside Fund VIII. The Managing Member of DARF II is Timothy C. Draper. Mr. Draper may be deemed to have voting and investment power over the securities held by DARF II. Mr. Draper disclaims beneficial ownership over such securities except to the extent of his pecuniary interest therein, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of the reported securities for purposes of Section 16 or for any other purposes.

Footnote F9

These shares are held of record by Draper Associates Riskmasters Fund III, LLC ("DARF III"). DARF III invests lockstep alongside Fund VIII. The Managing Member of DARF III is Timothy C. Draper. Mr. Draper may be deemed to have voting and investment power over the securities held by DARF III. Mr. Draper disclaims beneficial ownership over such securities except to the extent of his pecuniary interest therein, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of the reported securities for purposes of Section 16 or for any other purposes.

Footnote F10

Represents Class A Common Stock of the Issuer held by DARF II and DARF III.

Footnote F11

These shares are held of record by the Timothy C. Draper Living Trust, of which Mr. Draper is a co-trustee. Mr. Draper, a United States citizen is a managing director of Fund VIII, a managing member of Fund VIII LLC, a managing member of the general partner of DALP, a managing member of DARF II and a managing member of DARF III.

Footnote F12

These shares are held of record by the John Fisher and Jennifer Caldwell Living Trust of which Mr. Fisher is a co-trustee. Mr. Fisher, a United States citizen is a managing director of Fund VIII and a managing member of Fund VIII LLC.

Footnote F13

Represents receipt of 56,088 Class A Common Stock of the Issuer by virtue of the pro rata in-kind distribution by Fund VIII and the general partner entities of Fund VIII and Fund VIII LLC, and by Fund VIII LLC. Also includes 283,434 shares held by DALP, 4,909 shares held by DARF II and 4,148 shares held by DARF III. See footnotes (1), (8) and (9).

Footnote F14

Represents 76,758 of Class A Common Stock of the Issuer by virtue of the pro rata in-kind distribution by Fund VIII and the general partner entities of Fund VIII and Fund VIII LLC, and by Fund VIII LLC.